Analysis: The good, the bad—and one very scary aside
It makes sense to reassure the markets that money market funds will be safe, although it does raise the question of whether the funds should pay the government for insurance if they’re going to get backstopped whenever times get tough. It also feels a bit like a backdoor bank bailout, since one effect will be to reassure skittish companies that have been drawing down lines of credit from banks that they can rely on corporate paper instead.
Similarly, Obama’s stimulus sent about $250 billion directly to cash-strapped state and local governments, many run by Obama’s political enemies, so they wouldn’t have to slash services, raise taxes or lay off workers; studies found that aid to states also helped the U.S. avoid a second Great Depression, helping governors and mayors avoid “anti-stimulus” at the worst possible time.
Congress larded up the Obama stimulus with all kinds of quirky add-ons, from fire stations to military hospitals to cemetery maintenance to emergency farm loans; Senate Appropriations Chairman Daniel Inouye inserted $198 million for Filipino veterans who had been denied benefits they were promised after fighting alongside Americans in World War II, an honorable but not particularly stimulative provision.
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