Wealthy interests have thrived during the pandemic. The CARES Act authorized trillions in spending to support wealthy people and corporations. Most of the money was used to guarantee liquidity for banks and hedge funds, backstop corporate balance sheets, and purchase debt to save commercial loan markets . Overall, 82% of the $170 billion tax provision included in the stimulus legislation benefited individuals making more than $1 million per year.
The results this spending are in. The Dow industrials DJIA, +0.59% and the S&P 500 SPX, +0.16% have been on the rise for weeks , and the Nasdaq Composite COMP, -0.80% […]
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