Companies shed workers, paid dividends after getting Fed aid, panel finds

The Fed announced in March that it would buy corporate debt in a bid to calm the bond markets, which had begun freezing up at the beginning of the coronavirus pandemic. The central bank said it had to move quickly in the face of massive state-by-state lockdowns that threatened to bankrupt many companies and result in the loss of millions of jobs.

Powell was asked about the corporate credit program on Tuesday at a House Financial Services Committee hearing. Powell emphasized that none of the bond purchases “extend any new credit to anybody,” adding that the Fed’s presence was intended to keep those markets working so those companies will continue to be able to borrow if stress in markets spikes again, to allow them to “keep workers on staff.”

Same old bullshit. Feed the big corporations not the people

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Fed, Treasury chiefs back more aid for small business but leave details fuzzyTop U.S. economic policymakers opened the door on Tuesday to further aid for small businesses hit by the coronavirus-triggered recession, but differed over how broad it might extend and the manner in which it should be delivered. lol inflate more Opening up businesses and as a result re-employing the jobs lost due to Corona Virus isn't recovery it's normalising.... But, yeah we all know how they like to spin the tradegy of 200 000 dead people and 10 million unemployed... Who are they kidding the economy is recovering faster than expected. Not in my world.
Source: Reuters - 🏆 2. / 97 Read more »