Bailouts are wrong for several reasons:

1) demand has fallen off a cliff, many airlines are zombie companies
2) monies are politically allocated, not to directly fighting the virus
3) it’s upward redistribution of wealth
4) no end to the printing until destructive inflation https://twitter.com/matthewstoller/status/1248424603774377984

I am sympathetic to every business large & small that has gone under or faced hard times in this catastrophe.

But the Fed printing trillions, diluting everyone down, and not allocating it to stop the virus is crazy.

Like mopping up the blood rather than bandaging the wound.

Most of what we need is limited by lack of leadership and surfeit of regulation, but money could buy:

- mask for every American
- wearable to monitor temperature
- prizes for drugs, vaccines
- serosurveys
- at-home tests
- funds for MDs, nurses

Allocation does not seem focused.

The main point to make: the Fed is the state, it is not capitalism.

Printing money is a form of taxation. Bailouts are redistribution. Neither are wealth creation.

We’ll need a muscular form of autarkic capitalism by small businesses & big companies alike to rebuild America.