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(The Hill)   The next Coronavirus relief bill may top $1 trillion   (thehill.com) divider line
    More: Followup, Nancy Pelosi, Mitch McConnell, United States Senate, Rachel Maddow, Democratic Party, 110th United States Congress, Bill Clinton, Florida Democrat  
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1080 clicks; posted to Politics » on 07 Apr 2020 at 10:35 AM (17 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-04-07 7:29:30 AM  
Fark user imageView Full Size
 
2020-04-07 8:07:29 AM  
Based on Wisconsin, if the Democrats can't secure the elections in this bill, there might be trouble
 
2020-04-07 8:15:48 AM  
How much of that is for Jared for buy himself more PPE?
 
2020-04-07 9:34:44 AM  
Well, to be fair, the rich can't get any richer without government help.
 
2020-04-07 9:59:54 AM  
Print all he money!

This is a "quick fix" so people can pay a few bills. It will help in the immediate short term.

The long term effects of all of this printing will be staggering. We are seeing the beginning of the destruction of purchasing power. Every major central bank right now went to their local Kinko's to print their way out of this. The Fed's balance sheet added over a trillion within the last 6 months.

They are trying to reinflate a donut that has a slash in the side.
 
2020-04-07 10:09:32 AM  
That's what Trump's first tax cut for the top 1% cost.
 
2020-04-07 10:36:21 AM  

Albert911emt: Well, to be fair, the rich can't get any richer without government help.


Considering the last one was really $6 trillion not $2.2 trillion.
 
2020-04-07 10:36:24 AM  
The next Coronavirus relief bill may top $1 trillion

That won't be enough either.
 
2020-04-07 10:36:37 AM  
And the people who need it most still wont get anything.
 
2020-04-07 10:37:30 AM  

Gubbo: Based on Wisconsin, if the Democrats can't secure the elections in this bill, there might be trouble


Given how this works elections will somehow become less secure
 
2020-04-07 10:39:05 AM  

leehouse: Gubbo: Based on Wisconsin, if the Democrats can't secure the elections in this bill, there might be trouble

Given how this works elections will somehow become less secure


It's easy for me to say it cause I'm not impacted. But this should be a line in the sand item for the Democrats. Either it happens, or the bill doesn't happen.

And they can go on tv and explain to the nation why the GOP won't let them vote safely.
 
2020-04-07 10:41:05 AM  
Too small
 
2020-04-07 10:41:49 AM  
media.giphy.comView Full Size
 
2020-04-07 10:42:55 AM  

VisualiseThis: And the people who need it most still wont get anything.


Yup, I submitted my application for the EIDL for my small business 8 days ago, haven't heard a peep since and nobody at the SBA can help...
 
2020-04-07 10:43:36 AM  
mint the coin you cowards
 
2020-04-07 10:43:52 AM  
Probably like so many others, I still haven't figured out what to do with all of the first installment of COVID-19 cash so I really don't know what I'm going to do with the next windfall.
 
hej
2020-04-07 10:44:26 AM  
Why stop there?  Money is imaginary these days anyways.
 
2020-04-07 10:45:05 AM  

Befuddled: Probably like so many others, I still haven't figured out what to do with all of the first installment of COVID-19 cash so I really don't know what I'm going to do with the next windfall.


Has it been 2 weeks already?
 
2020-04-07 10:46:00 AM  
The next Coronavirus relief bill may top $1 trillion


We're going to have to spend another Mideast War.
 
2020-04-07 10:47:04 AM  
i.imgur.comView Full Size

Socialism for the rich.
Company scrip for the poor.
 
2020-04-07 10:48:42 AM  

VisualiseThis: And the people who need it most still wont get anything.


This is the rub. In this household I think we ought to have $2400 on the way which we don't NEED. However, we need it a hell of a lot more than the billions the corporations will be rolling around in though.

Right now, with people out of work, we will need more than anything else rent/mortgage forgiveness plus a food allowance for a minimum of 3-6 months. Basically give UBI a try. Problem is once we have a taste of that sweet sweet socialism the GOP will lose their grip over the country.
 
2020-04-07 10:49:47 AM  

AsparagusFTW: Print all he money!

This is a "quick fix" so people can pay a few bills. It will help in the immediate short term.

The long term effects of all of this printing will be staggering. We are seeing the beginning of the destruction of purchasing power. Every major central bank right now went to their local Kinko's to print their way out of this. The Fed's balance sheet added over a trillion within the last 6 months.

They are trying to reinflate a donut that has a slash in the side.


That is a real concern, but I'm not as terrified of hyperinflation as I am of the massive consolidation we're going to see coming out of this.
 
2020-04-07 10:50:12 AM  
It's a Pelosi bill. It was dead before she even wrote the idea down.
 
2020-04-07 10:52:34 AM  

powhound: Basically give UBI a try. Problem is once we have a taste of that sweet sweet socialism the GOP will lose their grip over the country.


not if they're the ones handing the money out, like Josh Hawley wants
 
2020-04-07 10:58:07 AM  
We've bailed out the big businesses.  Now let's refocus on small businesses and the workers.  $1200 while nice isn't nearly enough to cover the lost income for most people who have lost their jobs.
 
2020-04-07 10:58:57 AM  

powhound: Right now, with people out of work, we will need more than anything else rent/mortgage forgiveness plus a food allowance for a minimum of 3-6 months.


Probably can't do a rent/mortgage forgiveness without actually paying the landlords/lenders so might as well give people money rather than funnel it into the landlords/lenders pockets directly.
 
2020-04-07 11:04:30 AM  

powhound: This is the rub. In this household I think we ought to have $2400 on the way which we don't NEED. However, we need it a hell of a lot more than the billions the corporations will be rolling around in though.


True, but others need that money, and you'll spend it so the money will change hands from yours to others.
Especially if you spend it at a small or local business, instead of giving it to Walmart or Amazon.
 
2020-04-07 11:06:40 AM  
Shovel ready jerbs yall!

Get your shovels ready...

You will be burring your neighbors soon
 
2020-04-07 11:07:08 AM  

ThatSillyGoose: powhound: This is the rub. In this household I think we ought to have $2400 on the way which we don't NEED. However, we need it a hell of a lot more than the billions the corporations will be rolling around in though.

True, but others need that money, and you'll spend it so the money will change hands from yours to others.
Especially if you spend it at a small or local business, instead of giving it to Walmart or Amazon.


Probably use it to finish off my car loan, which is funded through a local bank if that counts.
 
2020-04-07 11:08:02 AM  
2nd bill?

I have yet to see or hear from anyone where that FIRST check went, and rent is due, along with cable and electric.  By the time people see the first check they'll be able to use it to buy a tent and live in a parking lot.
 
2020-04-07 11:09:50 AM  

lilplatinum: powhound: Right now, with people out of work, we will need more than anything else rent/mortgage forgiveness plus a food allowance for a minimum of 3-6 months.

Probably can't do a rent/mortgage forgiveness without actually paying the landlords/lenders so might as well give people money rather than funnel it into the landlords/lenders pockets directly.


Yeah, I did mention a trial run at UBI for that. It was the next sentence down. It really is the most efficient way to distribute money to the masses. I'm not super coherent ever but decidedly worse in the morning.
 
2020-04-07 11:20:24 AM  

VisualiseThis: And the people who need it most still wont get anything.


Uh hello? I'm seeing checks for as much as $1300 out of this. Maybe even $1350.
 
2020-04-07 11:23:00 AM  
Great, my family needs toilet paper, among other things. Maybe some meat would be nice...
 
2020-04-07 11:23:04 AM  
Nothing matters until we get UBI and univeral health care.

It's the only way to ensure people can stay at home when they are supposed to in order to protect public health.
 
2020-04-07 11:23:24 AM  

AsparagusFTW: Print all he money!

This is a "quick fix" so people can pay a few bills. It will help in the immediate short term.

The long term effects of all of this printing will be staggering. We are seeing the beginning of the destruction of purchasing power. Every major central bank right now went to their local Kinko's to print their way out of this. The Fed's balance sheet added over a trillion within the last 6 months.

They are trying to reinflate a donut that has a slash in the side.


What's the alternative? 35% unemployment? Mortgages will default, banks will fail, the unemployed will hit the streets some to protest some to commit crime.

Guess we take our chances with inflation.
 
2020-04-07 11:26:07 AM  

VisualiseThis: And the people who need it most still wont get anything.


Hey, if they super rich can't afford  to buy a pair of ultra yachts to dock the mega yachts in then the terrorists win.
 
2020-04-07 11:29:11 AM  

js34603: AsparagusFTW: Print all he money!

This is a "quick fix" so people can pay a few bills. It will help in the immediate short term.

The long term effects of all of this printing will be staggering. We are seeing the beginning of the destruction of purchasing power. Every major central bank right now went to their local Kinko's to print their way out of this. The Fed's balance sheet added over a trillion within the last 6 months.

They are trying to reinflate a donut that has a slash in the side.

What's the alternative? 35% unemployment? Mortgages will default, banks will fail, the unemployed will hit the streets some to protest some to commit crime.

Guess we take our chances with inflation.


Thats the thing.

Despite all this printing we will still massive layoffs, mortgage defaults, etc. It is a "quick" fix, but we will have to pay for it later down the road with Zimbabwe dollars, no wage growth, and massive inflation.
 
2020-04-07 11:31:12 AM  

AsparagusFTW: Print all he money!


Sexist.
 
2020-04-07 11:32:35 AM  
If it includes another $1,200 check I'm all for it.

//most likely another bailout to corporations and nothing for the people.
 
2020-04-07 11:42:43 AM  

I hereby demand that I be given a Fark account: It's a Pelosi bill. It was dead before she even wrote the idea down.


As long as she sticks to inflating the programs that were in relief2 it will pass.  If she starts putting in extraneous wishlist stuff it is going to hit a roadblock.
 
2020-04-07 11:43:45 AM  

Mugato: That's what Trump's first tax cut for the top 1% cost.


10 years vs 2 weeks
 
2020-04-07 11:44:13 AM  
Cool I can't wait to see which big business get the money this time
 
2020-04-07 11:56:57 AM  

AsparagusFTW: Print all he money!

This is a "quick fix" so people can pay a few bills. It will help in the immediate short term.

The long term effects of all of this printing will be staggering. We are seeing the beginning of the destruction of purchasing power. Every major central bank right now went to their local Kinko's to print their way out of this. The Fed's balance sheet added over a trillion within the last 6 months.

They are trying to reinflate a donut that has a slash in the side.


*facepalm*

It's not remotely like printing money.
 
2020-04-07 11:57:49 AM  
 
2020-04-07 12:04:26 PM  

Badmoodman: The next Coronavirus relief bill may top $1 trillion

That won't be enough either.


Without much needed oversight, which President farkup ignores, the GOP will keep taking it for themselves and their pals adding more and more to the total.
 
2020-04-07 12:06:15 PM  

vygramul: AsparagusFTW: Print all he money!

This is a "quick fix" so people can pay a few bills. It will help in the immediate short term.

The long term effects of all of this printing will be staggering. We are seeing the beginning of the destruction of purchasing power. Every major central bank right now went to their local Kinko's to print their way out of this. The Fed's balance sheet added over a trillion within the last 6 months.

They are trying to reinflate a donut that has a slash in the side.

*facepalm*

It's not remotely like printing money.


The treasury will issue bonds because we don't have enough revenues.
The Fed will print and buy those bonds off of the secondary market.
 
2020-04-07 12:11:55 PM  
I've completed stopped buying anything but the essentials including food, rent and healthcare.  After the 'corona wave 1# ends, that's not going to change because we can't trust the government to provide for people during a time of actual crisis. Those 10M jobs are never coming back and it's going to get worse. Things will never be the same and (previously) crowded restaurants/theaters or sports arenas will now go bankrupt.
 
2020-04-07 12:13:21 PM  

AsparagusFTW: vygramul: AsparagusFTW: Print all he money!

This is a "quick fix" so people can pay a few bills. It will help in the immediate short term.

The long term effects of all of this printing will be staggering. We are seeing the beginning of the destruction of purchasing power. Every major central bank right now went to their local Kinko's to print their way out of this. The Fed's balance sheet added over a trillion within the last 6 months.

They are trying to reinflate a donut that has a slash in the side.

*facepalm*

It's not remotely like printing money.

The treasury will issue bonds because we don't have enough revenues.
The Fed will print and buy those bonds off of the secondary market.


Short-term bonds and money are near perfect substitutes. If I give you an IOU, I can swap cash for that IOU all day long and the total value of financial instruments out in the economy remains exactly the same.
 
2020-04-07 12:17:17 PM  

vygramul: AsparagusFTW: vygramul: AsparagusFTW: Print all he money!

This is a "quick fix" so people can pay a few bills. It will help in the immediate short term.

The long term effects of all of this printing will be staggering. We are seeing the beginning of the destruction of purchasing power. Every major central bank right now went to their local Kinko's to print their way out of this. The Fed's balance sheet added over a trillion within the last 6 months.

They are trying to reinflate a donut that has a slash in the side.

*facepalm*

It's not remotely like printing money.

The treasury will issue bonds because we don't have enough revenues.
The Fed will print and buy those bonds off of the secondary market.

Short-term bonds and money are near perfect substitutes. If I give you an IOU, I can swap cash for that IOU all day long and the total value of financial instruments out in the economy remains exactly the same.


That's assuming we payoff the bonds.

We just roll the bonds into new bonds to payoff old bonds because we never have enough revenues. Yeah, they'll get paid back short term, but we had to raise more money through other bond sales to pay it back. It'll be constantly rolled into new debt.
 
2020-04-07 12:21:58 PM  

AsparagusFTW: vygramul: AsparagusFTW: vygramul: AsparagusFTW: Print all he money!

This is a "quick fix" so people can pay a few bills. It will help in the immediate short term.

The long term effects of all of this printing will be staggering. We are seeing the beginning of the destruction of purchasing power. Every major central bank right now went to their local Kinko's to print their way out of this. The Fed's balance sheet added over a trillion within the last 6 months.

They are trying to reinflate a donut that has a slash in the side.

*facepalm*

It's not remotely like printing money.

The treasury will issue bonds because we don't have enough revenues.
The Fed will print and buy those bonds off of the secondary market.

Short-term bonds and money are near perfect substitutes. If I give you an IOU, I can swap cash for that IOU all day long and the total value of financial instruments out in the economy remains exactly the same.

That's assuming we payoff the bonds.

We just roll the bonds into new bonds to payoff old bonds because we never have enough revenues. Yeah, they'll get paid back short term, but we had to raise more money through other bond sales to pay it back. It'll be constantly rolled into new debt.


Except I can destroy the IOU the moment I swap it with you. If I write a new one, the total value of financial instruments remains the same. For me to write an IOU for MORE, you have to give me MORE money for it. You're STILL swapping an equal value of financial instruments.
 
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