Announcement

Collapse
No announcement yet.

stimulus bill will create $454 BILLION Federal Reserve slush fund for secret Wall Street bail outs

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • stimulus bill will create $454 BILLION Federal Reserve slush fund for secret Wall Street bail outs

    MARCH 27, 2020

    Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts

    by Pam Martens

    https://www.counterpunch.org/2020/03...reet-bailouts/


    Click image for larger version

Name:	18738917_1482261835165484_5559254414311741520_o-629x630.jpg
Views:	104
Size:	55.2 KB
ID:	2595576

  • #2
    Click image for larger version

Name:	91153091_2874231959281148_1650895397477941248_o.jpg?_nc_cat=109&_nc_sid=8024bb&_nc_eui2=AeGp-if8gLBI-y5EoCuKglsWRF9Ho4-TrlDQQC-bQpyS6mfHN5ooURTV02zxm4lRqW-BnJDyrsOd_D10jdU7QUx_MVxAilWgofKzab2P2mhZRA&_nc_ohc=EA9OptEaWDgAX_GDiUV&_nc_ht=scont
Views:	93
Size:	312.4 KB
ID:	2595764

    Comment


    • #3
      Click image for larger version

Name:	90610774_2869773393060338_7512290270520541184_n.jpg?_nc_cat=107&_nc_sid=8024bb&_nc_eui2=AeHKCyP6raqQkiM3Ev2faDVLhkL3PAX7pcbKebn4QU-ymh7gSCqy2bchIZTLz_4ey5S25UvyiHfpbaYE1gK5i9e0LNj8cL05D0VakBU8TXU1BA&_nc_ohc=sUEQPQTNzT4AX82-ZfH&_nc_ht=scont
Views:	95
Size:	133.7 KB
ID:	2595766

      Comment


      • #4
        Wall Street analyst Alistair Macleod says that due to unlimited money creation by the fed and other central banks, inflation will destroy our currency by the end of the year... Check it out.

        People Don’t Realize The Imminence Of The Catastrophe We Are About To See

        interview with Alasdair Macleod

        https://kingworldnews.com/people-don...-about-to-see/

        Comment


        • #5
          Don't worry Gaff. Trump's taken control of the Fed.

          Comment


          • #6
            Originally posted by Taco John View Post
            Don't worry Gaff. Trump's taken control of the Fed.

            Is Trump prepared to write off a huge percentage of the nation's debt as un-payable? Debt forgiveness is a necessary step toward a solution. Bankers hate writing off bad debt. They like to roll it over because they view debt as an asset. But debts that cannot be paid will not be paid. PCR and Michael Hudson think we are still in the denial phase. Stocks and bonds are way over valued at the moment. Trying to reinflate the bubble -- which appears to be the Fed's policy -- is doomed to fail.

            http://www.informationclearinghouse.info/54070.htm

            Comment


            • #7
              >Is Trump prepared to write off a huge percentage of the nation's debt as un-payable?

              Yes, I believe he is. We're transitioning. I've been thinking for the last decade about what it would require to successfully transition, and debt repudiation seems inevitable - there's simply no two ways around it. I don't know on what timeline it happens, but we seem to be inching towards it.

              Comment


              • #8
                Such economists, such as Anna J Schwartz and Robert Lucas, harkened back to the work of Milton Friedman, who died in 2006. He had argued that the Great Depression was due solely to the Fed’s mistake in allowing the money supply to shrink by a third, which created deflation. This came about because when banks went under in those days depositors lost everything; their money, which was mostly in the form of checking accounts, literally disappeared.

                Friedman said that the Fed could have countered this deflation by buying vast amounts of Treasury securities and creating the money out of thin air to do so. Indeed, that is the Fed’s standard operating procedure to this day, which is called an open-market operation. It increases the money supply and leads to economic expansion – and inflation, eventually. Conversely, when the Fed sells securities from its portfolio the money supply shrinks and inflationary pressure diminishes.

                As it happened, the chairman of the Fed at that time was a Republican economist named Ben Bernanke, who had previously served as George W Bush’s principal economic adviser. Bernanke was also extremely familiar with Friedman’s work, having devoted his academic career to studying it. Bernanke implemented exactly the policies Friedman would have advocated and it successfully kept the banking system from imploding as it did during the Great Depression.

                Rather than praise Bernanke, however, conservative economists largely turned against him. So opposed were they to any stimulus whatsoever they even opposed what Friedman advocated. By 2010, they were predicting hyperinflation from Bernanke’s policies and he was urged to reverse them as soon as possible.


                Now, of course, all these conservative ideas have gone out the window. Republicans are pushing a $2tn stimulus, even though just a few weeks ago the $1tn Green New Deal to save the planet itself was deemed too expensive. A huge chunk of the stimulus is in the form of bailouts for big businesses. Opposition to such bailouts led to creation of the Tea Party in 2009. Where are they today? (Sound of crickets chirping.)

                The chairman of the Fed, Republican Jay Powell, appointed by Donald Trump, is pumping up the money supply with his foot all the way down on the accelerator. (Disclosure: Powell and I worked together at the treasury department.) Yet Trump and his staff continually berate him for not being even more aggressive. No letters from conservative economists warning of hyperinflation are anywhere in sight.

                The hypocrisy is so thick you can choke on it, but at least for now we need fiscal stimulus, easy money and maybe some bailouts too for the same reasons we needed them back in 2009, when virtually every Republican in Congress voted against Obama’s $800bn stimulus, much more modest than Trump’s.

                However, Republicans’ propensity to lie and reverse course when it suits them means they will inevitably become born-again deficit hawks warning about the evil Fed and its hyperinflationary policies one minute after Joe Biden is elected. I have warned about this before in the Guardian. Just as Bill Clinton wasted most of his first year getting a budget deal passed, I expect that Republicans and their allies on Wall Street will do the same to Biden.


                https://www.theguardian.com/commenti...eeks-hypocrisy

                Comment


                • #9
                  Originally posted by Rohirrim View Post
                  The chairman of the Fed, Republican Jay Powell, appointed by Donald Trump, is pumping up the money supply with his foot all the way down on the accelerator. (Disclosure: Powell and I worked together at the treasury department.) Yet Trump and his staff continually berate him for not being even more aggressive. No letters from conservative economists warning of hyperinflation are anywhere in sight.

                  That's because they caught on to what is really happening and are good with it.

                  ​​

                  Comment


                  • #10
                    While health care workers and local governments frantically race against the clock to keep up with the escalating medical caseloads while trying to keep themselves and their families safe, Congress was still able to find the time to give money away to rich people. Thanks to a stunning new report from the New York Times, which has been relentless on the tax beat during the Trump administration, we've learned that a provision has been included in the 880-page coronavirus stimulus bill to help the very wealthy in a way that is breathtaking in its scope and detail.

                    It is worth taking a minute -- many of us have more of those now in our quarantined states -- to explain.

                    https://www.cnn.com/2020/03/28/opini...ery/index.html



                    Under the change, our rich taxpayer couple -- and this applies only for individuals, not corporations -- can now deduct an unlimited amount of "excess losses" in real estate against income from other sources. So now real estate moguls with lucrative day jobs or bountiful capital gains from other investments can go back to living tax-free, the Kushner way, before limits were put in place as part of the 2017 tax reform bill.

                    It gets worse, if that's possible. The change applies to this year -- and retroactively to 2019 and 2018. This means rich people can file amended returns now, and get refunds of perhaps millions of dollars, sooner than we can produce the number of ventilators we might need for the coronavirus crisis.

                    Let's pause for a moment to review: The new relief provision only benefits those who can list more than $500,000 in excess business losses -- typically artificial losses from depreciation that have more than wiped out their business income on paper -- AND more than $500,000 in other income from wages or other sources now that the cap on the tax break has been removed. Pity such people in a time of pandemic? Congress did.



                    Enjoy your 1200 bucks, suckers.
                    Last edited by Rohirrim; 03-28-2020, 04:54 PM.

                    Comment


                    • #11
                      Originally posted by Taco John View Post


                      That's because they caught on to what is really happening and are good with it.

                      ​​
                      Nope. It's because the rats and parasites want to stuff their vaults full of riches before they flee the sinking ship.

                      Comment


                      • #12
                        Originally posted by Rohirrim View Post

                        Nope. It's because the rats and parasites want to stuff their vaults full of riches before they flee the sinking ship.
                        And the rats continue to play gullible suckers like TJ like a piano.

                        Comment


                        • #13
                          ****ing unbelievable.


                          Trump Wants Americans to See His Signature on Coronavirus Relief Checks: WSJ

                          President Trump has told people he wants Americans to see his signature on the stimulus checks that will be sent out after he signed a $2.2 trillion coronavirus relief package into law Friday, according to an administration official cited by The Wall Street Journal. Such checks would normally be signed by a disbursing officer, not the president. While signing the bill into law in the Oval Office on Friday, the president appeared to express awe at the price tag attached to the legislation, calling it a “great honor” and saying, “I never signed anything with a T on it.” Trump, who has faced criticism recently for what some see as overly optimistic assessments about the coronavirus pandemic, went on to predict a “rebound like we have never seen before” by the end of the year. The legislation he signed includes expanded unemployment benefits, direct cash payments to every American earning less than $99,000 a year, and billions in job retention loans for small businesses.
                          https://www.thedailybeast.com/twitte...etchen-whitmer

                          Comment


                          • #14
                            Originally posted by DenverBrit View Post
                            ****ing unbelievable.


                            Trump Wants Americans to See His Signature on Coronavirus Relief Checks: WSJ

                            President Trump has told people he wants Americans to see his signature on the stimulus checks that will be sent out after he signed a $2.2 trillion coronavirus relief package into law Friday, according to an administration official cited by The Wall Street Journal. Such checks would normally be signed by a disbursing officer, not the president. While signing the bill into law in the Oval Office on Friday, the president appeared to express awe at the price tag attached to the legislation, calling it a “great honor” and saying, “I never signed anything with a T on it.” Trump, who has faced criticism recently for what some see as overly optimistic assessments about the coronavirus pandemic, went on to predict a “rebound like we have never seen before” by the end of the year. The legislation he signed includes expanded unemployment benefits, direct cash payments to every American earning less than $99,000 a year, and billions in job retention loans for small businesses.
                            https://www.thedailybeast.com/twitte...etchen-whitmer
                            I've run out of language to describe this self-centered idiot.

                            Comment


                            • #15
                              Click image for larger version

Name:	91195121_2744237665804490_4534598781462642688_n.jpg?_nc_cat=104&_nc_sid=110474&_nc_ohc=x3_kweVMTTUAX8BVuJA&_nc_ht=scontent.fbkk12-2.fna&oh=ff2e8a908c7a2447677fc5b769fcdf28&oe=5EA775AA.jpg
Views:	71
Size:	79.3 KB
ID:	2596711

                              Comment

                              Working...
                              X