Seemed strange to hear the CARES $350B SBA program had already run dry last weekend. Whodathunkit?
“One law firm, the Stalwart Law Group, filed five class action lawsuits this week — four in California and one in New York — alleging that banks processed clients with larger loans first because they stood to generate more money in fees. By the time the banks tried to process loans from their smaller clients, the lawsuit alleges, the program had run dry.”
Correction – banks and large businesses that didn’t need it. Throw another one on the pile of ill-conceived government economic initiatives that probably did more harm than good. At least they have alot of money to play with while the rest of us sit around watching and waiting to see if they can save the world. (spoiler alert: It’s a re-run.)
This latest 70-80 year money-credit cycle is here now. Capital injection has reached the numeric level at which money becomes something apart from value. What that is, remains to be seen.