You’ve done it again, Brian! Kleptocracy is right up there with Dopenhagen. 😆
Seriously, though, if IIUC, cash is disbursed in large blocks to simplify bookkeeping and control. It’s easier and cheaper to control a few institutions than millions of experiments. It also avoids the appearance of the Fed building an enormous bureaucracy whose mission would be to compete with the establishment.
I’m reading a hardcover book right now called Multipliers, which I highly recommend to anybody who wants to build a 21st century organization of any size. The gist is that if you reinvest in creating positions which harness every person’s native genius(es)- what they do without thinking is any big deal while others struggle at that task- you’ll get a true 110%. It seems that an environment can be created where people grow their IQ as they solve progressively more challenging problems.
Thus the best ROI turns out to be growing a company to create positions where displaced workers can shine again. This has to be done despite having Obama in the Whitehouse, imo.