by Wolf Richter
What’s so insidious about the Fed’s bailouts of investors in hedge funds, mortgage-REITS, stocks, bonds, leveraged loans, and other often risky assets? The destruction of capitalism.
We’re in an economic meltdown like I’ve never seen before. Tens of millions of people have lost their jobs – and so suddenly, that the government data to track them has fallen into chaos, with different agencies reporting data that is all over the place and contradicting each other. None of these systems were designed to track this type of sudden collapse of the labor market during a pandemic.