1. Some pundits have been puzzled by the fact Republicans are already embracing austerity, an odd choice before an election when they should be trying to juice up the economy. One answer is that they've already won the big stimulus fight: unlimited funds for Wall Street.

2. It's not widely understood, but on March 23 the Federal Reserve made a radical decision that fundamentally changed the nature of American capitalism: they would now start lending money (at near zero interest) to non-financial corporations.

3. Leveraging $454 billion allocated by Congress, the Federal Reserve has lent more than $7 trillion to private companies, with no strings attached. This has emboldened private lenders to re-enter market. This is the jet fuel powering stock market even amid economic collapse.

4. In 2008, the Washington elite decide the big banks were "too big to fail." Now it turns out Wall Street as a whole is too big to fail. The Federal government is now the silent partner of big business: a silent partner that makes no demands on management.

5. Some further thoughts on the larger shape of the new economy: unlimited looting by Wall Street and austerity for the working class: https://www.thenation.com/article/economy/bipartisan-cares-act-unemployment/

6. A correction: the $7 trillion was used more broadly for treasuries and mortgage backed securities: https://twitter.com/vtg2/status/1290323741168349185