Peter Stella on Fed Losses, Backdoor Fiscal Stimulus and Credit Easing
Macro Hive Conversations With Bilal Hafeez
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The Fed Refinances Mortgages at a Record Rate
The Fed essentially backstopped the entire mortgage market. It basically took $400 billion out of the pockets of the American taxpayer and gave it to the wealthy segment of the population. People with the highest mortgages, the largest mortgages, which are presumably the wealthiest people had the highest percentage of refinancing.
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