The Paycheck Protection Program is basically a giveaway program to America's rich and well connected. The total dollar amount of the program is $660 billion. That is more than the yearly spending on America's military. This was the part of the CARES Act that was crammed through Congress despite warnings from some Democrats not to be hasty with the legislation. Enough coercion from senior Congress-critters muted efforts for strongly worded legislation as to who could benefit.
After being signed into law by the president, the mandated Inspector General was fired so there was no oversight as to the disbursement of funds. It was administered through the banks and there were plenty of reported transgressions. I'm sure laws were broken, fraud took place, but the peasants got their $1200 even as the rich and connected got millions.
Now the Treasury Department is saying they are not going to tell anyone who got the money...we just have to trust them.
Sometimes AOC is right.
https://www.usatoday.com/story/money/2020/06/13/mnuchin-ppp-small-business-loans-covid-19-aid/3182772001/
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A Bailout for the Rich & Well Connected
By Misc
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2020 Jun 14, 10:07pm
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APOCALYPSEFUCKisShostakovitch
ignore (60) 2020 Jun 15, 10:53am ↑ like (0) ↓ dislike (0) quote
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APOCALYPSEFUCKisShostakovitch
ignore (60) 2020 Jun 15, 10:53am ↑ like (0) ↓ dislike (0) quote
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Why do you HATE! SUCCESS! ?
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Misc
ignore (0) 2020 Jun 16, 6:44am ↑ like (0) ↓ dislike (0) quote
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We should play a guessing game, as to how much your Congress-critter and their families got.
https://www.politico.com/news/2020/06/16/congress-small-business-loan-320625
You and your $1200, while they got millions.
https://www.politico.com/news/2020/06/16/congress-small-business-loan-320625
You and your $1200, while they got millions.
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Cash
ignore (1) 2020 Jun 16, 7:06am ↑ like (0) ↓ dislike (0) quote
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All the big dogs came together wrote the bill and then while congress was voting it in, they all already had their fingers on the go button to receive every cent possible
for their representative groups and why very few small businesses got nary a penny, it was gone before the last vote was in...
for their representative groups and why very few small businesses got nary a penny, it was gone before the last vote was in...
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Misc
ignore (0) 2020 Jun 17, 3:30am ↑ like (0) ↓ dislike (0) quote
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Treasury doesn't want to make the list public because it could become a hit-list for rampaging mobs.
Take California for example. I'm sure that there were plenty of connected people that got millions in the state. Meanwhile 20% of renters didn't make this month's rent payment. In a state of 45% renters with a 39 million population that means about 3 million people are looking at getting economically displaced in the state. The governor has a moratorium in place barring evictions until the end of July. All of a sudden, 3 million people are going to be scampering wondering what will happen to them. There will be a certain amount of social friction between those losing their residency and those who got a more substantial bailout.
Police are going to have a very difficult job. The potential for atrocities is high.
Take California for example. I'm sure that there were plenty of connected people that got millions in the state. Meanwhile 20% of renters didn't make this month's rent payment. In a state of 45% renters with a 39 million population that means about 3 million people are looking at getting economically displaced in the state. The governor has a moratorium in place barring evictions until the end of July. All of a sudden, 3 million people are going to be scampering wondering what will happen to them. There will be a certain amount of social friction between those losing their residency and those who got a more substantial bailout.
Police are going to have a very difficult job. The potential for atrocities is high.
Not to mention this stock market rally is just another bail out opportunity for corp and all the big league players to sell into all the Federal Reserves
Buying... Why the retail smalls stack up buys for the big sell-off soon to come