Federal reserve doles out corporate welfare -- on your dime WashTimesOpEd
. The central bank pays interest on reverse repos — they are loans, after all.
Instead of being a stopgap measure to quickly absorb liquidity, reverse repos have become normal operating procedure under Chairman Jerome Powell, like how former Chairman Ben Bernanke paid banks interest for keeping extra deposits parked at theBut unlike Mr. Bernanke’s interest-on-reserves policy, Mr. Powell’s reverse-repo operations are available to financial interests beyond just big banks.
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