The Federal Reserve emergency-lending program deserved to die – NY Post

So why did the CARES Act ­authorize the half a trillion dollars in Fed lending directly to state and local government entities? It’s simple: A few states were in a lot of trouble before COVID-19. Make that one state: Illinois. Yet this form of payday lending has hardly instilled market discipline. Illinois hasn’t taken any concrete steps to cut spending. The Fed debt comes due in a couple of years. Does anyone think the situation will be fixed then?

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