New Rockford Transcript - Official Newspaper of Eddy County since 1883

A proposal for real coronavirus "stimulus"

 

March 23, 2020



On March 12, the New York Federal Reserve announced a $1.5 trillion injection of money into the U.S. financial system. Three days later, it cut its benchmark interest rate to zero and announced it would be buying at least $500 billion in government bonds and another $200 billion in mortgage securities.

The Fed is returning to a policy of "Quantitative Easing" in response to the COVID-19 panic. The idea behind these moves is that throwing money at the banks and the government will "stimulate" the economy by keeping credit easy for consumers and business borrowers.

I have a better idea.

The F...



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