Arnold Kling has been a great follow lately. On the Fed’s stimulus plan for COVID economic shutdown:
I have said all along that the checks being written to households and small businesses were just a fig leaf to cover a massive bailout of large corporations and the financial industry.
If we saw mobs breaking into stores, pulling items from the shelves, and walking out, we would recognize this as looting. But if we define looting as taking property without giving anything of value in return, then it is now widespread.
- Tenants are looting landlords by not paying rent and not getting evicted.
- Borrowers are looting banks by not paying mortgages or credit card debt.
- Shareholders of airlines are looting the rest of us by getting bailout money.
- The financial industry is looting us by getting bailout money from the Fed.