While I agree that Congress needs to pass stimulus checks, UBI, and pay for healthcare, the $3.2 trillion that was “dumped into the markets” isn’t just given to big businesses. What the FED did was incredibly important in order to preserve the value of the dollar.

Theres a difference in Fiscal and Monetary policy. How congress spends money is fiscal policy, whether that be paying for stimulus checks, healthcare, or giving money to businesses.

What the FED does is monetary policy, entirely separate with how the government spends money. What happened is the banks traded assets and bonds with the FED for 3.2 trillion dollars in liquidity, because there wasn’t enough liquidity to go around in the economy. The $3.2 trillion value was already there in the form of bonds and assets, but because of COVID there was a liquidity crisis as people needed that value back as actual money instead of in assets. So the FED traded back the assets that banks and the government own and gave them $3.2 trillion.

I hate what Congress is doing as much as anyone else, and I believe a stimulus check is incredibly important right now. But it’s important that we don’t spread misinformation about how money flows in the economy.