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No COVID stimulus, but a commercial real estate bailout may be in the works, carried by a Texas Congressman in the biz, with plenty of Democratic co-sponsors.
https://prospect.org/power/gop-rep-v...nment-bailout/
Watchdog sees massive potential loan fraud at SBA, sparking fight with agency
SBA's inspector general raised red flags about more than $78 billion in aid approved for businesses under the agency's Economic Injury Disaster Loan program.
raised red flags about more than $78 billion in aid approved for businesses under the agency's Economic Injury Disaster Loan program —
about 37 percent of the total amount doled out — and
warned that billions might have been
fraudulently obtained or
directed to ineligible businesses.
https://www.politico.com/news/2020/1...n-fraud-433452
No COVID stimulus, but a commercial real estate bailout may be in the works, carried by a Texas Congressman in the biz, with plenty of Democratic co-sponsors.
https://prospect.org/power/gop-rep-v...nment-bailout/
Nancy going IN...
https://www.politico.com/f/?id=00000...7-fbff82550000
Rhetorically on point, but she'll be ignored.
how many votes does Munchkin have in the Senate?
Boeing to cut 20% of workforce by end of 2021
https://www.bbc.com/news/business-54716296
==============
Airbus to stop burning cash, defends higher output plan
https://uk.reuters.com/article/idUKKBN27E0MM
Dunno. I would guess the GOP doesn't have the votes to pass anything that will help the American people between now and the election.
Sure looks like the GOP is tanking COVID relief and the economy to screw the Dems. I hope I'm wrong about that.
McConnell is betting a lot on the Dems being pussies like they were the last time they controlled both houses of congress.
If Biden wins and there still isn't any stimulus package, they should add an extra trillion of you money to the heroes act, pass it again in the house, and then nuke the filibuster to get it through the senate.
Politicians being the sleazeballs they are i could forsee anything.....
But if Dunceold Trump gets reelected i will be shocked.
BTW does McConnels opponent have any chance to win or are methed out Kentuckyans simply brainwashed and paid off beyond comprehension?
I've read few articles who say you are right. McConnell/Repugs know they can't save the economy, and will hand the stinking pile of to the Dems.
For two years, the Repugs will use whatever power they have to block all Dems' efforts to help the economy, will blame the pile of on the Dems, planning to sweep back into Congressional power in 2020, just like 2010.
The Repugs will be helped by the 6 SCOTUS politicized s who will be rolling back progressive legislation and blocking any new progressive legislation.
America is ed and un able.
And the Cons ution, archaic and weaponized and unAmendable, enables the ing
Amazon pegs COVID-19 costs at an estimated $4 billion next quarter
Amazon expects to incur $4 billion in COVID-related costs next quarter,
an estimate that provides a bellwether for other businesses, large and small, trying to stay operational and control expenses amid the pandemic.
The upshot: Amazon is planning for COVID to remain an unwelcome companion through the end of the year with costs higher than the previous quarter.
The company said Thursday in its third-quarter earnings call that it logged $7.5 billion in COVID-related costs since the disease took root earlier this year.
Amazon previously said its COVID costs were about $600 million in the first quarter and more than $4 billion in the second.
The company’s COVID costs in the third quarter were about $2.5 billion,
https://techcrunch.com/2020/10/29/amazon-pegs-covid-19-costs-at-an-estimated-4-billion-next-quarter
Billions In COVID-19 Relief Loans May Have Been Handed Out To Scammers
billions of dollars in loans to businesses that falsely claimed to have been damaged by the coronavirus lockdowns
Officials at the agency were so inundated with requests for disaster aid starting last March that they couldn't adequately vet the applicants,
SBA approved $78 billion in program applications to potentially fraudulent or ineligible applicants, although not all of that was ultimately disbursed.
https://www.npr.org/2020/10/28/92879...mers-report-sa
That Blockbuster GDP Number Doesn’t Mean We’re Out Of The Woods
The U.S. economy likely grew at a record-breaking 33.1% on an annualized basis in July, August and September, according to a preliminary estimate released by the Commerce Department Thursday—
while that statistic means that the economy has recouped some of the losses it suffered during the early days of the pandemic,
it doesn’t tell the whole story.
Because of those huge losses earlier this year, the third-quarter number is proportionately huge—and misleading—because of how far the economy had fallen.
A better representation of third-quarter growth would be the change in GDP from the second quarter to the third quarter, which was 7.4%.
33.1% statistic is also misleading because it is an annualized rate, which is calculated by assuming that the level of growth in the third quarter will stay the same for the rest of the year.
https://www.forbes.com/sites/sarahha...h=4e6a32137e13
Exxon Pays Off Shareholders,
Lays Off Workers
https://earther.gizmodo.com/exxon-pa...ers-1845521977
The Usual
Capital gets paid
Labor gets screwed
Millions of Americans can’t pay rent
Long before the Covid-19 pandemic hit, low-wage workers in the United States were already struggling to pay their rent, and
were being evicted at rates much higher than in other similar countries.
In the US, one in 40 renters has been evicted ー
compared to one in 89 in the UK,
one in 227 in Denmark, and
one in 25,000 in France.
most workers who make more than $20 an hour have been able to keep working, or have returned to work.
But low-wage workers — the people most likely to be renters instead of homeowners — are also the least likely to have gotten their jobs back.
Now, seven months into the pandemic,
millions aren’t working, and
many of them are facing homelessness.
https://www.vox.com/videos/21546108/...-election-2020
Whoever wins the Election will face Severe Eviction Crisis, as 30 million brace for Homelessness
virtually certain to be confronted by a severe foreclosure and eviction crisis as state and local governments face acute budget shortfalls.
These crises interact with each other and in ways that intensify the economic damage they inflict.
The harm is also psychological and political.
The Wall Street Journal reports:
“about a quarter of American renter households with children are now carrying debt from not paying rent,
Mounting rental debt could also impede the path to a U.S. economic recovery,
when 30 million to 40 million people from New York City to San Francisco face potential eviction once moratoriums expire.”…
it is also safe to say that the draconian cuts in budgets of state and local governments translate into wage reductions and/or unemployment for pubic sector workers and
thus more pressures on the housing market.
He advocates instead a simple one- time grant of say $50,000,
which can be spent only after it has been used to pay down any personal debt.
This proposal has several merits.
Because it is universal, it would help the thrifty homeowners sufficiently who have paid off most of their mortgage
while also aiding those under water from home or student loans.
With another debt foreclosure crisis coming it is imperative that such ideas receive a fair hearing.
https://www.juancole.com/2020/11/ele...elessness.html
McConnell says
stimulus bill is top priority
when Senate returns
said that state and local aid — a longtime Democratic demand — could be part of the legislation.
Hopefully the partisan passionsthat prevented us from doing another rescue package will subside
https://www.washingtonpost.com/us-po...stimulus-bill/
he said earlier Jan, why the mad rush now?
"partisan passions" ?
off, liar it was YOUR employment indemnity AND the Senate Repugs REFUSAL of one $ more for stimulus
More than 32,000 San Antonio area residents could have their water shut off
if coronavirus moratorium weren’t in effect
https://www.expressnews.com/news/loc...d-15698211.php
Apartment company co-owned by Jared Kushner files hundreds of eviction notice
https://thehill.com/homenews/adminis...es-hundreds-of
Still relevant.
The $68 trillion transfer of wealth in America is evaporating amid crisis
- According to a survey by the Center for New Middle Class, there was a 25% drop in the number of baby boomers who said they are self-employed or own their own business in the second quarter.
- That impact could have significant repercussions for the economy at large considering that baby boomers own nearly half of privately-held businesses with employees in the U.S., according to Project Equity.
- That’s 2.34 million businesses with 24.7 million employees and $5.1 trillion in sales, according to the U.S. Census Bureau.
https://www.cnbc.com/2020/11/05/68-t...id-crisis.html
Judge orders Trump administration to reveal PPP loan data it sought to obscure
A federal judge said the SBA’s claim that the size of a loan would reveal a company’s payroll was “fundamentally flawed.”
https://www.nbcnews.com/business/bus...ought-n1246792
An Avalanche of Fraud Buried a Small-Business Relief Program
Scams went viral as SBA gave out $10,000 grants to almost anyone who asked.
Even after the $20 billion in funding for grants dried up in July, the fraud continued,
as scammers looted a separate $192 billion pot of money set aside for loans.
“I’ve never seen anything like it,” said an SBA customer-service representative who spoke on the condition of anonymity to protect her job.
“I don’t think they had any processes in place. They just sent the money out.”
https://www.bloomberg.com/news/features/2020-10-29/small-business-administration-10-000-grant-fraud-went-viral-hurting-program
Unemployment is falling.
Long-term unemployment is ballooning
- The unemployment rate fell to 6.9% in October from 7.9% in September. It was the sixth consecutive month of improvement.
- However, around a third of the unemployed have been out of work for at least six months. That ratio has been increasing rapidly.
- Long-term unemployment is a dangerous financial period for households.
https://www.cnbc.com/2020/11/06/unem...allooning.html
Evidence of PPP Fraud Mounts, Officials Say
Reports of waste and abuse in the Paycheck Protection Program inundate government watchdogs and federal prosecutors
https://www.wsj.com/articles/ppp-was...ay-11604832072
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