Unsanitized: The Federal Reserve Loads the Cannon  by David Dayen March 27, 2020

                  Plus, the value of unions. This is The COVID-19 Daily Report Prospect.Org

"First Response

As we’ve discussed, the bailout package scheduled for a vote in the House today includes $454 billion for the Treasury Department to hand over to the Federal Reserve. (This was initially $425 billion but they topped it up in the final bill.) That money could then be placed into a “credit facility” and levered up 10-1, creating a $4.5 trillion money cannon aimed at the largest corporations in America. ..." Read More...

Comment: This is just a continuation of the 2008 Playbook that did not work! Consider the Law of Diminshing Returns for Deficit Financing. The FED during 2008 initial spending on the new idea of QE(Quantitative Easing) which is little more than starting up the printing presses, creating Trillions in new us dollar (fiat currency). This time the FED does not want to call it QE. Plus, the program is TEN TIMES BIGGER than 2008!  Whose obligation is it to payback all this extra so called "credit" or  "incentives."...two quesses: the govt or You and I. Its all a promissory note (the US Dollar). Backed only by the Publics confidence. That is it!  best, Norton 

Visit The ST Louis FED for more here  or Shadow Government Statistics by John Williams