2. It's not widely understood, but on March 23 the Federal Reserve made a radical decision that fundamentally changed the nature of American capitalism: they would now start lending money (at near zero interest) to non-financial corporations.
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3. Leveraging $454 billion allocated by Congress, the Federal Reserve has lent more than $7 trillion to private companies, with no strings attached. This has emboldened private lenders to re-enter market. This is the jet fuel powering stock market even amid economic collapse.
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4. In 2008, the Washington elite decide the big banks were "too big to fail." Now it turns out Wall Street as a whole is too big to fail. The Federal government is now the silent partner of big business: a silent partner that makes no demands on management.
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5. Some further thoughts on the larger shape of the new economy: unlimited looting by Wall Street and austerity for the working class:https://www.thenation.com/article/economy/bipartisan-cares-act-unemployment/ …
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6. A correction: the $7 trillion was used more broadly for treasuries and mortgage backed securities:https://twitter.com/vtg2/status/1290323741168349185 …
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They're just doing it to load the chamber before firing on what they largely expect to be a Biden presidency come January. It's political cover.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Or they know they’re gonna lose and are starting the anti stimulus narrative early
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I think this is too clever by half. Trump doesn't know he's going to lose, and if he did, he absolutely would not care about the Republican Party's medium term future. (Mnuchin has no particular reason to care about that, either)
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They embrace austerity when there is a Democrat in office. They know Trump is losing so they are getting ready to blame the debt on Dems as soon as Biden is declared winner.
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neither you nor Jeet answer the question he posed. Why are Republicans sabotaging the economy before the election? It's ideology. They've become divorced from the reality of the voters and working people. How much did the Fed's blank check ameliorate Q2's economic decline?
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