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  1. #576
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    Don’t Expect A Quick Recovery.

    Our Survey Of Economists Says It Will Likely Take Years.


    Overall, the researchers predicted that although

    the economy will probably start to improve in the second half of this year,

    there won’t be a quick rally from this recession.

    “The panelists believe, on the whole, that

    “We’re going to be seeing serious effects for years and years.”



    https://fivethirtyeight.com/features...ly-take-years/


  2. #577
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    Hidden in the New House Coronavirus Relief Bill: Billions for Defense Contractors

    A section of the HEROES Act championed by Virginia Democrat Gerry Connolly would cover

    executive compensation and other perks for defense and intel contractors.

    The legislation’s wording mirrors what an industry group proposed.

    the HEROES Act goes beyond just reimbursing wages.

    It says that such firms can bill the Department of Defense and intelligence agencies for

    a range of other costs associated with “the financial impact incurred” of keeping workers employed during the health crisis.

    That includes for
    “fees,” a term of art in federal contracting, and “general and administrative expenses,”

    a catch-all phrase associated with the costs of running a business such as paying executives, running the corporate office and even marketing and sales.

    https://www.propublica.org/article/h..._content=river

    The corruption of the political class is wide and deep.




  3. #578
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    This Treasury Official Is Running the Bailout. It’s Been Great for His Family.

    Deputy Treasury Secretary Justin Muzinich has an increasingly prominent role.

    He still has ties to his family’s investment firm, which is a major beneficiary of the Treasury’s bailout actions.

    A major beneficiary of that bailout so far: Muzinich & Co.,

    the asset manager founded by his father where Justin served as president before joining the administration.

    He reported owning a stake worth at least $60 million when he entered government in 2017.

    Ethics experts say the arrangement is troubling because

    his father received the shares for no money up front, and

    it appears possible that Muzinich can simply get his stake back after leaving government.

    The Treasury is understaffed, and Muzinich was overseeing two-thirds of the department before the crisis hit.

    He spent his first year as the Trump administration’s point man on its only major legislative achievement,

    the landmark $1.9 trillion tax cut that mainly benefited the wealthy and corporations.


    Muzinich & Co. Profited From the Government’s Actions

    Muzinich & Co.’s largest fund, with over $10 billion in assets, jumped in value when the Treasury and the Federal Reserve announced plans to buy bonds

    https://www.propublica.org/article/t...ontent=feature



  4. #579
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    The Trump Pandemic creating homeless people and foreclosed homes for Capitalistic vultures to gobble up cheap

    Millions Of Americans Skip Payments As Tidal Wave Of Defaults And Evictions Looms

    Americans are skipping payments on mortgages, auto loans and other bills.

    Normally, that could mean massive foreclosures, evictions, cars repossessions and people's credit getting destroyed.

    efforts aim to create a financial bridge to the future for people who've lost their income in the pandemic — but the bridge is only half-built.

    For one thing, the help still isn't reaching many people who need it.


    "My wife has filed, certified every week for her unemployment for 10 weeks now, and they have done nothing," says Jonathan Baird of Bruceton, Tenn. "We've struggled."

    "We're paycheck to paycheck like most people," he says.

    "And when you take away that paycheck, especially for this length of time, we have to make the decision — a vehicle or food."

    https://www.npr.org/2020/06/03/867856602/millions-of-americans-skipping-payments-as-tidal-wave-of-defaults-and-evictions-

    100,000 small businesses, so far, have shut down permanently.



  5. #580
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    Scotland bans companies based in tax havens from accessing coronavirus bailout money

    ‘Any company which avoids its responsibility to contribute to society

    should not be getting handouts when things go wrong,’

    https://www.independent.co.uk/news/b...cRik#gsc.tab=0

  6. #581
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    The Brutal Clarity of the Trump-McConnell Plan to Protect Businesses

    The liability-protection ruse is an excuse to coerce Americans back to work by refusing desperately needed help.



    https://www.nytimes.com/2020/05/25/opinion/trump-mcconnell-reopening.html


    An Amazon worker in NY got C19 at work, brought it home, his cousin got it and died. The worker is suing Amazon.

    He won't have chance: Bezos will crush him legally.
    Last edited by boutons_deux; 06-04-2020 at 07:23 PM.

  7. #582
    Veteran GAustex's Avatar
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    I’ll be damned
    Got my guberment debit card
    Woo boo
    BBQ ribs for me

  8. #583
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    Don't we (the smart ones) know that Moscow Mitch, having hosed $100Bs to his wealthy donors, and seeing 2.5M job increase,

    will say "no more help for 35M Labor.

    Capital, otoh, will need $100Bs more.

    Economists Warn of Disastrous Consequences as GOP Cites One Positive Jobs Report to Say "We Don't Need" More Relief

    Republicans in Congress and a prominent adviser to President Donald Trump wasted no time seizing upon the relatively positive May jobs report released Friday

    to throw cold water on the possibility of another federal coronavirus relief package—

    despite the fact that

    unemployment is still at
    historic highs and

    millions
    remain on the brink of financial ruin.


    Stephen Moore, a right-wing economist and White House adviser,
    told NBC that

    "we certainly don't need any new spending"

    "We don't need another spending bill for sure...

    We are in the recovery stage and we're no longer in the contraction stage," Moore said.

    "The most important thing now is to get rid of the extra unemployment benefits." wow

    economists
    warned that

    failing to provide additional relief for the unemployed, frontline workers, and state and local governments

    could send the economy into another catastrophic tailspin.

    the jobs report "definitively kills any chance of trillions of new spending."

    Another anonymous GOP official
    told the New York Times, "Goodbye phase 4."

    jobs losses since February still total 19.6 million, and are currently 13% below its February level,"

    "really should not have been surprising, since we should have expected more people to be working when it was legal to work than when it was not, due to the shutdown."

    "we are still looking at

    unemployment that is far worse than the Great Recession and

    the recovery will be seriously impaired by more layoffs in the state and local government sectors unless there is a large rescue package."

    https://www.commondreams.org/news/2020/06/05/economists-warn-disastrous-consequences-gop-cites-one-positive-jobs-report-say-we

    Repugs and Capitalists WILL LABOR at every turn, been happening for 45 years.

    The Repug strategy could be, All BAD FAITH Politics, All The Time, knowing they will get clobbered in Nov, to slow the recovery, even worsen it, to hand the Dem administration a pile of , like they did in 2009.

    Then block the Dems efforts to help people, hoping angry citizens vote the Repugs back into destructive power in 2024.

    And then of course, red/slave states are all spreading the virus which will get worse in the coming weeks.


    Last edited by boutons_deux; 06-06-2020 at 08:00 AM.

  9. #584
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    To Reach a Single A.T.M., a Line of Unemployed Stretches a Block

    “It’s terrible,” said a woman who spent 45 minutes traveling from her Brooklyn home to the A.T.M.

    It took her more than two-and-a-half hours to reach the machine.

    They are all waiting to access the same thing: the lone A.T.M. inside the only New York City branch for KeyBank,

    a regional Ohio bank in charge of distributing unemployment benefits to out-of-work New Yorkers.


    https://www.nytimes.com/2020/06/05/n...ronavirus.html



  10. #585
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    Labor Bureau Says 'Misclassification Error' Is Making Unemployment Rate Look Lower Than It Really Is

    a "misclassification error" during the agency's data-collection process made the unemployment rate look significantly lower than it really is.

    Those workers, the agency explained, should have been classified as "unemployed on temporary layoff" by household survey interviewers but were not.

    If those workers had been categorized correctly, the agency said, the "overall [May] unemployment rate would have been about 3 percentage points higher than reported."

    Because the classification error also affected the March and April jobs reports—

    the actual unemployment rate in April, according to BLS, was likely 19.7%

    rather than the reported 14.7%

    https://www.commondreams.org/news/20...m_medium=Email



  11. #586
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    Fed expands Main Street program to allow for both smaller and bigger loans


    • The Fed has changed the terms of its Main Street lending program to allow for greater participation.
    • The central bank said Monday that it is lowering the initially stated minimum loan and raising the maximum that can be borrowed.
    • The Fed is also expanding the loan terms to five years.


    https://www.cnbc.com/2020/06/08/fed-...ger-loans.html

  12. #587
    dangerous floater Winehole23's Avatar
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    To 500 hundred billion given from the public purse to private enterprise, Sec. Mnuchin says no peeks.

    *slushfund*

    https://www.bloomberg.com/amp/news/a...-t-be-released

  13. #588
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    To 500 hundred billion given from the public purse to private enterprise, Sec. Mnuchin says no peeks.

    *slushfund*

    https://www.bloomberg.com/amp/news/a...-t-be-released
    Yep, called it!

  14. #589
    dangerous floater Winehole23's Avatar
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    Yep, called it!
    For better and for worse, 500 billion is no longer a shocking number.

    Did.you call it, El Nono?

  15. #590
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    For better and for worse, 500 billion is no longer a shocking number.

    Did.you call it, El Nono?
    He still has ~3 more trillion to fan around, IIRC.

  16. #591
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    Katie Porter fact-checks Steve Mnuchin with five reasons he is wrong to hide size of stimulus handouts

    Rep. Katie Porter (D-CA) elaborated on her previous remark that Treasury Secretary Steve Mnuchin “gets an F”

    for his explanation of why the administration is

    blocking congressionally required disclosure of information on coronavirus stimulus funds.

    “First, the traditional SBA loan already have to be disclosed,” said Porter.

    “Two,
    the PPP application itself, the application small business owners filled out, clearly stated that
    it would be disclosed,
    the amount of the loan,
    terms of the loans,
    all of these things.
    Borrowers here have no expectation of privacy.

    Third,
    the size of the PPP program is unprecedented.
    This is a tremendous amount of expenditure.
    This is the largest small business loan in our government’s history.

    Fourth,
    there are already numerous examples of abuse of the PPP program.
    We saw it with requests from Ruth’s Chris [Steakhouse] and others.

    Then, the PPP limitation has been plagued by inequities.

    Different states not given the same amount of resources,
    minority-owned businesses,
    smallest, most vulnerable businesses not getting help.”

    https://www.rawstory.com/2020/06/kat...e+Raw+Story%29

  17. #592
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    Florida's broken unemployment system could cost Trump the election

    Republicans worry that thousands of unemployed people "will bring their frustration to the voting booth."

    "Much of her anger is directed at Republican Gov. Ron DeSantis, a Trump ally," Calvan writes.

    "DeSantis has acknowledged that

    the unemployment system known as CONNECT was like a 'jalopy in the Daytona 500' being 'left in the dust.'"


    Social unrest, an ongoing pandemic, and the resulting economic fallout has caused a dip in Trump's support,

    especially among older people in battleground states, Florida being one of them.

    stretching from Orlando to Tampa Bay. In Orange County, home to Disney World, nearly a fourth of the workforce lost jobs.

    In nearby Osceola County, about a third of workers are unemployed,"

    Carolina Nunez and her husband Chris Kee are

    blaming Republicans for their financial woes during the coronavirus fallout.

    "They won't be voting for Trump in November."

    https://www.salon.com/2020/06/13/floridas-broken-unemployment-system-could-cost-trump-the-election-report_partner/

  18. #593
    dangerous floater Winehole23's Avatar
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    He still has ~3 more trillion to fan around, IIRC.
    My understanding was BlackRock controls that, am i wrong?

  19. #594
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    My understanding was BlackRock controls that, am i wrong?
    Sorry to answer with a question, but is BlackRock a company that you trust with public funds? What does the contract between the government and BlackRock looks like for that money?

  20. #595
    dangerous floater Winehole23's Avatar
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    Sorry to answer with a question, but is BlackRock a company that you trust with public funds? What does the contract between the government and BlackRock looks like for that money?
    The nominal fee is small, but the discretion is huge. The multi-trillion dollar alphabet soup Fed lending facility is run by a private equity firm -- for valid legal reasons -- but it sure looks bad, doesn't it?
    Last edited by Winehole23; 06-13-2020 at 11:51 PM. Reason: looks looks

  21. #596
    dangerous floater Winehole23's Avatar
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    with a half a trillion dollar taxpayer funded heat sink for bad investments, like we do now.

  22. #597
    dangerous floater Winehole23's Avatar
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    just another shock absorber for the uber rich and well connected!

  23. #598
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    The nominal fee is small, but the discretion is huge. The multi-trillion dollar alphabet soup Fed lending facility is run by a private equity firm -- for valid legal reasons -- but it sure looks bad, doesn't it?
    I make no claims it's illegal, but the optics are certainly terrible. Like sending stimulus payments on debit cards with a 2 year expiration date. Who keeps the unclaimed money when the card expires? With checks it's the government, with these third party cards?

  24. #599
    dangerous floater Winehole23's Avatar
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    I make no claims it's illegal, but the optics are certainly terrible. Like sending stimulus payments on debit cards with a 2 year expiration date. Who keeps the unclaimed money when the card expires? With checks it's the government, with these third party cards?
    Wait, where do I get mine!

  25. #600
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Wait, where do I get mine!
    If you make too much, you might need to fudge and evade some taxes. It's the American way!

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