Eventually someone is going to have to pay...but who will it be?

I have seen this movie before and I did not like the ending. Mnuchin is in charge of where the bailout money goes to during this economic heist and of course democrats can't nail him down on how he is going to distribute the money. Oh Warren tried to get answers from him, but he just kept slipping out of her grasp and wouldn't say. Not that there are any teeth in the legislation to make sure that people are treated fairly.

And if you remember from the last economic heist that saw millions of people tossed out of their homes while people like Mnuchin and hedge funds like BlackRock made out like bandits. BlackRock bought 5 million homes and then kept them off the market which drove up home prices and rents across the country. Mnuchin was illegally foreclosing on peoples homes and even though Kamala Harris' attorney general office had a great case against him she instead let him off the hook for it. Well after he made a $5,000 donation to her campaign. Pretty cheap buyout if you ask me.

In the last CARES bill Nancy bailed out PayDay loans businesses and debt collectors. So I think that gives us an idea of who is going to end up on the hook for this.

The GOP are very bad....

Hmmm who was it that rolled back Glass-Steagal that was put in place after the Great Depression and who was it that wrote most of the bill? Which party were they from.....? Hey, Chuck what did you and Obama do for homeowners when you had the chance to help them?

Now imagine if congress had bailed out we the people instead so that people could continue paying their mortgages and rents as well as other bills. Right now in places where there is a rent moratorium landlords cannot evict people for being late on their rents. So instead they are cutting off their utilities as well as doing other nefarious things. Who you gonna call?

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26 users have voted.

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Azazello's picture

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15 users have voted.
Deja's picture

@Azazello
If there's another one, maybe we'll have to sign a pledge that we won't take part in BDS like Texans applying for post Harvey aid were forced to do -- if they wanted the aid. Maybe it'll be for all demonstrations and protests. You want your own tax money for your own help? Sign here and agree to stfu about the govt and the govts on this list, then watch what you say, buy and do, because we will be. Mwahahahaaaa!

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14 users have voted.
enhydra lutris's picture

Now imagine if congress had bailed out we the people instead so that people could continue paying their mortgages and rents as well as other bills.

I'm sure that topic is covered somewhere in the Book of Revelations, but perhaps Yeats is a sufficient approximation:

... somewhere in sands of the desert
A shape with lion body and the head of a man,
A gaze blank and pitiless as the sun,
Is moving its slow thighs, while all about it
Reel shadows of the indignant desert birds.
The darkness drops again; but now I know
That twenty centuries of stony sleep
Were vexed to nightmare by a rocking cradle,
And what rough beast, its hour come round at last,
Slouches towards Bethlehem to be born?

be well and have a good one

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14 users have voted.

That, in its essence, is fascism--ownership of government by an individual, by a group, or by any other controlling private power. -- Franklin D. Roosevelt --

RantingRooster's picture

From WallStreetOnParade:

Wall Street On Parade, using the Fed’s own weekly balance sheet report, tallied up that the Fed Hasn’t Spent a Dime Yet for Main Street Versus $735 Billion for Wall Street. Thus far, the Fed has not released the name of any recipient of funds that went to Wall Street banks or trading houses.

We have got to use infiltration, communication and coordination, to shut down the power to Wall Street trading houses and disrupt their ability to make money!

We need to cultivate "insiders" who will feed us inside information to bring this criminal cartel DOWN!

Gee, FED chairman Powell is urgng congress to bail out "the people", but NO ONE is offering anything like that...

Drinks

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15 users have voted.

"Men who look upon themselves born to reign, and others to obey, soon grow insolent; selected from the rest of mankind their minds are early poisoned by importance;" - Thomas Paine, Common Sense

@RantingRooster
The Wall Street Trading Houses OWN the US government, root and branch. This primary season with Bernie Sanders turning his coat has convinced me. I thought there were still some holdouts but Bernie's full throated support of Biden has convinced me that NO politician is honest.

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8 users have voted.

We are so screwed.

@RantingRooster for that video.
I am a huge fan of both JD and Dylan.
Great stuff.

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5 users have voted.
gulfgal98's picture

Congress has thrown literally trillions of dollars at big corporations and the oligarchs while continuing to allow real living human beings to basically scrape by with a few crumbs. No other industrialized country has approached the crisis in such a callous manner as the United States Congress and the Trump administration.

Rep. Pramila Jayapal has been trying to get a UBI and a health care provision into these bills, but Pelosi has refused to include those provisions. The idea of the Jayapal bill was to make individuals and small businesses as whole as possible during the crisis so when we are finally able to re-open, the transition back will be as smooth as possible without the loss of these small businesses that operate on the margins and rely on consumer spending. Such a program would end up costing far less than theprovisions in the bills that Congress has already passed.

I have been trying to figure out why Congress and the Trump administration do not want to use this approach which has been very successful in many European countries, notably Germany and Denmark. I have come up with two possibilities which may be either/or or are together. I would love to hear if anyone here has other ideas.

The first possibility is one that I explored in a recent essay here. That is that this pandemic has allowed the oligarchy to finish the economic gutting of the United States and leave it in a true third world state. The second possibility is the Congress is terrified that if the citizens of the United States get both health care and a UBI, even on a temporary basis, they will demand it on a permanent basis.

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21 users have voted.

"I don't want to run the empire, I want to bring it down!" ~ Dr. Cornel West

“Those who make peaceful revolution impossible will make violent revolution inevitable." ~ President John F. Kennedy

mimi's picture

@gulfgal98

The second possibility is the Congress is terrified that if the citizens of the United States get both health care and a UBI, even on a temporary basis, they will demand it on a permanent basis.

And why shouldn't they demand it on a permanent basis? At least the health care? About the UBI I am not sure, I don't understand the concept. If the SS would be higher and never cut or spent on other things than securing elderlies when they retire, a UBI might not be needed.

I think one should push up from the bottom and push down at the top. Is it impossible to have an upper wealth limit for bilionaires? Or having a limit how much property and land those billionaires are allowed to buy? Instead to think of limits of how low and deep someone can fall, why not think about limits on how high and financially powerful someone can rise?. Mr. Besoz can't afford to pay his employees 2 dollars more per hour during the covid pandemic? He must really know something of poverty, that 'poor man'. Bad

From the essay:

BlackRock bought 5 million homes and then kept them off the market which drove up home prices and rents across the country

Ban BlackRock people, place them to live in tents under highway bridges and don't let them out of there for several years.

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15 users have voted.

@gulfgal98

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9 users have voted.

We are so screwed.

TheOtherMaven's picture

@gulfgal98

which has been on full frontal display throughout this crisis. Europe has tests? We can't use them, we need OUR OWN tests. Europe does this, Europe does that, we won't BECAUSE they did.

Terminal stupidity.

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2 users have voted.

There is no justice. There can be no peace.

gulfgal98's picture

Several officials high in the Trump Administration are pushing for tax holiday on the FICA tax in lieu of providing stimulus checks or a temporary UBI. What they are doing is shutting off the flow of money into the Social Security Trust Fund under the guise that they are giving workers more money in their pockets.

The problem here is two fold. First, the tax holiday will only benefit those who still have a job, not those who have been laid off or lost their jobs altogether. The estimated unemployment rate in the US is currently somewhere between 15-20% These number, if anything, may be low. The unemployment rate during the Great Depression peaked at 24% so we are near great depression rates. The St. Louis Fed has predicted that unemployment could reach as high as 32%! None of those who are unemployed will benefit from a FICA tax holiday.

The second issue is that any time the government declares a tax holiday on FICA, that means even less money will be flowing into the Social Security Trust Fund, thus weakening it even more and providing the excuse to cut benefit or even privatize it. Watch for the Trump administration move in that direction, especially after he is re-elected.

The entire social safety and and the corresponding social fabric of this country is being ripped apart by the actions of Congress and the Trump administration.

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19 users have voted.

"I don't want to run the empire, I want to bring it down!" ~ Dr. Cornel West

“Those who make peaceful revolution impossible will make violent revolution inevitable." ~ President John F. Kennedy

snoopydawg's picture

@gulfgal98

Of course there is Joe Manchin and Doug Jones. You know two people who are very important because they give democrats the majority....if you can understand why that makes them special let me know.

I just read a tweet saying that 800,000 people will become homeless next month. Here we go on our way of passing the 9 million number from the Great Recession.

Is it time to find our inner V?

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16 users have voted.

"It seems to me that the problem is that group party interests, in this case, are placed above the interests of the entire society and the interests of people,"

Shahryar's picture

renters don't have the money. If they don't pay rent then the landlords can't pay their mortgages which are held by the banks. Landlords can have renters defer but banks won't defer for the landlords....so landlords have to insist the rent be paid.

Logically if there's no money then all payments like that should be put on hold, then resume as things open up and money flows again. But banks want to be fed.

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12 users have voted.
snoopydawg's picture

The pain Americans are experiencing requires IMMEDIATE action from the federal government.

Hey, Chuckles, where the hell have you been during the last few months? Didn’t you vote for the first CARES bill that you, McConnell, Pelosi and Mnuchin worked on behind the scenes that gave trillions to the elites? How is it that the people who read his tweet don’t know that the bills coming out of congress are bipartisan? Are they just watching mainstream media and not bothering to search for news themselves? Or how they don’t know how many bad bills passed in the last 4 decades that hurt the working class were written by both parties and many by ByeDone? Guess this is what happens when the media doesn’t vet anyone but Bernie.

Has watched Bernie blackout yet? I’ve watched the first 3rd and I had to quit because of how bad the media treated him. Nina Turner was on rising discussing it today.

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11 users have voted.

"It seems to me that the problem is that group party interests, in this case, are placed above the interests of the entire society and the interests of people,"