It Only Works For The Wealthy

We now have a new stim plan that will help (supposedly) all aspects of society……and yet I have my doubts.

You know some of the rhetoric and the actions taken during this trying time smacks a lot like the 2008 crash “solutions”…..

Seriously! It all sounds too damn familiar.  Think back to 2008…..

From December 2007 to November 10, 2011, the Federal Reserve, secretly and without the awareness of Congress, funneled $19.6 trillion in cumulative loans to bail out the trading houses on Wall Street. Just 14 global financial institutions received 83.9 percent of those loans or $16.41 trillion. (See chart above.) A number of those banks were insolvent at the time and did not, under the law, qualify for these Fed loans. Significant amounts of these loans were collateralized with junk bonds and stocks, at a time when both markets were in freefall. Under the law, the Fed is only allowed to make loans against “good” collateral.

Six of the institutions receiving massive loans from the Fed were not even U.S. banks but global foreign banks that had to be saved because they were heavily interconnected to the Wall Street banks through unregulated derivatives. If one financial institution in this daisy chain of derivatives failed, it would set off a domino effect.

The Dark Secrets in the Fed’s Last Wall Street Bailout Are Getting a Devious Makeover in Today’s Bailout

The article sounds all too familiar.  The wealthy gets the bailout and protection and the people get crumbs and lies.

The American people are now starting to think that maybe the wealthy will get the good news more so than them…..

New polling out Wednesday backdropped by the continuing coronavirus outbreak shows that most of the country believes the U.S. political system works only for the wealthy and elite rather than for working people.

In a survey of 1,002 Americans taken by The Hill/HarrisX, 57% of respondents said they believe the political system serves the interests of the wealthy and powerful versus 32% who said it works for all Americans.

Low-income Americans were more likely than people who are well-off financially to say the system works for wealthy insiders—61% to 55%. Women were 12% more likely than men, and Democratic and independent voters were more likely than Republicans to say the U.S. government is designed to serve elites.

https://www.commondreams.org/news/2020/04/01/coronavirus-spreads-poll-shows-nearly-60-us-believe-political-system-designed-solely

Really?

Bloggers like myself have been telling the American people this very thing for, in my case 14 years, and now they see it…..better late than never, as they say.

Sad part is when all this is over those same people will return to voting for the spineless slugs that work for the corporations and wealthy…..what does that say about the voter?

More sad news waiting to happen…..

Critics slammed the Trump administration for considering “rewarding vulture capitalists profiting off a crisis.”

As desperate workers, the unemployed, and small businesses struggle to obtain benefits authorized under the multi-trillion-dollar coronavirus stimulus package President Donald Trump signed into law late last month, the White House is reportedly considering an additional slate of aid measures that critics say would disproportionately favor the wealthy while providing little relief for those most in need.

The Washington Post, citing two anonymous officials familiar with White House discussions, reported late Sunday that the Trump administration is weighing “a payroll-tax cut, a capital-gains tax cut, creating 50-year Treasury bonds to lock in low interest rates, and a waiver that would clear businesses of liability from employees who contract the coronavirus on the job.”

https://www.commondreams.org/news/2020/04/06/smash-and-grab-economics-trump-white-house-weighing-tax-cut-rich-investors-workers

Yet more help for the wealthy while us peasants struggle to pay bills and eat……but what can you expect from capitalism?

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