Trump $6.2 TRILLION Fight Against COVID Is Economically Responsible 


Finance is a convenient servant to the economy. Finance is not even necessary to the economy, and no economy, no money.  The six trillion dollars signed and negotiated by Trump do two things: 1) and most important, sustain and amplify the essential economy. 2) keep alive the non-essential economy, which would otherwise stop existing (… we can gently ease it out later…) 

The 2.2 Trillion Dollars Coronavirus Aid, Relief, and Economic Security (CARES) Act passed the US Senate 96 to zero (4 Senators were COVID or quarantined). Two days later the US Congress passed it, and Trump, who had helped to negotiate the details, signed it immediately. There were no hearing: all gt together, including Trump, who agreed to much Democratic ideas…

This was the largest financial intervention act of a state in the history of humanity.

The same day, Trump used the Defense Procurement Act, forcing General Motors to produce respirators. Trump added he may use the FPA again, as “we have a couple of little problem children… two companies which are NOT doing what they said they would be doing.  

Some anti-Trumpers screamed to high heavens that Trump was exploding the national debt, and bringing financial ruin to the US. Critics of the 6.2 trillion dollar intervention do not understand how the economy works. In particular, they do not understand the essence of the economy, which is GOVERNMENTALISM. Let me explain.

***

Big US debt procurement during World War Two was highly profitable to the US… and WORLD, economy… Let alone those who wanted to smash Nazism and other fascisms…

National debt, in a sovereign country acts, potentially, like a future tax, on those wealthy enough to have lent the money, or, potentially, as a future tax on those who received the money… I say debt is a “potential tax”, because reimbursement conditions can, and often, will vary. For example, if money is lent, but not reimbursed, it acts as gift, or theft, depending if one is on the receiving, or donating end. Europeans have acted stupid, ever since the EU was founded, as if they didn’t understand that (but the UK understood it, explaining partly its better economic performance.)

Let me add that this is not the case here; the 6.2 trillions are no augmentation of the national debt (explanation another time). 

What Trump is doing is putting the US economy on life support, while providing massive financing for research and development… and health care: 150 billion dollars for hospitals alone.

Here is an example: CDC Dr. Fauci said industrial fabrication of vaccines will be launched, even while one can’t know yet if those vaccines will work, or even if those vaccines do not launch the dreared “IMMUNE ENHANCEMENT”… that is during Phase 2 trials; that will be costly as perhaps two dozen vaccines are being developed (using sometimes extremely different methods: the Pasteur institute is using its usual method to see if its hybrid coronavirus-brucellosis is safe on mice and soon primates… While Sanofi will further push a 2017 “prototype” SARS vaccine using recombinant tech; several RNA vaccines are already in human trials, testing for basic safety…)     

A nominal increase in national debt acts as real free money for now.. And a potential, just potential, tax. I say potential, because, for a country of Argentina and if the money has been lent by foreigners, one may have to pay back part of it… But if one is the USA, one doesn’t have to pay any of one’s debt. Especially to foreigners. If foreigners don’t like it, they should feel happy to have lend so much money to such a superpower

One of the reason the European economy has stagnated is that it has insisted to inflict high taxes on citizens, instead of much more forgiving debt (which growth can erase; so debt enables and incites a sovereign country to grow faster…)

As it is, moreover, Trump’s two trillion is not necessarily a debt. And it’s actually six trillion dollars. 

Japan has a national (“Federal”) debt in excess of 200% of GDP. On March 27, it had only 49 deaths from Coronavirus, out of 1,700 cases, with a (so far) completely flattened curve, and a death rate per million not even one tenth that of the USA. In general the Japanese economy had not been doing badly with that debt… maintaining, for example a first class universal health system…. At a time when the USA is demonstrating, for the whole world to see, that a profit guided health system is a colossal disaster. Indeed, soon the USA may have much more than a million Coronavirus cases, and that will be imputable in part to not have been willing to spend more on healthcare (instead of spending on the billionaires who profit from US healthcare).  

The Federal government created two trillion dollars as direct help with CARES. To this one has to add 4 trillions of the US Federal Reserve at the disposal of banks through leverage (to start with; the Fed has said it will create whatever money is needed). None of this money is really debt. At most it means part of the US economy is getting nationalized (the average citizen becomes a shareholder).

***

Take four cases I personally know of:

Picture a 500 rooms/apartments hotel/resort without any revenue for the rest of the year. It’s a “family business”. It has employees, pays their healthcare 100%. It’s at 7,000 feet, it has large fixed cost in heating, security, maintenance. And revenue is now zero. And will stay so for many months. What to do? A bank loan! But where does the bank get the money from? The Federal Reserve, which lends it at zero interest!

Picture my climbing gym. Actually a company with a dozen climbing gyms, with course setters, maintenance, staff, and paying 100% health care. Same story as the preceding.

Third example: a research institute in AI getting its money from corporations with now zero revenue. They said they were firing all their scientists, effective in June. The Trump administration is stepping in.   

Fourth example: Several science museums I know. There is money for them in the two trillions. Trump himself explained the Kennedy Center for the Arts needed 25 millions to pay salaries, maintenance (the Dems wanted 35 millions initially). 

***

Trump is using MASSIVE GOVERNMENTALISM. Smart.

What is important is that expertise not be lost. OK, a bit of expertise lost in completely useless parts of the economy will be OK… But futuristically essential services should be maintained. For example in teaching, research, industrial base. 

The mightiest states are always living with fiat money. The Inca were using knots on ropes. The very fact a state can impose fiat money is an expression of its power. As it is, there is going to be a hole of one third of GDP, because one third of all transactions in one year will not happen. So the state making it so that it will appear these transactions did happen… Even if they didn’t. 

Debt, left unpaid, means some people with excess capital may be cheated on. But debt, left unpaid, can save an economy. What is it not to like? I always said that Trump, as his chronology and behavior indicates, was truly a real Democrat (aka a “populist”… despised by the haves). TARP, organized by Obama, was truly a Transfer of Assets to Rich People. Whereas CARES has tight oversight, and pays the average family (which TARP didn’t do). CARES is the right thing to do. The alternative was a depression worse than 1929.

This virus crisis is an excellent occasion to find out how the economy works. First, one can see that 90% of the economy, or so, is useless. One can also see that the essential part of the economy, including scientific research, advanced, life saving technology, is underfinanced.

In Italy, some medical workers get paid less than $1,000 a month. Yes, less than a thousand dollars, and now the opportunity to die. But then they were honored by watching on TV brainless muscle guys paid more than one hundred million a year, just to hit a ball with their foot.

Ironically enough, the USA, and the world, is lucky that the US President is a specialist of saving (his won!) value through bankruptcy (ironically yours truly saw this, at the time, as corruption… Meanwhile, though, we have seen much bigger corruption than that…

CARES is bringing in money, as needed. Trump is ordering around General Motors, as, unfortunately, needed. This is a war. War can be good.  Universal health care systems in Europe were created thanks to the shock of World War Two. Coronavirus is the bellicose occasion we needed to reorganize the world economy in a more essential way.

Patrice Ayme 

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36 Responses to “Trump $6.2 TRILLION Fight Against COVID Is Economically Responsible ”

  1. SDM Says:

    The money had to be appropriated but most (largest share by far) of it will go to corporations (few is any strings attached) and not to the people directly (who need it to survive while jobless) and small businesses (also for survival). It will allow those with the cash to buy up distressed assets and become even richer thereby creating more wealth disparity. Rich getting richer on a biological crisis.

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    • Patrice Ayme Says:

      Supposedly the Dems put plenty of supervision. This is NOT TARP.
      https://patriceayme.wordpress.com/2009/01/25/tarp-transfer-of-assets-to-rich-people/
      The corporations’ basket is 500 million dollars, small business, 350 million…. Total package is 6,200 billions. There is plenty of money going direct to small people, none went to them with TARP. This is the biggest GOVERNMENTALISM… Ever. Overnight new deal… Yeah, not green really, but… Trump himself said he was ready to have the US OWN 25% of Boeing. I heard him, saw him… And he said it more than once… He is in his element, suggesting things right and left… Especially left… FOX has become TV Cuomo in the morning, then Trump show afternoon… Etc. Cuomo is lots culprit of what happened, when he prevented De Blasio to shut down New York in a timely manner… But Cuomo gives a good show…

      I am not so sure the rich will get ahead this time. Once again, it’s not Obama/TARP. Meanwhile the stock owners lost 35%…. And this time everything will change… Hopefully… We waited for Bernie who turned out to be a Biden admiring fool… And we get a virus who wants to kill us, but, should we survive, will change a lot of things.

      Hopefully Pluto globalization will die…

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      • SDM Says:

        It is a money cannon aimed at corporate America with a 5 member “oversight ” panel (toothless and underfunded) to oversee over $6 trillion- and no restrictions on mergers, buyouts, dividends, ceo compensation with stock buybacks being restricted only for term of the loan, and no requirement to keep employees hired and paid (unlike restrictions on small businesses). Small businesses must deal with the poorly run and foot dragging SBA while big corporations get money injected directly. Only a small one time payment to the people. This is TARP on steroids. Wealth inequality should skyrocket. Corporations got their wish list while general public gets sh*t and shove in it.
        Also, airlines get a money shot no strings attached after using record profits for buying back their own stock rather than keep in a rainy day fund. The airlines get money when they really aren’t flying much now- the money should go to the laid off workers. Another failure, government gets no equity ownership for the lavish bailout to these corporate criminals.

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        • Patrice Ayme Says:

          I HAVE not read the CARES Act. Just heard Trump keep on repeating he didn’t want share buybacks (which airlines and Boeing are infamous for). here is what a lawfirm thinks about it:

          CARES Act Relief: Cash is Coming . . . with Freezes on Executive Pay, Buybacks and Dividends
          By Jake Downing, Ameena Majid & Kaley Ventura on March 28, 2020
          POSTED IN EXECUTIVE COMPENSATION
          Seyfarth Synopsis: After the Senate failed to secure the needed votes for a comprehensive coronavirus rescue package over the prior weekend, on Friday, Congress finally passed a $2 trillion package (the “CARES Act”) amidst classic drama between Republicans and Democrats in both houses. The President signed the legislation into law shortly thereafter. This blog post highlights the executive compensation provisions contained in the law. Click here to review the health and welfare plan provisions contained in the law; click here to review the defined benefit plan provisions; and click here to review the defined contribution retirement plan provisions.

          One provision that delayed a quicker resolution concerned oversight, transparency and accountability on a fund designed to provide loans and loan guarantees to corporations. Democrats affectionately referred to it as a “slush fund,” as the Treasury Secretary held the solitary power to decide which companies received loans and for how much. Democrats also took issue with what they saw as relatively weak restrictions on executive compensation for companies receiving loans.

          The final provisions of the CARES Act reflect a blend of both Senate Bill 3548 and House Bill 6379 with additional provisions that address Democrats’ concerns. This blog focuses on the nitty-gritty with respect to the executive compensation related items that apply to businesses who receive federal loans under the CARES Act.

          Federal Loans – The rescue package includes $500 billion in aid for “eligible businesses,” states and municipalities. Relief is not available if any covered individual (including certain political officials and family members) hold at least a 20% interest in or value of an eligible business (alone or with another covered individual). The Federal loan program is broadly available to businesses impacted by the crises but with specific allocations to commercial airlines, cargo carriers and businesses critical to maintaining national security. The Treasury Secretary will have broad authority to administer the program with oversight by a new Treasury Department Special Inspector General for Pandemic Recovery and Pandemic Response Accountability Committee. For information beyond the executive compensation requirements addressed below, please see our general alert.

          Executive Compensation Limits – In responding to the crisis and addressing the bleeding on businesses, many CEOs have stopped taking their salary and have reduced their executives’ pay. For companies that receive Federal loans under the CARES Act, their executive compensation practices will be reshaped for quite some time. The following limits are in effect for the period the loan remains outstanding (up to a maximum of 5 years) and for one year after the loan is paid off (“Compensation Limit Period”).

          Compensation Limits

          For any officer or employee of an eligible business whose “total compensation” exceeded one of the following thresholds in calendar year 2019, total compensation during any 12 consecutive months of the Compensation Limit Period is capped at the following amounts:

          If compensation exceeded $425,000, total compensation is capped at the amount received in calendar year 2019
          If compensation exceeded $3,000,000, total compensation is capped at $3,000,000 plus 50% of the excess over $3,000,000 of compensation received in calendar year 2019
          Severance Pay Limits

          Severance pay and other benefits cannot exceed two times the maximum total compensation received by the individual in calendar year 2019. The provision is somewhat ambiguous as to whether it applies to terminations during this period or severance pay received during the period, but suggests it is pay received.

          Total Compensation

          In determining the thresholds, companies need to include salary, bonuses, awards of stock and other financial benefits. For public companies, this appears to equate to the total compensation disclosed in the Summary Compensation Table in their annual proxy. It does not include any stock gains from exercised options or sales from other vested equity. If a company is not public, until further guidance, it may consider using the rules for public companies to determine total compensation. In general, total compensation includes among other items, stock awards valued at grant date, employer contributions under 401(k) and nonqualified deferred compensation plans, perquisites, and pension values.

          Action Items

          If a company receives a loan and maintains a severance plan covering these individuals, amendments will need to be made to meet these limits. Additionally, if a company has individual employment and/or severance agreements promising salary and severance commitments, it will need to amend these agreements. Given that these agreements are bilateral contracts to an executive who could sue to enforce, care should be given to obtaining any necessary consent before obtaining a loan.

          Stock Buyback and Dividend Prohibition

          For any eligible business who receives a Federal loan and is public, for the same Compensation Limit Period, the business cannot use any of its cash to buyback stock on the market, which has the effect of increasing stock value by decreasing the number of shares outstanding. This prohibition does not apply if there is a contractual obligation to repurchase shares in effect on the CARES Act’s enactment date. These companies cannot issue dividends either.

          The Treasury Secretary has authority to waive this prohibition if necessary to protect the Federal government’s interests and if so, must be available to testify before Congress as to the reasons for the waiver.

          In 2018, S&P 500 companies did a combined $806 billion in buybacks followed by another $370 billion in buybacks in the first six months of 2019, according to a January 7, 2020 Harvard Business Review article, “Why Stock Buybacks Are Dangerous for the Economy.” The authors concluded: “When companies do these buybacks, they deprive themselves of the liquidity that might help them cope when sales and profits decline in an economic downturn.”

          When the time comes for post-mortem reflection, companies will be looking at ways to shore up their resiliency for the long-term. Given the recent economic fallout and the prohibition on stock buybacks for Federal loans, buybacks will likely also fall out of favor as a short-term boost in value even for companies that do not receive a Federal loan under the CARES Act.

          Tags: CARES Act, Coronavirus, COVID-19

          Liked by 2 people

        • Patrice Ayme Says:

          Also in theory no copays and deductibles, the notorious viciousness of Obamacare, for COVID, Trump just said a number of insurers agreed to, including Humana, Cigna… He is giving his usual daily briefing. 50,000 five minutes tests coming tomorrow morning (Abbot), and then 50K a day…

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        • Patrice Ayme Says:

          SARS2 is annihilating the world economy:
          March 29: Satellite internet startup OneWeb has filed for Chapter 11 bankruptcy, a move that comes less than a week after the company launched nearly three dozen satellites into orbit.

          The London-based OneWeb announced the bankruptcy filing late Friday (March 27) after Softbank, its largest investor, nixed a request for additional funding, according to media reports. The company is also laying off some employees as it seeks to restructure its business.

          “It is with a very heavy heart that we have been forced to reduce our workforce and enter the Chapter 11 process while the Company’s remaining employees are focused on responsibly managing our nascent constellation and working with the Court and investors,” OneWeb CEO Adrian Steckel said in a press release announcing the bankruptcy filing.

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  2. Brent Royal-Gordon, American codesmith Says:

    Epidemiologists tell us that millions of lives are at stake. For simplicity, let’s round that down to one million.

    Now, how much are those lives worth? You could certainly say that human life is priceless, but the government needs to assign some dollar value to a life to decide whether safety regulations are worth the price, and the number they assign is $7.9 million. That is, if a regulation is estimated to save one life, it’s worth it if it costs $7.9 million or less to implement. If it saves a thousand lives, it’s worth it if it costs $7.9 billion or less. If it saves a million lives, it’s worth it if it costs $7.9 trillion or less.

    So even in a completely bloodless dollars-and-cents calculation using the most straightforward numbers available, we should be willing to spend $6.2 trillion to save a million lives. By perfectly normal, everyday standards of government decision-making, this is a cost-effective policy intervention.

    And in an honest accounting, it won’t actually cost $6.2 trillion, because the alternative is not the economy running exactly as usual—it is the economy running as it would run when the hospitals were overflowing with a million people dying of an unknown disease and the government was doing nothing to stop it. The disorganization, panic, and unrest that would result in this scenario could easily cost the economy much, much more than temporarily closing businesses in an orderly manner and giving people enough money to cover necessities.

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  3. Peter Malmutt Says:

    This stimulus was absolutely necessary because as you highlight, no economy no money. While this is structured very differently to the TARP (lessons learned, esp not to trust desperate bankers) and equity positions in some corporates could be an outcome, doesn’t this look like quasi-socialism? Isn’t that something that is taboo for the Republican Party ideology, although they also used to hold strong views on balanced budgets and maximum national debt levels?

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    • Patrice Ayme Says:

      It is definitively socialism. Trump himself said the US could end up owning 25% of Boeing. Same all over. That is the astounding part. Trump pulled an astounding instantaneous FDR on the whole USA… Even Bernie never dreamed of anything like that… And nobody seems to have noticed. This is actually bigger than what FDR took years to run on and put in place. And then I read the usual of hatred for discourse, full of hatred for Trump, and the concept of “Trump Derangement” is just not enough anymore, these people are maniacs, guided by the plutocratic media which hate Trump because Trump damaged their globalization instrument of oppression. And now the virus has annihilated globalization.

      Trump just ordered GM to produce respirators… ORDERED. Even FDR never did such a thing in WW2 (FDR organized US industry, didn’t order it)… But then there was an editorial in the New York Times (I am a subscriber because I am masochist, and it’s expensive):”Trump to New York: Drop Dead!” (it’s possible they changed the title since, they have been known to do this… Once after I sent them a blistering email, they dropped an entire article…) TARP was indeed, like Obamacare mostly a plutocratic ploy… just a way for Obama to insure his retirement from a grateful bankers’ class:

      TARP: TRANSFERRING ASSETS TO RICH PEOPLE.

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    • Patrice Ayme Says:

      People who voted Republican in the past wanted to stay wealthy. In a static world, it meant balanced budgets and absolute limits on debt, to insure the value of money. However, the world is not static anymore. Europe is balancing budgets, and getting ever more poor, relatively speaking. The US and UK have been profligate: it works.

      If the USA had balanced its budget in World War Two, the completely unbalanced Nazis would have won… The USA sent, for free, absolutely gigantic quantities of planes, tanks, trucks, to the USSR… Enough to turn the tide… Similarly the UK got immensely indebted to the USA to stay in the war. At the end of the war, the USSR had no industrial capacity (it was in the USA) and the UK had to surrender to the USA…

      The COVID19 is an occasion for the hard sci fi edge of the US economy to get ahead… Firms like Gilead… Republicans have come to realize that one has to stay ahead, if one wants to thrive… Ahead of the virus, but not just the virus, as governor Cuomo said today… Trump is a billionaire entrepreneur who made his fortune inside the USA, and was long an enemy of the Reagan Revolution (he prefered subsidies… ;-))… And thus a left wing Democrat, relative to say, Biden or Clinton…
      Trump literally captured the Republican Party and has been able to harness this new way of creating wealth… Just like the old one, ruling all over Europe and the USA, it’s called MERCANTILISM, but one should call it in its most striking version, COLBERTISM…
      Colbert Good, Keynes Not So Smart (https://patriceayme.wordpress.com/2010/09/04/colbert-good-keynes-not-so-smart/)

      Liked by 1 person

      • Patrice Ayme Says:

        Reading the preceding comment, Quora informed me that it was deleted, because it violated their comment policy, and should I do it again, I would be banned from Quora altogether…
        This is how the tech monopolies so dear to Obama control the minds of people out there.

        Liked by 1 person

        • johnscorner Says:

          I received notice of your most recent post about Quora’s comment policy. Extremely disturbing. Frankly, did they explain exactly what expression violated what specific policy? As I have understood your explanation, their explanation amounts to nothing more than flagrant threat: “We have found SOMETHING to object to in what you have written. If we ever find you writing anything to which we object, we will ban you from our platform.” . . . Which, of course, is “simply” a means to shut down conversation.

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          • Patrice Ayme Says:

            Yes exactly, they made me sign something saying that, should I displease them again, I would be banned.

            Now some member of Quora had asked me, just coincidentally, if I thought we knew all about Nazism/World War Two… Now this is exactly the subject which saw me thrown out of several sites. Just mentioning a number of bankers (I have names) were involved is enough. They hound you. The European Tribune editor, a decade ago told me the bankers insisted I should be banned. He said he had to do it, because they supported the ET. It would be “provisional, just to appease them”. The provision has lasted ten years, and counting…

            In other words, the fact the establishment supported Hitler in countries nominally, later, against him, is still considered an absolute taboo. So people go to Auschwitz and cry, but they still don’t know what happened and what is happening…

            Liked by 1 person

          • Patrice Ayme Says:

            I forgot to finish my story> I didn’t reply to the gentleman, as it seems clear Quora would use the occasion to claim I was a “conspiracy theorist”, and kick me out.

            I was extremely censored and banned ten to fifteen years ago, and so my readership, which had been exponentiating, stopped expanding. Gates of Hell in particular led a very active campaign, banning me from his search engine and The Guardian (I know about that one because I know someone who knew someone who was on the editorial board). They have no shame: the Guardian told me I “was blogging the Qur’an”. Perhaps an allusion to my longest essay:

            https://patriceayme.wordpress.com/2009/06/22/some-violence-in-holy-quran/

            Liked by 1 person

          • Patrice Ayme Says:

            Gates of Hell had given a secret 50 million dollars to The Guardian. That pseudo-left newspaper kept the gift from GOH secret for years. Now it’s known, but I am still banned… As if I were Bannon, or some other right wing deranged Jihadist, or whatever they want to call me…

            Liked by 1 person

        • johnscorner Says:

          Okay. Reading your further comments to mine: I continue—and am more and more—attracted to your desire “simply” to engage in open discussion/debate. “Let’s get the facts out there and then discuss their meanings!” . . . But so many people prefer to make up their minds about meanings, and then ignore or deny any and all facts that might imply another viewpoint is better.

          As I have already implied by my comment below, in which I ask for information or sources about Colbert and Colbertism, I am extremely interested in what sources you may recommend for a general view of world history as a whole, much less world history of the last century and a half or two. . . .

          ????

          Or perhaps you are working on a magnum opus?

          Like

          • Patrice Ayme Says:

            Thanks John! Yes, I am very conscious I need to write books, not just essays like bottles to the sea… So instead of finding links, I could just refer to (my) books…
            However, time has been short, though, and books are, like essays, full of choices. In the case of essays, it’s clear that one can only say a few things… It’s also the case in books, but it’s less blatant… I started a book on Rome, but I am afraid I am going to end like Gibbon… I have also a book on evil and… was told it was published (!!!!!!!!!!!!!!!!!!!) News to me…

            Anyway, what’s important, indeed, is the debate. I can debate anybody, including Hitler, Stalin and the virtually-existent Jesus… The debate is the teacher… I wrote a few things about Colbertism, and what I call Governmentalism… Rome, France, China are the three great exhibits in that one…

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      • johnscorner Says:

        Patrice: I had never heard of Colbert or Colbertism before. I had never considered economics from the perspective you offered in the 2010 article to which you linked. (Indeed, I have been deeply, deeply disturbed by the morally repugnant, obvious fraud involved in governments’ “sovereign debt”—borrowing money and offering notional repayment . . . repayment that cannot possibly be made in truth.)

        Yet despite the underlying fraud (as you note in your article: such loans are either amazing gifts OR they are major thefts), I would like to learn more about Colbert and Colbertism. Can you recommend some good sources? Is Colbert one of those persons (and Colbertism one of those subjects) that every French schoolchild learns about?

        Like

  4. Kevin Berger Says:

    Cannot but totally agree with that point. One can hope, the worst would be a return to business as usual, “after”, whatever that “after” might be, and how painful the transition will be. Which is why I am absolutely grateful for TD, in that he’s the mightiest of all accelerants, the great enzyme that helps decompose the US “soft power” (and, Loki be merciful, some others “hard” measures of power as well). He totally is the hero that the USA deserve, deep, good and hard, and the ROTW need.

    Worst case scenario would be a “palatable” US president winning this year, a “saviour type” à la Obama, who would allow returning to the old ways, as if nothing happened (exactly the sequence after GWB, though having a nigger prez drove the *real* USA so apeshit crazy, they elected their perfect embodiment to erase that humiliation, making ‘murica! great again,…).

    So, let’s really, really, really hope that whoever is pumping TD full of whatever drugs is used to hide his decay will be able to find the correct dosage – to make him last at least until November ! Afterward, TD may collapse into the sad senile husk of a man he really is, bless his heart, the powers behind him will be able to go on for 4 more years, and hopefully, further help heal the world from the USA. Qu’ils crèvent.

    Like

    • Patrice Ayme Says:

      This Coronavirus Deal changes everything. Indeed.
      There is no evidence Trump is senile, whatsoever. Biden obviously is experiencing some difficulties in memorization, but that doesn’t mean he is senile either. The reason to be against Biden is that he orchestrated the Iraq invasion, even inventing the WMD hoax… Bush followed Biden on that, 6 months later…

      Like

  5. Dan Elbert Says:

    Hi Patrice
    It seems our understanding of money,as a way to allocate society resources, is stuck in the 17th century. When there is a crisis governments are able to quickly “manufacture” money, but there is no clear theory to guide them. Also, a lot is simply stolen by the powerful interest groups, one way or the other. Which is also one of the reasons why economics doesn’t develop to a science level – too many affected interests and ideological baggage.

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    • Patrice Ayme Says:

      In the usual system, banks lend to… the rich. Hence the richer gets richer.
      Here, with this COVID stimulus, it’s actually more controlled.
      We have a war here… Take Tesla: they are making respirators, 1,200/week, after asking Medtronic how to make them… But who is going to pay their workforce to do nothing? It’s a general problem, all countries have opted for a solution similar to the US one…

      Like

  6. SDM Says:

    This may shed some light on the CARES disaster and failure of progressives in Congress as corruption reigns

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    • Patrice Ayme Says:

      OK, I listened to the whole thing… nothing there more virulent than what I said… when correct. The rest seriously cheap insane. This is not a progressive show, except in the sense of progressing into insanity. I was extremely disappointed by Sanders in the debate. Sanders was clearly bought off.
      Anyway, sad to say, Trump looks like a socialist relative to Obama-Biden-Sanders crowd. At this point (including salary caps, BTW, what Obama never did). Massey as a hero?
      Calling the 6.2 trillion the “biggest screwing ever” shows lack of everything, including socialism.
      Omar is a Jihadist princess from Somalia, she can’t go back there because she has nowhere to spend her money, there. And who are these two lunatics? Same family as the guy who got a medal from Trump?

      Many industries are getting “bailed out” sort of… They will still go down… it’s just a question of easing them down…

      OK, so we have a massive Communist plan, equal to 1/3 of GDP, and… I agree much more needs to be done, and that it could turn out sour. But so far, so good…

      AOC’s circus is pathetic. The whole thing is to pay salaries through the gap… However long it is… Meanwhile I am running out of rice and flour. Making my last bread. Two persons in my family, in their twenties have COVID in Madrid, and they are ailing bad. Enough.

      Then the following video was singing the praises of racist plutocrat JM Keynes… Presented as a glorious socialist… Some guy called Dr. Wolff… Well now the whole economy is close to a full stop…

      Like

    • Patrice Ayme Says:

      Besides, it’s the beginning of Medicare for All… OK, COVID for all… Free treatment, free everything? It’s going that way… Notice trump said nothing offensive, in this crisis against Medicare For All… But BIDEN did, accusing M4A to have caused the disaster in Italy, no less!

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    • Patrice Ayme Says:

      The other lunatic, the bold one, said “China bought us time”.
      Idiotic.
      Top doctors in Wuhan knew it was SARS mid December. The top woman doctor I talked about, Dr. Ai Fen, who said this, has now… disappeared.
      https://patriceayme.wordpress.com/2020/03/14/no-more-lies-please-reevaluation-of-all-values-v/

      Like

    • Patrice Ayme Says:

      Actually Dr Wolff is not bad…

      Like

  7. Michael Chadwick, AS Psychology, Fresno City College (2017) Says:

    Well first I wouldnt say its Trump’s fight. Second. I think that number is on the high end but considering this is something that will last for the next few months and effect the economy for months it is a need.

    Like

  8. TJJ2000 Says:

    TJJ2000
    March.28.2020 at 7:03 am
    I’m always amused by how those who are completely wrong have to write the longest comments on why their wrong is right.

    You just filled up a whole screen about how my labor and produce (which I receive USD$ for is supposedly worthless) because ___, because ___, because ____…. Your excuses don’t violate reality.

    FYI: TARP was repaid. The cost was returned. The people who were ripped off by AARA never were re-reimbursed. Neither will anyone of the CARES act. It’s the law preforming THEFT and no length of buts and because is going to change that.

    Like

    • Patrice Ayme Says:

      I am amused by the fact you brandish an insult (“completely wrong”)… But can’t even complete a sentence explaining what you are complaining about.
      As someone else said, TARP was repaid by those who profited immensely from it. The TARP money was extracted from We The People, and given to those plutocrats who had lost it to the other plutocrats (through short selling, etc.)
      TARP was not all: there was 7 trillion (with a t) dollars of Quantitative Easing… which enabled the wealthiest bank deciders to lend to the wealthiest.

      The end result was that, at the end of Obama’s reign, inequality in the US was the highest ever.

      The present Trump stimulus package seems more directed to the non-wealthy… And it’s probably not enough, probably… Saint Louis Fed just warned that 47 million jobs could be lost in the Spring quarter (on top of the 4 millions already lost).

      Like

    • TJJ2000 Says:

      March.28.2020 at 7:05 am
      More importantly “TARP was repaid” — by the VERY sector that received it and not some “other” party that got ripped off..

      Like

    • SteveDDD Says:

      SteveDDD
      March.29.2020 at 5:35 am
      “My my my…,” it’s ALL about YOU man. Nothing more needs to be said ’bout that.
      There is no cost for a currency sovereign IF the economy is operating in robust fashion. Paying back TARP reduced the money supply-recessionary!

      Like

      • TJJ2000 Says:

        TJJ2000
        March.29.2020 at 2:30 pm
        …and there is the problem… Lefties compulsively have this idea in their heads that what is MINE (i.e. My) isn’t.. It’s criminal!!!

        … and they’ll twist every which way they possibly can to justify their criminal ideology… Money Supply, Money means nothing, Currency isn’t really “owned”, etc.. etc.. etc..

        Same stupidity over and over and over again ALL excuses for why they have to STEAL from others.

        Like

        • TJJ2000 Says:

          TJJ2000
          March.29.2020 at 4:26 pm
          … and inside their own minds they’ll play this dishonest with themselves games about how, “It really isn’t like that” and they are right!! It really isn’t !!-LIKE-!! that… IT IS THAT EXACTLY!!!

          Like

  9. SteveDDD Says:

    SteveDDD
    March.29.2020 at 5:31 am
    Federal debt is nothing more than bank savings deposits at the Fed, a burden on no one, especially the Monetarily Sovereign US federal govt.

    Like

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