Politicians, get a grip!
Eradicating COVID-19 has nothing to do with crashing the economy and handing Big Government free reign to control even more of our lives. Americans understand that unlimited government expansion and takeover will destroy the free market system.
Republicans, especially: since when are you convinced more government control is the answer, not the problem?
Safety net — yes.
Behemoth bureaucracy that ultimately crushes Main St. — no.
Avoid the economic catastrophe our “leaders” want to scare us with by STOPPING what they are doing: propagandizing the idea that the amazing Americans who make this country great are suddenly not capable of surviving without far-away faceless bureaucrats taking over our entire economy. Which is exactly what the Fed’s unlimited expansion would do.
– Sarah Palin
More from Breitbart: ‘Fed Promises Unlimited QE, Corporate Bond Buying, Muni Buying, and Main Street Credit’
The Federal Reserve said Monday it will purchase unlimited amounts of Treasuries and mortgage-backed securities and buy corporate bonds, municipal bonds, and asset-backed securities for the first time.
The Fed announced a major expansion of its programs to support the economy on Monday morning following several days of frantic moves by the central bank to expand its support for credit and money markets. Fiscal support for the economy, in the form of spending and lending programs from the federal government, stalled on Capitol Hill over the weekend.
The Federal Open Market Committee, the Fed’s monetary policymaking unit, said it would purchase Treasury and mortgage securities “in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.”
The FOMC had previously said it would purchase at least $500 billion of Treasury securities and at least $200 billion of mortgage-backed securities. The new announcement removes those caps and essentially means the Fed will purchase unlimited amounts of the bonds, a program some on Wall Street refer to “QE infinity.”
The Fed also said it was launching two new bond buying programs that would purchase bonds directly from corporations and from the secondary market where bonds already issued are trading. This would be the first time the Fed became a direct purchaser of bonds issued by the corporate sector. The new programs are known as the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary Market Corporate Credit Facility (SMCCF) for outstanding corporate bonds.