May 172020

The COVID-19 crisis, like the subprime mortgage crisis a decade ago, has sparked major public interventions to stabilize the financial markets. But the Fed isn’t stepping in to bail out the real estate sector — and the big losers are set to be ordinary households. Apartment buildings in Brooklyn, New York. (Flickr) Since the start of the coronavirus crisis, the Federal Reserve has won admiration from many quarters for the pace and magnitude of its…

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