Fed Chairman Powell should lob calls into Andy Jassy (AMZN CEO), Tim Cook (AAPL CEO), Sundar Pichai (GOOGL CEO), Satya Nadella (MSFT CEO) and Doug McMillon (WMT CEO) in an effort to persuade them to consider acquiring a bank. To hell with potential pushback from the FTC.
AMZN, AAPL, GOOGL, MSFT and WMT already dabble in Financial Services. Most of these companies will eventually be directly involved in the banking business within the next 20 years in my view. Why not pull that forward? These firms would be large enough to execute their own bail outs. Sure beats the Fed’s Bank Term Funding Program (BTFP) bail out which could total more than $1 trillion once the program is eventually halted – if ever.