Democrats Are Handing Donald Trump the Keys to the Country
March 27, 2020 at 7:13 AM - Views: 46 #293386
- Total Posts: 262
he emergency coronavirus legislation that the Senate agreed to on Tuesday can only be described as an outrage. It is not an economic rescue package, but a sentence of unprecedented economic inequality and corporate control over our politics that will resonate for a generation.
It represents a transfer of wealth and power to the super rich from the rest of us, with the support of both political parties ― a damning statement about the condition of American democracy.
Final text of the bill has not been released, but according to a legislative draft, the new law would establish a $4.5 trillion corporate bailout fund overseen by Treasury Secretary Steve Mnuchin, with few substantive constraints. Some outlets are reporting this as a $500 billion fund, but $425 billion of that can be leveraged 10 times over by the Federal Reserve, resulting in a multi-trillion-dollar program.
The bill permits bailed out companies to lay off up to 10% of their workforce over the next six months, with no restrictions thereafter. Mnuchin would have authority to waive any upside for the public in its new investments, and the bill’s restrictions on stock buybacks at bailed-out firms are too temporary to be significant. Bailed out companies could even pay dividends to their shareholders.
March 27, 2020 at 7:21 AM #293389
- Total Posts: 676
Democrats did that the minute they nominated Hillary.
March 27, 2020 at 7:42 AM #293404
- Total Posts: 11,025
For the most part, that’s what this is. Kyle Kulinski calls it a corporate coup. He’s right. It is. Federal money will load hedge funds up, and they’ll swoop in and make a mint off the failure of small businesses all over the country. Restaurants and the like. Mom & Pops, small chains, regional chains, then consolidation and empty storefronts.
Schumer and Pelosi wanted corporate bailouts and working class assistance linked, and this is why. It is also why they are villainous people.
It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs
If Democrats don’t stand for the people, why should people stand for them?--Jim Hightower
March 27, 2020 at 3:53 PM #293529
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