^Jfc. There is literally no reason to do this other than to leave Biden an even worse steaming pile..."Both sides" my ass.
Obviously, transparently, the Repugs intend to up the economy even worse for Biden's first year, Trash in "Nero Decree" mode, "burning it all down"
Trump’s Treasury pulls the plug on pandemic relief loans
The Trump administration asked the Federal Reserve to return $429 billion it received from Congress to bolster credit markets during the pandemic,
and argued that the programs should terminate at year-end.
New claims for unemployment began to rise again today,
as coronavirus infections hit new highs, with deaths expected to follow suit.
Most forecasters expect difficult conditions in the months ahead.
“The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy,”
, Mnuchin argued the Federal Reserve’s lending authority lapses on Dec. 31, citing his own role in writing the law,
is a stretch aka a LIE
what expires is the Treasury’s ability to give the central bank additional funding, not the Fed’s authority to use what it has on hand.
Mnuchin’s attempt to end the program by blaming the statute is seen by many investors and Washington observers as motivated by the
Trump administration’s desire to sew chaos for president-elect Joe Biden
more businesses were likely to close and more workers would have lost their jobs. Even so, unemployment remains elevated,
with 6.7% of Americans unable to find work.
More than a third have been unemployed for six months or more,
a group that increased by 1.2 million people last month,
https://qz.com/1935959/trumps-treasury-pulls-the-plug-on-feds-cares-act-pandemic-loans/?utm_source=email&utm_medium=daily-brief&utm_content=10238253
^Jfc. There is literally no reason to do this other than to leave Biden an even worse steaming pile..."Both sides" my ass.
Opposition grows to SBA's PPP loan forgiveness questionnaire
Opposition is building to a new Small Business Administration Paycheck Protection Program loan forgiveness questionnaire unveiled earlier this month among
industry groups who see the do entation as excessive and offering little chance for public comment
The questionnaire asks for significant do entation about how businesses subsequently fared through the pandemic,
but after applying for the loan.
Small businesses that don’t comply could be considered ineligible to have their loans forgiven.
The SBA had sent the form to the Office of Management and Budget for approval.
the Associated General Contractors of America has sent the SBA a cease-and-desist letter, arguing
the process for rolling out the questionnaire is
“badly disregarding the Administrative Procedure Act,
the Paperwork Reduction Act (PRA), and
fundamentals of due process,”
"They deliberately decided to
ignore their legal responsibility to seek public input and are asking questions,
not about the level of uncertainty that existed when the applicants sought the loan, but what happened after.
When Congress created the PPP program,
it was very clear that the loans should go to firms that faced an uncertain economic future, and
not to firms that could correctly predict the next six months,"
https://www.bizjournals.com/bizjourn...970%5E21818670
If Mnuchin is trying to find fraudsters, then why not follow all the procedures?
As Trash fellator, this is just another way to the economy for the Dems.
‘Monstrous behavior’:
Mnuchin slammed for Biden ‘snub’ that
could sabotage US economic recovery
accused Friday of taking “exactly the wrong policy move right now” and
sabotaging the economy for the incoming Biden administration
after announcing an end-of-year cutoff to several key coronavirus relief lending programs at the Federal Reserve.
likened the move by Mnuchin to stripping a ship of its lifeboats when they’re most needed.
“It’s hard to find an economic rationale for it,”
Steve Mnuchin is
that movie villain who, before closing the orphanage during a blizzard just before Xmas,
also throws the children's coats and mittens into the furnace
because 'em,
with a sinister laugh as he climbs into his Rolls Royce.
https://www.rawstory.com/2020/11/mon...nomic-recovery
How Steve Mnuchin Snubbed Joe Biden
He terminated emergency-lending programs that will limit the new administration’s options —
and upset the Federal Reserve, too.
Mnuchin has embraced a terrible idea
essentially declared “mission accomplished” for programs that have contributed to the economy’s recovery so far and
is allowing them to expire at the end of the year.
those programs helped keep companies and municipalities afloat.
the Treasury secretary has made the reckless political decision to terminate them,
thereby pulling the plug on these vital programs and potentially destabilizing fragile financial markets.
The decision appears intended to limit the incoming Biden administration’s options to deal with the continuing crisis
Mnuchin’s decision also drew an extraordinary and immediate rebuke from the Federal Reserve
as record infection levels have prompted governments to impose new restrictions across the country, this is a grave error. Indeed,
to the extent that the programs have been successful, it is because of what they could potentially do rather that what they actually did.
the Treasury Department has put a premium on minimizing potential losses — with a result that
stricter lending terms have inhibited broader participation.
Given the stakes of the pandemic and its impact on the economy,
the Biden administration deserves to make its own policy decisions
on how best to use the CARES Act funds to stabilize the economy and support a recovery.
https://www.nytimes.com/2020/11/20/o...cares-act.html
With Repugs, it only and always take care ONLY of BigDonor class, and the rest of USA, and above all the Dems.
All Politics, All The Time
Jan 21, Repugs will start the 202 campaign LIES that the economic disaster they refused to address is all the fault of the Dems.
1 in 4 Americans are jobless or earning poverty-level wages
Last edited by boutons_deux; 11-23-2020 at 06:57 AM.
The reserve army of the unemployed helps keep wages compe ive for job-creators, why do you hate America, boutans?
"Without a new stimulus package, a double-dip recession is possible.
In an analysis circulating among President-elect Joe Biden’s aides, the research firm Moody’s Analytics predicted that
the economy would shrink during both the first and second quarters of 2021, and
the unemployment rate would approach 10 percent next summer, up from 6.9 percent last month."
Many Americans would draw down their savings or struggle to pay medical bills.
Some would lose their homes and go bankrupt.
Recessions cause permanent damage to people’s lives,
which is one reason that Fed officials and many economists support further stimulus.
A lack of government support, Powell has said, may lead to “tragic” results with “unnecessary hardship.”
Loretta Mester, the president of the Cleveland Fed, has called
the lack of another stimulus package “very concerning.” STRONG WORDS!
-- NY Times email
Women are leaving the labor force in record numbers
An investment in child care could keep women employed and buoy the entire economy.
Piled atop challenges such as pay disparities and expensive child care is
an economic downturn that hit women workers measurably harder than men — the so-called “she-cession.”
One particularly sobering number:
According to the U.S. Bureau of Labor Statistics,
there were 2.2 million fewer women in the labor force in October 2020 than there were in October 2019.
https://www.dallasnews.com/opinion/c...record-numbers
Job quitting women are not counted as "unemployed"
misogynist White Male Supremacy
day care should be paid by taxpayers, not greedy for-profit operators
I preferred Martin Wolf's take:
https://wolfstreet.com/2020/11/21/th...llars-effects/But given how small the actual amounts were in these SPVs, and given the magnitude of its QE binge – $3 trillion in three months – it is clear that letting these essentially unused facilities expire as planned isn’t going to matter to the real economy, though it might matter a little to the speculators and investors who got rich off the jawboning, but they had it so good for so long and they shouldn’t complain.
But returning $455 billion to the Treasury and having Congress fashion new fiscal aid programs for Covid relief to small businesses and the unemployed would make a huge difference. Why do bondholders and speculators have to be coddled all the time to further increase the wealth disparity, instead of providing a modi of fiscal relief to the unemployed and struggling small businesses? Powell didn’t even attempt to explain that.
Those SPVs should have never been concocted in the first place. They’re just another subversion of the credit markets designed to enrich asset holders.
The Fed should have never been allowed to buy corporate bonds and corporate bond ETFs, which trade on the stock market. But it did so anyway for the first time ever. Back during the Financial Crisis, it should have never been allowed to buy mortgage-backed securities, but it did for the first time ever, and now it’s standard policy – and a $2-trillion line-item on the Fed’s balance sheet.
What these asset purchases accomplished was to increase the horrendous wealth disparity – the “wealth effect,” as Bernanke, when he was still Fed chair, rationalized it, and a term Yellen touted when she was president of the San Francisco Fed. But blame for this horrendous wealth disparity via the Fed’s asset purchases lies with Congress which has authority over the Fed.
‘Flat-out sabotage’ already underway as Mnuchin tries to put $455 billion in COVID funds out of Biden team’s reach
Mnuchin is under fire for attempting to undermine the incoming Biden administration’s response to the Covid-19 pandemic on his way out the door after his department confirmed Tuesday that
it intends to place $455 billion in unspent coronavirus relief funds into an account that
requires congressional authorization to access. to be blocked by Senate Repugs“As the economy backslides amid skyrocketing Covid-19 cases,
Secretary Mnuchin is engaged in economic sabotage, and
trying to tie the Biden administration’s hands.”
“Mnuchin’ clawback would make it impossible” for Janet Yellen, President-elect Joe Biden’s pick to lead the Treasury Department, to utilize the funds “without lawmakers’ blessing.”
“This is Treasury’s latest ham-handed effort to undermine the Biden administration.
The good news is that it’s illegal and can be reversed next year,”
the Fed should not go along with this attempted sabotage and should retain the CARES Act funds it already has.”
https://www.rawstory.com/2020/11/flat-out-sabotage-already-underway-as-mnuchin-tries-to-put-455-billion-in-funds-out-of-biden-teams-reach
Hospitals beyond capacity, mass hunger, morbidity, homelessness and death are bad for the incoming administration and therefore good for Republicans.
(The people are just a prop to power. There's no way sour grapes Republicans will do anything to help them now. Sadism toward fellow Americans is the Republican mainstream.)
I'll be interested to see what, if anything, Biden tries to do about the coming wave of evictions. The paperwork is already starting to churn in Beantown.
https://www.bostonherald.com/2020/11...onential-rise/In the five weeks since a moratorium on evictions and foreclosures ended, eviction filings have nearly doubled every week, jumping from 21 on Oct. 19 to 689 last week and housing advocates warn its a trend likely to continue.
“We are now really just at the start of the eviction process being fully open in the wake of the lapse of the moratorium and it remains a real concern to see where this will go,” said Rep. Mike Connolly.
It's mind-blowing to me that saving American lives and preventing avoidable suffering and social dislocation -- the likes of which we've not seen in this country for 100 years --just isn't a priority in the US Congress right now.
Political theater has always been the higher congressional priority.
And even that performance is donor facing.
correction: It's All smash-mouth, kick-head, hardball Politics, All The Time for the Repugs to service Capitalist BigDonor class,
which got wealthier by $1T+ in the Trump-Made Pandemic year. Stock market at 30K
Dems passed the HEROES Act, Repugs blocked it
The parties are not equivalent
Repugs have every intention of maintaining, worsening the American storm to pass to the Dems.
The Repugs Senate (at very weakest 50 Repugs + Manchin) will block all Dem attempts to help The Real Economy.
hole country doing hole country things
Capital screwing Labor
Foreshadowing, people protecting people from police trying to evict them
All smash-mouth, kick-ass, curb-stomp, hardball Politics, All The Time
What about governing, esp For The People?
'Hunger Like They've Never Seen It Before':
US Food Banks Struggle as 1 in 6 Families With Children Don't Have Enough to Eat
"We're now seeing families who had an emergency fund but it's gone and they're at the end of their rope,"
One in six U.S. families with children don't have enough to eat this holiday season,
more than 50 million people will experience food insecurity by the end of the year.
Among U.S. children, the figure rises to one in four.
it distributed over half a billion meals last month alone, a 52% increase from an average pre-pandemic month.
fewer than half of U.S. households with children were "very confident" they could afford to provide enough food for their families in the next month.
Black, Latinx, and Indigenous communities are disproportionately impacted by the hunger crisis.
"People are seeing hunger like they've never seen it before,"
"We're going to be doing this for a really long time, and
that's frankly terrifying given
the impact hunger has on physical health, learning and development for children, and parents' stress."
the San Antonio Food Bank distributes eight semi-trucks full of food every day, but still was forced to resort to rationing due to soaring need.
"Covid-19 has taken so much, people's jobs, their loved ones, and now we're just trying to stop it from taking Thanksgiving,"
Pre-pandemic we were feeding around 60,000 people a week, and now we're seeing around 120,000...
and most of those are new to the food bank.
They've never had to ask for help before."
among the thousands of cars that lined up starting in the pre-dawn hours for free Thanksgiving meals at Houston's NRG Stadium last weekend, there were more than a few luxury makes.
"We are continuing to see people who have never used our services before,"
NYC president Leslie Gordon told France 24 that "even before the pandemic,
there were 1.5 million residents here across the five boroughs who didn't always know where their next meal was coming from or what it would be,
and that's escalated considerably to nearly two million of our neighbors."
"There's no end in sight, but we can't be the only solution."
"without sustained aid at the federal level, the plutocracy doesn't GIVE A
we'll be hard-pressed to keep up" with demand.
"We're just bracing for the worst,"
https://www.commondreams.org/news/20...dren-dont-have
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