Hi, Welcome to BIG, a newsletter about the politics of monopoly. If you’d like to sign up, you can do so here. Or just read on… On Saturday I sent out a note on the awful no good bailout bill in negotiations. I asked you to forward my newsletter, repost it, and make some noise. You did and we managed to delay the bill’s passage. Today I’m going to write about where we are now.
Just ... WOW! And Canada's federal Liberal government was about to pass legislation that would enable its Ministry of Finance (so the Finance Minister) to SPEND AT WILL, without Parliamentary oversight ... until December 2021! Canada's Liberal government is a minority one ... but opposition parties supported its enacting this, except for the Conservative party. Result: the unlimited, unsupervised spending clause was removed, our #FedLibs said 'oops! some rushed bureaucrats accidentally put that in there', and future spending will be discussed in a separate bill.
Nice article, but how you gonna fight this, its already done. Most people dont know whats happened here. Corporate bonds will be bought out by the Fed, and the Sec. Mnuchin gets whatever he wants. There were no open debates like in 2008 about it.
They already have the UNLIMITED CASH, to buy out corporate debt. This means these business have no risk any more. Its unprecented socialism. You have no caught people like Sean Hannity on the real side of the curve, to support what they did is socialism, and there has never been a larger socialistic spending program in the history of the United States.
BTW, Mnchukin is a former Goldman Sach hedge fund manager. Its like putting a wolf in charge of the chicken house. Where are there ethics? I think they have none.
I like what you have done here, but you dont have to say that much. The Fed is suppose to be an independent agency who can do this in times of emergency. Mnunchkin backed up a brinks trunk and loaded it up with an unlimited supply of cash to buy out corporate problems.
how is this spending tax payer money? Do you even have a Finance degree & where from? Are you God and the US must make sure you are happy with the term and condition. First, tax payer did not pay this money. this is made up money the USA can print. Remember we are in deficit. we don't have 6 trillion dollars of tax payer money sitting around. "Obviously helping certain enterprises is important, so I’m not opposed to industry aid. But the terms and conditions matter, and based on what I’m seeing, I don’t believe there will be meaningful restrictions on this aid. Executives and financiers are going to profit off of taxpayer money."
If wall street is not strong or convey that it is stable, then people pull out their money and the US goes stop. yes stop. what economy degree do you have?
An interesting, depressing take on the States' bailout. As an aside, for public domain licensing, I recommend asserting "Creative Commons Zero" rather than "Public Domain" as the law is a bit fiddly (especially internationally) with what the idea of public domain is, and if we can voluntarily relinquish copyright to our works. I suspect we have the mouse to thank for that one. Happy to provide citations if you'd like.
Congressman Massie has taken a controversial but brave stance against the CARES Act as written. So have democrats like AOC, who is representing the hardest-hit state. Massie is correct to do the simple math. $2 trillion (Congress) plus $4 trillion (Fed and Treasury) is a $6 trillion bailout. Divided by 150 thousand wage earners, that should be $40 thousand per wage earner, not $1,200. The rest of the money is for opaque credit lines to the biggest companies in this country.
Rather than rescuing workers and small businesses, the bill as written will allow workers to become deskilled and fall out of the economy (just like TARP), while allowing the biggest, over-financialized corporations to go on acquisition sprees, permanently destroying small business and increasing monopoly power. Companies like Boeing must be saved, but they are failing due to poor decisions, not due to COVID-19.
A bill providing for the needs of workers and small businesses must and will be passed. That is not controversial. I'm asking you to stand with Massie and AOC, and delay it briefly so that the unprecedented pork can be cut out and become subject to debate. Your constituents won't die due to delays in pork barrel spending.
Great data, will RT! I've written an arty essay on what's behind this bill, "Goes Well with Tea and Quarantine." Overlaps your material but not quite. It's on my FB page if you want to check it out - thanks! Michelle Nappi
Can you give us some "talking points" that are easy to say on the telephone?
Just ... WOW! And Canada's federal Liberal government was about to pass legislation that would enable its Ministry of Finance (so the Finance Minister) to SPEND AT WILL, without Parliamentary oversight ... until December 2021! Canada's Liberal government is a minority one ... but opposition parties supported its enacting this, except for the Conservative party. Result: the unlimited, unsupervised spending clause was removed, our #FedLibs said 'oops! some rushed bureaucrats accidentally put that in there', and future spending will be discussed in a separate bill.
So did all of the worst stuff that you predicted at this time come to pass? Can't help but think the rise of Musk must be partially linked here
Nice article, but how you gonna fight this, its already done. Most people dont know whats happened here. Corporate bonds will be bought out by the Fed, and the Sec. Mnuchin gets whatever he wants. There were no open debates like in 2008 about it.
They already have the UNLIMITED CASH, to buy out corporate debt. This means these business have no risk any more. Its unprecented socialism. You have no caught people like Sean Hannity on the real side of the curve, to support what they did is socialism, and there has never been a larger socialistic spending program in the history of the United States.
BTW, Mnchukin is a former Goldman Sach hedge fund manager. Its like putting a wolf in charge of the chicken house. Where are there ethics? I think they have none.
I like what you have done here, but you dont have to say that much. The Fed is suppose to be an independent agency who can do this in times of emergency. Mnunchkin backed up a brinks trunk and loaded it up with an unlimited supply of cash to buy out corporate problems.
Paul Davidson I am a CPA
how is this spending tax payer money? Do you even have a Finance degree & where from? Are you God and the US must make sure you are happy with the term and condition. First, tax payer did not pay this money. this is made up money the USA can print. Remember we are in deficit. we don't have 6 trillion dollars of tax payer money sitting around. "Obviously helping certain enterprises is important, so I’m not opposed to industry aid. But the terms and conditions matter, and based on what I’m seeing, I don’t believe there will be meaningful restrictions on this aid. Executives and financiers are going to profit off of taxpayer money."
If wall street is not strong or convey that it is stable, then people pull out their money and the US goes stop. yes stop. what economy degree do you have?
An interesting, depressing take on the States' bailout. As an aside, for public domain licensing, I recommend asserting "Creative Commons Zero" rather than "Public Domain" as the law is a bit fiddly (especially internationally) with what the idea of public domain is, and if we can voluntarily relinquish copyright to our works. I suspect we have the mouse to thank for that one. Happy to provide citations if you'd like.
Thank you! You do an excellent job articulating this very real threat to our country.
Wrote to my rep, Andy Barr:
Congressman Massie has taken a controversial but brave stance against the CARES Act as written. So have democrats like AOC, who is representing the hardest-hit state. Massie is correct to do the simple math. $2 trillion (Congress) plus $4 trillion (Fed and Treasury) is a $6 trillion bailout. Divided by 150 thousand wage earners, that should be $40 thousand per wage earner, not $1,200. The rest of the money is for opaque credit lines to the biggest companies in this country.
Rather than rescuing workers and small businesses, the bill as written will allow workers to become deskilled and fall out of the economy (just like TARP), while allowing the biggest, over-financialized corporations to go on acquisition sprees, permanently destroying small business and increasing monopoly power. Companies like Boeing must be saved, but they are failing due to poor decisions, not due to COVID-19.
A bill providing for the needs of workers and small businesses must and will be passed. That is not controversial. I'm asking you to stand with Massie and AOC, and delay it briefly so that the unprecedented pork can be cut out and become subject to debate. Your constituents won't die due to delays in pork barrel spending.
Great data, will RT! I've written an arty essay on what's behind this bill, "Goes Well with Tea and Quarantine." Overlaps your material but not quite. It's on my FB page if you want to check it out - thanks! Michelle Nappi