https://mattstoller.substack.com/
The much-ballyhooed corruption in the PPP loans doesn’t really amount to much money.
Boeing has gotten a $25 billion loan [from Treasury or the Fed?]. The Fed is providing liquidity just by announcing the $4 trillion program that has not yet started. Carnival Cruise benefited an estimated $3 billion because of the Fed’s announcement of this program. Lenders are lending without credit analysis because the Fed has agreed to back up the corporate and junk bonds. The implication is that someday the Fed and the Treasury will have to eat some of it.
Charlie Cooper
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