Feds offer another 750 billion, Congress wants to end unemployment stimulus

When your Fed starts buying up stocks themselves to juice up corporations, you are in dangerous territory as a country. This is the type of nonsense that ends up creating situations like you see in Venezuela.

This is not Capitalism with a consumer based economy. This is how Oligarchy and Fascism work as an economic institution.

Also using a Congressionally passed bill that was intented to go to consumers, and small businesses, and using that money to play games with the stock market so Trump can have a GOOD NEWS DAY... whats wrong with that??? Nothing to see here folks. Not going to be a massive scandal for years to come or anything.

Holy sh$t.

 

BRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

 

Everything is now "Too Big to Fail." Trump's treasury wants all companies to succeed (well, at least his own) so let's just throw money at everything to make it all better.

And his little cult minions will clamor, "Trickle Down in effect," while the CEO's and execs of those companies keep hoarding all the money before retiring and allowing the next person in line to get theirs. Then the layoffs will happen, the stocks will go up, more money from the government to "save" them and on, and on, and on...

All the while, the poor stay poor and are joined by more poor as the middle class disintegrates and we slowly become modern-day Russia.

 

Yes that is the definition of fascism. Many people think it means a strongman yelling on a podium about death to his enemies, etc. etc. etc. but in reality what the majority of a fascist regime is made of is economic policies that do exactly what the Trump admin is doing. Breaking down the wall between the State and the Corporations. A marriage with the "Business Community" where they prop up the fascist leader in exchange for short term propping up of the market with a cheap forced hungry labor force, and owning complete control of the currency.

It's for this reason that I believe it's going to be very very hard to defeat Trump in November. Almost every single billionaire oligarch in the US, and many around the globe with US investments minus a couple like maybe a Bill Gates here and there, now have a financial marriage with Trump. There is going to be a gigantic freak out from the corporate world about Joe Biden possibly winning the election, and reversing the financial situation that has kept their Yachts gassed up during a pandemic.

We are truly headed in some dark times. I can only imagine what is about to happen over the next 4 months if this is any indication.

 

These bailouts must stop. Im fine with those who need it, but way too much of it went to people and businesses who didnt need it. There is a reason why Amazon and Home Depot had record profits. $1200 from those who didnt need it went straight to them.

 

I have a feeling that this is more, but I imagine some billionaires give money to PACs that support Trump or GOP causes in order to shield their name.

https://www.forbes.com/sites/michel...-backing-donald-trumps-campaign/#10bc7fd77989

The richest president in American history has gotten financial support from nearly one in 10 U.S. billionaires.

Forbes mined more than 2.5 million entries in the Federal Election Commission database to identify Trump’s richest donors. We searched for contributions made to the president’s campaign committee, Donald J. Trump For President. Our analysis begins on inauguration day, 2017, when Trump officially filed papers for his reelection effort, and ends on February 29, 2020, the latest date for which the campaign has submitted federal filings. (By contrast, Barack Obama didn’t begin seeking contributions to his election campaign until the third year of his presidency.)​

Most of the donors, some 56%, live in just three states: Florida, New York and Texas. More than three-quarters are self-made. The rest inherited small fortunes and grew them into bigger ones. They come from all sorts of industries—real estate, energy, sports and so on. But one-fifth of the donors got rich in finance & investments. That group includes titans like Blackstone CEO Stephen Schwarzman, hedge funder John Paulson and retired Franklin Templeton chief Charles B. Johnson. About 10% of the donors made their money in real estate, including Trump’s fellow New York City billionaire, Richard LeFrak. Shopping mall magnate Edward DeBartolo pitched in $3,000 with his wife Cynthia; Trump later pardoned him, in February.

Texas banker Andy Beal, who Forbes estimates is worth $8.1 billion, has given more money to the Trump Victory joint fundraising committee than any other individual billionaire, according to federal filings. Since 2017 Beal, whose bank was once a senior lender to Trump Entertainment Resorts, has donated more than $1 million over many months. That’s nearly twice as much as he gave during the 2016 campaign. (And just $12,200 less than the combined sum TD Ameritrade AMTD’s Joe Ricketts and his wife Marlene gave.) Brothers and casino magnates Lorenzo and Frank Fertitta, along with their wives, meanwhile, gave $1.4 million to Trump Victory in one single day last October.

Some donors made one large contribution early in the Trump presidency, like Revlon chairman Ronald Perelman, who gave $125,000 to Trump Victory in September 2017. Others have contributed multiple times over the last three years. Fifty-one percent of Trump’s billionaire donors did not give to the president’s 2016 campaign. U-Haul billionaire E. Joe Shoen made his first-ever contribution to Trump Victory, $35,500, in February 2020. “President Trump has done an outstanding job and certainly merits my vote,” Shoen says. (Forbes reached out to all of Trump’s donors, nearly all of whom declined to comment on the record.)

Nearly all the money coming from billionaires traveled through something called a joint fundraising committee. By law, no individual can donate more than $5,600 to an official presidential campaign. But anyone can give bigger sums to joint fundraising committees, which gather funds for specific campaigns and political parties. President Trump has two major joint fundraising committees, Trump Victory and Trump Make America Great Again Committee, which collect money for his campaign, the Republican National Committee and other state-level RNC groups. Forty-five billionaire donors have pitched in more than $100,000 each to Trump’s joint fundraising committees.

Some of the donors who supported Trump during his initial run received roles that gave them access to the president. WWE cofounder Linda McMahon, who contributed $152,700 to Trump Victory in 2016, was appointed by Trump to head the Small Business Administration. She stepped down from her position last year to run a pro-Trump super PAC called America First Action. She has since given more than $2.7 million to that PAC, money that’s not included in this tally because super PACs are technically independent of campaigns.

Not all of Trump’s 2016 billionaire supporters are still giving—at least not yet. Private equity titan Stephen Feinberg gave $339,400 to Trump Victory last election, and Carl Icahn chipped in $200,000. Neither has donated to Trump since his inauguration. Jennifer Pritzker, heir to the Hyatt hotel fortune, contributed $250,000 to Trump Victory in 2016. A transgender woman, Pritzker spoke out against Trump’s transgender military ban, and last year, she donated $1,000 to the campaign of Democratic presidential candidate Pete Buttigieg.

Amid all this support, however, one billionaire stands out for having donated no money to his reelection campaign. That billionaire is Donald Trump.​

 

I'm just waiting for inflation to pull up. $100 for a slice of bread

 

Dasvidaniya.

 

Not going to happen anytime soon. All of the magic money is going into asset prices, not wages. Rich get richer indeed. The top 1% now own as much as the bottom 90%.

The Fed has said they have no limit to what they can conjure up or print. If that's so then why do we need to pay taxes?

I'm kind astounded how basically there is no mention in the news these days how monetary policy has lead to more wealth and thus racial inequality. The most amazing thing about the Fed response to this latest crisis is it's exactly more of the same thing that widened inequality over the last 10 years since the GFC. We have people in bread lines and skipping meals during the pandemic while billionaires have gotten $500 billion richer since March. All while the economy has been in the sewer. The Fed has made a sham of the entire market. The US is officially a banana republic. Sickening.

 

600$ to the poor is crazy and evil hand out
but
750 billion to corporations is ok????

After 550 billion literally disappeared down a swamp hole
They refuse to tell us where it went .. . it is just gone

Rocket River

 

The top 1% have realized that they can do whatever they want as long as they keep the rural whites and the elderly on their side. Mention abortion, guns, race, urban elitism, liberlaism, etc and it keeps those rural whites and elderly in their pocket. All the while, they continue to gain money, increase the class disparity, and gobble up power while everyone else suffers. They don't care...they didn't get to be where they were by having empathy for the common man.

Until the huge elder generation begins to whittle down and the rural whites wake up and realize they aren't losing jobs because of other races, but because of automation and stocks that are controlled by the same people they side with...we'll never get anywhere as a country. In the meantime, the top 1% will continue to loot and pilfer the government and our once great republic.

 

It's the right thing to do because of the trickle-down effect. Haven't you heard about it? The corporate recipients of the 4 trillion of new spending will eventually be so fattened that the financial crumbs they wipe off the table will so greatly improve the lives of the impoverished we will finally have our utopia.

 

Definitely!!!
Been working it for 40 yrs .. . but we just have to keep working it

Rocket River