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The Fed’s Swell New Mission: Making Corporate Zombies Great Again, Part 1

Summary:
It doesn’t get more ridiculous than the Fed’s secondary market corporate credit facility (SMCCF). The facility is managed by BlackRock and “equitized” (viz. partly funded ) by the US Treasury, and could spend up to 0 billion buying existing corporate bonds with fiat credits snatched from thin digital air. So far the SMCCF has spent […]

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It doesn’t get more ridiculous than the Fed’s secondary market corporate credit facility (SMCCF). The facility is managed by BlackRock and “equitized” (viz. partly funded ) by the US Treasury, and could spend up to $250 billion buying existing corporate bonds with fiat credits snatched from thin digital air. So far the SMCCF has spent […]
David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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