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beneficii
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24 Mar 2020, 11:56 am

Matt Stoller just put out this tweet a few minutes ago, as he summarizes the current "debate" over the rescue package bill in the Senate:

Quote:
Just listening to the Senate floor. It's a line of Republican Senators accusing Democrats of treason with an occasional Democratic Senator sometimes giving a speech on how bipartisan everyone is being and telling the GOP not to lose heart.

Bizarro land.


https://twitter.com/matthewstoller/stat ... 2218155009

Why are Democrats so willing to sheepishly work with a party that routinely calls them traitors?


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24 Mar 2020, 12:23 pm

The Republicans are trying to pass a rescue package for a country going through its greatest crisis in at least 75 years and arguably 100. There might be some elements to that rescue package that you (generally) object to but it is extremely difficult to properly frame those objections without making it look like you object to the concept of the rescue package, or you’re only objecting to the specific package for partisan reasons, etc.

People’s lives are at stake, not just from the virus but from the collapse of the world economy. You can’t refuse to do something about it because someone called you a name. Electorally that just won’t fly.



beneficii
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24 Mar 2020, 12:43 pm

The_Walrus wrote:
The Republicans are trying to pass a rescue package for a country going through its greatest crisis in at least 75 years and arguably 100. There might be some elements to that rescue package that you (generally) object to but it is extremely difficult to properly frame those objections without making it look like you object to the concept of the rescue package, or you’re only objecting to the specific package for partisan reasons, etc.

People’s lives are at stake, not just from the virus but from the collapse of the world economy. You can’t refuse to do something about it because someone called you a name. Electorally that just won’t fly.


What I think it means is that Republicans are the de facto rulers of the country, and get to set the tone for discussion. If they can just flippantly call what is supposed to be an equal opposition party "traitors" for expressing their concerns and proposing alternatives, while no way, the Democrats can never do that, then the Republicans are the ones in charge de facto.

And if you think about it, they've been like that for a long while. The Democrats tried to strike back with Russiagate and pointing out what is possibly actual treason, but it didn't really work and fizzled out. And the Democrats are weak when it comes to policies that Republicans oppose, like fighting climate change. The Paris Accords, for example, were weak and probably would have had little to no significant effect on the course of climate change. And yet, that was the best the US can do.

Because of Republicans' de facto rule regardless of election results, I fail to see what difference voting for one party can make over another. We tried it with Bernie, but Bernie was too weak, and not willing enough to attack Biden and the other Democrats.

To fight climate change, we need a world revolution. The United States is unfit to lead the world against climate change. Europe and other polities should begin the process of dumping the dollar, stop using it as a reserve currency, and create international agreements for the purpose of marginalizing the United States if they're really serious about fighting climate change. It will be a long time before the US is serious enough to do it.


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beneficii
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24 Mar 2020, 12:49 pm

Pelosi has failed to really push an alternative herself. She came out with a bill days late, basically shuttered the house to any vote unless it's by unanimous consent, and is basically conceding to the Republicans. The bill in question would implement a temporary UBI. Whereas the Senate bill, of course, creates a slush fund for big corporations for the Trump Administration to in effect hand out as it pleases.

This is basically a coup by the Republicans.


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beneficii
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24 Mar 2020, 12:54 pm

Quote:
Economics and Finance Professors from Major Universities Write to Congress : “Bail Out People Before Large Corporations”

“Bailouts allow investors to keep all the profits in good times without bearing the losses in bad times. Instead, bailouts impose losses on taxpayers, including those most in danger of losing their paychecks,” 40 leading economists argue in a letter to the Congress regarding the $2 trillion package that’s meant to mitigate the economic impact of the coronavirus outbreak.


https://promarket.org/economics-and-fin ... porations/

The economic slowdown due to coronavirus has caused a massive drop in carbon emissions. If the Republicans are just going to end up propping up the same industries that would bring carbon emissions back up, IMO, it's better to stand strong and let the whole thing burn down. Support people, not big corporations.


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24 Mar 2020, 12:56 pm

The_Walrus wrote:
The Republicans are trying to pass a rescue package for a country going through its greatest crisis in at least 75 years and arguably 100. There might be some elements to that rescue package that you (generally) object to but it is extremely difficult to properly frame those objections without making it look like you object to the concept of the rescue package, or you’re only objecting to the specific package for partisan reasons, etc.

People’s lives are at stake, not just from the virus but from the collapse of the world economy. You can’t refuse to do something about it because someone called you a name. Electorally that just won’t fly.
I have heard there close to a deal but it's still tentative at this point.


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beneficii
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24 Mar 2020, 12:58 pm

Bailing out Wall Street won't save lives. Creating a slush fund for the Trump Administration to hand out as it pleases will not save lives. What saves lives is supporting hospitals, getting tests out, and supporting people as they isolate at home.


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beneficii
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24 Mar 2020, 1:13 pm

Adam Levitin of Georgetown University says the GOP Senate bill's slush fund is theft of the taxpayers, robbing the poor to pay the rich, a kind of bizarro Robin Hood.

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The contrast between the terms of the $300 billion title I small business loan guaranty funds and the $425 billion title IV facility for big businesses are instructive. The title I small business funds are tightly tied to payroll. The loan amount is limited to 2.5x 2019 payroll for workers earning under $100,000, and the loan proceeds can be used only for payroll and related expenses.

Similarly, the $75 billion in title IV airline/aerospace funds require the recipients to maintain their March 13, 2020 employment levels to the extent practicable while the loan is outstanding, to limit executive compensation, and to refrain from stock buybacks.

But the only restriction for the $425 billion in general title IV funds is a weak limitation on stock buybacks. There is no requirement of maintaining employment and no executive compensation limitations, much less a limitation on dividends. Now to be sure, some of the title IV recipients will be state and local governments, but given that this is a facility for non-creditworthy borrowers (that's why the Treasury guaranty is needed) that probably excludes most state/local governments. Instead, most of the recipients will be big businesses, including publicly traded companies.

So what does this mean? Imagine a business such as a hotel chain or cruise line that is looking at massively reduced business for some time going forward. What is it likely to do? It will take the federal money, lay off workers (who will get taxpayer funded unemployment insurance), and then increase executive compensation or pay dividends to shareholders with a cheap government loan. Only about half the US population owns corporate stock in any amount, and most in very small amounts, and 84% of stock is owned by just 10% of households. Those happen to be the wealthiest households in the country, that is those households that are in the least need of assistance.

Now it is possible that some businesses will need funding for non-employment operating expenses, such as financing inventory. But surely we do not need $425 billion in inventory funding. The $425 billion slush fund for big businesses needs to be tightened up a lot more. If that means delaying it for a COVID 4.0 bill, that's what should be done. Because right now it looks like a massive giveaway of taxpayer funds to benefit corporate executives and shareholders.


https://www.creditslips.org/creditslips ... -rich.html


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cosine
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24 Mar 2020, 1:22 pm

the thing congress seems to always do wrong is "legislative bundling". they bundle two or more things together so they can get others to vote for things they would not vote for. and many times they do the opposite, putting in things that are very bad just to get others to vote against the whole thing.

what i suggest is to unbundle the bill and have a vote on each part, separately. let them negotiate each part under the understanding of separate voting to come.

i am all for the UBI ... 1,500 monthly forever. UBI keeps economies more stable because people won't tend to stop spending when there is a small downturn in the economy. otherwise, that makes the downturn worse. UBI helps avoid that and flattens the economic curve.



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24 Mar 2020, 2:08 pm

cosine wrote:
the thing congress seems to always do wrong is "legislative bundling". they bundle two or more things together so they can get others to vote for things they would not vote for. and many times they do the opposite, putting in things that are very bad just to get others to vote against the whole thing.

what i suggest is to unbundle the bill and have a vote on each part, separately. let them negotiate each part under the understanding of separate voting to come.

i am all for the UBI ... 1,500 monthly forever. UBI keeps economies more stable because people won't tend to stop spending when there is a small downturn in the economy. otherwise, that makes the downturn worse. UBI helps avoid that and flattens the economic curve.
That"s why the president should have the "line item veto",to take the teeth out of the bundling technique.


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24 Mar 2020, 2:50 pm

This is the end game.

We cannot borrow these kinds of numbers.

Stimulus 2 trillion, Fed purchases 3 trillion, national deficit 1 trillion, 1 trillion for money markets, ... 7 trillion of newly created money this year.

Who will loan to us at near 0 percent rates when they can see that we're printing gazillions?

The game is to print, print, print.


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24 Mar 2020, 4:17 pm

beneficii wrote:
The_Walrus wrote:
The Republicans are trying to pass a rescue package for a country going through its greatest crisis in at least 75 years and arguably 100. There might be some elements to that rescue package that you (generally) object to but it is extremely difficult to properly frame those objections without making it look like you object to the concept of the rescue package, or you’re only objecting to the specific package for partisan reasons, etc.

People’s lives are at stake, not just from the virus but from the collapse of the world economy. You can’t refuse to do something about it because someone called you a name. Electorally that just won’t fly.


What I think it means is that Republicans are the de facto rulers of the country, and get to set the tone for discussion. If they can just flippantly call what is supposed to be an equal opposition party "traitors" for expressing their concerns and proposing alternatives, while no way, the Democrats can never do that, then the Republicans are the ones in charge de facto.

And if you think about it, they've been like that for a long while. The Democrats tried to strike back with Russiagate and pointing out what is possibly actual treason, but it didn't really work and fizzled out. And the Democrats are weak when it comes to policies that Republicans oppose, like fighting climate change. The Paris Accords, for example, were weak and probably would have had little to no significant effect on the course of climate change. And yet, that was the best the US can do.

Because of Republicans' de facto rule regardless of election results, I fail to see what difference voting for one party can make over another. We tried it with Bernie, but Bernie was too weak, and not willing enough to attack Biden and the other Democrats.

To fight climate change, we need a world revolution. The United States is unfit to lead the world against climate change. Europe and other polities should begin the process of dumping the dollar, stop using it as a reserve currency, and create international agreements for the purpose of marginalizing the United States if they're really serious about fighting climate change. It will be a long time before the US is serious enough to do it.

The Republicans aren't the de facto rulers of the federal government, they have de jure control over two of the three elected "bodies" and can stop a supermajority in the other. Pelosi and Schumer have to work with them.

I disagree that the Republicans rule the country regardless of who is in power. If Hillary Clinton was president, you would still be in the Paris Agreement, you wouldn't have your stupid record-breaking shutdown last year over a border wall, you would be respected on the international stage. There would be peace with Iran and no threat of nuclear war with North Korea. Congress would probably be blocking progress on healthcare, college reform, and other issues, but they'd have to justify it to their constituents rather than ignoring it completely. You'd have six Supreme Court judges who think the constitution prevents discrimination and allows for abortion. In other words, it would be like the Obama years (but with a stronger Supreme Court). If you want to stop feeling like you live in a country ruled by Republicans, put a Democrat in the White House and shore up their ranks in Congress.

I can understand why you'd have been sceptical about Paris at the time - I certainly was - but it has genuinely had an impact that Kyoto did not. Even without the US federal government on board, many of the key US states are prepared to take the necessary steps, and private companies are taking things into their own hands. And in other countries, we are seeing the necessary steps being taken. Yes, if America completely ignored Paris then it would be another Copenhagen and we'd be completely screwed, but the chances are that in November, if you and people like you work for it, President Elect Biden will announce that one of his first priorities will be to rejoin the agreement. Maybe Elizabeth Warren becomes Secretary of the Treasury, and Stacey Abrams becomes VP and, after two years, the most left-wing President since Roosevelt.

If on the other hand you decide that your only hope is if your former allies turn against you in a serious way, then Mr Trump will win another term, he will probably appoint replacements for RBG and Breyer who make Clarence Thomas look like Anthony Kennedy, maybe China follows your lead in pulling out of Paris, maybe Roe vs Wade gets overturned, maybe the fascists marching on your streets take over a state. Certainly say goodbye to better gender recognition or free healthcare.

I can tell you now, the US matters too much for the rest of us to screw you over. Lots of politicians who hate Trump have been smiling through gritted teeth with him because they can't afford to piss you off. Any gamble they took to strongarm you into action would fail due to the prisoner's dilemma and because their opponents would campaign against it.

Revolution is not possible. A better world is possible if you make it happen. Do not give up.



beneficii
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24 Mar 2020, 11:48 pm

Democrats also need to focus on getting checks to Americans ASAP, and not try to do useless things like making carbon emissions slightly stricter. Pelosi's bill doesn't keep it simple, and gives the GOP an excuse to ignore it. But if Pelosi put forth a bill that puts checks in the hands of Americans and it passes the House, that would give Democrats leverage over the GOP in the Senate.


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25 Mar 2020, 12:26 am

beneficii wrote:
Democrats also need to focus on getting checks to Americans ASAP, and not try to do useless things like making carbon emissions slightly stricter. Pelosi's bill doesn't keep it simple, and gives the GOP an excuse to ignore it. But if Pelosi put forth a bill that puts checks in the hands of Americans and it passes the House, that would give Democrats leverage over the GOP in the Senate.

It looks like another day until an agreement ,they may add 200 per month to SS checks but of coarse that has to pass first.


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25 Mar 2020, 8:07 am

it's settled .. $1200 per individual based on 2018 or 2019 adjusted gross income (NOT Modified adjusted gross income)


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25 Mar 2020, 8:17 am

Image

What the GOP is Doing While You Struggle to Breathe
by Jim Sorensen

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Source:
The Nib, 2020-03-25