The Institute for Policy Studies has just released
a new analysis showing that since the start of the Covid-19 “pandemic” in mid-March and the subsequent transfer upwards of $5 trillion to the wealthy and largest corporations through the Cares Act, approved 96-0 in the U.S. Senate, 650 U.S. billionaires have gained over a trillion dollars in eight months as the America people have suffered an economic catastrophe
We should also keep in mind the role of the Federal Reserve in protecting the right of a small minority to become endlessly richer:
House Hearing: Wall Street Gets Bailed Out by Fed; Main Street Gets Sold Out
"The Federal Reserve’s mandate for the past 107 years has been to be the lender of last resort to
commercial banks in order to allow those banks to make loans to businesses and consumers to create a thriving U.S. economy.
"The mandate of the Fed has never been to be the lender of last resort to the trading houses on Wall Street to bail out their reckless speculations.
"But that is exactly what the Fed did secretly from December 2007 to the middle of 2010.
"The Fed then battled in court for years to keep its outrageous hubris a secret from the American people after being sued by the business media for the details of its lending programs.
"Only in 2011, after the Fed lost its court battles and Senator Bernie Sanders and others tacked an amendment on to the Dodd-Frank Act requiring a GAO audit of the Fed’s emergency lending programs did the public finally learn the truth."
Ready for the bad news?
It is happening all over again with a different Goldman Sachs alum in charge of the US Treasury.