Biden will regret the $1.9 trillion stimulus
Households saved a good deal of their stimulus checks. Healthy corporations cut back investment and bulked up cash hoards, and weaker companies borrowed heavily to stay afloat.
Investors hungry for yield jumped into junk bonds, and that leaves many firms—otherwise expected to travel through bankruptcy—heavily in debt but still functioning.
Mortgages became available at rock-bottom rates. Many who could work from home sought expanded living spaces, farther from commercial centers, and housing prices jumped 13% in 2020.
MarketWatch 24 March 2021
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