The Fed Helped Companies Borrow Money. Some Laid Off Thousands Anyway

“There are certain industries that would be at high risk of bankruptcy without these loans and there are other industries that will do just fine,” says Gary Richardson, an economist at the University of California at Irvine and a former Fed historian. … “The U.S. stock market was falling very rapidly at the beginning of this COVID contraction, but once the Fed got into the game of supporting the economy and pulling out all the stops the stock market has gradually recovered,” Richardson says.