The $7 Trillion Fed Market Prop

In case you weren’t paying attention, while the Congress argues over funding for the unemployed in this pandemic, the Federal Reserve has bought $7 Trillion (yes, trillion) in corporate debt in open market actions.  This may not even be legal.  What it does is prop up stock markets, sending vast sums to the already wealthy.  From Marketwatch.

Fed slows corporate debt purchases to trickle

Fed’s overall balance sheet at $6.9 trillion

im-219268

 

COVID-19 US Deaths Undercount

I have estimated that the death count from COVID-19 is about 50% too low.  This is from looking at numbers early in the pandemic.  Thing is, overall death counts are hard to hide. And since the death rate is fairly predictable you can look at the “excess deaths” in 2020 and get the true COVID-19 death count.  Note that this also has the effect of removing the count of very sick people who would have died from something else had COVID-19 not taken them.  From the New York Times.