The Fed, Hertz, a Bonkers Stock Market and why ICOs Still Matt

[Paglamon]

While this week’s sell-off in stocks was steep, the S&P 500 is still up 34% from its March 23 nadir on Friday morning. In other words, the United States’ fiscal and monetary COVID-19 stimulus efforts continue to be heavily favoring hedge fund managers, bankers and corporate CEOs. Meanwhile, as stocks have posted a record-breaking rally, 115,000 Americans have died from a pandemic that forced 38 million others to file for unemployment benefits.

This is not only fundamentally unfair, it also highlights how our current capital market system grossly misallocates resources. Failed companies with dire long-term prospects – see Hertz, below – get rescued while small businesses and startups working on solutions to our economic and public health malaise miss out.

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It’s time to talk about an alternative mechanism for allocating capital, one that’s not skewed by the stock market. It’s time to revisit ICOs.
Source: https://www.coindesk.com/money-reimagined-fed-hertz-bonkers-stock-market-icos-still-matter