Stop the $6T Coronavirus Corporate Coup

mattstoller.substack.com

17 pointsnennes6 comments

> Authorization to bail out money market funds, multi-trillion dollar unregulated bank-like deposits for the superrich.

A puzzling characterization of money market funds.

> Authorization for the the government through the Federal Deposit Insurance Corporation to guarantee trillions of dollars of risky bank debt.

Hrm . . . normally the FDIC guarantees deposits. It's in the name. It's also congruent with the previous point. What bank debt is this referring to? Is he sure that the FDIC isn't just guaranteeing a larger limit on deposits?

Written by someone who doesn't understand how the Federal Reserve works.

Not challenging your assertion, however, what doesn't he understand about how the Federal Reserve works?

I don't follow. Unless you're firmly on the MMR bandwagon (which is still a small minority position among economists), printing money and giving it to corporations is ultimately allocation of capital that doesn't go to other productive uses.

And devaluing purchase power of current money.

MMR? Do you mean Modern Monetary Theory aka. MMT?

Reply on news.ycombinator.com