Thursday, March 26, 2020

Stop the $6 Trillion Coronavirus Corporate Coup! — Matt Stoller

The American Economic Liberties Project (my org) put out a statement against the bill, AFL-CIO official Damon Silvers, who oversaw the 2008 bailout, put out an article against the bill, as did dozens of economics and finance professors. Congresswoman Alexandria Ocasio-Cortez warned of the risks of a bill tilted to big business, as did libertarian member Justin Amash. John Cassidy wrote in the New Yorker how to do a bailout without corruption. And Georgetown law professor Adam Levitin pointed out that the bill is “robbing taxpayers to bail out the rich.”
But then these two Senators, Chuck Schumer and Mitch McConnell, cut a deal last night. And from what I can tell, it’s really really bad, and much of the bad stuff is not being included in the sleazy marketing materials from Schumer and McConnell, or in the reporting about the bill. There’s a reason for that. Sunlight would kill this thing.
That means there is a narrow way to stop it....
BIG by Matt Stoller
Stop the $6 Trillion Coronavirus Corporate Coup!
Matt Stoller


Peter Pan said...

Stop business as usual?
Good luck with that...

Matt Franko said...

"An additional $4 trillion from the Federal Reserve in lending power to be lent to big corporations and banks."

Does anybody know if they are REALLY going to do this???

ie is the Fed going to just start buying $4T of stuff thru Blackrock Monday?

Or is this just some sort of "limit"?