This Tweet speaks for itself.
Futures are up tonight so some piece of total garbage may pass tomorrow.
Laundry List
- Tax credits for solar panels
- Wind turbines
- Postal service bailout
- Portions of the Green New Deal
- Cap and Trade for the airlines
- Diversity on corporate boards
- Collective bargaining
- Election reform
- Early voting
- Same day voter registration
“Where does that fit into a bill to rescue the American people who find themselves in the throes of a disease that may kill them and an economy that is shut down?“
What else?
We will have to read the bill to know.
Mike “Mish” Shedlock
So….what comes after quadrillions as we look at our nations total debt burdens?
At least some of the items mentioned are stimulative, much more so than tax cuts (that trickle-down and ‘tax cuts pay for themselves’narratives have been pretty much thoroughly debunked by historical evidence at this point; they were always zombie ideas that keeps getting trotted out, no matter how much empirical evidence fails to support them).
You either buy into Keynesian economics, or you don’t. Keynes said that we could bury caches of money in the ground, for users to dig up.
It’s a lot more effective and stimulative to give money to consumers and people who need it, who will then support the businesses, rather than directly give money to business, with the idea that the ‘investment’ is more ‘high-leverage’, and will trickle down to the populace. Businesses who can’t thrive in the face of customers with lots of cash to spend, that….sort of speaks for itself.
Tail….dog….the capitalists are necessary, capitalism is awesome, but it’s still the tail of the dog (the people), not the dog.
The reminds me of an old joke. With slight variation:
“What’s the difference between a Congress?”
“One party is both the same!”
So this may be the beer talking but: how is what’s going, between Congress and the Fed, not the single greatest act of THEFT ever? Right before out eyes. With every American and their children as the victims. … But everyone’s arguing about how long to social distance (two weeks or two months?!) and whether or not Biden is conscious.
You really think Pelosi is concerned about laid-off employees ?? Naw, she is protecting the members of her religious institute from financial loss.
COVID-19 is to distract the public while congress and the Fed flood the world with fiat money. It also takes the war-mongering of Wall Street off of the MSM.
The Fed has stated they will use the Primary Dealer Credit Facility with unlimited funds to save bankers and corporations. Who are the owners of the six mega-corporations ? Right, the bankers. Ref. https://www.zerohedge.com/markets/fed-reopens-its-landfill-distressed-assets
The public is told to ignore the possibility the FRBOG is operating as a privately held corporate structure with ownership shares held by the Primary Dealers. You do understand the major bankers will be getting all of the fiat money, don’t you? Woo, hoo.
Perhaps using the FOIA to explore the possibility of the BOG’s ownership should be considered. Ref. https://thedailycoin.org/2020/02/19/federal-reserve-transparency/
“A major sticking point has been a $500 billion fund, demanded by Republicans, to backstop loans and other guarantees extended to the large industries hit hardest by the crisis, including the airline and cruise line companies. Democrats want strings attached to that lending to ensure that taxpayer dollars aren’t used for stock buybacks or CEO compensation, and to protect the employees of those companies from being laid off.”
Libertarians like Mish obviously feel that we should give billions of dollars to the corporations without any strings attached, because capitalism or free markets or something. Mish you’re so dumb sometimes.
COVID19 will usher in term limits; one way or another.
And all the while, the “real communists” just went out and delivered a solution, when faced with the same problem……
Pretty sad to first hand observe what once-was America has degenerated into.
Remember when the media and liberals were upset with Rand Paul delaying a vote by a mere couple of hours to try and end a nearly 20 year war in Afghanistan?
This will undo any bad will against Trump’s handling of the crisis. I now think Trump might very well win.
He’ll be peeing on his foot again within a week.
There’s hardly a leader in sight, coast to coast, with the possible exception of Cuomo in New York. He launched a 70,000 dose test of the Hydroxychloroquine and Azithromycin combo today. If it works, the debate should be over by Monday and the path to a no-brainer solution open:
Test, isolate and treat positives early. Get everybody else back to work. Keep older folks with immune issues away from the melee.
Well its a 1,100 pages because in America it has to be spelled out exactly. actually a 1,100 page for a 3 trillion program, its not that much if you think about it
Actually the USA is a so-called common law jurisdiction, so laws don’t have to be spelled out, but left in the discretion of an ‘administrative agency’, by contrast to Europe where Napoleonic code traditions insist laws be spelled out, but, otherwise a good humorous point.
Digital dollars. The Dems added language to allow the Fed to create a digital dollar and digital wallets. Fedcoin CBDC is coming.
We already have digital dollars and digital wallets. Do you think central banks and treasuries print money anymore ?
This is different. This is a crypto currency (aka central bank digital currency – CBDC). Fedcoin.
My absolute favorite part of the whole bill are the provisions that allow people to stop paying mortgages, credit card payments, student loans, and car notes.
Basically – those of us who have worked our asses off and now live paycheck-to-paycheck to stay out of debt are going to be taxed to pay for those who chose to mortgage up to their eyeballs… Because make no mistake, the banks, credit card companies, student loan lenders, and mortgage owners will get their money. they just won’t get it from those who owe it. They will get it from government who gets it from….?
The taxpayer. Me. One of those who chooses to stay out of debt at any and all costs.
Sweet.
The only thing that will make this better is if I find out that the owner of the house I rent will get to stop paying the mortgage, but I will have to keep paying them rent.
That will make this bill perfect.
This 1000% been thinking the same for some time that I would be rewarded for prioritizing paying off student loans/cars/etc. and delaying purchasing a home. Only to see this, the debt party must continue.
Hoping this does not pass…
If you go to leftist blogs, their argument to questions about fairness would be: do you want to see riots? ROFL. Leftists despise responsibility. And I in turn despise them. But I also despise right wingers who continuously ask for corporate bailout. Bunch of losers, the whole lot of them.
When a politician tells a crowd “You deserve free candy, you’re entitled. I will give everyone free candy!” the crowd votes for the politician
A donation in your name has been made to the Human Fund. Money for People.
Seems clear to me the Democratic message is this: Trump didn’t do MORE, and that’s why we failed. This bill is a trap. Either they get everything they want, or Trump didn’t do enough to solve the world’s problems.
Well, I usually vote independent or Republican, but indeed Trump didn’t do more. He could have at least said he believes the virus was serious. He can still save himself by declaring a national lockdown (that includes FL) for two more weeks. But he won’t. Trump deserves to lose in November. We’ll see if the USA is so insane that he does not.
Texas Lt. Gov Dan Patrick is looking for some volunteers…
…“Those of us who are 70-plus, we’ll take care of ourselves,” Patrick, who is 69, added. After the lieutenant governor’s bizarre vow, Carlson wanted to make sure he had it all correct: “So you’re basically saying that this disease could take your life but that’s not the the scariest thing to you. There’s something that would be worse than dying.” Patrick agreed with his summary….
End the shutdown, save the GDP !
2 weeks is too long–the President is bored with it–he’s forced to show up everyday and there’s all of those pesky reporters with questions. It’s not so much fun any more.
And it’s not even really bad yet.
Did he poll his residents? The Texas Ranger might not agree.
Yay, we are printing $2T of monopoly money! We’re all gonna get stuff! I knew we could do it.
“I sure hope stocks go up another 20% this week so I can sell mine!” – everyone
Stocks will go up 30% and everyone won’t sell. Greed works like that. After that it will crash again. I am waiting for a good entry point to buy volatility again.
NOTHING FOR NO ONE UNTIL ITS OVER
THEN WE CAN SUBMIT BILLS THAT NEED TO BE PAID
to GOVT – but only for individuals not corporations
Mish, with the lock-down and generalized fear and panic, it is logical to think the MMT will be hoarded more than spent. I can’t imagine consumers will spend on nonessentials or businesses will invest when demand will likely be low.
Ideas or thoughts on this?
If you spend or save, it depends if your cupboard is bare or not.
Been watching a guy who’s probably viewed as a “1 percenter” by many here locally as his world comes apart, while Nancy holds out for more greenie goodies.
He shut down six restaurants and gave away 750 pounds of chicken wings, alone, to employees, telling them he’d do the best he could to get them through this, but without customers and revenue, he had no means to help.
If this persists, the break room and water cooler experts are going to re-discover the source of jobs; Businesses.
I don’t think anyone here is against helping businesses like that. But that’s not what the Republicans are proposing either. They want to help big businesses and shareholders. Why do you need a 500 Billion slush fund that Mnuchin would solely control?
Also businesses should be aware of the source of businesses: customers.
. They’re both loading up their favorite items.
Nouriel Roubini
@Nouriel
·
3h
Trump clown is deluding himself expecting that Dems will approve his private $500 billion slush fund supervised by “myself” that will be used to bailout his companies & cronies & denied to his political enemies; his private election slush fund. What a pathetic lunatic crook!
Big govt (Fed)spent (printed) $600 trillion and change since 09 to bail out banks and wallstreet,and they’ll spend another 1/4 quadrillion to bail them out …AGAIN!!While regular folks will get a thousand dollars each lol!
Government fails. Not shocking.
is it in poor taste to ask if the american people who are to be “rescued” are primarily the 1%?
It’s not poor taste, but economics, since the top 1% (which my family is a member of, having a net worth in excess of $10M) owns something like 30-40% of the assets in the USA, and pay 40% of the taxes (more than the bottom 90%), and the top 10%, which many reading this post are, own like 50% of all assets, from memory. Worldwide, the top 1% own 50% of the world’s wealth. The top 0.1%, which are probably some of Mish’s clients, own a huge amount of wealth and pay, indirectly, lots of taxes. It’s how the world works, for better or worse. Wow, rereading the above I come across as a complete jerk…oh well. But it’s the truth! Follow the money…
It’s the internet. Beltway Democrats are still shocked to discover that the whole country is actually watching them trying to steal in a stampede what they couldn’t win in debate and elections.
Nancy’s staggering around in a daze wondering why there’s so much hell being raised about passing this one…so we can all see what’s in it, like before.
While that Nazi Moscow Mitch cannot possibly find more ways to enhance welfare for the rich. Ah, just when you say he cannot possibly find more ways to shovel our money at the rich he goes and finds moree ways to shovel money at the rich. Maybe Sanders was the best option after all, at least it would make the racist amoral heads explode so we would not have to put up with them on the net anymore right?
The communists want the economy to collapse so that they can institute their programs for your life. They have us over a barrel on this bill, as it’s either live without the money or get it by signing your life over to us.
Sure….let s Zimbabwenise while we still can, the sk…the cliff rather, is the limit !
Can’t be any worse than the other plan to hand over $500 Billion to a con man who is legally not allowed to run a charity in New York state https://nymag.com/intelligencer/2020/03/trump-on-usd500-billion-slush-fund-ill-be-the-oversight.html
You got this link at the Onion right? Please tell me this is from the Onion.
skip to 0:45 to see the actual quote
// twitter.com/i/status/1242244903993782273 //
Here’s an academic paper along the same lines (Congress –> insider trading)
Here is “Political Connections and the Informativeness of Insider Trades,” by Alan Jagolinzer, David Larcker, Gaizka Ormazabal and Daniel Taylor, forthcoming in the Journal of Finance, about the last financial crisis:
We analyze the trading of corporate insiders at leading financial institutions during the 2007 to 2009 financial crisis. We find strong evidence of a relation between political connections and informed trading during the period in which TARP funds were disbursed, and that the relation is most pronounced among corporate insiders with recent direct connections. Notably, we find evidence of abnormal trading by politically connected insiders 30 days in advance of TARP infusions, and that these trades anticipate the market reaction to the infusion.
The authors track trading by officers and directors of publicly traded financial institutions, and “identify political connections based on whether a board member has current or previous work experience at the Federal Reserve, Treasury Department, Congress, or a bank regulator.” And:
Evidence of elevated trading among politically connected insiders prior to TARP infusions, and that these trades predict the market reaction to the infusion, would suggest insiders are trading based on superior information about TARP infusions. Measuring trading by corporate insiders over the 30 days prior to the announcement of their firm’s TARP infusion, we find that insiders are net buyers (sellers) before 34.8% (20.3%) of infusions in our sample. We find a pronounced increase in the trading activity of politically connected insiders 30 days prior to the announcement, and that these trades predict the market reaction to the infusion. Notably, similar results do not obtain among insiders without political connections: insiders without political connections do not appear to time their trades to coincide with TARP infusions.
Don’t know which one is worse. This or the Republican’s. This one is laden with junk, but the Republican one is mostly about helping executives and shareholders.
Republicans have gotten their wins for a while. Democrats dont need to do much. Ppl wont blame pelosi, they will blame trump. Like Republicans with obama, why would they want to help…a big payback for the last 10 years
Remember when we were all so convinced this would never happen again because of the fallout from last time? And what’s up with Trump wanting to end social distancing? Is covid-19 overblown as a cover for this crap? This virus doesn’t care about the bill. If it’s really that bad then why does Trump want everyone back to work? I suppose he could be that stupid but i’m starting to think this is all another 9-11.
The govt already knows a lot of the population has collapse in the back of their minds im starting to think they used that fear against us.
If the Republicans were smart, they would say:
“Okay, let’s break it down instead of voting all at once. First thing, let’s put up a bill to pay every adult in the country $1500 – and none of us will vote against it. After that, we take each piece of your proposal and debate it for an hour, and then vote on it. If it passes, we send it to the House, if not we drop it and move on.”
The first step will give them political cover as no one anywhere will be able to say they didn’t do anything for regular people. The second will give each piece of the Dem proposal ample sunlight so that everyone will know what it’s all about.
And no conference committees or any of that bullshit “secret wheeling and dealing” that typically goes on. The House needs to do the same – debate for an hour and then vote yes or no on each separate provision as it sits.
When the dust clears, everyone will see what’s really important to Congress and be able to measure that against what’s really important for the country.
I know – fantasy land is a wonderful place to live.
Didnt we already get to see what’s important to Congress last time? And what happened? Not a damn thing. And now they’re doing it again. And what’s happening? Nothing except everyone locked in their house scared to death of dieing f
What last time? Did I sleep through something?
Well Mish I hope you can see the light of where the Democrat Party is DARK
They are criminals communists and against the constitution So obvious when you are in the light
A Democrat once bit my sister!
Wmjack50 must be a Russian troll account, or where are they based now in Uganda?
Pelosi is caving in to the far left. I think she lost her marbles after the failed impeachment.
“What the Hell is in this 1,100 Page Bailout Bill?”
…
You are not supposed to find out BEFORE vote.
ARRA back in 2009 was around 1000 pages, as well. Written by corporate lobbyists with consent by only a handful of leaders of each party. Then thrust onto members of House and Senate who have mere hours to read before vote … a vote if “nay” will mean the return to the Stone Age … politics as usual.
A lot of goodies for insiders included that would have never survived normal appropriation process. I would hazard much of the bill written long ago … just waiting for an “emergency” bill that would be shoved thru without much debate.
“Return” to the stone age? Have we even left it yet. My guess is Covid-19 will take out a few of our representatives before a bill ever makes it to the Presidents desk.
But wait – we can institute remote voting! Why show up in Washington at all? You can conveniently represent your constituency from your corporate sponsored yacht from the coast of Aruba. Representation at it’s finest my friends.
Reminds me of a famous politics story during WWII when Roosevelt pleaded with a southern (TN?) senator for his support in funding the top-secret Manhattan Project, which was due to be done primarily in Illinois. Roosevelt told the senator, who was known for ‘logrolling’ that building the Bomb and defeating the Japanese was vital and this discussion was no place for politics, and the decision was to build the Manhattan Project in Illinois. After hearing Roosevelt, the TN senator said something like: “Mr. President, you have my full support. Where in TENNESSEE can we help build this bomb?” I think TN got some sort of perk, maybe the TVA, maybe some enrichment project, in exchange for this senator’s vote. Politics as usual, even in a national emergency.
Look at all the goodies that Mitch has sent to Tenn. in the last few years. It pays personally and for your state to be majority leader.
do your homework
“I think TN got some sort of perk”
The Oak Ridge National Laboratory
Bingo Quatloo, and Ray, the TVA project was well before WW2.
The Democrats are playing politics as usual……and this time their careless sarcastic bill is a shot in every Americans face not to mention the jobs being lost and the 1000’s of Americans dying. How much more callus can these Democratic soldiers of misfortune be.
This laundry list should be part of a bill after the Corona Virus bill has been taken care of for all Americans who have been directly impacted by this deadly virus. Shame…Shame on these Democrats….this is disgusting.
So true only the Dems are playing politics…no the GOP is fine as long as they give corporate America 500 billion, that on the other hand is not playing politics. Its just plain old fashion theft! Come on Boing gets money after buying back $43 billion of their stock instead of investing in good aircraft design…
Barasso is giving $ 500 billion to his favorite industries whoever that may be at the discretion of Treasury and keep it secret. Typical Republican blowhard!
Couple things on my mind
James Garfield
Dude just showed up at the GOP convention and the next thing he knows
His buddies nominated him the candidate
He won
Not a Hollywood ending
Romney was the first GOP , (grab one pussy), party member to promote universal basic income.
He’s a cultist for sure, but in your wildest fantasies you’ve seen yourself with seventeen satisfied wives. right?
Romney 2020 pussy grabbing but only the 17 your married to.
The Democrats are honest Republicans
Republicans blow sunshine up your patuti regarding fiscal restraint and small government
I am an independent that leans socialist
Simply because if you can’t beat them….
GOP are in denial, liars, or worse
So…. do you think Windmills ( 1 mw for millions + upkeep ) will save the day . So many are duped on the Climate Change lie . Pelosi is a scammer , and a bold face liar who cares NOTHING for the people who keep voting here in . I hear China has a nice socialist system .
This is what DC does all the time, with every crisis. Why is anyone surprised?
“You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.”
— Rahm Emanuel
I didn’t think the democrats had chance with Biden and whichever black woman he chooses for vp but after this gets out they have zero chance.
This is at least as big a f-up as the white houses response to the emergency at hand…that anyone with half a brain knew was coming a 2 months ago.
Politics at its worst during an epidemic
It is a political move by both sides. Either way Trump’s only chance to stay in office is to cancel the election. The economy will be so bad that a normal recession would look like growth.
Maybe I’m wrong but it looks really bad to be playing politics like this now. Wind turbines and diversity on corporate boards while peoples family members are at risk of dying from a global pandemic..and certainly will. Thats really bad.
The republicans are no angels either to be sure.
FDR’s experience says otherwise.
November is a lot of news cycles away, though.
Don’t forget that the Never Trumper’s are all queuing up to vote for Biden. See:
Well yes, but you are OK with Mnuchin distributing hundreds of billions clandestinely?
So Democrat evil is not evil because of what Republicans do. Evil things done by Obama were okay because “Bush did them too.” We want Democrats in office to have them do evil instead of the Republicans doing evil.
Have we just lost the whole idea of having a party that doesn’t do evil?
No that’s Alphabet, Inc.
Oh, wait….
LOL
it fits with google removing do no evil from its code of conduct
Pelosi once said we have to pass the bill to know what’s in it during the financial crisis.