Is the Fed’s massive coronavirus stimulus package helping the ultra-rich at the expense of ordinary American workers? That’s what Chamath Palihapitiya, chief executive of venture-capital firm Social Capital LP, argued Thursday.
“On Main Street today, people are getting wiped out. Right now, rich CEOs are not, boards that have horrible governance are not. People are.”
Appearing Thursday on CNBC’s “Fast Money Halftime Report” Palihapitiya said the U.S. shouldn’t be bailing out billionaires and hedge funds when it’s the people on Main Street who are the ones actually getting hurt.
The U.S. shouldn’t bail out billionaires and hedge funds during the coronavirus pandemic, Social Capital CEO Chamath Palihapitiya says. “Who cares? Let them get wiped out.” https://t.co/dIbizumtqG pic.twitter.com/u8BSVvr0B1— CNBC (@CNBC) April 9, 2020
Article submitted by, ScottInManhattan.