This is the Tom Hartman program.

Welcome back.

Professor Richard Wolff, the economist, co-founder of Democracy at Work.info, author and numerous

books is most recent.

The sickness is the system when capitalism fails to save us from pandemics or itself is on

the line with this democracy at Work.info and R.D. Wolff with 2Fs.com or as websites you

can tweet them at Prof. Wolff, PR-OF, W-O-L-F, Professor Wolff, the Fed has created money.

I mentioned the other day that the Fed had created $7 trillion and used it to buy corporate

bonds and stock, which the Fed had never done before.

And somebody on Twitter said, what, where did you get that?

That sounds crazy.

So there's that assertion that the Fed is just like basically creating money out of

the thing and using it to prop up corporate America in the stock market.

The Treasury Department provides tax payer money that gets appropriated by Congress that

by and large, bails out average working people like the CARES Act that gave everybody

$600 a week until it ran out a few months ago.

And so what's the difference between the Fed and the money that they create and the

Treasury Department or the Treasury of the United States and the money that Congress

appropriates and spends and why doesn't the Fed help average working people and why does

Congress and the Treasury Department, why is that they're the only place where average

working people can get any kind of benefit?

The first thing is to understand the difference between them.

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