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HeerJeet's profile
Jeet Heer
Jeet Heer
Jeet Heer
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@HeerJeet

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Jeet HeerVerified account

@HeerJeet

1. Writer, The Nation https://www.thenation.com/authors/jeet-heer/ … 2. email: jeetheer1967 at gmail dot com 3. Twitter essayist 4. Drawn by Joe Ollmann

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Joined June 2012

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    1. Jeet Heer‏Verified account @HeerJeet 3 Aug 2020

      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.

      20 replies 259 retweets 966 likes
      Show this thread
      Jeet Heer‏Verified account @HeerJeet 3 Aug 2020

      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.

      9:09 AM - 3 Aug 2020
      • 81 Retweets
      • 356 Likes
      • Sudha Lakshmi Travis “WearTheDamnMask” LeFever Nicki Diocletian 👑💰💸🤑 Daniel Lerch Carlen Frank Heun 🇺🇦 pavedwalden (0/1 job) SamanthaAnnJaneMarie Loser Leaves
      6 replies 81 retweets 356 likes
        1. New conversation
        2. Jeet Heer‏Verified account @HeerJeet 3 Aug 2020

          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.

          19 replies 77 retweets 335 likes
          Show this thread
        3. Jeet Heer‏Verified account @HeerJeet 3 Aug 2020

          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.

          5 replies 84 retweets 331 likes
          Show this thread
        4. Jeet Heer‏Verified account @HeerJeet 3 Aug 2020

          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/ …

          5 replies 115 retweets 312 likes
          Show this thread
        5. Jeet Heer‏Verified account @HeerJeet 3 Aug 2020

          Jeet Heer Retweeted Victoria Guida

          6. A correction: the $7 trillion was used more broadly for treasuries and mortgage backed securities:https://twitter.com/vtg2/status/1290323741168349185 …

          Jeet Heer added,

          Victoria GuidaVerified account @vtg2
          This isn’t accurate. Guessing the $7T figure he’s referring to here is the size of the Fed’s entire balance sheet, which is mostly Treasuries & mortgage-backed securities. The amount the Fed has lent out directly for the benefit of nonfinancial biz is in the teens of billions. https://twitter.com/HeerJeet/status/1290319710400086016 …
          Show this thread
          19 replies 22 retweets 152 likes
          Show this thread
        6. End of conversation
        1. New conversation
        2.  ☮️ VOTING/WOMENS RIGHTS - GUN SAFETY‏ @noybsk2017 3 Aug 2020
          Replying to @HeerJeet

          Student loans should all be zero interest

          1 reply 0 retweets 5 likes
        3. Matt Thompson‏ @mvthomster 3 Aug 2020
          Replying to @noybsk2017 @HeerJeet

          If we thought of education as an investment in a strong cultural future for our country, it would just be free.

          1 reply 0 retweets 3 likes
        4. End of conversation
        1. New conversation
        2. Mike Konczal‏Verified account @rortybomb 3 Aug 2020
          Replying to @HeerJeet

          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 …

          2 replies 0 retweets 11 likes
        3. CHOAM Spice Contract Litigator‏ @GreySmithereens 3 Aug 2020
          Replying to @rortybomb @HeerJeet

          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.

          0 replies 0 retweets 2 likes
        4. End of conversation
        1. Mike Fraser‏ @bcmikejetsfan 3 Aug 2020
          Replying to @HeerJeet @LukeMiguez

          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.

          0 replies 0 retweets 2 likes
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        1. Jesse Wheeler‏ @JesseSprWheeler 3 Aug 2020
          Replying to @HeerJeet

          Pretty clear this “isn’t widely understood” by your next post in this thread that shows you don’t understand it

          0 replies 0 retweets 1 like
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