Thursday, 26 March 2020

Pigs in Suits

It seems Trudeau is following suit from the "other"politicians on oversight of funds-the US Treasury is doing the same. New Replublic.com states Goldman Sachs predicts millions of unemployment claims and a 24 percent drop in gross domestic product. These numbers, much more than any numbers from the WHO, seemed to instill a sense of urgency in congressional Republicans. Senate Majority Leader Mitch McConnell, a man singularly unsuited to the moment, roused himself last week to craft an economic rescue package.

The result was, effectively, a $500 billion slush fund designed to be doled out at the sole discretion of Treasury Secretary Steven Mnuchin, with no independent oversight, state aid, or way of disclosing who had received corporate aid for six months. Whatever protections were offered to workers were weak. In its design, and in the panicky desperation to pass it without argument, the bill resembled a repeat of the Troubled Asset Relief Program, crafted by people who thought the problem with the original TARP was that it included far too much oversight and transparency.

The GOP is not trying to rescue what we quaintly refer to as the real economy so much as it is desperately working to preserve an economic hierarchy. Conservatives want to ensure that no one important has to take a haircut. An airline “needs” to be rescued not to make sure that all the people who work for it still get their paychecks, but to prevent the largest shareholders from bearing the brunt of the failure and to keep its current executives and directors in charge when the smoke clears.

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