Delusional Amount Of Cash

I see that the Congress has left town , go figure, that is the one thing they all agree on, without any action on the new economic stim package to help the country deal with the costs of the pandemic.

People will soon lose or have their benefits cut or lost….and yet the only ones showing a profit out of the pandemic is corporations that are 100s of million of dollars that have seen profits jump by double digits……and what is the answer for the Fed?

Give the rich bastards more cash…..

Federal Reserve officials have launched what amounts to a full court press aimed at ensuring that Congress provides a further fiscal stimulus to corporations, as the COVID pandemic continues out of control and the limited revival of the US economy stalls.

While Fed representatives always couch their remarks in terms of giving assistance to the economy and even to workers, the fall in the stock market since the beginning of the month—the most significant downturn since the plunge in mid-March, when all financial markets froze—is the underlying concern.

The push began on Tuesday, when Fed Chair Jerome Powell gave testimony before the House of Representatives Committee on Financial Services. Powell repeated earlier calls for fiscal action, on top of the more than $3 trillion made available under the CARES Act.

https://www.wsws.org/en/articles/2020/09/25/econ-s25.html

All this leads me to ask the one simple question….why do we give corporations so much power over our lives?

The media leads us to believe that the markets going up is good for the people….it is not the only people that benefit are the CEOs.

Then why do we give them the power?

The American people own most of the wealth—private and public—and most of the information in the country. The top one percent do not.

The American people have most of the power in the country. The top one percent do not.

(If you believe any of that then I have a bridge I will sell cheap)

These assertions may surprise you, because the top one percent and the giant corporations work overtime to control what you own. This means they do not have to seize what you own so long as their control provides them with both riches and power over you.

Let’s spell this out with specifics. Our Constitution starts with the words, “We the People…”; it doesn’t start with ‘we the corporations’ or ‘we the Congress’ or ‘we the super-rich.’ The sovereign authority under the Constitution is us; we the people are the bosses. But we give our power away to the Big Boys who run the big companies that control most of our elected politicians. The politicians in turn proceed to corrupt our elections with campaign money, gerrymandering, deceitful ads, voter obstructions, and a totally dominant two-party duopoly. This corporate state destroys competitive democracy which would give our votes meaning, choices, and effectiveness.

The corporate “Borg” is sucking the ready availability of the good life, decent, secure livelihoods assured by our collective self-reliance, and the freedom to shape our future out of our political economy.

We have been brainwashed….and it has been a rousing success for we equate our personal success by others standards.

For Christ Sake—-Learn Stuff!

I Read, I Write, You Know

“lego ergo scribo”

Closing Thought–01Oct20

More bad news for the workers thanx to the Trump admin during the pandemic.

All those economic stim packages that were aimed at helping workers to live until the virus can be conquered…..most of the money….all the money….has made it into the hands of corporations….and to add one more failed program to save the workers from unemployment.

A new analysis out Wednesday reveals that the Federal Reserve bond purchasing program meant to prevent workers from losing their jobs amid the Covid-19 pandemic instead bolstered companies who laid off more than one million workers while paying massive dividends to shareholders—a finding escalating concerns that the central bank’s behavior is “contributing to an economic recovery that benefits wealthy executives and investors but leaves behind American workers.”

The report put forth by the Select Subcommittee on the Coronavirus Crisis —titled “Prioritizing Wall Street” (pdf)—examines individual corporate bonds purchased through the Fed’s Secondary Market Corporate Credit Facility (SMCCF), a lending system supported by funds from the CARES Act but which lacks taxpayer and worker protections included in other programs backed by the legislation passed earlier this year. 

For corporations hoping to become eligible to issue bonds purchased by the Fed, the SMCCF “imposes no conditions requiring companies to save jobs or limit payments to executives or shareholders,” the report notes. 

https://www.commondreams.org/news/2020/09/23/fed-program-meant-help-workers-amid-pandemic-prioritized-wall-street-investors

“The primary beneficiaries of the program have been corporate executives and investors, not workers.”

This is no different than the rest of the stim plans……make the CEOs richer and the screw the people that make these corporations possible.

Not to worry though the whole BS about the shareholders saving the working people is a LIE….please let me repeat that for the mentally slow….IT IS A LIE!

When the Business Roundtable issued a statement on corporate purpose and promised to “deliver value to all of… our stakeholders” in 2019, some applauded the attention paid to social and environmental concerns by 181 CEOs as a significant improvement from neoliberal economist Milton Friedman’s 1970 dictate that “the social responsibility of business is to increase its profits,” which marked the beginning of an era of shareholder primacy. 

But a study (pdf) published Tuesday by the Test of Corporate Purpose (TCP) initiative showed that amid 2020’s disastrous public health, economic, social, and environmental challenges—the coronavirus pandemic, massive unemployment and worsening inequality, persistent police violence and racial injustice, and intensified climate crisis—”stakeholder capitalism” has failed to follow through on its promises to do more to benefit workers and communities, continuing to “put profits ahead of people” instead. 

https://www.commondreams.org/news/2020/09/22/study-shows-stakeholder-capitalism-failing-live-promises-corporations-continue

“The study enhances doubts that corporations can be depended upon to moderate their quest for profits to pursue solutions to challenges like climate change, racial injustice, and economic inequality.”

The more you learn the more you see what a biased system we live in….the workers mean NOTHING.

If you cannot see the inequality you are either ignorant or a Trump supporter….wait…that is basically the same thing.

Learn Stuff!

I Read, I Write, You Know

“lego ergo scribo”

Closing Thought–23Sep20

We all know about the so-called stim plans that the government has put forward to help the nation survive the pandemic.

Of course the Wall Streeters made out the best from the different plans….now news has come out that the Pentagon got stim cash to help fight the virus in the military….instead they do what they do best…pissed it away.

Back in March, Congress gave the Pentagon $1 billion to combat coronavirus and build up the country’s medical supplies. But instead, the Pentagon diverted most of the money to defense contractors to make things like jet engine parts, body armor, uniforms, and other military equipment.

The money was part of the Cares Act, a $2.2 trillion coronavirus relief bill. It was allocated to the Pentagon under the Defense Production Act, which allows the president to direct companies to manufacture certain products.

The funds were given to the Pentagon to “prevent, prepare for, and respond to coronavirus.” The Washington Post reported that shortly after the stimulus was passed, the Pentagon began funneling hundreds of millions of dollars to defense contractors.

Some of the awards the Pentagon handed out were disclosed by the Post. $183 million went to companies including Rolls Royce and ArcelorMittal to maintain shipbuilding. $80 million went to a Kansas aircraft parts business, tens of millions went towards satellite, drone, and space surveillance technology, and $2 million went to a domestic manufacturer of US Army uniforms.

Some companies that accepted this hand out from the Pentagon also received money from another bailout fund, the Paycheck Protection Program (PPP). The Post found that at least 10 of the 30 companies that received money from the Pentagon also received PPP money.

Portions of the money were dolled out to smaller firms, including a group of companies that work on drone technology. But larger firms also received bailout money, like GE Aviation, a subsidiary of General Electric, that received $75 million in June.

(antiwar.com)

More reading…..https://www.military.com/daily-news/2020/09/22/2-million-funds-earmarked-covid-19-went-buy-army-greens-uniforms.html

The Pentagon should have the money returned from their budget……and then the generals making the decisions should be jailed for misappropriation of funds.

I Read, I Write, You Know

“lego ergo scribo”

Closing Thought–11Aug20

The Congress is said to be working on yet another pandemic stim package and of course the Dems and Repubs do not see eye to eye…..and the president does not see it the same as Congress……

But the next package MUST include a bailout of the defense industry……

Republican defense lawmakers are pushing for the next emergency coronavirus funding package to include a hefty boost for defense spending, saying that the pandemic’s effects on military spending have cut across an array of program and procurement accounts.

“Socially distanced production spaces, provision of PPE, self-quarantining, disrupted logistics have generated significant bills,” the group wrote in an open statement on Thursday. “These COVID-related effects made defense programs less efficient and more expensive, and DOD cannot redirect money from other crucial priorities to cover these costs.”

The comments lawmakers — Senate Armed Services Committee Chairman Jim Inhofe, R-Okla.; House Armed Services Committee ranking member Mac Thornberry, R-Texas; House Appropriations Committee ranking member Kay Granger, R-Texas; and the appropriations committee’s defense panel ranking member Ken Calvert, R-Calf. — come amid negotiations on the latest multi-trillion relief package between House Democrats and White House officials.

Defense officials have said publicly they need at least $10 billion in emergency funding to cover pandemic-related costs and avoid exhausting other modernization and readiness funds.

https://www.militarytimes.com/news/pentagon-congress/2020/08/06/next-coronavirus-relief-package-must-include-a-big-defense-boost-gop-leaders-argue/

I say SCREW THEM…I am preached to by the government that I should prepare for that rainy day and yet when it arrives the M-IC whines and demands that we bail them out with taxpayer money….

Once again I say SCREW ‘EM!

Maybe they should start practicing what they preach….hire some accountants that will tell them how to avoid these financial problems.

Not to worry they will get their black mail money for the M-IC has spent lots of cash on Congress to assure that they will ALWAYS get what they want.

Learn Stuff!

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“lego ergo scribo”

Show Me The Money!

The economic stim plans have all been spent and now we look to see who got the cash that did not need to……

The Treasury Department has released the names of everyone who got a loan bigger than $150,000 through the PPP—the Paycheck Protection Program designed to help businesses weather the pandemic. While millions of small companies were helped by the loans, which can be forgiven if the money is used for payroll, some of the recipients were drawing particular attention:

  • Billionaires: NBC News lists some of the billionaires whose companies received loans, including Kanye West, whose Yeezy apparel brand took a loan of up to $5 million. West (who swears he’s running for president) owns a 100% stake in the company, which is valued at $3 billion. Another billionaire, property developer Joe Farrell, a big GOP fundraiser, received up to $1 million. (Farrell made $2 million renting out his Hamptons mansion amid the pandemic.) Also, West Virginia Gov. Jim Justice’s family companies got at least $6.3 million.
  • Odds and ends: The AP rounds up others getting loans, including sculptor Jeff Koons (up to $2 million); the Girl Scouts (up to $1 million); TGI Fridays (up to $10 million); and PF Chang’s China Bistro (up to $10 million). About 600 asset-management companies and private equity firms also got money, though financial firms weren’t thought to have been badly hit by the pandemic, and their employees are well paid to start.
  • Trump ties: ProPublica reports that businesses connected to President Trump’s family and close associates could receive up to $21 million. That includes at least $150,000 for a hydroponics lettuce farm backed by Donald Trump Jr., as well as multiple companies connected to presidential son-in-law Jared Kushner (for a total of $6 million).
  • Trump donors: The AP reports that roughly $275 million went to companies owned or operated by big donors to the Trump 2020 campaign. That includes a loan of up to $5 million to the conservative website Newsmax, whose CEO, Christopher Ruddy, has given $525,000 to pro-Trump PACs. Also, Muy Brands—operator of Taco Bell, Pizza Hut, and Wendy’s—got up to $10 million. Owner James Bodenstedt has given more than $670,000 to Trump in recent years.
  • Obama ties, too: That friends of Trump received loans may be getting attention, but the Daily Beast notes that they went to the “well-off and well-connected in general” in DC, no matter their political affiliation. Everyone from former Secretary of State Madeleine Albright (up to $5 million for her global consulting firm) to anti-tax crusader Grover Norquist (up to $350,000) received loans. Obama administration alums Jon Favreau and Tommy Vietor got up to $350,000 for their Fenway Strategies company.
  • Grindr: The gay dating app sold just last month by a Chinese owner and valued at $620 million received a loan of up to $2 million, reports Reuters.
  • Scientology: Three of its churches took loans of $350,000 each, per NBC News. The Church of Scientology is thought to be worth at least $1 billion.
  • The full list: It can be accessed here through the Small Business Administration.

Most of this is money pissed away and given to those economic parasites that did not need the cash……

Even a backwater state like Mississippi has its parasites…in this case it is those close to the Gov. Reeves…..

According to data released by the U.S. Treasury, a company partially owned by Mississippi Gov. Tate Reeves was a recipient of hundreds of thousands of dollars in a federal pandemic rescue package.

Southern Air Conditioning and Supply is a family business created and run by Reeves’ father. An insurance company, Coker & Palmer, where Reeves’ wife Elee Reeves works also received funding. Both businesses were approved to receive between $150,000 and $350,000 each.

https://www.wapt.com/article/businesses-with-ties-to-mississippi-governor-received-virus-relief-loans/33236820

As usual….an economic downturn makes those toads on Wall Street richer and richer…..while those that deal with the real consequences of the economic collapse get little to nothing…..

But not to worry…..Congress could make things worse this Summer…..

Congress has less than a month to hammer out a deal on the next round of stimulus before expanded unemployment benefits expire. State and local governments are starting to feel the pinch of budget shortfalls. And while the U.S. got a piece of (relatively) good news in last week’s jobs report, which featured an unemployment rate 2.2 percentage points lower in June than it had been in May, the economy has been thrown back into chaos in the meantime, with a number of states pulling back on their reopenings amid spiking COVID-19 infections and hospitalizations.

Our newest survey of economists highlights just how consequential governmental decisions over the next month may be: On average, these economists think that a refusal by Congress to extend unemployment benefits or bail out state and local governments is just as likely to hurt the economy as local economies staying open in spite of COVID-19 spikes — or even closing because of the virus.

Economists Think Congress Could Create An Economic Disaster This Summer

Be Prepared!

Learn Stuff!

I Read, I Write, You Know

“lego ergo scribo”

The Sound Of Crickets

By now anyone that is watching the news knows that there is a push on to equate mail-in voting with voter fraud…..we have heard the accusations by the president and the echoes from his sycophants….anyone not GOP will be a possible vote fraud……

But there is little acknowledgement of the wasted billions to stim money….money that went to the “evil dead”…..

The Trump administration has some lessons to learn before sending out any new coronavirus stimulus checks. More than 1 million checks for a combined $1.4 billion were distributed to dead people, according to a government watchdog report covering coronavirus relief spending approved by Congress as of April 30. In the rush to disburse $269 billion to 160.4 million people “as rapidly as possible,” as mandated by the Cares Act, Treasury officials followed procedures put in place for 2008 stimulus payments and “did not include using death records as a filter,” per NBC News. The Treasury doesn’t have access to the Social Security Administration’s full set of death records, as the IRS does, though it gained temporary access upon discovering that some payments were being made to dead people, reports the Washington Post.

IRS officials raised concerns about the issue before payments were distributed to eligible Americans who’d filed a 2018 or 2019 tax return. But “counsel determined they did not have the legal authority to deny payments to people who had filed a return, even if they were deceased,” per the Post. On May 6, the IRS said payments to deceased or incarcerated individuals must be returned—but it doesn’t yet have a plan in place for recouping the money, according to the Government Accountability Office report released Thursday. The IRS has now agreed to “consider cost-effective options for notifying ineligible recipients how to return payments,” as recommended in the report. Meanwhile, Congress is directed to grant Treasury access to the full set of death records and “require that Treasury consistently use it, to help reduce similar types of improper payments.”

https://www.politico.com/news/2020/06/25/irs-stimulus-checks-dead-people-339530

I am waiting for the reports of the wasted cash…..from the media or Congress or anyone would be nice….but so far all there is is the sound of crickets.

“lego ergo scribo”

Another Taxpayer Bailout

This pandemic has seen the loss of revenue (profit) for many firms and the Congress has put together several stim plans to help business weather this viral storm……

The latest industry to get lots of taxpayer money is Military-Industrial Complex……

The Pentagon has begun to bail out U.S. companies that have seen large parts of their business dry up amid the coronavirus pandemic, in a bid to make sure they can still build weapons. 

On Wednesday, officials announced that five mid-tier defense companies had received a total of $135 million to “help sustain defense-critical workforce capabilities in body armor, aircraft manufacturing, and shipbuilding,” according to a Defense Department statement.“These actions will help to retain critical workforce capabilities throughout the disruption caused by COVID-19 and to restore some jobs lost because of the pandemic,” Lt. Col. Mike Andrews, a Defense Department spokesman, said in the statement

https://www.defenseone.com/business/2020/06/pentagon-starts-bailing-out-companies-have-lost-business-due-coronavirus/166106/

How will this effect the industry and the DoD?

First of all we cannot afford the weapon systems that the DoD is drooling over…..will the Pentagon be capable of choosing what system to get over another?

The Pentagon cannot afford all of the new weapons it wants to buy and will be forced to choose winners and losers, absent an influx of cash, a new assessment from data and analytics firm Govini.

More cash is unlikely, experts say, regardless of whether President Trump wins a second term or is defeated by his Democratic challenger Joe Biden. Moreover, they predict the Pentagon will face increased competition for dollars as the United States tries to dig itself out of a recession brought on by the coronavirus pandemic, which has left more than 30 million American without jobs.

“I don’t see a Biden administration making big, big cuts to defense,” said Robert Work, a deputy defense secretary during the Obama administration who is now chairman of Govini, an artificial intelligence-driven analysis firm. “But what I see a potential Biden administration doing is defining the priorities within defense in a different way.”

https://www.defenseone.com/business/2020/06/pentagon-cant-afford-all-weapons-it-wants-new-report-says/166034/

I say if it does not protect the homeland from imminent attack then it should be scrapped until better days are here again.  After all that is what families have to do in these days of dwindling funds…if it is not essential then it can wait.

Image

“lego ergo scribo”

The Next Stim Package

It appears the economics will be the savior of the nation during this pandemic.

We have already had 4 or 5 stim packages to lift the morale and hopes of the American people while steadily increasing the profits of corporations.

And now I hear the Dems and others are talking about another round of stim to help cope with this virus….but what should be included in the final bill?

How about such deals as pay check guarantee or mortgage/rent assistance or maybe some economic stabilizers……

For the next stimulus package, some lawmakers want to go bigger. Much bigger.

While it could be weeks before members of Congress land on the next bipartisan bill to combat the economic fallout of the coronavirus, many have no shortage of ideas about what that could look like. House Democrats, after all, have already passed their $3 trillion opening bid, with a focus on getting more than $900 billion to states and cities.

Make no mistake, focusing on an influx of funding to local governments is hugely important and could do a lot to stave off the long-term economic effects of the crisis. But other ideas that have been proposed — like a federal paycheck guarantee or rent cancellation — would also be more ambitious ways to address the problem than what lawmakers have done so far.

A focus on implementing such expansive stimulus could well be warranted given the scale of the problem: Economists say that Congress’s economic support needs to match the devastating nature of the issue at hand. As of mid-May, the country’s unemployment rate is still growing, with more than 36 million people applying for unemployment insurance within the first eight weeks of the crisis.

https://www.vox.com/2020/5/18/21246421/congress-stimulus-ideas

But then I ask…who will these “guarantees” actually benefit…the average American or the people that control their lives?

Plus I do NOT see Trump approving of this stim package….this would not benefit many of his buddies….or enrich himself.

Any thoughts?

I Read, I Write, You Know

“lego ergo scribo”

Economic Relief But At What Cost?

It seems that Donald the Orange has a problem with the latest economic relief package…..he will screw seniors over cuts in Social Security that he and those spineless pricks in the GOP desire.

“Trump’s actions are a war on seniors. He is insisting on threatening Social Security on which most seniors rely for their food, medicine, and other basic necessities.”

Grassroots advocacy groups representing millions of retirees and seniors across the United States are speaking out against and urging Congress to oppose President Donald Trump’s threat to block desperately needed Covid-19 relief legislation if it does not slash the payroll tax, which funds Social Security and Medicare.

“It is outrageous, callous, and cruel for President Trump to hold the American people, and seniors in particular, hostage if Congress doesn’t go along with his plan to gut Social Security for current and future retirees,” said Richard Fiesta, executive director of the Alliance for Retired Americans, an organization with over four million members nationwide.

“The president’s plan is also bad economics. Social Security puts more than $800 billion into the economy each year. Destabilizing the system when we are in the middle of an economic downtown is exactly the opposite of what we need to do,” Fiesta added. “The 4.4 million members of the Alliance for Retired Americans call on all members of Congress to refuse to make such a deal. We will fight this attempt to gut Social Security and in November we will remember who was willing to defend and protect our earned benefits.”

https://www.commondreams.org/news/2020/05/05/outrageous-callous-and-cruel-seniors-rip-trump-holding-covid-19-relief-hostage-push

Once again the GOP is screwing the very people that are most loyal to the party…..and these same old farts will allow them to get away with these attacks every election…..the same old farts that cares nothing for poor people or homeless…..the same old farts that care only about abortions and some religious iconography at Christmas…..

Image

You would think that age would make them (us) more cynical but instead it seems to make them (us) more ignorant.

I Read, I Write, You Know

“lego ergo scribo”

Dems And Stims

Then Congressional Dems have offered up economic stim plan #5….a 3 trillion virus relief plan….

US Democrats on Tuesday unveiled a $3 trillion coronavirus response package, the largest yet, to fund efforts to fight the pandemic and provide emergency payments to millions of American households.

The Heroes Act was introduced in the House of Representatives and could be voted on in the Democratic-led chamber as early as this week.

But the 1,815-page measure faced immediate opposition in the Republican-controlled Senate, where leaders have said a new round of emergency funding is not yet needed.

President Donald Trump has also said recently that he is against rushing through new coronavirus legislation.

Trump has signed four pandemic relief measures into law in recent months.

They including a massive, $2.2 trillion rescue package in March known as the Cares Act, and a $483 billion measure to pump funds into a popular loan program for small businesses devastated by lockdowns.

The new bill, which House Speaker Nancy Pelosi dubs Cares 2, includes a second round of payments of up to $6,000 per household, in an effort to ease the burden for tens of millions of Americans who have lost jobs in the pandemic.

https://sg.news.yahoo.com/us-democrats-unveil-3-trillion-virus-relief-package-205046095.html

But is this plan as good for us mere mortals as it sounds?

The answer is…..”Democratic leadership has had plenty of input from progressive thinkers over the past couple of months. They just care more about the input from corporate lobbyists.”

There is your answer……

House Democrats on Tuesday unveiled a sprawling 1,815-page, $3 trillion coronavirus relief package that spurns many of the key demands of progressive activists and lawmakers while including proposals that immediately provoked backlash, such as a tax cut for the wealthy and a provision that would allow corporate lobbying organizations to take part in federal small business loan program.

Formally titled the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, the bill (pdf) would provide $1 trillion in additional funding for state and local governments, extend beefed-up unemployment benefits through January of next year, authorize an additional round of one-time $1,200 stimulus payments for adults earning up to $75,000 per year, expand federal nutrition benefits, provide $25 billion for the U.S. Postal Service, establish a hazard pay fund for frontline workers, and increase spending on Covid-19 testing.

https://www.commondreams.org/news/2020/05/12/no-excuse-house-dems-unveil-1815-page-bill-would-bail-out-corporate-lobbyists-omits

More info on the Dems big plan……

The Heroes Act proposes fully subsidizing COBRA, an existing health insurance program that allows laid-off or furloughed workers to remain on their employer-provided insurance plans. Under normal circumstances, COBRA is extremely expensive for individuals—recipients have to cover both their own and their employer’s premium payments—but the Democratic plan would cover 100% of the premium costs through next January.

COBRA expansion has the backing of a bizarre alliance of interests, including big business and some labor unions, but critics say the proposal is wildly inefficient and does not come close to matching the scale of the nation’s current healthcare crisis.

https://www.commondreams.org/news/2020/05/13/massive-giveaway-health-insurance-ceos-democratic-cobra-plan-denounced-costly

“The historic crisis Americans are facing will not end on its own. To end it, these three things—getting people paychecks, ensuring access to healthcare, supporting businesses and their workers—are critical. But this legislation does not yet address them at the scale necessary.”

https://www.commondreams.org/news/2020/05/13/jayapal-rips-democratic-covid-19-bill-doesnt-end-mass-unemployment-or-ensure

Sounds more like a major bail-out for the profit health industry…..when an expansion of Medicare would have benefited more people…..it is all fraudulent relief……

House Speaker Nancy Pelosi on Tuesday released a $3 trillion coronavirus “relief” bill and scheduled a vote for Friday. The Democratic leadership has acknowledged that the measure has no chance of gaining passage in the Republican-controlled Senate, let alone being signed into law by President Trump.

The release of the bill initiates a process of political theater in which the two parties posture to rally their respective bases and generate sound-bites for campaign ads ahead of the November elections. It is expected that the measure will pass on a party-line vote in the Democratic-controlled House, setting off weeks of negotiations between the Democrats and the White House and Senate Majority Leader Mitch McConnell.

https://www.wsws.org/en/articles/2020/05/14/dems-m14.html

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This show just how non-progressive the Dem leadership truly has become…..

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“lego ergo scribo”