An opinion piece on MarketWatch by Jared Dillian points at the Fed's failure to capitalism. Dillian argues the Fed's has gone too far with the corporate bond buying program.

These are bad companies, and the longer they stay around, the more capital gets misallocated. We should want that capital to be allocated to better uses.
I think that his article makes a great point and adds to the 'too big to fail' argument. Companies should be allowed to fail. Money should be able to move to the better and/or new companies when these larger companies have earned themselves bankruptcy. The Fed may be fighting the effects of a pandemic but the companies that are on the edge of failure were not prepared for such a downturn in the midst of a strong company.

Good read: The Federal Reserve won’t allow companies to fail, and that weakens the U.S.