Under the ¬†Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress appropriated $454 billion to the Treasury's Exchange Stabilization Fund (ESF) to backstop emergency lending facilities known as "special purpose vehicles" (SPVs).[1]¬† With the Treasury backstop, the Fed has the potential to lend a maximum of $4.5…

That New Deal fiscal policy contributed little to recovery from the Great Depression, and probably contributed to the setback of 1937-8.

"[The COVID-19 crisis] wouldn't be the first time America has resorted to large-scale fiscal stimulus in a peacetime emergency. The New Deal of the 1930s, a response to the Great Depression, is probably the most far-reaching example." (Katia Dmitrieva, "The Times America Went Big and Flooded Economy…