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The major changes announced today mirror the top requests of the oil and gas industry. That raises questions about how the changes promote the broader public interest -- especially when these companies will still have no real obligation to retain or rehire their workers. 1/https://twitter.com/federalreserve/status/1255859971230765057 …
First change: The Fed originally said companies couldn’t use generous taxpayer-backed loans to refinance existing debt. Today, it said companies could. Here’s an oil and gas lobbying group asking for that exact change two weeks ago. 2/ https://files.constantcontact.com/8df2ce19301/1f68ad37-7a3f-405b-bfe5-abdece754cdc.pdf …
Second change: The Fed originally said the maximum loan was $150 million. Today, it said it would be $200 million. Here’s the Energy Secretary saying two weeks ago the loans needed to be at least $200 million to help oil and gas companies. 3/ https://www.nytimes.com/reuters/2020/04/17/business/17reuters-health-coronavirus-usa-oil-credit.html …
Third change: The Fed originally set a strict limit on how indebted a company could be to get a loan. Today, it dramatically weakened that limit. Here’s a letter describing the original limit as a problem for oil and gas companies. 4/ https://www.cruz.senate.gov/files/documents/Letters/4.24.2020%20Oil%20Gas%20Fed%20Lending%20Facility%20Letter.pdf …
Here’s one change the Treasury and the Fed didn’t make: they didn’t create any meaningful requirement that companies that get taxpayer-backed loans keep workers on payroll. They also didn’t add any requirement that those companies try to rehire workers they’ve already fired. 5/
The Fed and the Treasury should be transparent about why they made these changes today -- and rejected others that were focused on trying to keep workers employed or get them back on payroll. END
Thank you for your work. This is absolutely demoralizing.
The small businessperson struggles while the Titans of Industry rewrite the rules in their favor and grab the loot. "...some will rob you with a six gun, and some with a fountain pen." Please keep telling us the truth about where this money is going. Thanks.
Same old shit, different day. Money talks and bull shit walks
Good time to retweet this news about the call for a NATIONAL MONETARY COMMISSION
https://twitter.com/DLHillman/status/1254070264985530368?s=20 …
@AllianceJust
Alliance for Just Money is the action spin-off of American Monetary Institute, advocating for the "science" & democratization of money for 30+ years.
Also, from @PublicBanksNow
Emergency $$ plans & mechanisms
--3 funding sources for states (no need for Congress)
April 22 LETTER to GOVERNORS & STATE TREASURERS
https://publicbankinginstitute.org/2020/04/22/pbi-experts-how-state-officials-can-save-main-street-in-the-face-of-covid-19-with-three-urgent-actions/ …
--Postal savings accounts: Save USPS
April 9 LETTER TO CONGRESS
https://publicbankinginstitute.org/2020/04/08/pbis-open-letter-to-congress-a-critical-care-bailout-for-main-street-in-the-face-of-covid-19/ …
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