This paper is incredibly dishonest. The main program was the Fed's bailout of the stock market, but somehow @davidautor de facto deny that the Federal Reserve bailout even existed. Just utterly shameful.
https://twitter.com/lydiadepillis/status/1483217244364673027
What a shocker that a bunch of Federal Reserve economists don't evaluate the Federal Reserve's massive bailout of billionaires.
The Paycheck Protection Program was quite successful at saving small businesses, and small businesses make a lot of products and services we need, and anchor communities. For some reason economists don't see any value in production or community.
The unemployment, the stimulus checks, and the Paycheck Protection Program should be seen in concert as a successful Covid policy. The Fed bailout was the catastrophe.
For a frame of reference, Elon Musk's net worth has risen by about $300B during the pandemic because of the Federal Reserve. The Paycheck Protection Program for small business cost $800B in total.
Where's that in the paper? @ddayen @davidautor @lydiadepillis
Where's that in the paper? @ddayen @davidautor @lydiadepillis
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