In principle, everything being done now has been done before but on a smaller scale. The limitless scope of the new program is new, but the Fed remains in complete control at every step – including control over Congress and the White House. As usual, this latest maneuver is of the banks, by the banks, and for the banks.
Headlines about the virus did not appear in the US until January of 2020, but the Federal Reserve began making hundreds of billions of dollars in loans to Wall Street’s banks on September 17, 2019. The Fed was creating money to keep banks afloat a little longer, and the cost was passed to the consumer.