The Coronavirus Bailout Should Not Be A License To Steal
The coronavirus rescue package that Congress approved in late March authorized the Federal Reserve to issue up to $4.5 trillion in emergency lending to help stabilize the economy.
That sounds like a lot of money because it is. But the economy is collapsing, and even this amount will likely prove insufficient to right the ship. The Fed issued $9 trillion in emergency loans during the Great Recession, and U.S. unemployment has already eclipsed its peak from the prior crisis in just a few short weeks.
The problem is not the amount of money the Fed has been authorized to spend ― it’s that the emergency lending programs the Fed has unveiled to date are not a rescue, but a license to steal.
Nobody at the Fed or Congress has placed meaningful …continued .
[Source: Huffington Post]