Schumer called it bipartisan Saturday Night
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The government ordered the shutdown. lol
Do people realize a key to boosting stock value the last 3 years have been these corporate buybacks? I concur with the critique of these buybacks, but, frankly, it is far from simple or easy to simply ban them without a ripple effect that hurts confidence, can cut off credit, etc.
Unemployment expansion is a really good idea and the bill needs more of it.
It also needs loan/other support for small businesses. The case for giving huge infusions of cash as grants to something like an airline or casino company to bail out equity holders is much, much weaker. Guarantee DIP financing to Boeing, AA, UA, Southwest, and Delta. Don't give them tens of billions to throw in a hole to pay off equity and unsecured creditors.
Companies going defunct is much more meaningful for something like a restaurant that will never reopen than a large company that can be pushed through Chapter 11. Realistically, you can't protect all of the jobs at some of these large companies. Flying is likely to be muted for years.
The unemployment programs should last as long as the shutdown. We know these things stay in place long after the actual crisis. They don't want to help business. They want to leverage the business and micro manage them. Do you think that companies don't want to keep their employees? Actually, the idiot Dems want to permantly keep people from going back to work. What do you think will happen anyway if we don't fix this pronto? No loans so Chuck Schumer can decide? Moronic. They cant run a primary. Student loan forgiveness, really?
If the Dems plan was a sincere counter, they'd back 0% loans, make it available to banks and let the lending solutions be sort through grifters.
They don't want 1,000s of Trump employees to get the same things as Marriott?
I dont like Republican plan that well either, but shutting it down for asinine Democrat goals is pretty astonishing. BTW, the government ordered the shut down, and their trying to use this to sieze companies.
You just don't call them idiotic.
You need too chill before you have a stroke.
Don't be TRIGGERED.
Bailout the Postal Service
Green New Deal Handouts
Pay Off SL up to 30K
Election Rigging
Union Cash
Solar Bill
Etc etc etc
Exactly. Nothing to do with the task at hand. You just railed on the President about what?
The Dems reallyyyyy need that planned parenthood funding and solar/wind tax credits in this bill.
This stimulus bill will go on all night. I don’t see it getting done today.
This stimulus bill will go on all night. I don’t see it getting done today.
Oh, don't forget the diversity clauses. Oops, they didn't. Can't have too many white people, or Men. Insanity.
And a ......limit on evictions, foreclosures, and deportations. Probably Pelosi plans to include all provisions excised from earlier attempts at politicizing the stimulus bill, including a handout to abortion providers unrestricted by the Hyde Amendment, which prevents taxpayer dollars from going to directly fund abortion services.
And a ......limit on evictions, foreclosures, and deportations. Probably Pelosi plans to include all provisions excised from earlier attempts at politicizing the stimulus bill, including a handout to abortion providers unrestricted by the Hyde Amendment, which prevents taxpayer dollars from going to directly fund abortion services.
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That's the beauty of the free market, if these industries fail, something else will take their place. In the short term people really need income worse than industries do.
Can't eat toilet paper.
$30000 of student loan forgiveness to deal with Coronavirus is idiotic.
I think they are banking on many grads will not have jobs for years. I don't think it should be a blanket forgiveness but we need to look at it for a job market that will not be there.
A lot of these proposed additions suck. Improve unemployment guarantee, gut the airline welfare and corporate slush funds, stop the Green New Deal nonsense, and pass it tonight.
Forgiveness makes no sense as an initial part of this. Defer payments, fine. Make it able to be restructured in some way like income based repayments, fine. But blanket waiving of debt? It's a horrendous plan with a low economic multiplier.
The focus has to be on putting cash in people's hands and in small businesses. Then give clear giant companies like Boeing smoothly through bankruptcy like we did with GM.
There's reasons to keep it from being worse than it is for smaller businesses. People can't go back to work at a restaurant when it closes, whereas that place might survive if we give it 3-6 months of capital.
And there's reasons to make sure a systemically important business like Boeing or GE doesn't collapse, but you can pack them through bankruptcy like a Chrysler or GM. Shareholders get $0 has to be the rule here, though.
For something nonessential like Norwegian Cruise Lines, put em through bankruptcy and secure the employees via unemployment, not via corporate welfare that leaks to shareholders whose equity must be marked to $0. Talking about bailing out the darn cruise lines is horrendous policy designed solely to make 10,000 Florida voters happy.
Yes some companies are going to fail, how many years can we prop up the airline industry? Can we do it for a decade if people don't start flying after this is over? This is fundamentally going to change our world and many business might not make it to the other side, just part of it.
I don't hold any company responsible for doing stock buy backs, it is better than leaving cash out there and at times is very sensible, nobody saw this coming, not even the Dems no matter what they want to say. But yes I think going forward if you need the cash to stay afloat I think asking companies who accept the help it is not foolish to put restrictions on what they can do with the cash including stock repurchase and CEO pay along with keeping so many employee's on the pay roll. Once all loans are paid back then let them go back to purchasing stock and paying CEO's high wages layoffs whatever.
I don't think blanket is a good idea either, maybe they don't do anything now but look at it? But yeah I think it will have to be addressed if our economy does not bounce back.
I agree with what you are saying here. But I am not sure that we don't let a few of these companies fail either. Save them as smaller companies.
Every major US airline is effectively bankrupt. It's not reasonable to expect them to have held on to months worth of revenue as a crazy buffer. This is why we have a bankruptcy code.
Equity and unsecured creditors get zero. Government goes to American, United, Delta, and Southwest and guarantees the financing to put them through bankruptcy. We get a crap ton of equity as payment for that debt and sell it over time like we did with GM.
There's no reason to ever waive $10k or whatever of debt for someone who makes $200k a year, or to waive $10k of debt for someone who borrowed only $20k and makes $50k a year.
It is much better to:
1. Reform the system to issue less debt. Cram down the colleges who are scamming the govt. Stop issuing so much debt to people who will never pay it back.
2. Make historical debt dischargeable in bankruptcy and/or improve income based repayment availability to deal with the past. Some of this debt will never be paid and there's a point at which we have to face the music on that.
See here is the issue, you don't listen, is that not what I am saying? I don't think it should be blanket. But it needs to be looked at on a need to case bases.
Only thing I would add is if you do that, the CEO pay pay needs to be capped while turning to profitability. Maybe say $400,000 a year and no stock incentives.
Why give one individual 30K and another individual $2000? Does the person that owes a bunch in student loans need more money than someone who was making $22K a year working and lost their job? I don’t agree with it in principle but if it is $2k a person then send it out and someone can use it for student debt?
FWIW I think get the money out where it actually stimulates the economy now and then address the things that can wait later. We are trying to keep the market from crashing, right?
A little scary but I’m with you 100% on this. Well at least 95% up to possibly 100%.
Democrat motto.....never let a crisis go to waste.
Maybe the fact that they can't agree means it isn't important?
I don't like bailouts for anyone but, IF it is necessary, get the parts done that are stimulus and immediately impactful.
Student loan situation won't change as long as the federal government is involved. Colleges know that they will get theirs if the loan is through the feds. No reason to lower tuition costs if that is the case.
Additionally, why is there no accountability with the people who take on these loans? You signed the papers and made the choice, good or bad. Own up to it. Pay off what you borrowed and quit blaming others. This isn't some right vs left argument either. This is a common sense vs stupidity argument. It would be one thing if it a few people here and there that had major misfortune and couldn't pay, but this student loan issue is WAY bigger than that. Throwing money at it doesn't solve it.
Case by case isn't the sort of thing you can legislate in 24 hours. You're looking for blanket actions right now. And you're looking for actions with the most immediate impact. Loan forgiveness is a much weaker impact than directly putting cash in someone's hands.
I think the point is that it shouldn't be being discussed in this legislation and the Pubs aren't putting it in.
How to best forgive student loans is a topic for another time.
Eh, I mean, I'd rather do small business loans/grants on a case by case basis, but it's not feasible right now. So I'll accept some wasted cash.
The rea; issue is that forgiving loans doesn't translate directly into more spending for many people - if I give someone with $50k of loans some cash, they can (a) spend it or (b) pay off the loans. Those who want to pay down loans for flexibility can use the $1,200 rebate for that. If I directly pay off loans, that cash doesn't end up in the system at all unless I'm lowering someone's monthly payments. And neither loan forgiveness nor a $1,200 check fix the issue that millions of people are having their income go down hugely. You need unemployment to address that.
Now they are shooting for Wednesday to vote.
Also forgot to mention that Pelosi tried sneaking in that no identification is needed to vote come November in her stimulus bill.
Nice little touch she added there. Anyway to cheat the system.
I’m convinced she doesn’t want it to pass. Strange timing since more people are paying attention right now. Even CNN reported it correctly.
I agree. She is dragging this out as long as she can!
Odd that things were all moving great and then she returns from vacation and it all blows up.
Things always are better when we have the Pubs in charge!!! Oh wait the last 2 downturns in the economy the Pubs were in charge oh and the highest deficits ever and the never ending wars. Not to worry this is just a hoax the 15 cases we had 4 weeks ago should be down to 2 by now and after all it is well contained. Yep the Republican way is really going as planned. That darn Pelosi is really screwing things up
Dems are lying about the slush fund. There's direct regulation in the Rep. Bill
Dem=Wuhan News
Yes. Start doing some micro-bills that address small business issues.
This downturn in the economy had nothing to do with policy. Prior to Covid-19 the economy was thriving, and to say anything otherwise is a blatant lie.
You can't blame an act of God on Trump although I'm sure you'd like to.
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