By Thomas Hogan, includes “… Bernanke and Yellen were right: providing funding to states and municipalities is fiscal policy, and the Fed shouldn’t be involved. … the MLF opens the door to larger bailouts of state and local governments. Illinois, New Jersey, the city of Chicago, and many other municipalities are in poor fiscal condition, not primarily due to the unexpected pandemic, but from years of excessive spending. … If a municipal bailout does occur, it should be conducted through Congressional legislation, not by the Fed.”