It is a corporate coup

Listen to what Dayen says about how the corporations can come out way ahead while many small businesses go under.

Unemployment hits 3 million and people are having a difficult time filing a claim. And how long until people even get the bill since every claim has to be verified by employers? The article says that the UE agencies are understaffed because it has been lower in recent years.

Retail stores have been laying off thousands upon thousand of workers the last few years and after they have been loading up their companies with debt, but now they will get a bailout. Companies have been buying their stocks back for two years, but now they have their hands out with hardly any strings attached nor no means testing to see if they even need the money right now. Decades of misdeeds being wiped out with congress coming through for them again. Swell huh?

Workers can seek unemployment benefits from their home state immediately after losing their jobs. But it typically takes two to three weeks before they receive any money, because state agencies first have to contact their former employers to verify their work history and then calculate the amount of their weekly benefits based on their previous wages.

People should expect “that first benefit payments will take much longer than 21 days,” California's Legislative Analyst's Office warned earlier this week.

Small businesses still owe rent on their spaces even thought they have no income. Why didn't congress address this part?

Utah small businesses implore landlords for help

“This is about the survival of small business in Utah and across the nation,” he said. “We’re empty. In the last two weeks, our business is down at least 85% and business is going to be down 100%. The scenario is playing out in hundreds of thousands of small businesses in Utah and nationwide.”

Matt Stoller Zach Carter has been calling this a corporate coup for over a week Here is what he says about this:

Hey the stock market has gone up since companies learned that congress will come through for them. Yay for those who can take advantage of buying the dip while mom, dad and the kids saw their money wiped out. Just like what happened a decade ago.
Yes Bernie stood up for unemployment benefits, but I am disappointed that he did not hold out for more help to workers. Some billions for them while corporations will see upwards of $4 TRILLION and maybe as high as $16 Trillion? For corporations that have been deliberately screwing up.

Kyrstal asks AOC to stop this: Hmm? Trashy dumpster fire bill!

Saagar speaks for me:

It is 2008 all over again. The banks and the companies are going to make out like bandits whilst we the 99% take it in the shorts.

3.3 Million new unemployment claims just this week. What will next week bring? And when things get worse will congress go back and do another bailout for we the people instead of the corporations? They better or they will see another Occupy Wall Street, but this time we will be joined by people from the other side. Will Trump stand in front of our pitchforks? Hell no. He will use the military. They will bring guns to our pitchfork fight.

Listen to these video and see how royally we are being screwed by congress who is do the bidding of their owners donors.

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Comments

Azazello's picture

Stimulus Bill: “An Abomination Beyond Comprehension” - “Staggering Corruption”.

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12 users have voted.
ggersh's picture

@Azazello to sum it up, WS/PE were just given the country, enabled by the 546 in DC.

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7 users have voted.

this time it's different

empty suit on Kapernick

"“Kapernick needs to think about the pain he’s causing military families."

Lookout's picture

Trillions for the villains that oppress them. Whata con.

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11 users have voted.

“Until justice rolls down like water and righteousness like a mighty stream.”

snoopydawg's picture

Did congress address that or even think about how unemployed people will be kicked off insurance and now won't have the money to buy COBRA? There are so many problems people are going to meet that congress did not address. This should have been a "Get the money to the people right now" and address how much money businesses will need after they show that they need it. Case in point. Boeing has its hand out, but will refuse the money if the government takes part ownership of the company. Let's talk about that.

Canada:

Canada’s emergency payments are $2,000/month for four months (announced today, took Parliament one night until 5:00 a.m. to pass it unanimously across 5 different parties) and it applies to contract workers and self-employed as well as part-timers.

There will be no evictions for the duration and a suspension of mortgage payments for 6 months with no fee penalties

Britain is paying 80% of wages. Russia has sent people on a week long holiday that will probably be extended as needed.

Here? Give the bulk of the bailout to the corporations and let people sink or swim on their own AGAIN.

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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,"

ggersh's picture

@snoopydawg @snoopydawg and yes it was empty suit who gave us the R healthcareinsurance

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10 users have voted.

this time it's different

empty suit on Kapernick

"“Kapernick needs to think about the pain he’s causing military families."

@ggersh a coup, smells like a coup, must be a coup. Everything is in place and the exhortation to die quickly doesn't just come from one party. Is It a slow wind down or a fast collapse. Anyone else have a cough, runny nose, fever, extreme fatigue, trouble with your internet?

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5 users have voted.
ggersh's picture

@randtntx error messages here and there, slow, slow, slow also

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3 users have voted.

this time it's different

empty suit on Kapernick

"“Kapernick needs to think about the pain he’s causing military families."

@snoopydawg I don't call putting a 'hold' on the Bill until better unemployment benefits could be had, 'folding'. The Bill was, with the help of Dims gonna pass anyway "The Amendment King" did what he could to make it better, and he did rail against the corporate "welfare".

SEN. BERNIE SANDERS: This package provides ,an increase of over the largest expansion of unemployment benefits in American history$250 billion. Under this bill, average Americans who have been furloughed will be able to receive up to 100% of their salary and their health insurance for four months, for four months. Weekly unemployment benefits will increase by $600. So, if you were laid off, your unemployment benefit will increase by $600 above what it otherwise would have been. And right now the average benefit is about $364 for workers.

Now, also, very importantly, this expansion of unemployment will include part-time workers. It will include gig workers, like those who drive Uber cars. It will include tip workers and the self-employed, who would otherwise not be covered by unemployment insurance. So, in other words, what we’re doing now is, at a time when fewer than half of the American people would normally be covered by unemployment, what this legislation does is it expands it to the overall workforce and, on top of that, for many workers, would provide $600 a week more than they otherwise would have gotten. And that is one of the more important provisions in the bill..."
(emphasis mine)

https://www.democracynow.org/2020/3/26/coronavirus_relief_bill_bernie_sa...

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6 users have voted.
snoopydawg's picture

Means testing for companies NOW.

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10 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

"small business" is being defined as company income under $8 million in the last year. That's a lot of money! And those who really need help, the 1 or 2 person businesses, are being rejected as "too small".

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15 users have voted.

@Shahryar on Democracy Now, so that should cover the smallest of operations, if I understand it correctly. This from the transcript, a link to it follows.

"Now, also, very importantly, this expansion of unemployment will include part-time workers. It will include gig workers, like those who drive Uber cars. It will include tip workers and the self-employed, who would otherwise not be covered by unemployment insurance. "
https://www.democracynow.org/2020/3/26/coronavirus_relief_bill_bernie_sa...

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7 users have voted.
snoopydawg's picture

And when things get worse will congress go back and do another bailout for we the people instead of the corporations?

Saager just said that congress is going out for 3 1/2 half weeks. Oh hell no. There is no way they should be on break when the country is imploding and people are in a world of hurt. Sure would be nice to have those millions that they have made from their $174,000 a year salary to be able to wait this out huh?

I think the people should line the roads from the DC airports with signs of guillotines and pitchforks and other instruments the peasants once used on the elite.

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13 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,"

Raggedy Ann's picture

@snoopydawg
I do believe that the shit will hit the fan and they will have to come back and do something for the people unless the people roll over and accept this. It is up to us if we have any courage at all. The only reason the government has authority is because we give it to them. It’s time to take it away.

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9 users have voted.

"When will our conscience's grow so tender that we will act to prevent human misery rather than avenge it?" Eleanor Roosevelt

"The secret of change is to focus all your energy, not on fighting the old, but on building the new." Socrates (469-399 BC)

Pluto's Republic's picture

@snoopydawg

...reacting to the shit sandwich that government gave them?

It's regrettable in two major ways:

1. More than 50 percent of Americans live paycheck to paycheck. Wall Street is pushing the news that mortgage delinquencies are at an all time low. Right. Wait two weeks. As of today:

Among those surveyed by LendEDU, 54% of all Americans are concerned about their mortgage, and that number jumps to 96% among those that have already lost their job. “Widespread delinquency or default would have severe implications on the economy at large,” LendEDU states. “In an attempt to combat this, we have seen the Trump Administration ... suspend all evictions and foreclosures until April for FHA-insured mortgages.”

April is a week away. Tick Tock.

2. UBI would have resulted in enough consumer spending to kick the GDP up a point or two and rescue the MainStreet economy. Now, there could be a bloodbath in commercial real estate as Main Street businesses go under. Home values are already dropping.

On another note: Maybe this is the experience that USians needed to bring them out of their political stupor.

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8 users have voted.

Human salvation lies in the hands of the creatively maladjusted.

— Martin Luther King

snoopydawg's picture

@Pluto's Republic

First off no thanks to Bernie for saving unemployment benefits. Instead they are calling for him to drop out and let Biden win. Secondly Biden does not have any mental issues. No he is just stuttering. You know like he has his whole life? Guess none of them saw the CNN interview he did a few days ago.

I do hope you are right about this waking people up from their stupor. Many of them were involved in OWS and this bailout is that on steroids. But many of them are so blinded by their hatred of Trump that they can't see reality. Pelosi saved the deal not Bernie don't you know. McConnell should never have let the senate go home for the weekend, but no word on how Nancy let the house go home for a week.

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7 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,"

snoopydawg's picture

"We need to collectively tell them to go fuck themselves and nationalize the airline industry."

Socialism for corporations, rugged “personal responsibility” for everybody else
It’s only entitlement and fiscally responsible when average people need things

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12 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,"

snoopydawg's picture

'Foreclosure King' Steve Mnuchin Says Never-Before-Seen Surge in Unemployment 'Not Relevant'

Treasury Secretary Steve Mnuchin, the former Goldman Sachs banker Congress is about to entrust with overseeing a $4.5 trillion corporate bailout fund, said Thursday that the record-shattering surge in jobless claims last week due to the coronavirus crisis is "not relevant" to the health of the economy and insisted that businesses will soon be able to "hire back those people."

Asked about the news Thursday that 3.3 million Americans filed for unemployment benefits last week, Mnuchin said in an appearance on CNBC that President Donald Trump is "protecting those people."

"To be honest with you I just think these numbers right now are not relevant," said Mnuchin, showing what critics denounced as a callous lack of regard for the economic pain of millions of people.

"They're going to give nearly unchecked power to dole out trillions of dollars to a guy who just called over 3 million new unemployment claims 'not relevant,'" tweeted progressive talk show host John Iadarola.

This asshole should be in prison for what his company OneWest did during the foreclosure crisis, except Kamala Harris didn't think she should prosecute him. He foreclosed on one elderly woman who owed him less than $1.00.

Are any of the main stream stenographers talking about this like Rising and Jimmy are?

I doubt it. But it is good that there are some who will write and talk about this so people know just how badly they are being screwed. Yes many will not know this unless they are told. They will watch MSDNC And the CLinton News Network and think things are going swimmingly well for them.

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10 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,"

snoopydawg's picture

House Democrats Urged to Remove 'Insidious Attack' on Social Security Hidden Within Senate Coronavirus Bill

Progressives are demanding that the Democrat-controlled House of Representatives prioritize removing a little-noticed provision in the massive Senate-passed coronavirus stimulus bill that would allow employers to stop paying into Social Security for at least the rest of the year—potentially threatening the program's long-term financial health.

"If Trump and Republicans retain power after November's elections, they will make sure that corporations never repay Social Security."
—Michael Phelan, Social Security Works

Section 2302 of the nearly 900-page legislation would let companies defer until next year their payment of the employer payroll tax, one of the primary funding mechanisms for Social Security. The bill would require that companies pay 50% of their owed 2020 payroll taxes by December 31, 2021.

A 900 page bailout bill? Yeah you know it is loaded with lots of pork that is not being reported on. Was Bernie aware that this POS was in the bill before he voted for it? Who exactly stuck that in there? Schumer? DiFi or maybe Joe Manchin?

Ugh I am working hard to stay calm while learning of the shit that is in this and the stuff that is not in it for we the lowly people, but it is getting hard. I am off for my walk to smell spring and watch the snow we got last night melt. One thing I can count on is watching Charlie run will lift my spirits.

Common Dreams has a lot of great articles if you're interested.

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9 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,"

and intend to watch them all tonight.
The bank bailout should have never been coupled with the pandemic stimulus package. That made it way too easy to threaten poor people. Everyone caved so as not to be that one D senator who would forever be labelled as uncaring about his working class constituency.
Thanks so much for putting this together.

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7 users have voted.
gulfgal98's picture

I watched both of these videos yesterday and highly recommend them to anyone who has not yet seen them.

What we have just seen as of today is the last step in the corporate coup of the United States. Every member of Congress who voted for this bill has sentenced small businesses to forever close or be bought out by large corporations and the American people to become further impoverished.

This is the most devastating thing that Congress could to the future of the American people. Folks, it is over.

Thank you so very much for posting this essay, snoopy.

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1 user has 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

gulfgal98's picture

Jimmy Dore with Matt Stoller. Matt Stoller took the gloves off with this interview.

There is intrinsic value to truth regardless of how politically unpalatable it is.

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1 user has 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