US Politics, March 2020 — There’s a very good chance you’re not going to die.

martinis at 5!

Not really news, but this entire thing is about stabilizing asset prices with a bit better than the usual crumbs for the plebs. https://t.co/TAOVFoJuck

— Nikhil Pal Singh (@nikhil_palsingh) March 25, 2020

this entire thing is about stabilizing asset prices

Eh, capitalist empires. You've seen one, you've seen 'em all.

at least i believe that truly dumb-ass idea got ditched of giving less money to people with no income tax burden. i'm fortunate enough that i'll probably put most if not all of what I get into my pitiful tranche of savings, but people with less cushion are obviously more likely to actually spend that money and stimulate the economy.

https://www.nysenate.gov/legislation/bills/2019/s8125

rent freeze proposal in NYS; little yea/nay button on the right side

(In my own personal policy, I reckon nationalising Boeing, jailing its CEO, and sending everyone $2000 tax-free a month would have been a very very moderate first proposal, but I don't expect that to have been signed this week.)

― Dollarmite Is My Name (sic), Wednesday, March 25, 2020 10:27 AM (yesterday)

A cute four part story pic.twitter.com/WuxAwPbq0F
— Michael Tae Sweeney (@mtsw) March 25, 2020

― mookieproof, Thursday, March 26, 2020 1:06 AM (three hours ago)

once again, reality has shamed me for my insufficient leftiness

The bill would increase the maximum state unemployment benefit by $600 per week for up to four months

A tacit admission that the existing unemploying benefits are at least $600/week too low. Sure they’ll get right around to fixing that someday

Vote being held up by 4 GOP cumts including Graham rn

Also how the fuck is this a terrible bill? Like i know there are some parts that are shit but would like to hear the argument of how paying furloughed workers for four months is bad.

That is in there. It's what Lindsey's clique is pretending to have only just noticed.

Bernie isn't budging

is he resisting it? AOC also said she wants to call all house members back to scrutinize it.

Yes he is.

Tbh the House should come back to vote

It seems the four POS Senators are just trying to force an optics grabbing vote even if it loses.

It's gonna pass. They just wanna get licks in first.

And of course nobody will give them shit for trying to take money away from civilians

Mitch will rein them in when it's time, incredibly enough

sorry, but the details do NOT look real good

https://www.huffpost.com/entry/senate-democrats-donald-trump-coronavirus-bill_n_5e7b77a6c5b62a1870d62d83?5b

Evil, petty shit. There’s easy and already proposed workarounds. The obvious goal of this is minimize payouts to struggling people while claiming the PR victory of a cash handout https://t.co/2XxHjjxM19

— Adam H. Johnson (@adamjohnsonNYC) March 25, 2020

4.5 trillion dollars for Steve Mnuchin to spend at his own discretion

the rest of us: four months thank you may I have another

what an utter fucking joke

General Strike 2021

people will starve but at least we'll be proud of up-front means testing.

too little too late takes on a horrifying meaning.

— Zephyr Teachout (@ZephyrTeachout) March 25, 2020

So this is what all we need read from the article:

Final text of the bill has not been released, but according to a legislative draft, the new law would establish a $4.5 trillion corporate bailout fund overseen by Treasury Secretary Steve Mnuchin, with few substantive constraints. Some outlets are reporting this as a $500 billion fund, but $425 billion of that can be leveraged 10 times over by the Federal Reserve, resulting in a multi-trillion-dollar program.

The bill permits bailed out companies to lay off up to 10% of their workforce over the next six months, with no restrictions thereafter. Mnuchin would have authority to waive any upside for the public in its new investments, and the bill’s restrictions on stock buybacks at bailed-out firms are too temporary to be significant. Bailed out companies could even pay dividends to their shareholders.

Bailout money will flow to the shareholders of large corporations, otherwise known as rich people. The oversight terms that Democrats secured are purely cosmetic, replicating the toothless provisions of the 2008 bank bailout that enabled watchdogs to report abuse but not actually prevent or rectify it.

Yet Monday's bill was far worse.

wait, what? everything I read yesterday said Mnuchin is not in charge of the fund, and instead a tribunal was being installed.

are we sure this is accurate, this is HuffPo

the crux of that critique is this:

Final text of the bill has not been released, but according to a legislative draft, the new law would establish a $4.5 trillion corporate bailout fund overseen by Treasury Secretary Steve Mnuchin, with few substantive constraints. Some outlets are reporting this as a $500 billion fund, but $425 billion of that can be leveraged 10 times over by the Federal Reserve, resulting in a multi-trillion-dollar program.

if that's true - that it really is $4.5 trillion rather than a $500 billion fund - then that means it's a $5.8 trillion deal, not a $1.8 trillion deal, as everyone else has been reporting it. it would be nice to know some details on this.

I don't trust Huff Post's reporting.

You don't think Bernie Sanders wouldn't have been all over this?

yep, it's wrong about the Mnuchin oversight part, right about other parts. he's gotta be looking at the first draft Republicans put together.

from CNN:

The Treasury Department can provide $500 billion in loans, loan guarantees and investments.
That specifically includes $25 billion for passenger air carriers, $4 billion for cargo air carriers and $17 billion for businesses that work in national security. The rest of the funds, $454 billion, are given wide latitude to provide loans to businesses, states and municipalities.
The measure includes restrictions on businesses who receive the loans. Those businesses may not issue dividends for up to a year after the loan is no longer outstanding, and must retain 90% of employment levels as of March 24, "to the extent practicable," through September 30. The loans also cannot last longer than five years.
There's a specific provision in the program for direct loans to mid-sized businesses, defined as between 500 and 10,000 employees, as well as non-profit organizations, where no payments will be due for the first six months after the loan is issued.
A congressional oversight commission will monitor how the money is spent.

the whole "Mnuchin being in charge" thing is why Democrats voted against it to begin with on Monday. one of the reasons at least.

also, why no mention of the furlough program at all? Some of the complaints about $1,200 not being enough would...probably be addressed there?

like this is still way too much a WAll STreet bill but there are outright inaccuracies in that HuffPo story, almost looks like a story written two days ago that's been updated patchwork style as new data came in.

oops it did mention the furlough benefit, but briefly.

HuffPo article also incorrectly states bailed out companies can pay dividends, which the bill explicitly restricts up until one year after the loan is repaid.

Morbs was ecstatic he had a reason to loathe Dems again.

trump is actually slowly dying as he speaks right now, more noticeably than the rest of us are slowly dying as we speak

it's like he has a xx% over his head that decreases a tick every few minutes

uh

why are you watching?

what do you mean "again"

I don't live in fucking Florida, ive hated em since 1984

I know!

so is it a onetime payment of $1200? and it's the UI padding that goes for 4 months?

xpost

i want to see the moment he grinds to a halt. it seems near. the end of trump is near. this is a trump prophecy

he's doing another episode?

why can't posters watch these press conferences of their own free will w/o being interrogated every time as to why

i love the serial nature of this series - like the running gag where they all continue to stand next to each other, so close that they're touching, even though the subject matter is coronavirus! it's so obvious but so good

but $425 billion of that can be leveraged 10 times over by the Federal Reserve, resulting in a multi-trillion-dollar program.

This is not the worst thing about this bailout fund. Having Mnuchin oversee it with only a fig leaf of pretended oversight is what will immediately turn this into a huge slush fund. Because Trump is corrupt to the core and will certainly demand corrupt uses of this fund. If Mnuchin doesn't do as Trump instructs him to do, Trump will just replace him with someone who will gladly suck Trump's toes until he squeals with joy.

ew

it's too bleak

the bailout fund has congressional oversight, that article is old/innacurate

christ nowhere is safe from the vast amounts of misinformation sloshing around the internet

remember when we just wanted to see the tax returns?

i also appreciate the way they continually break the 4th wall in a subtle way, like the recurring arguments with the press. "you write fake news, YOU write fake news" he just said, pointing specifically toward two different reporters. then interrupting the next question with "WHO ARE YOU WITH??" and upon hearing the reply (CBN) solemnly bowing his head and going silent, nodding. this is the good shit, this is the golden era

indeed it's all readymade Vic Berger

but lethal

and when you express incredulity and shock and express that on ilx you get scolded. that's the best part.

this is how it feels to be into the good shit while it's still happening. you're basically at cbgb's watching patti smith in 1975. sometimes you just gotta wear the ramones pants and huff paint, no matter what people say

oh i've been huffing paint guys. compare my posts from 2013 to now.