1. Some pundits have been puzzled by the fact Republicans are already embracing austerity, an odd choice before an election when they should be trying to juice up the economy. One answer is that they've already won the big stimulus fight: unlimited funds for Wall Street.
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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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Student loans should all be zero interest
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If we thought of education as an investment in a strong cultural future for our country, it would just be free.
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What's near zero? Here's the fact-sheet for PMCCF, which has not made a single loan; it's not zero but instead has a facilitation fee above market price. SMCCF, at about $44bn in loans (not trillions lol) is also definitely not purchasing at zero rates. https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200728a9.pdf …
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The entire thread isn't even right kn basic facts, as he acknowledges with a "correction" near the bottom. Hard to trust the grand economic narratives of a writer who can't even understand the basic conditions of the system he critiques.
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There are factual inaccuracies in this thread but it's semantics. The fact is that the markets have been nationalized. That's why they've been unhinged from actual the actual economy.
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Pretty clear this “isn’t widely understood” by your next post in this thread that shows you don’t understand it
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