Also, raises a spectre of chain reaction. If one is scraping to make payments and pay the mortgage, and his neighbor is at risk of default and gets a check from the government - what’s one to do, but apply for the same treatment or feel like a fool.
This is just a lame-brain idea, and since Bill Gross is not at all dumb and understands this will not happen, it’s simply designed to raise the noise level and sense of panic to try and make Fed lower the Fed funds rate, so he can make money on his bonds.
Good points. I suspect it’s also an opening for the left to demagogue as if the “RICH” Republicans aren’t in touch with ‘the people’ and need to be kicked out so someone who is more in tuned can take over.