This image by the St. Louis Fed is taken from a Wolf Street article by Wolf Richter in San Francisco. This picture is worth a 1,000 words….
Total assets on the Fed’s balance sheet from debts of the federal government increase to $608 trillion in four weeks. The stimulus program handed out $1.77 trillion to big banks to loan to their largest customers who pay them the biggest fees. All money was spent in four weeks, bankrupting the original stimulus program.