The Average Joe may be screwed in the pandemic, but with the Fed rescuing the capital markets, people who make money from money—hedge fund managers, private-equity moguls, investment bankers—are riding high
benefits. That’s one out of every five workers. More than 4 million Americans have contracted the coronavirus; more than 145,000 have died from it in the U.S. The number of corporate bankruptcies is soaring. Economists are predicting the worst recession in our lifetimes, perhaps worse than what occurred during the 2008 financial crisis. Things are looking pretty bleak across America.
The simple explanation for why people who make money from money have benefitted in 2020 is the remedial actions taken by the Federal Reserve. As the so-called “lender of last resort,” the Fed is able to pump huge amounts of capital into the financial system when no one else will and to buy debt securities when no one else will buy them. In other words, the Fed is uniquely positioned to grease the wheels of capitalism when they get clogged with sand.
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