By Karen Petrou
As I write this, thousands of small businesses are clamoring for urgent SBA loans and so many Americans are filing for unemployment insurance that systems have crumpled across the country. At the same time, the S&P rose over three percent since Monday’s open. The reason for this dissonance lies in the fact that key parts of the financial market have been bailed out while ordinary borrowers are stuck and then some. Saving markets won’t salvage the economy – at its root, the U.S. is a consumption-driven economy. If consumers can’t survive, neither will the economy. The Fed must add a Family Financial Facility to all those it has crafted for the financial market and it should open one fast. In this crisis, time is truly money and money is what most families don’t have.
Continue reading “The Family Financial Facility: Urgent, Overdue, Equitable Fed Support for Those Most in Need”