Gina Smiley

And what this resulted in was just a run for the exits. People wanted cash. They thought cash was the only thing that was safe. And they were selling everything else. And so we saw huge breakdowns across a whole range of markets that usually are very safe. And this is the kind of thing that's going to hit not just Wall Street, but almost certainly Main Street if it continues.

Yeah. And I think sometimes you change your mind when not changing your mind is going to cause the worst problem.

Yeah. And I think sometimes you change your mind when not changing your mind is going to cause the worst problem.

Yeah. And I think sometimes you change your mind when not changing your mind is going to cause the worst problem.

So we get to March 23rd, 2020, and we see the Fed jump into a bunch of markets that it hasn't previously touched. It rolled out a corporate bond buying program and a program that was sort of promising to help out Main Street companies.

So we get to March 23rd, 2020, and we see the Fed jump into a bunch of markets that it hasn't previously touched. It rolled out a corporate bond buying program and a program that was sort of promising to help out Main Street companies.

So we get to March 23rd, 2020, and we see the Fed jump into a bunch of markets that it hasn't previously touched. It rolled out a corporate bond buying program and a program that was sort of promising to help out Main Street companies.

Yeah. And I describe this in my book as somebody described it to me, which is it was really about covering the waterfront. They wanted to make sure that they were trying to service sort of every place that you might see borrowing and lending break down in the economy.

Yeah. And I describe this in my book as somebody described it to me, which is it was really about covering the waterfront. They wanted to make sure that they were trying to service sort of every place that you might see borrowing and lending break down in the economy.

Yeah. And I describe this in my book as somebody described it to me, which is it was really about covering the waterfront. They wanted to make sure that they were trying to service sort of every place that you might see borrowing and lending break down in the economy.

It's pretty unusual. You know, the Fed chairs tend to stick to the more sort of business oriented publications and TV shows. I think they were trying to reassure the country that they were really bringing out the big guns.

It's pretty unusual. You know, the Fed chairs tend to stick to the more sort of business oriented publications and TV shows. I think they were trying to reassure the country that they were really bringing out the big guns.

It's pretty unusual. You know, the Fed chairs tend to stick to the more sort of business oriented publications and TV shows. I think they were trying to reassure the country that they were really bringing out the big guns.

So April 9th, 2020 rolls around and the Fed rolls out a big new package that includes a municipal lending program. And it also adds in junk bonds to the Fed's bond purchase program. And those are two pretty uncomfortable things for the Fed to do. The Fed has

So April 9th, 2020 rolls around and the Fed rolls out a big new package that includes a municipal lending program. And it also adds in junk bonds to the Fed's bond purchase program. And those are two pretty uncomfortable things for the Fed to do. The Fed has

So April 9th, 2020 rolls around and the Fed rolls out a big new package that includes a municipal lending program. And it also adds in junk bonds to the Fed's bond purchase program. And those are two pretty uncomfortable things for the Fed to do. The Fed has

openly said that it doesn't want to be involved in the municipal bond market and you know the junk bond market is also pretty unattractive because it's this big market of people who took on in some cases a pretty significant amount of risk and no central bank wants to feel like they're bailing out the junk bond market but the concern is you know these are big companies

openly said that it doesn't want to be involved in the municipal bond market and you know the junk bond market is also pretty unattractive because it's this big market of people who took on in some cases a pretty significant amount of risk and no central bank wants to feel like they're bailing out the junk bond market but the concern is you know these are big companies

openly said that it doesn't want to be involved in the municipal bond market and you know the junk bond market is also pretty unattractive because it's this big market of people who took on in some cases a pretty significant amount of risk and no central bank wants to feel like they're bailing out the junk bond market but the concern is you know these are big companies

If you leave this market completely closed, you know, if it fails to operate the way it should, if it becomes impossible for people to issue debt at rates that they can afford to manage to stay in business, you could have a huge round of layoffs just because this market is flailing.