Biden = Hoover 2.0

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The American economy and society is about to suffer an enormous blow.

Millions of Americans are in danger of losing their homes when federal and local limits on evictions expire at the end of the year.
A new report from the National Low Income Housing Coalition and the University of Arizona estimates that 6.7 million people could be evicted in the coming months. That would approach the number of people who lost their homes to foreclosure during the 2008 financial crisis and ensuing recession.

The number of Americans struggling to pay rent has steadily risen since this summer, according to surveys from the Census Bureau. In the first week of November, about 9 million Americans, or 1 in 6 households, said they were behind on rent.
...
With Congress yet to pass another coronavirus relief package, about 12 million Americans are set to lose their unemployment benefits the day after Christmas, a sharp fall in income that would make it harder for many people to pay rent..."We've got a country that's about to witness evictions like they've never witnessed before," Laura Tucker, a social worker for Florida's Hillsborough County School District, told "60 Minutes."

Imagine the entire 2006-2009 housing crisis compressed into just a couple months.
That's what we are likely facing.

Then add in the Student Debt moratorium is also expiring, and what all this homelessness is going to do to the pandemic. If you are only thinking about Covid, then think again. Think TB, maybe even worse.

So is Biden prepared for the sh*tstorm he is about to inherit?
By off-chance I ran across Herbert Hoover's 1932 speech accepting the GOP nomination, 3 months before he got blown out by FDR. It was the very worst part of the Great Depression.

What stood out was that the speech could have been written by Joe Biden. A smarter, more honest Joe Biden.

"These policies and programs have not been partisan... I likewise give credit to Democratic as well as Republican leaders among our citizens for their cooperation and their help."

Biden ran on calls for a return to bipartisanship

"I first secured the creation by private initiative of the National Credit Association, whose efforts prevented the failure of hundreds of banks...
"we created the Reconstruction Finance Corporation with a capital of 2 billions more to uphold the credit structure of the Nation...This has been done not to save a few stockholders, but to save 25 millions of American families"

Bailing out the financial industry, but only to save American families. For reals!
That is Joe Biden in spades.

"we expanded the functions and the powers of the Federal Reserve banks that they might counteract the stupendous shrinkage of credit"

Turning to the Fed to save us from a credit crisis? Check.

"It was in accordance with these principles that we have insisted upon a reduction of governmental expenses, for no country can squander itself to prosperity on the ruins of its taxpayers."

Austerity during an economic downturn? Check.

"I am today organizing the private industrial and financial resources of the country to cooperate effectively with the vast governmental instrumentalities which we have in motion"

Public/Private partnerships are a favorite thing of neoliberals.

"I have insisted upon a balanced budget as the foundation of all public and private financial stability and of all public confidence.
The first necessity of the Nation, the wealth and income of whose citizens has been reduced, is to reduce the expenditures on government-national, State, and local. It is in the relief of taxes from the backs of men through which we liberate their powers. It is through lower expenditures that we get lower taxes. This must be done. A considerable reduction in Federal expenditures has been attained...
The opposition leadership in the House of Representatives in the last 4 months secured the passage by that House of $3 billion in raids upon the Public Treasury. They have been stopped, and I shall continue to oppose such raids."

Balanced budget. Lower taxes. Stopping Dems in the House.
That's Biden's MO.

"My foreign policies have been devoted to strengthening the foundations of world peace...The world needs peace. It must have peace with justice."

OK. There are differences. Hoover was a better person than Biden ever will be.

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snoopydawg's picture

I’ve already named Obama the 2nd Hoover and I call the miles long homeless camps Obama-Villes.

"It was in accordance with these principles that we have insisted upon a reduction of governmental expenses, for no country can squander itself to prosperity on the ruins of its taxpayers."

How many times have these words been spoken? Some of Yellen's previous work has been on Twitter and she is an advocate of austerity. And of course she wants to fiddle with social security and Medicare. Great timing! I just got on both. But I doubt congress will let anything affect the current beneficiaries right away. The big changes usually are filtered in through the years or decades so people won’t fight against them as much. Look at how our rights were widdled away little by little until they’re gone.

"I have insisted upon a balanced budget as the foundation of all public and private financial stability and of all public confidence.

Pelosi has already passed pay go to reign in anything Biden might say he wants to do. Buckle up....

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People are going to be sick for the rest of their lives and the people responsible will pay no price.

Sam thinks she’s a beagle.

The Liberal Moonbat's picture

@snoopydawg ...what are you telling us to expect?

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In the Land of the Blind, the one-eyed man is declared insane when he speaks of colors.

TheOtherMaven's picture

@snoopydawg

"Widdle" is a British euphemism for p!ss.

Most Americans would have said "whittle", which means to shave away bit by bit.

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There is no justice. There can be no peace.

snoopydawg's picture

@The Liberal Moonbat

The house passed pay go rules a few years ago which means that if congress wants to pass something that will cost a lot of money then they either have to raise taxes or cut funds elsewhere to pay for it. Seems to me tho that congress has been playing by these rules for some time already.

@TheOtherMaven

Ha! Trust you to find my errors. Thanks. There are times I have a vague idea on how things are spelled and most times the Ipad will bail me out, but here it let me down. On high pain days my brain flounders more than usual and it shows in my writing with grammar and spelling getting worse. Oh well. But I think widdle works well in this case. Our rights have been pissed on, but I can't understand why so many don't know it.

Kos goes after Trump supporters with a broad brush and calls them hidden deplorables.

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6 users have voted.

People are going to be sick for the rest of their lives and the people responsible will pay no price.

Sam thinks she’s a beagle.

The Liberal Moonbat's picture

"Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power."
- Benito Mussolini

Let's stop calling this lot ANYTHING-"liberals". Whatever connection there once was is long-gone.

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In the Land of the Blind, the one-eyed man is declared insane when he speaks of colors.

@The Liberal Moonbat
And you will vote for his re-election in four years because the (R) is worse.

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I've seen lots of changes. What doesn't change is people. Same old hairless apes.

The Liberal Moonbat's picture

@The Voice In the Wilderness ...that era is OVER. It ended in early summer of 2016.

You steal elections? I want you in jail.

Period.
Eso es todo.
Amen.
Make it so.

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2 users have voted.

In the Land of the Blind, the one-eyed man is declared insane when he speaks of colors.

edg's picture

It's likely Biden will return us to the good old days of 2008 - 2010. I remember them well. Lost my business. Almost lost my house. Woo-hoo!! Wonderful times.

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Cassiodorus's picture

I discussed this in my diary on this topic. Reed is the big Biden connection to the Peter G. Peterson Foundation.

As for the rest of it, I await this classic dialogue, reminiscent of the Obama years:

Nice liberals with big egos: "If you don't do X, we'll... we'll..."

Biden administration hacks: "What are you going to do about it, vote for Republicans?"

Without a "third party," nice liberals with big egos have no coherent rejoinder. What are they going to do about it? Why, they're going to vote for whomever the Democratic Party decides they're going to vote for, unless...

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"Be a loyal plastic robot for a world that doesn't care." -- Frank Zappa

The Liberal Moonbat's picture

@Cassiodorus They're nothing if not good at politics; who knows what bones they'd be willing to offer those of us who have been betrayed and disenfranchised by Ao Oni...?

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5 users have voted.

In the Land of the Blind, the one-eyed man is declared insane when he speaks of colors.

hopeful1's picture

@Cassiodorus I do agree that we need that third party. By the way I was a poll challenger in November (Dem. side, I was about to go independent but you have to have a party to be a poll challenger) and I actually spent the day talking to my Republican counterparts. Needless to say there were glitches, incompetence and confusion, but no fraud. They both told me at one point or another that they really hated the corruption of the Republican party and wished they could vote Liberatarian but didn't want to "waste their vote". I told them how I felt about the Dems and that I wished I could vote Green for the same reason!

All we've got now is a fear that we'll primary folks from the left. It works for the Republicans. It worked for "the squad", and it will work for us.

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Do not let the plutocrats divide us!

Cassiodorus's picture

@hopeful1 because the neoliberal social climbers outspent us a zillion to one and the voting machines were rigged, then what?

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"Be a loyal plastic robot for a world that doesn't care." -- Frank Zappa

@Cassiodorus no sense in conceding the bastards anything

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Cassiodorus's picture

@gjohnsit Howie Hawkins received 0.2% of the vote in this month's election.

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"Be a loyal plastic robot for a world that doesn't care." -- Frank Zappa

@Cassiodorus Having a viable third party is the best case, but we don't really need one as a first step. We just need to demonstrate that we will vote against Dems (or stay home) in sufficient numbers to make them lose if they won't give us the policies & personnel we want. And we have to vocally threaten and own that action to force a change.

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