Incredibly misguided attack on the Fed’s lender-of-last-resort function here. https://prospect.org/coronavirus/how-fed-bailed-out-the-investor-class-corporate-america/

Left-wing attacks on the Fed’s lender-of-last-resort function end up being pretty similar to right-wing attacks on it: complaints about moral hazard, zombie companies, etc.

Right-wingers attack central banks’ lender-of-last-resort function because they think interfering with the market is socialism.

Left-wingers attack it because they think interfering with the market prevents socialism from developing.

This, for instance, is just flatly untrue. The Fed isn't trying to solve our real economy problems. In fact, it's *begging* Congress to solve them. What the Fed has done is what it's supposed to do: prevent a financial crisis.

Complaining that credit markets are still functioning is a really weird thing to complain about. Would the world be better if we also had a global financial crisis going on in addition to the global pandemic we're dealing with?

By the way, this is also just flat out wrong. Cash *wasn't* fleeing into the safety of Treasury bonds in March. The incipient financial crisis was so severe that cash was fleeing them too—people were selling whatever they could for cash, including super-safe assets.