Unsanitized today is about how the Federal Reserve could act right now to boost state & local government budgets to pre-crisis levels, without additional authority, preventing a depression. prospect.org/coronavirus/un…
The Fed hasn't spent any of its money cannon. Capital markets are restarted. So use the loss equity from Treasury to fund state and local governments, or create unlimited swap lines to them. The money and authority is there, just has to be used. prospect.org/coronavirus/un…
If they don't take this step, then all the talk of the Fed as a neutral crisis manager just doing its best under its mandate to support employment was simply a defense of capital class oligarchy.
