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Originally Posted by RainMaker
Who do you think benefits from the purchasing of corporate debt from large companies owned by billionaires?
Hiw the fuck is this possible as the economy craters and millions are out of work?
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You posted 2 articles on this recently.
Neither (I don't think) supports your claims of "give billionaires a few trillion in handouts" and think its a significant exaggeration. If you think otherwise, feel free to highlight the relevant passages.
Regardless of what I believe to be an misleading statement, it is true there is some level of "bailout" going on. Purchasing corporate debt doesn't mean the money is given for free, it means its a debt (e.g. bonds). The government isn't losing money on this.
One can look at it as
1) Government providing loans to corporations that billionaires have a significant stake in and therefore bailing them out. I think this is your take
or
2) Government providing loans to corporations, consumers, small businesses so they can continue operating (albeit some don't deserve to survive) and buffering up consumer sentiment/confidence to prevent a tailspin into a Great Depression like event
Both are not mutually exclusive and I am sure we will find Fed will have made mistakes when there is a post-mortem 5 years from now (with that 100% hindsight). Nevertheless, I'll state again my position
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Definitely Great Depression unemployment nos. Nevertheless the economy is not in a Great Depression ... yet, and let's have the Fed focus on *that* priority first. Everything else should be secondary to the Fed until a later time.
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I think your beef is with politicians and the inequities you believe currently exists. I don't think the Fed should be blamed for doing what it thinks needs to be done for this specific event. I will fault the Fed if the economy is not on a path to recovery in 6-12 months time.