??? I though during Trump's press conference that small businesses were supposed to be getting a chunk of the billions already proposed. As for people losing their jobs -- looks like the unemployment rate will shoot up again.
Exclusive: Fed is ‘throwing money in the wrong place,’ says Sheila Bair, former top banking regulator Sheila Bair, a top U.S. banking regulator during the 2007-’08 global financial crisis, said the Federal Reserve needs to quickly shift its focus to getting credit flowing to U.S. businesses crippled by the spreading coronavirus and workers losing their jobs.
“They are throwing money in the wrong place,†Bair said of an unprecedented move by the Fed on Sunday to slash benchmark rates to zero and start a $700 billion Treasury- and mortgage-bond buying program.
“This isn’t a financial crisis — at least not yet,†she told MarketWatch on Sunday evening following the Fed’s announcement, which drops the target U.S. benchmark rate to zero and aims to shore up liquidity for banks and investors in the $15.6 trillion Treasury and $8.5 trillion agency mortgage bonds markets.
“Lowering interest rates to zero doesn’t help if businesses can’t pay their loans back and they don’t have cash flow,†she said. “We need to get help out there, especially to small businesses and people already losing their jobs.â€
Bair was appointed head of the Federal Deposit Insurance Corporation by President George W. Bush in 2006 and served for five years. The agency is a key regulator of U.S. banks that handle consumer deposits. Bair’s tenure at the FDIC included overseeing a wave of bank closures in the wake of the financial crisis, as well as sweeping overhauls to the nations’ largest lending institutions that also curbed their trading activities...................
https://www.marketwatch.com/story/exclusive-fed-is-throwing-money-in-the-wrong-place-says-sheila-bair-former-top-banking-regulator-2020-03-15?mod=home-page
