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Fine if you want to add the amount for subsidizing the Unemployment Insurance from the CARES Act the numbers again: $4T to the FED to prop up the stock market
by throwaway_USD 6y ago
Fine if you want to add the amount for subsidizing the Unemployment Insurance from the CARES Act the numbers again:
$4T to the FED to prop up the stock market
$700B in forgivable loans to small businesses (PPP program)
$300B in taxpayer stimulus checks
$260B in Unemployment Insurance subsidies
>suggesting that we could all have received $18K is disingenuous. Proper response should be targeted where needed
It is not disingenuous at all to say taxpayers should have received the lions share of these bailouts (bailouts being paid for by taxpayers), or at minimum its not disingenuous to say taxpayers (not law makers beholden to corporate interests) should have dictated where the bailout funds go...I would say it is disingenuous to claim taxpayers would have sent 8x the amount they received to the FED to prop up an overvalued stock market that was already at record highs.
- mrep 6y agoThe FED has only bought around 3 trillion dollars worth of assets and basically all of that is being used to buy our own governments debt (the same debt used to fund the CARES act) and US mortgage backed securities, not the stock market as you can see from their balance sheet [0]. [0]: https://www.federalreserve.gov/releases/h41/current/h41.htm https://www.federalreserve.gov/releases/h41/current/h41.htm
- throwaway_USD 6y agoThe 2 largest numbers on their balance sheet are: Reserve Bank credit: 7,009,664 Securities held outright[1]: 6,115,130 [1] Includes securities lent to dealers under the overnight securities lending facility (when people talk about JPow money printer go brrr...this is what they are talking about and nearly every night for 2 months after the FED got the $4T overnight the markets would skyrocket)