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zkyllonen8

Democrats Blocking the CoronaVirus Stimulus Bill IMO why it is good.

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WASHINGTON — Congressional leaders and Trump administration officials closed in on a deal on Tuesday on a roughly $2 trillion economic stabilization plan to respond to the coronavirus pandemic, after agreeing to Democratic demands to add oversight requirements for a $500 billion government bailout fund for distressed companies.-

 

A crucial breakthrough came when Democrats won concessions from the Trump administration to add strict oversight over the $500 billion corporate aid fund, including installing an inspector general and a panel appointed by Congress to monitor it. The vast majority of the fund would go to the Federal Reserve to cover loans.

 

 

Personally IMO and People on this Forum might disagree with me on this but I think it was right of the Democrats to finally stand up to Trump and the Republicans with this one. Finally someone is fighting for the little guy and not just the people on the Top. 

 

Democrats in the Senate are finally showing some backbone after being constantly trampled by the Republicans and Mitch McConnell.

 

 

 

 

 

 

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Disgusting, isn't it?  That they could try to push through a bill dumping half a trillion dollars onto Wall Street bankers without any oversight?  What a bunch of absolute gangsters.

 

If people still want to argue about abortion while we are literally having everything we ever owned stolen by these con men I surrender.

 

The Fed is pumping the cash out without oversight already anyway, of course.  The GOP Senate was just trying to rubber stamp it, retro-actively clearing and approving the repo spending, ballooning balance sheet at the NY Fed since September when the bankers first picked up the gun and held it to our heads.

 

Again.

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2 hours ago, splunch said:

Disgusting, isn't it?  That they could try to push through a bill dumping half a trillion dollars onto Wall Street bankers without any oversight?  What a bunch of absolute gangsters.

 

If people still want to argue about abortion while we are literally having everything we ever owned stolen by these con men I surrender.

 

The Fed is pumping the cash out without oversight already anyway, of course.  The GOP Senate was just trying to rubber stamp it, retro-actively clearing and approving the repo spending, ballooning balance sheet at the NY Fed since September when the bankers first picked up the gun and held it to our heads.

 

Again.

 

Yep this Crisis could turn into 2008 all over again. 

 

It would be total BS if we have to Bailout the Bankers on Wall Street once again. 

 

I'm glad the Democrats fought for the working class for once

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47 minutes ago, zkyllonen8 said:

I'm glad the Democrats fought for the working class for once

 

https://www.cnn.com/2020/03/25/politics/senate-stimulus-unemployment-benefits-coronavirus/index.html

Quote

(CNN)In a historic expansion of unemployment insurance, the federal government would give jobless workers an extra $600 a week on top of their state benefits for four months as part of the $2 trillion stimulus deal lawmakers agreed to early Wednesday.

"It has unemployment insurance on steroids," Senate Minority Leader Chuck Schumer said Tuesday of the package. "But, and most importantly, the federal government will pay your salary, your full salary for now four months."
While the extra money in the deal wouldn't fully replace the lost wages of some higher-paid workers, it would significantly add to everyone's regular state benefits, which range from $200 to $550 a week, on average, depending on the state.
The massive boost in unemployment insurance, which is projected to cost about $250 billion, comes as the coronavirus pandemic wreaks havoc on the US economy. More than 3 million people are believed to have filed for first-time jobless benefits last week as governors around the country shut down most non-essential businesses in their states, according to some projections.
    "The generosity of this benefit is unprecedented," said Michele Evermore, senior policy analyst at the National Employment Law Project. "Because this situation is so different, we have to break all the rules."
    - snip -
     

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    6 minutes ago, zkyllonen8 said:

    WOW this is awesome !!! 

     

    I didn't know the exact numbers I am so grateful they fought the Republicans on this issue

     

    Yes.  It's an impressive accomplishment with the Republicans controlling three branches of government.

     

    Somewhat less adequate will be one-time, lump sums for those earning less than $75,000 annually.  Singles will get $1,200 and couples, $2,400.  There will also be a lesser one-time amount for families with children under 18.

     

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    3 hours ago, zkyllonen8 said:

     

    Yep this Crisis could turn into 2008 all over again. 

     

    It would be total BS if we have to Bailout the Bankers on Wall Street once again. 

     

    I'm glad the Democrats fought for the working class for once

    I'm sure the bankers hold a lot of cards we don't even know about, but before we willingly just cut our own throats, I'd be willing to go toe-to-toe with them, have the government seize them carve them up into their appropriate pieces, and reinstate some kind of Glass Steagall barriers.  Take them over and wind down anything that nobody can understand.  Just get rid of it.  The fact that it seems to generate positive numbers is an absurd argument for tolerating financial tools that literally nobody understands.  The only people who make money are the ones pulling their profits out in real time in fees and bonuses.  Literally everyone else thinks they're making money right up until the bottom drops out and it vanishes in a puff of smoke, and the bankers are suddenly oh-so-reasonable.  "Markets are uncertain!  How were we supposed to know?  Nothing we could do!  You can't blame us!  Why...it's that darn covid they got going on!"

     

    Right.  Funny.  Last month it was "our fundamentals are super sound" and "everything is fine" and "the repo market is fine" and "the inverted yield curve is nothing to worry about" and "we've already priced all of our risk into the market, so nothing can POSSIBLY go wrong..."

     

    Take

    The

    Banks

    Over

    And

    Split

    Them

    Up

     

    Literally NOTHING else is going to begin to address the underlying problem.  Get insurance and gambling out of banking.

     

    We stripped away the last of the meaningful regulations in 1999.  In 20 years, we've nearly broken the national back TWICE.

     

     

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    my grandparents retired on SS and two $20.000 CD's  at I think was 11% interest re-upped yearly and divided out the the rest over 12 months 

     

     forced to gamble for my retirement I am 

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    Republicans threw together a bill with a $500B corporate giveaway without oversight. Then they said take it or leave it to Democrats. In the past, this would have worked.  Democrats almost always  blinked when the pressure was on. 

     

    We’re seeing a new, more confident Democratic Party now and it is exactly what is needed in the age of Trump. They refused to be bullied by trump and his Republican enablers.  Good for them.

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    11 hours ago, Olivaw said:

    Republicans threw together a bill with a $500B corporate giveaway without oversight. Then they said take it or leave it to Democrats. In the past, this would have worked.  Democrats almost always  blinked when the pressure was on. 

     

    We’re seeing a new, more confident Democratic Party now and it is exactly what is needed in the age of Trump. They refused to be bullied by trump and his Republican enablers.  Good for them.

     

    Yes lets hope this continues during the rest of the duration of the CoronaVirus Epidemic and after! 

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    14 hours ago, rrober49 said:

    my grandparents retired on SS and two $20.000 CD's  at I think was 11% interest re-upped yearly and divided out the the rest over 12 months 

     

     forced to gamble for my retirement I am 

    No kidding.  With interest rates permanently pegged at near zero, how could anyone afford to save anything?  Our government has been pushing a policy that essentially forces everyone to gamble with their life savings and save nothing for a rainy day for decades.  Free money flowing into the economy through impossibly low interest rates ensures that a dollar today will be worth a fraction of its current value in 10 years.  Either get in on the horse race or be inflated into oblivion by a bubble...which will blow up in our faces and obliterate all of those "gains" anyway.  

     

    Twice..in 20 years...we're on the hook for trillions to bail out our bankers, who are the richest people on the planet.  And we just keep bending over.  

     

    I pray that this move by the Democrats is truly a sign of some sort of backbone in the face of this absurdity.  I have my doubts that it will hold up, but I really, really hope so.

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