The Fed Did Not Just ‘Spend’ $1.5 Trillion
Despite criticism from the left, there’s a strong progressive case for the Fed’s actions.
This week, the Federal Reserve announced that it would inject as much as $1.5 trillion into the short-term money markets, an intervention designed to ease the pressure on the financial system and lower the chances of a financial crisis.
This action received a lot of criticism from the left. The progressive standard-bearer Alexandria Ocasio-Cortez “the amount that the Fed just injected almost covers all student loan debt in the U.S.,” and that “we need to care for working people as much as we care for the stock market.” Senator Bernie Sanders said, “When we say it’s time to provide health care to all our people, we’re told we can’t afford it. But if the stock market is in trouble, no problem! The for Wall Street.
