Macro N Cheese

When Steve Mnuchin announced a clawback of the CARES Act, the liberal media wasted no time before launching condemnations. Among our friends in the MMT community, wiser heads prevailed. Make no mistake, nobody denies Mnuchin is the Grinch who stole Christmas. But like a magic eye picture, if you change your focus slightly, a different image will form. This week, our friend, Robert Hockett, joins us to tell us why Mnuchin’s announcement can be seen as a gift in our stocking, not a lump of coal.   On the surface, the CARES Act appeared to be an acknowledgment that the Federal Reserve and Treasury had gotten it wrong in 2008-09. They had bailed out the banks, while ignoring the victims of those very same institutions whose obscene dealings had plunged the planet into crisis in the first place. This time they were extending a lifeline to Main Street, and to the states, regions, and cities bearing the brunt of the current crisis -- who are, in fact, first responders on the front lines of both the pandemic an