Thomas Massie Defies The Trump And Kerry Stimulus

[Spurtacular]

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[ElNono]

Lots of things to derive from that...

Hopefully China keeps on buying our Treasuries, tbh... especially if he's worried about inflation.

It's galling that ~17k per person end up at ~1k per check. That's a 16k markup per citizen to corporate america.

Except for this guy and Corona Paul, Rs really lost any ground to bitch about debt, which will likely come back to haunt them when inevitably the Dems control government again.

[boutons_deux]

"~1k per check."

analysis of the opaque complexity, fine print of the fine print, so far seems to say the $1200 is net zero, a shell game with the IRS

[Winehole23]

Lots of things to derive from that...

Hopefully China keeps on buying our Treasuries, tbh... especially if he's worried about inflation.

It's galling that ~17k per person end up at ~1k per check. That's a 16k markup per citizen to corporate america.

Except for this guy and Corona Paul, Rs really lost any ground to bitch about debt, which will likely come back to haunt them when inevitably the Dems control government again.The bankster coup of 2008-9 was a fraction of yesterday's bailout, with this wrinkle:


a) The Fed will leverage the bill’s $454 million bailout slush fund into $4.5 trillion, and will hand it out through the New York Fed.

b) To ensure that they don’t have to answer embarrassing questions about which of their cronies got the money, the bill suspends the Freedom of Information Act for the Fed.

https://wallstreetonparade.com/2020/03/stimulus-bill-allows-federal-reserve-to-conduct-meetings-in-secret-gives-fed-454-billion-slush-fund-for-wall-street-bailouts/

[Winehole23]

Why does the Federal Reserve need $454 billion from the U.S. taxpayer to bail out Wall Street when it has the power to create money out of thin air and has already dumped more than $9 trillion cumulatively in revolving loans to prop up Wall Street’s trading houses since September 17, 2019 – long before there was any diagnosis of coronavirus anywhere in the world.

The Fed needs that money to create more Special Purpose Vehicles (SPVs) — the same device used by Enron to hide its toxic debt off its balance sheet before it went belly up. With the taxpayers’ money taking a 10 percent stake in the various Wall Street bailout programs offered by the Fed, structured as SPVs, the Fed can keep these dark pools off its balance sheet while levering them up 10-fold.

White House Economic Adviser Larry Kudlow acknowledged plans by the Fed to leverage the money at a White House press briefing this week, stating that the money the Treasury is handing over to the Fed would result in “$4 trillion in Federal Reserve lending power.”

The Fed has already created one of these SPVs. On March 17, the Fed said it was creating a Commercial Paper Funding Facility (CPFF) that would work like this:

“The Treasury will provide $10 billion of credit protection to the Federal Reserve in connection with the CPFF from the Treasury’s Exchange Stabilization Fund (ESF). The Federal Reserve will then provide financing to the SPV under the CPFF. Its loans will be secured by all of the assets of the SPV.”

[Winehole23]

Two banks have a virtual monopoly on credit default swaps, perhaps the Fed is gearing up to save a (soon to be) insolvent banking sector.


According to the most recent report from the regulator of national banks, the Office of the Comptroller of the Currency (OCC), JPMorgan Chase has exposure to $1.2 trillion in Credit Default Swaps while Citibank has exposure to $1.76 trillion for a combined total of $2.96 trillion as of September 30, 2019.

According to the same report, the total exposure to Credit Default Swaps among all national banks in the U.S. is $3.7 trillion – meaning that just these two banks are responsible for 80 percent of that exposure.

As of this past Friday, JPMorgan Chase had lost 39.3 percent of its common equity capital in the past five weeks while Citigroup, parent of Citibank, had lost 51.7 percent. That left JPMorgan Chase with just $256.68 billion in market cap versus Citigroup’s meager $79.86 billion.https://wallstreetonparade.com/2020/03/jpmorgan-chase-and-citibank-have-2-96-trillion-in-exposure-to-credit-default-swaps/

[Winehole23]

Important to remember the Fed started bailing out the banks in September, well before COVID-19 broke out.


In just the past five weeks, from the close of trading on Friday, February 14 through the close of trading on Friday, March 20, five of the largest Wall Street banks have lost an average of 45 percent of their common equity capital.

Adding to the embarrassment for the Federal Reserve, Citigroup, the bank it propped up with $2.5 trillion in secret cumulative loans the last time around, is once again leading the herd with losses in its common equity capital. Citigroup’s market capitalization has lost a stunning 51.7 percent in just the past five weeks. And we are certainly in the early innings of this bank rout.

Morgan Stanley, which was second in line behind Citigroup at the Fed’s trough in the last financial crisis, receiving $2.04 trillion cumulative in secret revolving loans, has lost 46.9 percent of its common equity capital in just the past five weeks.

Just last week alone, the five Wall Street behemoths listed in the chart above lost a combined $154.45 billion in common equity capital.https://wallstreetonparade.com/2020/03/five-mega-wall-street-bank-stocks-have-lost-average-of-45-percent-in-five-weeks/

[Winehole23]

From 1986-1995 during the S&L crisis, insolvent banks went into federal receivership. Bank employees were kept on, the banks were reorganized, bad debt was written off (haircuts and losses for bondholders and shareholders, as one does in a capitalistic system where investors are paid premiums and returns for assuming risk) and the new bank was sold back to the private market.

In 2008-9, the Fed loaded up the money bazooka to keep the financial sector whole, and continued to support them for the next eleven years with bonuses for cash reserves and interest rate repression. Firms and investors were prevented from being wiped out by the Fed and the US taxpayer.

This time it's a tsunami of cash for banks and large corporations, and a pittance for ordinary taxpayers who've been ordered to stay at home.

[hater]

Massie still believes in money and debt :lmao :lmao

clown

[DMX7]

1243180243696996356

I bet he didn't have a problem with tax cuts that weren't offset by anything though.

[Thread]

If the old man has to go back again come June it ain't going to be near as glorious & upbeat as this foray has been, you can count on that.

& how many people are going to want to eschew their unemployment + that $600.00 a week stipend before it's actually & permanently vanquished? That's a grand a week for sitting at home watching TV, playing videos games & nuttin' in the womenfolk. It will have to be cut off.

[vy65]

The bankster coup of 2008-9 was a fraction of yesterday's bailout, with this wrinkle:
https://wallstreetonparade.com/2020/03/stimulus-bill-allows-federal-reserve-to-conduct-meetings-in-secret-gives-fed-454-billion-slush-fund-for-wall-street-bailouts/


Adding to the suspicions that the Fed doesn’t want to have to battle Freedom of Information Act (FOIA) requests (sunshine law requests) again in court, as it did and lost during the last financial crisis to keep its outrageous $29 trillion bailout program to Wall Street a secret from the public, the Senate-approved stimulus bill repeals the sunshine law for the Fed’s meetings until the President says the coronavirus threat is over or the end of this year. That could make any FOIA lawsuits to unleash details of what’s going on next to impossible since it has been codified in a federal law. The bill states the following ...


SEC. 4009. TEMPORARY GOVERNMENT IN THE SUNSHINE ACT RELIEF. ... beginning on the date of enactment of this Act and ending on the earlier of— (1) the date on which the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act (50 20 U.S.C. 1601 et seq.) terminates; or (2) December 31, 2020.

I don't agree with blocking any FOIA lawsuit for any period of time, but the notion that such claims are impossible under the text of the bill is clearly wrong.

[Winehole23]

I don't agree with blocking any FOIA lawsuit for any period of time, but the notion that such claims are impossible under the text of the bill is clearly wrong."Next to impossible" was the claim made.

[vy65]

Oh. Well, that changes everything then ...

[vy65]

Waiting 8 months to file a FOIA request, while not ideal, still is not "next to impossible."

[Spurtacular]

Two banks have a virtual monopoly on credit default swaps, perhaps the Fed is gearing up to save a (soon to be) insolvent banking sector.

https://wallstreetonparade.com/2020/03/jpmorgan-chase-and-citibank-have-2-96-trillion-in-exposure-to-credit-default-swaps/

Equity = stock price, blakehole. You can call it an indicator if you want; but :lol that you're pretending it speaks to financial solvency.

[Winehole23]

Equity = stock price, blakehole. You can call it an indicator if you want; but :lol that you're pretending it speaks to financial solvency.Can you offer some other plausible reason US taxpayers need to give the Fed -- which can create money with electronic ledger entries -- $454B to leverage out to the third power (454 trillion dollars)?

[Spurtacular]

Can you offer some other plausible reason US taxpayers need to give the Fed -- which can create money with electronic ledger entries -- $454B to leverage out to the third power (454 trillion dollars)?

What is the "third power"?

[Winehole23]

What is the "third power"?Factor of one thousand.

[Spurtacular]

Factor of one thousand.

So 454 trillion X 454 trillion X 454 trillion

:lol Blakehole

[ElNono]

Here, let me help you:

454 billion x 1000 = 454 trillion

1000 = 10 to the power of 3 (10^3)

[ElNono]

However, my understanding is that they get 400 billion to leverage 4 trillion.

[DMC]

454b to the third power is 9.3576664e+34

It is not 454t

[ElNono]

454b to the third power is 9.3576664e+34

It is not 454t

for 454b * 454b * 454b, yes

[boutons_deux]

$1200 to individuals?

one month rent

[ElNono]

$1200 to individuals?

one month rent

Not here it isn't. That's about 1/2 to 1/3

[Winehole23]

However, my understanding is that they get 400 billion to leverage 4 trillion.That's what I was trying to say. I said it clumsily to be sure;I doubt anyone who read the source posted upstream was confused.

(shrugs)

[vy65]

Yeah the graphic designer and woman who "worked on wall street" who flatly misrepresent what's in the CARES bill are paragons of truth and credibility.

[Spurtacular]

https://www.youtube.com/watch?v=yQmn9o6NZVo

[Spurtacular]

:lmao They had a voice vote.

[RandomGuy]

1243180243696996356

Masshole.

[boutons_deux]

Texas making its run

https://www.worldometers.info/coronavirus/country/us/

[Spurtacular]

Masshole.

:lmao You sperm shielding for the 'stimulus'?

[Blake]

Can you offer some other plausible reason US taxpayers need to give the Fed -- which can create money with electronic ledger entries -- $454B to leverage out to the third power (454 trillion dollars)?


What is the "third power"?

Derp thought you meant like a secret deep state power

[Spurtacular]

Derp thought you meant like a secret deep state power

Gonna go with some ankle bites instead of explaining why a churchgoer such as you keeps badmouthing Jesus. :lol