As the U.S. Federal Reserve rolls out trillions of dollars to blunt the economic fallout of the coronavirus pandemic, there's a notable difference ...
As the U.S. Federal Reserve rolls out trillions of dollars to blunt the economic fallout of the coronavirus pandemic, there's a notable difference to the last financial crisis: close to zero concern over"moral hazard" - the sticky business of bailing out those whose dilemma is of their own making.
How the Fed acted then stuck in the craw of many conservatives, in particular, for years after the crisis ended. In 2011, the governor of Texas, Rick Perry - who was also running for the Republican presidential nomination - called the Fed's aggressive bond buying"almost ... treasonous" and even suggested then-Chair Ben Bernanke might get roughed up if he ever ventured to the Lone Star State.
The Fed’s programs may end up helping some businesses whose trouble is at least partly of their own making - having loaded up on debt before the crisis, for instance. But for the moment, neither Fed policymakers nor politicians seem too concerned with separating the deserving from the less so. Raising the alarm weren't just inflation hawks like Kansas City Fed President Thomas Hoenig and Philadelphia Fed President Charles Plosser, but centrist Atlanta Fed President Dennis Lockhart as well.
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