What's the Balance Sheet and Why Does It Exist?

Peter Zion: U.S. Federal Reserve Chairman Jerome Powell has indicated that he plans to shrink the balance sheet down to zero over the course of the next couple of years. From 2008 until the peak, which was about, probably about two years ago now, they did $9 trillion that way. He says this is a really good step in shaking out some of the dead weight that has evolved in this environment we've had for the last 15 years and it should mean slower economic growth.