The only people asking “why” might be at CNBC. Many of us know why. The Fed is propping these massive corporations by helping keep their interest rates really low. The big get bigger. The small go out of business. Crony capitalism.
Disclosures filed this week surrounding its credit facilities show the Fed is not only buying the bonds of struggling companies hit hard by the coronavirus pandemic but also some of the stalwarts of American industry — Microsoft, Visa and Home Depot just to name three companies whose debt the Fed holds directly.
The Fed holds an expansive list of other companies indirectly, including names like Apple and Goldman Sachs, through exchange-traded funds it has purchased.
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Author: Nick Sorrentino
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