The Cash Scramble!

Just like the crash of ’08 businesses are scrambling to preserve their profits by getting the government to give them money……and now that the markets have slid another 3000 points the screams are growing louder by the day….

These daily slides have wiped out about 96% of the profits it created in the Trump years so far.  If this continues then Trump has lost his best re-election weapon.

How about those businesses like the airlines……seems everyone is scrambling to get a piece of the government’s pie.

“We’re going to be in a position to help the airlines very much,” President Trump said Monday when asked about possible government aid in the wake of the huge drop in passenger bookings. The airlines have now put an amount on that promise: $50 billion. That’s more than three times as much as they received after the 9/11 terrorist attacks, the Wall Street Journal reports; the tab for the auto industry bailout was $80 billion. Cash payments, loans and tax help could be part of the deal being discussed by the airlines with Trump administration officials and members of Congress. United Airlines said it plans to cut service in half for April and May because of the coronavirus outbreak and figures the flights it keeps running will only be one-fourth full. “We have to back the airlines,” Trump said. “It’s not their fault.”

The airlines also made a plea for urgency. “We cannot afford to wait long for assistance,” the A4A trade group said. “This is a today problem, not a tomorrow problem,” the group’s CEO said, per the Washington Post. Airports could ask for federal aid, too. “Airlines may be the most visible part of our aviation system,” a House GOP spokesman said, “but we have to ensure that a stabilization package addresses the needs of airports, regional and charter airlines, cargo airlines, manufacturers, and general aviation business.” An industry analyst called the plan “an aggressive request” but cautioned that it could be just a starting point. “You have to remember the A4A’s job is to shoot for the universe in hopes of getting the moon,” he said.

I say give the greedy bastards the money….but take it out of the Pentagon’s budget for it is pretty bloated.

My feelings are…”F*ck ’em”!

How much have they used to buy back their own stocks?  Maybe they should say screw short term gains and look to the future.

Just saying…….

And the games being played in the Congress is so typical of the gutless wonders we elect…..

With an urgency unseen since the Great Recession, Congress is rushing to develop a sweeping economic lifeline for American households and businesses capsized by the coronavirus outbreak. Democrats said at least $750 billion would be needed, the AP reports. “We will need big, bold, urgent federal action to deal with this crisis,” Senate Democratic leader Chuck Schumer said Monday. Republicans did not object, as a roster of America’s big and small industries lined up for aid. Senate Majority Leader Mitch McConnell said he wants a comprehensive approach with “significant steps” for the economy, particularly Main Street businesses. Senators had returned to an emptied-out US Capitol, clear of tourists or House members, to confront an even more dire situation than the one they left for a long weekend, before Trump declared a national emergency.

Stuck in the Senate is the aid package approved Saturday by the House, with sick pay, free testing and emergency food. Some Republicans want changes, and the House has technical corrections to make. Treasury Secretary Steven Mnuchin, who negotiated the package with House Speaker Nancy Pelosi, arrived late Monday on Capitol Hill to confer with Senate GOP leaders, saying they were trying to fix the hangup and turn to next steps. The House, Senate and White House agree the pending bill is not nearly enough. The Chamber of Commerce called Monday for legislation including a three-month cancellation of the taxes companies pay to support Social Security, Medicare and unemployment insurance, for example. The Democrats’ plan would boost hospital capacity, unemployment insurance and other direct aid for households, businesses and the health care industry.

Not to worry the Senate will go on a three day hiatus just when we need their worthless asses to get things done…..so typical.

I Read, I Write, You Know

“lego ergo scribo”

12 thoughts on “The Cash Scramble!

    1. THanx John….I have said in the past that these corporations should be forced to keep an emergency fund of about 10% of their income for times like this and we would not need to “help” them out. chuq

      1. Let’s start bailing American Citizens out instead of so much being given to the greedy assed Corporatocracy!

      2. The income of this government rightly belongs to all the people equally and they should be given an equal share.

  1. So many people in those industries are buying up shares at rock bottom prices. Once things stabilise, they will all make huge fortunes. (Same thing happening here)
    Best wishes, Pete.

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