For everyone who’s fought and bled for years to get Medicare for All in the United States, I’ve got some great news: The government just created it on Sunday!
Yes, this is Medicare for All Bank Deposits, rather than Medicare for All People. But if we think this through, we’ll see that both these things are great ideas and make sense for the same reasons — and there’s no reason that if we have one, we can’t have the other.
Source: What the Silicon Valley Bank Bailout Means for Health Care
If you’re looking for investors’ verdict on who has won the bailout, consider these returns: Shares of Apollo Group, the giant private equity firm, have soared 80% from their lows. The stock of Blackstone, another private equity behemoth, has risen 50%.
The reason: Asset holders like Apollo and Blackstone—disproportionately the wealthiest and most influential—have been insured by the world’s most powerful central bank. This largess is boundless and without conditions. “Even if a second wave of outbreaks were to occur,” JPMorgan economists wrote in a celebratory note on Friday, “the Fed has explicitly indicated that there is no dollar limit and no danger of running out of ammunition.”
In other words, actions offering greater protection to the majority of the population would restart the economy in a truly sustainable fashion, while bringing back both jobs and confidence. But that, in turn, would involve a bold and courageous political response providing genuine and proportionate stimulus for people. Unfortunately, given Washington’s 1% tilt and Donald Trump’s CEO empathy, that is at present inconceivable.
via Wall Street Wins — Again: Bailouts in the Time of Coronavirus | The Smirking Chimp
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