Skip to comments.McConnell: 15-20 GOP senators will not vote for any coronavirus deal
Posted on 07/31/2020 8:38:13 PM PDT by RandFan
click here to read article
It always has been. Obama didn't start it, but the economic crash in 2008 caused the Fed to buy more federal and corporate debt than ever before. They had divested themselves of a fair amount of that when Covid hit and they had to start doing it again.
Taxpayer’s have worked like animals for crap money.
Been forced to feed children in other countries and support the dregs of society in projects around the world.
But they’re not supposed to put their hand out and ask for a return of what they’ve been paying for when they’re forced to stop working?
The politicians (and their minions) tell the serfs to get back to work.
They shove the kids back into those indoctrination buildings,
where the worse danger is what they’re forced to learn, (and tolerate).
All so they can spend more they way they feel like.
Well said....and exactly how I feel. Thanks!
> “ caused the Fed to buy more federal and corporate debt...”
Federal Reserve is not allowed to buy corporate debt.
That’s why the March 2020 rescue package allowed purchase of corporate junk bonds through what the President arranged as a Special Purpose Vehicle (SPV) with BlackRock acting as intermediary manager for the SPV.
Any such purchases are required to be backstopped by the US Treasury meaning the American taxpayer is ultimately responsible.
This was never done before. It has raised speculation that the US Treasury in effect took over the Federal Reserve, an assertion supported by material evidence. Such a move was heavily backed directly by President Trump.
What Are All the Feds Corporate & Investor Bailout Programs and SPVs? March 2020
In effect, the Fed lends to the SPV, the SPV absorbs targeted corporate bond debt and any Fed losses are backed by the US Treasury.
I disagree that the Fed has ALWAYS been a buyer of US Debt. Obama ran up US Debt to unprecedented levels based on NO EMERGENCY. The treasury bond sales were through the Open Market. When China and other countries backed away from buying Obama’s unjustified US Debt in open markets, Obama arranged for the Fed to directly purchase US Debt which was a pronounced departure from prior policy of the Fed.
Trump, who is a master of finance among many other things, saw that Obama had put the US Debt-to-GDP ratio at 100% in effect setting up the US for default.
Trump, rather than fight what Obama had done head on, saw that the Fed system was unsalvageable, devised a plan to demolish it and reset the currency to a gold standard.
In other words, Trump is milking the Fed for all it’s worth before he puts it down.
That’s why I say to out-of-touch living-in-the-past members of Congress, including GOP Senators, forget fiscal responsibility, that dog don’t hunt no more. Spend the Fed into oblivion and crash it. Give the President rein to spend the proceeds widely as needed.
Trump is a builder.
He sees a high rise building (the Fed) on a primary property site (The United States). He assesses the costs to bring back the building and upgrade it. But he sees that Obama has rendered the building’s structure not worth the cost to restore it. So Trump makes the decision to demolish the building, clear and clean the site, build a stronger foundation (sound money) and erect a new enduring skyscraper.
“I think there are 15-20 of my guys that are not going to vote for anything. ... It’s a statement of the obvious that we will not have everybody on our side,”
“Their argument’s not irrational. ... They don’t think we ought to pass another one of these bills. I don’t agree with that,” McConnell said.
That sure sounds like they dont like anything. McConnell is correct its not irrational. But the USS Rational sailed months ago.
First, every unemployed person is not getting unemployment.
Second, I agree $600 was a wee bit high. I also agree if we waited for each state to cobble a program that can issue each qualified person 100% of their former wages, wed still be waiting.
In my area there are also want ads. For Door Dash and the like, entry level jobs. It makes zero sense for those waiting to get called back to work, to take these jobs. They indeed would make substantially less than the enhanced UI payments. They have families payments etc.
The program was not intended to, and will not, run indefinitely. Under normal times, a lesser percentage UI payment is completely acceptable while searching for a similar position. Had the Dems not succeeded in keeping us locked down it wouldnt be necessary to extend this.
Aside from creating money out of thin air- what could go wrong-, these big ultrapork sandwiches are simply early Christmas grab bags for Marxist gimmes.
Let’s quit with all of this spending.
“Why cant the people get some of their own money back during a financial crisis that the government has imposed on them?”
Because all the money that all the people, rich as well as poor, have given to the government has long since already been spent. What you are asking for is not “your own money” but borrowed money to be put on a credit card for somebody else to repay someday. The idea that government should “help out” in times of emergency is compassionate and workable, but only so long as “emergencies” are rare events. We seem to have emergencies more or less continuously these days, and that makes responding to every emergency ultimately unaffordable.
if i lend a person money, and they spend it, they then get money however they like in order to pay me back- they can borrow, work for it, set aside some of their own spending so they can save some money from their paycheck- whatever-
The money we pay out in taxes is meant to go to national defense, foreign affairs to help keep us safe, as well as fund projects deemed beneficial to this country-
The money we’ve paid out however goes to fund all kinds of useless crap- and to fund terrorist nations and pay for UN crap that amounts to nothing- except more financial headaches for us-
Yes, the money is gone, but it is not our fault- We gave that money in good faith that it would be there to help us- when needed- and to fund government, and like i said fund international stuff meant to keep our nation safe-
But it is not our fault that the money has been misspent- and now we’re in a financial crisis that is entirely of the government’s making due to it’s super restrictive ‘safety measures’ that are crippling this country financially-
The money is supposed to be there for when earthquakes hit, tornadoes hit, hurricanes, drought, crop failures, floods etc- it’s one of the reasons why people begrudgingly pay taxes- but it should especially be available when a disaster of the government’s own making strikes-
We the people didn’t bring this on ourselves- it was man made- government made- and now people are losing their businesses, (shops are shutting down permanently all over the place- going into bankruptcy etc)- families can’t pay their bills on what they are getting unemployment in many high tax states- etc- and people are not allowed to go out and earn enough to keep them going-
IF we aren’t allowed to go out and work then why bother continuing to pay taxes? to keep funding the government that dictates you can’t work any longer every-time a flu or virus hits (That will be the new thing now as dems see this as an opportunity to keep wresting power from the people in the name of a ‘crisis’, and every-time a republican in president, in order to sow chaos and unrest to defeat that president)
Of course he did.
> “Lets quit with all of this spending.”
No. let President Trump spend it unto its death. Let him decide spending priorities while taking the Fed to its funeral.
I’m not so sure you’re right. The head of ICE has been sent packing to be replaced by a Trump appointee at U.S. Citizenship and Immigration Services, which administers the legal immigration system. Sometimes I get the feeling we’re all being played here. You really have to wonder why an ex lobbyist (Chad Wolf) for the h1-b invasion is head of the DHS and not been fired. https://www.breitbart.com/immigration/2020/07/31/ice-director-matt-albence-resigns/
Good! No more money, reopen the States!
Who knew communism could be so heavenly?
Yeah as mentioned previously, only jobs available are near minimum wage manual labor jobs in meat packing, farm labor and warehouse distribution centers. Not the typical middle class service industry jobs a majority of Americans are used to performing and getting paid for.
DoorDash? In 2019, you could make $1200 a week, not easy, but it can be done. In 2020 with every one doing it, good luck getting $50 a day before gas, maintenance and extra insurance (most policies are for less than 15 miles per day, going to work and back, not as a delivery vehicle) on your vehicle. Only breaking even after these expenses are favored in.
When Amazon opened up delivery jobs in Denver, over 10,000 applications... they additionally still do Amazon Delivery Service Partner deliveries, using your own vehicle. A cargo van or large SUV is required. Claimed $18 to $22 per hour, but its the same scheme as DoorDash. You pay for your own gas, insurance and maintenance.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.