White House Seeks Financial Crisis-Era Powers to Buttress Economy

[Zorro]

Source: New York Times

Treasury Secretary Steven Mnuchin said on Sunday that he would ask Congress to reinstate powers that were used during the 2008 financial crisis to support the economy as the coronavirus threatens to grind business activity in the United States to a halt.

The comments suggest that the White House is bracing for a widespread downturn that could harm sectors well beyond the travel and cruise ship industries, and that the federal government could need to return to the type of crisis-era measures that were ultimately scaled back by lawmakers in the 2010 Dodd-Frank Act.

Mr. Mnuchin and Jerome H. Powell, the chair of the Federal Reserve, have spoken daily about how to buttress the economy, which faces the prospect of a deep recession as the coronavirus spreads around the world.

“Certain tools were taken away that I’m going to go back to Congress and ask for,” Mr. Mnuchin said on “This Week” on ABC.

Read more: https://www.nytimes.com/2020/03/15/us/politics/coronavirus-economy-dodd-frank.html

[alwaysinasnit]

1. Oh Hell no! I can only imagine how much more these venal incompetents will further rig the system

if Congress reinstates those powers. As someone here on DU said (paraphrasing), "banks were bailed out and the rest of us were sold out."

[Fullduplexxx]

2. Not with the greedy gang who cant shoot straight

[bluestarone]

3. Hoping the House can

Control this asshole!

[hedda_foil]

6. Nancy is at the rudder. They're desperate so she can call all of the shots.

[William769]

4. Hell no!

[50 Shades Of Blue]

5. As always, privatized profit... socialized risk.

Gotta rescue those CEO paychecks while employees can go fuck themselves.

[ashredux]

7. Opening the door to the US Treasury.....

Bailouts first for Hotels!,,

[marble falls]

8. Because Trump and Mnuchin want to potect all that wealth they stole from us with all ...

the tax cuts for the 5%.

It'll end up as wealthfare program as opposed to a national program to help all.

[bucolic_frolic]

9. The Free Market Republicans, using the power of government to mitigate their disasters

This is ironic, putrid, stupid, hypocritical, lazy, and slimey all in one.

[yaesu]

10. here we go again, bailing out the over extended banksters again. nt

[Jopin Klobe]

11. Tax the filthy rich ...

Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ...

... NOW ...

[yaesu]

12. Its the banksters equivalent of hoarding TP.

[scarletwoman]

13. It sounds like we need to start contacting our Congresspersons right away & tell them NO! (nt)

[mahina]

14. NO

No more power for this sack if shit. As. If. He would even consider us. We aren’t even and afterthought.

[sakabatou]

15. Which says a lot: the WH cares more about the economy than the citizens

[DeminPennswoods]

16. Wouldn't give any powers to the Trump admin

but I could see setting up a bi-partisan/non-partisan entity to vet decisions and/or recommend policies. I would want Sen Warren as a co-chair at a minimum.

[jmowreader]

17. The biggest problem in all of this...

...is Trump already used up all the tools normally used to revive a collapsed economy, but he used them to overheat an already-pretty-good economy.

The second problem is that Trump’s team is pulling out the heavy artillery while the market is still in fairly good shape. This kinda reminds me of a South Park episode where a bunch of people got trapped in the schoolhouse by a snowdrift, and ten seconds after they realize they were trapped they started preparing to resort to cannibalism to survive. (Neglecting, of course, that everyone had eaten an hour before the snowdrift hit, the freezer in the school cafeteria was still full of food and the school chef was on the premises with the keys to the lunchroom.)

And lest we forget, the guy running the government was voted “Most iikely to swindle a million dollars from the government” in his military school senior yearbook. We absolutely can NOT let Donald Trump or anyone who works for him be in charge of this much power without significant oversight and penalties.

[Hotler]

18. No more bail outs. nt

[Politicub]

19. Do not give these ass clowns any other tools that they can use to damage the economy.

They will do nothing but use them to enrich themselves.