Corona Virus 2019-nCoV

(Q) said:
What's interesting is how Trump treats his neighbors compared to his "buds". He's offering to send Johnson specialists from leading companies, but was going to withhold sending N95 masks to Canada.
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Idiotic offer of pointless and unwanted help. Naturally.
 
Write4U said:
IMO, that is a a complete misconception of the reality. The very rich can afford to lose enormous sums of money, whereas a family making 50,000 a year has an average of 2 months worth of savings before they have to default.
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We were talking about bailing out industries via TARP and now you have taken a left turn into "the rich an afford to lose money and the poor are in trouble!" which has very little to do with the conversation.
 
billvon said:
To encourage investment, which helps the economy.
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Writing yourself a multimillion dollar bonus check or back buying stock is stimulating the economy?

I saw an interview of a large farm owner who received a sizable agricultural stimulus check. When asked if he was going to hire help with that money he replied; "I have all the help I need and I'm not going to hire people to stand around and do nothing". "I put that money in the bank where it earns interest".
What did that money stimulate? I am not blaming the farmer, he was merely practising good efficient business.

See, why should a billionaire be encouraged to stimulate the economy? They already have all the money necessary for any and all economic stimulus they want or need.

You give a billionaire ten million dollars, he goes to the bank and deposits in a long term high yield interest account.

You give ten million dollars to a bunch of poor people and that money is back in the market the next day for that new washing machine, or refrigerator, or a car so they can apply for a job and become self-sufficient.
That is how you stimulate the economy. Give it to people who need to buy stuff, not to billionaires who already have everything they need.
 
billvon said:
We were talking about bailing out industries via TARP and now you have taken a left turn into "the rich an afford to lose money and the poor are in trouble!" which has very little to do with the conversation.
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No, aren't we talking about keeping small businesses afloat during this war time economy. I can understand assistance to say keeping airlines running with full crews, even for few passengers. That is of National interest.
If all assistance is designed only for unemployment compensation, ok. I am in favor of all assistance to the poor and middle class wage earners.

I am objecting to the undefined economic stimulus plans which is tantamount to a windfall for large wealthy corporations.

I just heard that Trump is going to personally oversee the distribution of this multi trillion dollar stimulus plan...(shudders).

Oh, did I also hear something about cutting back on the federal food stamp programs and further cuts in Obamacare?
 
Write4U said:
You give a billionaire ten million dollars, he goes to the bank and deposits in a long term high yield interest account.
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What do you call "high yield"?

The farmer's stimulus money was to make up for the poor farming economy, to allow him to stay in business. It wasn't to hire more workers.
 
Write4U said:
No, aren't we talking about keeping small businesses afloat during this war time economy. I can understand assistance to say keeping airlines running with full crews, even for few passengers. That is of National interest.
If all assistance is designed only for unemployment compensation, ok. I am in favor of all assistance to the poor and middle class wage earners.

I am objecting to the undefined economic stimulus plans which is tantamount to a windfall for large wealthy corporations.

I just heard that Trump is going to personally oversee the distribution of this multi trillion dollar stimulus plan...(shudders).

Oh, did I also hear something about cutting back on the federal food stamp programs and further cuts in Obamacare?
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I watched MSNBC , about this very thing about a week or so ago .

There are still oversights on the distribution of these monies of which this President has no control over .
 
Write4U said:
No, aren't we talking about keeping small businesses afloat during this war time economy.
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We were talking about TARP, the almost trillion dollar "troubled assets relief program" which purchased toxic assets to keep the banks afloat.

Would you rather talk about the recent two trillion dollar stimulus?
Writing yourself a multimillion dollar bonus check or back buying stock is stimulating the economy?
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No. Investing a million dollars in (say) Tesla, Uber and Lime stimulates the economy. There are no tax breaks for "writing yourself a multimillion dollar bonus check."
You give a billionaire ten million dollars, he goes to the bank and deposits in a long term high yield interest account.
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No, he invests it. Smart investors - the sort of investors who become billionaires - do not deposit millions in a bank account.
 
Writing yourself a multimillion dollar bonus check or back buying stock is stimulating the economy?
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Nope

No. Investing a million dollars in (say) Tesla, Uber and Lime stimulates the economy. There are no tax breaks for "writing yourself a multimillion dollar bonus check."
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How so to your first statement ?
 
billvon said:
We were talking about TARP, the almost trillion dollar "troubled assets relief program" which purchased toxic assets to keep the banks afloat. Would you rather talk about the recent two trillion dollar stimulus?
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If Trump is personally going to oversee any financial distributions, I do get worried.
No. Investing a million dollars in (say) Tesla, Uber and Lime stimulates the economy. There are no tax breaks for "writing yourself a multimillion dollar bonus check."
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Congress to bail out firms that avoided taxes, safety regulations and spent billions boosting their stock
Less than a dozen years after the bailouts of the Great Recession, airlines, hotels and a long list of others come calling. By Jonathan O'Connell, March 25, 2020 at 11:34 a.m. PDT
When airline executives realized a few years ago that they could charge passengers extra fees for just about anything — meals, checking bags, even choosing seats — their businesses seemed bulletproof.
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“I don’t think we’re ever going to lose money again,” American Airlines chief executive Doug Parker told giddy investors in 2017. As such companies continued to thrive, they also undertook share buybacks, boosting investor value. President Trump and congressional Republicans sweetened the outlook for big businesses further when they passed a $1.5 trillion tax cut that slashed the corporate rate beginning in 2018.
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That seems so long ago. Now airlines, hotels, cruise lines, coal-mining companies and others strangled by coronavirus shutdowns are lining up to receive slices of a $2 trillion aid package funded by taxpayers. Yet many of these companies behaved in ways before the current economic crisis that are making a bailout tough to swallow, labor advocates and some economists say.
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The hotel giant Hilton, for instance, announced a $2 billion stock buyback on March 3, weeks after coronavirus cases began affecting the industry. Cruise lines for years have avoided taxes and U.S. safety regulations by registering their vessels abroad. Coal companies put some of their workers in harms way and are now asking to get out of a tax that generates money to compensate former miners who have black lung disease.
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As Congress debated the details of the bailout this week, lawmakers wrestled with how far they should go to help another set of American corporate titans two years after tax reform and less than a dozen years after the bank and auto industry bailouts of the Great Recession.
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Among those seeking assistance from a pot of at least $500 billion in the rescue package are companies employing hundreds of thousands of servers, flight attendants, housekeepers, janitors, security guards and other workers. With unemployment already expected to reach as high as 20 percent this year, no one wants to see so many people lose their jobs.
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“You don’t want to reward companies for doing shortsighted, short-term things the past 11 years. You don’t want to reward them for stock buybacks and excessive CEO compensation,” said Greg LeRoy, executive director of Good Jobs First, an advocacy groups that tracks corporate subsidies. “The trouble is a lot of the companies that are in trouble right now are the ones that have been doing that.”
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Airlines and hotel chains have in recent years dramatically increased spending on stock buybacks (which can pump up a share price without building anything or hiring anyone) and sometimes generous dividends (payments to shareholders).
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Continue next...
 
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To his credit (if any)
Trump addressed such concerns Monday.
“I don’t want to give a bailout to a company and then have somebody go out and use that money to buy back stock in the company and raise the price and then get a bonus,” Trump said. “So I may be Republican, but I don’t like that. I want them to use the money for the workers.”
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Cruise lines are also facing potential cash shortages, but they are domiciled in Liberia, Panama and elsewhere to avoid nearly all U.S. taxes and safety regulations. Some health officials say some cruise operators should have done more to stem transmission of the virus among passengers and crew members aboard their ships.
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Coal-mining companies also have asked for help, including a request that the government rescind a $220 million tax increase to support 25,700 disabled coal miners, many of whom have suffered from black lung disease, and their dependents. The industry employs about 51,000 miners in surface and underground mines, federal data shows.
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“You’ve probably heard the critics by now. How dare the coal industry ask for relief to weather the covid-19 crisis?” the National Mining Association said Monday. “It’s the kind of absurd question or assertion we’ve come to expect from people who simply don’t value coal jobs like others and who remain completely out of touch with the essential role that coal plays in keeping the lights on, homes warm and industry churning.”
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Even Boeing, the aerospace manufacturer that is accused of misleading pilots and federal safety inspectors about lapses that led to two of its 737 Max jets to crash (killing 346 people), is poised to receive a portion of a $17 billion loan program designated for businesses deemed “critical to maintaining national security.”
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With its 737 Max jets still grounded and the novel coronavirus spreading among some of its own workers, Boeing may have to declare bankruptcy if it does not receive a bailout, some analysts said. Critics of the company noted that even if it goes into bankruptcy, the company could continue operating and paying employees, as airlines have done in the past. But Boeing and its subsidiaries employ 160,000 people worldwide.
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“We have to protect Boeing,” Trump said last week. ‘I will be the oversight’
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It was not so long ago that Americans were asked to bail out a different set of companies that appeared too big to fail. In 2008, the government propped up big banks, the same institutions that had driven the country into recession, with the $700 billion Troubled Asset Relief Program, or TARP. Months later the government began spending tens of billions of dollars to help General Motors and Chrysler stave off liquidation.
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There are important differences between those packages and the current one, which is much larger and moving through Congress more quickly. Some economists say the aid is likely to benefit workers only if it is closely tailored to ensure the money won’t end up bailing out just companies’ stock prices.
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Trump’s declaring “I will be the oversight” for the payouts, as he did Monday, didn’t make these experts feel any better. “Industry rescues are only worth doing if they’re a rescue of payroll and wages,” said Josh Bivens, research director at the Economic Policy Institute. He said he hoped money could be provided directly to workers to preserve jobs until the “all clear” is sounded. “Then they can make sense,” he said.
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Top corporations vowed to do better after the last crisis. Last year, 181 top American chief executives pledged to redefine the purpose of corporations beyond profit by signing a pact for “An Economy That Serves All Americans.” The pact includes promises to support employees and communities.
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Perhaps no one could have predicted the depth of the economic devastation wrought by the novel coronavirus. But some companies — at the urging of Wall Street ― often put shareholders and executives first, sometimes to the detriment of preparing for another downturn, labor advocates and some economists said. Now they are in line for cash to pay their staffs as business has ground to a halt.
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A year ago Arne Sorenson, chief executive of Marriott, the world’s largest hotel chain, announced the company would return $11 billion to shareholders through buybacks and dividends by 2021. Its share price jumped 3 percent on the announcement.
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Now the company has begun furloughing tens of thousands of employees, effectively laying them off but allowing them to maintain health benefits. Sorenson was among executives to meet with Trump, seeking a reported $150 million of direct aid to hotels. The company has since suspended dividend payments, stopped share buybacks and cut Sorenson’s salary for the remainder of the year......... much more .....
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https://www.washingtonpost.com/busi...ail-us-is-primed-bail-out-corporations-again/
 
Classic Trump:

Trump Tries to Sell 100,000 Coronavirus Deaths as a “Very Good Job”

The president once said the pandemic “miraculously goes away” in April.

""So you’re talking about 2.2 million deaths, 2.2 million people from this. And so if we could hold that down, as we’re saying, to 100,000. It’s a horrible number, maybe even less —but to 100,000. So we have between 100,000 and 200,000, and we altogether have done a very good job," he said."

https://www.gq.com/story/trump-hundred-thousand-dead-good-job
 
What this virus has done is seperate intelligent leaders and their opposition parties in certain countries that work together for the greater good for the people and those that don't .
 
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