Joe Biden March 23 Flashback 
Biden objected to letting the Fed run a Leveraged Slush Fund for businesses.
March Flashback
The New York Times had this interesting March Flashback.
At the heart of the impasse in the Senate has been a $425 billion fund created by the bill that the Federal Reserve could leverage for loans to assist broad groups of distressed companies, and an additional $75 billion it would provide for industry-specific loans. They also argued the measure as written by Republicans would give Mr. Mnuchin too much discretion to decide which companies receive aid, calling the proposal a “slush fund” for the administration.
Newsweek quoted Biden “Trump And McConnell Are ‘Trying To Put Corporate Bailouts Ahead Of Families’“
It was not just Biden.
Millions may now lose their jobs. And Trump wants our response to be a half-trillion dollar slush fund to boost favored companies and corporate executives – while they continue to pull down huge paychecks and fire their workers. Here’s what I know and how we stop it:
— Elizabeth Warren (@SenWarren) March 22, 2020
I will vote against a giant slush fund that protects favored corporations and executive paychecks with no meaningful protections for workers. If this isn’t fixed, all Democrats should all stand together and vote no. We maintain our negotiating power when we unite together.
— Elizabeth Warren (@SenWarren) March 22, 2020
Democrats lobbied hard against inclusion in the March Covid package but ultimately it was included in the deal.
And guess who voted for it. Her first name begins with E.
Official Denial
“I’ve heard people refer to this as a slush fund. It’s not a slush fund,” said Treasury Secretary Steven Mnuchin on Fox News.
Translation: It’s a slush fund. The unusual feature is it would be run by the Fed.
Most of that money went unspent. On November 19, Treasury Secretary Steven Mnuchin wrote a letter to Fed Chair Jerome Powell, asking the Fed to return the unused funds.
Instant Howls
Some might think that Democrats would be thrilled to kill a slush fund they blasted back in March but they would be wrong.
Those who railed against the slush fund in March suddenly wanted it in November as noted by Bloomberg.
Republicans in Congress have used that to argue that they are no longer needed and the billions of dollars sent to the central bank to set them up can be deployed better elsewhere. Democrats, as well as the central bank, say that removing the safety net of these programs as the virus surges again through the country is not a good idea.
Paying for More Covid Relief
The Wall Street Journal gets to the heart of the hypocrisy in Paying for More Covid Relief
Senate Democrats last week pounded Mr. Mnuchin because he dared to recall the money. Sherrod Brown, who would run the Banking Committee in a Democratic Senate, berated him and claimed he is “trying to sabotage our economy on the way out the door.”
Former Elizabeth Warren aide Bharat Ramamurti, who is now on the Covid-19 Congressional Oversight Commission, recently tweeted what has become the new Democratic Party line: “The CARES Act bars the Treasury from making ‘new’ investments in Fed lending programs at year-end. It doesn’t say the Fed programs must stop making new loans or purchases at year-end. Mnuchin’s decision to end the programs was purely discretionary.”
Joe Biden also slammed the Fed programs as a “$500 billion slush fund for corporations with almost no conditions.”
What Happened?
- As long as it is their economy not Trump’s economy benefitting from the slush fund, the Democrats want it.
- The election did not quite go for Democrats as planned.
Democrats expected to pad seats in the House and win the Senate giving progressives like AOC, Elizabeth Warren, and Bernie Sanders plenty of scope to make all kinds of demands. But guess what?
Dead on Arrival
Reality has set in: Biden’s Progressive Agenda is Dead on Arrival.
Suddenly, Democrats demand a slush fund they did not want in March while Republicans don’t want a slush fund they did want in March.
Expect more reversals exactly like that one because they are coming.
Election Side Note
Video tweets have gone viral alleging Democrats hid suitcases of ballots under desks and brought them out to count when they thought no one was looking.
The claims have been debunked over and over with fact checks of what happened.
Here is a reality check.
Logic and Reality Check
The Georgia Governor, Sec of State, and Lt. Governor have all dismissed such claims.
All are staunch Republicans.
It is beyond preposterous to presume they are in an elect Biden scheme or would cover up such fraud. https://t.co/dvjbxkg67E
— Mike “Mish” Shedlock (@MishGEA) December 8, 2020
Mish
It’s great to see such detailed information. The article shared in great detail what I was looking for.
Joe Biden is the new president of the united state of America. Well, this is new hope for the world to work with link to dissertation-service.org and solve the issues that they faced with trump. They also will talk with these compines.
So why send away the observers and keep counting anyways?
Why claim that a water main broke and disrupted the counting?
Everyone trusts their own judgement more than others. Of course just as hypocritical is that the Republicans wanted the slush fund but if they don’t have time to spend it then they don’t want Democrats to spend it, at least not without other conditions that can be imposed in negotiations.
Of course the right procedure would be for the Biden administration to have the Democratic House negotiate with the Republican Senate and do what is best for the country within the framework of each party’s beliefs without holding the country hostage but that doesn’t happen anymore.
On a related note, seeing headlines the Bank of Japan is now the largest owner of stocks in Japan.
Maybe this slush fund for the Fed can be used to make the Fed the largest owner of stocks in the U.S. A start towards that, anyways.
Mish gives another example of:
Democrats = Republicans.
Republicans = Democrats.
It’s a duopoly.
When I first read bout Mnuchin recalling the funds I assumed it was Trump inspired late-in-the-fourth-quarter shenanigans…..mainly aimed at spoiling the Biden win….but one source I ran across put it down to Munchin using it to put money back into the pot…….for a negotiating tactic in the new negotiations…..McConnell being unwilling to exceed the magic One Trillion number for any reason.
I don’t see the Dems who voted for the slush fund as changing their tune, particularly…..they were held hostage and had to do it to get the first package passed. It certainly was a bad idea at the time….but the money the Fed gave away is a lot less that what went to big businesses and insiders and cronies out of PPP and EIDL…..that would have been shocking, except most of us know it ALWAYS happens when the congress bails out for any reason.
I don’t want any more bailouts…..I’ll have to work until I’m a very old man to pay off the “gift” I received the first time. More money that has to be paid back….which arrives with all kinds of strings attached….and has rules that change more often than the weather…..no thanks.
Sorry, I don’t think this shot at the Dems really sticks to anything…..not that I’m any fan of that idiot Elizabeth Warren…..good thing she didn’t get elected President. We truly would be in a world of sh*t if that’d happened.
Hold on!!!
We need $200,000,000,000 to bail out Illinois. You know, because, COVID/Trump.
(Michael Madigan is not the author of this comment)