The Senate coronavirus bill is shocking. $4.5 Trillion in corporate handouts.

[tinrobot]

Democrats Are Handing Donald Trump The Keys To The Country
The Senate coronavirus bill is shocking.

The emergency coronavirus legislation that the Senate agreed to on Tuesday can only be described as an outrage. It is not an economic rescue package, but a sentence of unprecedented economic inequality and corporate control over our politics that will resonate for a generation.

It represents a transfer of wealth and power to the super rich from the rest of us, with the support of both political parties ― a damning statement about the condition of American democracy.

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.

More:

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

[RandySF]

1. Corporations do employ people

It's in everyone's interest to keep them alive,

[unblock]

3. Fuck that, give it all to me. I provide to spend a ton to keep corporations alive.

[walkingman]

6. Trickle down does not work. If there is demand someone will supply. Tired of Corporate bailouts.

[smirkymonkey]

8. Very little of that money will go to employees.

I am almost certain of it. It will go into the pockets of executives and shareholders. Wait and see. It always does.

[HarlanPepper]

11. Zach Carter is a world class douche

Every utterance is dedicated to disparaging Democrats. Also a Biden hater. And even worse, he is an opinion columnist who masquerades as a reporter. These are two different things. He's just plain wrong on this. Loads of sour grapes from this guy lately because his guy isn't going to be the nominee.

[grantcart]

12. World class. Those slapping him on the back should read his diatribes against Pelosi, etc

Not particularly well informed or educated.

He had this piece drafted before it was issued and he still hasn't read it

[HarlanPepper]

13. Yep. I knew he wrote it even before I clicked on the story. Just by reading the headline.

He was busy pushing the Biden is senile meme just a month ago.

[grantcart]

14. And Pelosi blew the impeachment before that

Did you see Hugh Hewitt's interview of him?

Hewitt (who is no genius) made him look like an idiot.

Hewitt has a standard litmus style question he asks every person he interviews, "Do you think Alger Hiss was a Soviet Spy?".

Zach didn't know about the question and had no idea who Hiss was.

He also hadn't read any of the books Hewitt asked him about.

An absolute dolt.

[HarlanPepper]

16. I wasn't aware of that.

Very interesting to hear. Hugh is no prize himself, like you said. It's like a battle of dopes.

[grantcart]

18. He had a whole string of Pelosi bashing garbage, below is one of the stupidest

He is bashing Pelosi for not pushing things that had nothing to do with Presidential Impeachment

https://www.huffpost.com/entry/nancy-pelosi-house-democrats_n_5d155cece4b07f6ca57ac4cb

WHAT THE HELL IS NANCY PELOSI DOING?

On Thursday morning, a reporter asked House Speaker Nancy Pelosi (D-Calif.) what her party planned to do about writer E. Jean Carroll’s recent rape allegation against President Donald Trump.

Pelosi’s response was not a profile in courage.

“I haven’t spent any time on that,” she said, raising her arms in frustration. “I don’t know the people you’re referencing, I don’t know the person making the accusation. I haven’t paid that much attention to it.”

Not only was the top Democrat in Congress oddly unfamiliar with one of the biggest political stories of the past month, she did not believe her caucus had a responsibility to do anything about it

Such a moron he isn't aware that impeachment only concerns "high crimes and misdemeanors" that occurred after Trump took the oath of office.

Really this is Junior High Level nonsense, like equating a loan with a handout. A lot of DUers will rec it because it appears to confirm what they think without actually reading it.

Carter wrote this before the Democratic Senators negotiated oversight on the loans, which are not "handouts".

All of his writing is moronic.

[pat_k]

2. What a surprise {not}

Stop giving away the keys!!! Why, oh why, was there absolutely no peep about offsetting the massive deficit spending by demanding a substantial investment from the most fortunate individuals among us in the form of a wealth tax? We should at least be TALKING about this, and talking about it right now, loud and clear.

10% own 70% of our national wealth (i.e., about 70 trillion of the nations 100 trillion). That wealth will be much diminished when we get through this, but it will still be concentrated at the top. Recovery demands some give on the "redistribute down" front to offset the destabilizing force of such massive concentration of wealth in the hands of the few at the expense of the many. We simply cannot, as a nation, afford to allow the level of wealth inequality to survive this crisis.

These guys want to refill their coffers? Quit looking for a government handout with no offset. Make peace with an investment in the health of the nation that will help rebuild social and economic structures from the ground up -- and thereby help them recoup losses and benefit from a more stable and resilient economy in the long term.

https://www.democraticunderground.com/100213147368#post3

[Frustratedlady]

4. Isn't the revision that the oversight would be by an IG and 5 Republican/Democrats?

Could this be an earlier version? I hope, I hope. Where did the 10 times leverage come from?

The Democrats need to use all their senators to go through everything with a fine-toothed comb. We can't trust the Republicans.

[Chainfire]

5. Four Trillion

Is serious money, even for me.

[I_UndergroundPanther]

7. Any Dem that supports that monstrosity

Has just been duped.

[grantcart]

15. Any body who gives any credence to Zach Carter has been conned.

He writes superficial nonsense about how Pelosi didn't know what she was doing and Biden is senile.

He wrote this article without having read the legislation.

He wrote this before the oversight conditions were added.

Note he says "many outlets have reported", admitting he hasn't read it.

Finally loans are not hand outs.

[Yavin4]

9. Show me how you can get any stimulus package passed through this congress without major compromises.

This is the kind of bullshit headline "Democrats Are Handing Donald Trump The Keys To The Country" that pisses me off.

[Windy City Charlie]

10. They're supposed to be loans

They're supposed to be loans, but I wonder how many will default on those loans while raking in profits.

[Igel]

19. We read the same about TARP.

Even last summer, it was the same.

They overlooked that they were loans, paid back with interest that exceeded the default rate, artificially helped reduce the #s for the deficit for a few years, and that the defaults were due to final bankruptcy, not reorganization.

I've heard the current batch were loans, but haven't seen the text. But it won't matter. It didn't with TARP.

[mathematic]

17. This analysis is purposely misleading and nobody should read it. n/t

[jalan48]

20. It definitely shows who's running the country.