Corporate Debt ‘Relief’ Is an Economic Dud
Conservatives accuse progressives of wanting to destroy capitalism. Yet a greater threat than Bernie Sanders is the prospect of serial market bailouts by monetary authorities—first the banking system in 2008, and now the entire business world amid the pandemic. The Treasury Department and Congress have moved to curtail the Federal Reserve’s ability to prop up already bloated corporate debt markets. That’s a step in the right direction—the Fed’s corporate credit facilities should be left to die.
Originally published: January 6, 2021
Author: Sheila Bair
Position: Former President
Institution: Washington College
Published by: The Wall Street Journal