The U.S Needs Way More Than a Bailout to Recover From Covid-19
Shore up the markets, sure, but don’t stop there. It’s time for Congress and the White House to do things that have been unthinkable since JFK’s moonshot. It’s time to go big.
BusinessWeek, April 30, 2020
I have a pretty big piece out in the new BusinessWeek: 2,500 hundred words on our history of bailouts, economic rescues, and other approaches to crises that have worked — or not. Howe the monetary response to the Great Financial Crisis led to an unintended consequence of increasing wealth disparity also gets some ink.
But the meat of the column is about the Reconstruction Finance Corp., a public-private entity better known as the RFC.
I’ll keep it short because the piece is so long. But please go check it out.
Previously:
American-Style Capitalism is a Joint Venture (March 11, 2020)
Unintended Consequences, Part III: The Great Financial Crisis (April 29, 2020)
