Mnuchin Talks Up Aid for ‘Main Street America,’ but Hands Trillions to Wall Street and City of London
March 29 (EIRNS)—Treasury Secretary Steven Mnuchin appeared on at least two Sunday news shows to talk up the CARES Act, signed March 27, which gives benefits for “Main Street America,” all the while Mnuchin made clear he is trying to save his ilk on Wall Street. Trump National Economic Council Director Larry Kudlow did the same on ABC News. Kudlow said “There will be temporary emergency financing to unlock massive reserves from the Fed, to stabilize financial markets.”
Mnuchin told Fox News, there will be $4 trillion available Monday, March 30, and more can be expected, for liquidity injections into the financial markets. He said, “We’ve rolled out many programs,” and they will provide “temporary support.”
On CBS News, Mnuchin affirmed that he speaks with Federal Reserve Chairman Jerome Powell several times a day. Mnuchin said that Powell requests things, and “I have approved all his requests.” Mnuchin said, there are “broad-based programs,” of support to the markets. BlackRock will lead one of the programs and they were hired because they have experience from the last crisis. “Larry Fink has enormous experience.”
Otherwise, Mnuchin and Kudlow recounted the individual parts of the CARES Act on what is available to individuals, families, small businesses and local and state governments. Mnuchin says that within three weeks, disbursals will be issued in the form of direct deposits to recipients, or notification to them of how their money can be received.