Fed Unveils New Bailout Program, Will Provide Up To $2.3 Trillion In Loans To “Support Economy”


 

The old joke was “A billion here, a billion there. Pretty soon you’re talking about real money.” Change that “b” to a “t”.

(From Zerohedge)

In our report from last night that JPM has halted all non-government guaranteed small business loans on what we surmised was fears of a default tsunami set to hit America’s companies, we asked “just how bad is it going to get” and implicitly, if not commercial banks, then who will fund America’s “main street” businesses?

We got the answer this morning when the Federal Reserve announced its latest series of sweeping, unprecedented action to backstop the credit pillars supporting the entire economy and provide as much as $2.3 trillion in additional loans during the coronavirus pandemic, including starting programs to aid small and mid-sized businesses as well as state and local governments: “The funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.”

Reprinted from: https://www.ac2news.com/2020/04/fed-unveils-new-bailout-program-will-provide-up-to-2-3-trillion-in-loans-to-support-economy/

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