Matthew Larkby

The pandemic caused the population at large to instantly suffer a massive economic loss.  There wasn’t a government agency with the mandate or manpower to effectively deal with them all simultaneously so the government instead implemented the blanket foreclosure/eviction moratorium, shifted the financial loss to the lenders and landlords (a much smaller population than the population at large), and prepared a bailout package for them instead.  

It was a hard blow to the ivory tower libertarians who constantly preach of the primacy of free markets and the evil of government intervention. The government absolutely picked winners and losers.  There was no creative destruction and no liquidation.  Defaulted tenants and borrowers got to stay in their homes — which may have insulted the memory of Ayn Rand but it also prevented a revolution and allowed the government to stay in place.  

Lenders and corporate landlords were made whole via a bailout from the federal government. There was no cascade of defaults.  The servicing revenue shortfall did not destroy any shareholder wealth.  Yields on mortgage backed securities hardly moved. Just like with every other American economic crisis, profits were privatized and losses were socialized.  

The AOC-loving MSM had spent the last four years alternating between keeping Americans ignorant & distracted on the one hand and engineering a revolution of the proletariat on the other.  At no time did any of them ever express any sympathy for the only people who actually suffered an unreimbursed loss – the mom-and-pop landlords who owned their rental units outright (i.e. kulaks).