The Miracle of the Trump Economy, Cont.

Experts prove…

Axios’ morning email thingie gives us the alert that the COVID-19 relief bill passed the Senate:

🚨 Breaking now: World markets surged this morning after the overnight news that Congress and the White House reached a deal to inject nearly $2 trillion into the economy.

  • With leaders promising the rescue package was imminent, the Dow Jones Industrial Average rose 11.4% yesterday — the index’s biggest one-day gain since 1933.

Eric Ueland, the White House legislative affairs director, announced the agreement in a Capitol hallway shortly after midnight, capping days of often intense haggling and mounting pressure, AP reports.

  • “Ladies and gentlemen, we are done. We have a deal,” Ueland said.
  • It still needs to be finalized in detailed legislative language.

Why it matters: The unprecedented economic rescue package will give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are out.

  • One of the last sticking points was $500 billion for guaranteed, subsidized loans to larger industries. Airlines and hospitals will get significant help.

Tiger Beat on the Potomac (thanks Charlie!) morning email thingie tells us what is actually in it (emphasis mine):

Here are the items Schumer’s team says they’ve secured in the last few days: an extra month of unemployment insurance; $55 billion more for hospitals; $150 billion for states, localities and tribes; $10 billion in SBA grants of up to $10,000 for small business costs; $17 billion for SBA to cover six months of payments for businesses with current SBA loans …

… $30 billion in emergency education funding; $25 billion in transit funding; $30 billion for the Disaster Relief fund; the ban of stock buybacks for companies that received government assistance; real-time reporting of Treasury loans, investments and assistance; an IG for the $500 billion to lend to corporations; a tax credit that would encourage employers to keep workers on the payroll; a tax exclusion for people who are receiving student loan repayment from their employer.

— WHAT SCHUMER’S OFFICE IS REALLY EAGER TO POINT OUT:“Senate Democratic Leader Chuck Schumer has secured a provision in the agreement that will prohibit businesses controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs. The children, spouses and in-laws of the aforementioned principals are also included in this prohibition.” Schumer’s Dear Colleague letter

I wonder who they had in mind.

I was particularly wondering about the prohibition for nepotism loans; it’s not just the obvious case that Lord Damp Nut’s hotels would get money, but let’s not forget that Elaine Chao’s family own/controls major shipping industries and she is Mrs. #MoscowMitch.

Anyway, Republicans are now trying to read the tea leaves to see if Lord Damp Nut will sign the damn thing, and he tweeted:

Classy.

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9 Responses to The Miracle of the Trump Economy, Cont.

  1. MDavis says:

    He doesn’t know what “RINO” means, does he?

    Liked by 2 people

  2. YellowDog says:

    I don’t see any reason to throw money at Chinese shipping companies or Shady clothing businesses, but Scarborough did make a point about Stupid’s businesses. If he doesn’t wet his beak, he will take it out on everyone else. He gets mad if someone uses his name to make money that he doesn’t share in.

    Liked by 1 person

  3. Dennis Cole says:

    Here’s the part that sticks in my craw:
    “Make rent, mortgage and utility costs eligible for SBA loan forgiveness.” Now, I may be misinterpreting it, but this sounds like the shitty end of the stick. If you need to borrow more $$$ ON TOP of your mortgage or rent payment, just to remain in your home, what’s gonna happen when you can’t pay it back? Or is that what the “forgiveness” is? Because that is certainly one scenario, where recovery takes so long that foreclosures and evictions begin cascading like a row of dominoes.

    And speaking of shit-covered sticks – this looked to me like a classic “carrot and the stick” situation. Moscow Mitch offers up an unpalatable pile of dog turds, er, conditions that he knew the Dims wouldn’t accept, so that when Dumpy offers the “carrot,” of course they jumped at it.

    Liked by 1 person

  4. #MrsMoscowMitch is also included under the Heads of Executive Departments ban; we mustn’t forget she’s the head of the Department of Transportation of Taxpayer Money Into Grifter’s Pockets. Like the schweeheart deals she sent Kentucky way to help hubby get re-elected.

    Liked by 2 people

  5. Bruce388 says:

    What about the cruise lines? I’m worried sick about those foreign-flagged vessels with their underpaid foreign crews, owned by companies that pay no US taxes. If they can’t sail how are people going to contract COVID-19 and the dribbling schitts? (Dribbling schitts seen on Washington Post)

    Like

  6. Sirius Lunacy says:

    It’s just a typo. He meant RIGO. Just like Trump. Republican in grift only.

    Liked by 1 person

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