> instead of giving it all to large banks and corporations, who use it for things like stock buybacks.
this is nonsense and has no basis in reality, as far as I know
this is nonsense and has no basis in reality, as far as I know
Background (ABC): "The Fed has bought roughly $2.1 trillion of Treasurys and mortgage-backed securities since the pandemic intensified in March [2020] That has flooded many short-term lending markets with cash, making it easier for many banks to borrow."
https://www.bankingdive.com/news/federal-reserve-stock-buyba...
> "The Federal Reserve said the country's largest banks can resume stock buybacks in the first quarter of 2021 with certain limitations, after the central bank released the results of its first-ever "mid-cycle" stress tests Friday... JPMorgan Chase was the first bank to announce it would resume share repurchases. Just minutes after the Fed released stress test results, the bank announced its board approved a new share repurchase program of $30 billion."
It's not just the banks, the airlines did the same thing:
"Companies that binged on buybacks now seek bailouts from taxpayers, March 2020"
https://www.cnn.com/2020/03/24/business/bailout-buybacks-air...