On the heels of more than three million new unemployment claims, Treasury Secretary Steven Mnuchin calls in to CNBC for a phone interview to discuss the coronavirus relief bill that passed last night.
Mnuchin was asked about his reaction to seeing the 3.28 million new unemployment claims reported for the past week during the interview. Mnuchin said, “To be honest, I think these numbers right now aren’t relevant whether they’re bigger or shorter in the short term.” WATCH:
Yikes, the text of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has been released (full pdf below). The Senate took H.R.748 stripped it out, and replaced the text with this bill. The full 50 page senate record of the activity is available here.
Digging in now. However, at first blush the size of the spending seems to be a considerable state budget deficit bailout [similar to how Obamacare removed the healthcare pension liabilities from unions]. Here’s the BILL:
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Share your thoughts in the comment section….
Think about this… How weak and tenuous does a corporate financial position need to be such that being closed for one week means informing all nationwide landlords of your inability to pay the rent next week? Consider this example:
CALIFORNIA – The Cheesecake Factory, one of the most popular sit-down restaurant chains in the country, says it will not be able to make upcoming rent payments for any of its storefronts on April 1 because of significant loss of income due to the coronavirus crisis.
[…] Company chairman and CEO David Overton writes, “Due to these extraordinary events, I am asking for your patience, and frankly, your help.” He continues, “we appreciate our landlords’ understanding given the exigency of the current situation.” The letter says that the company hopes to resume paying rent as soon as possible.
Washington DC Mayor Muriel Bowser closes the nation’s capital until April 25th, effectively closing all public gatherings for one month. [Order pdf Here]
There is a certain aspect to dèjá-vu showing up on the horizon… Welcome to an economic civil war. But first, the latest details.
WASHINGTON DC – The intent of the Order is to temporarily cease all non-essential business activities, including tour guides and touring services; gyms, health clubs, spas, and massage establishments; theaters, auditoriums, and other places of large gatherings; nightclubs; hair, nail, and tanning salons and barbershops; tattoo parlors; sales not involved in essential services; retail clothing stores; and professional services not devoted to assisting essential business operations.
The Order goes into effect on March 25, 2020, at 10 pm, through April 24, 2020 (link)
On the horizon it appears the state and regional shutdowns are going to mirror the shutdowns from Obama’s infamous sequester-fiasco from the spring of 2013. That looks like the road-map that will be followed as the coronavirus issue starts to level-off.
With caution applied, Senate Majority Leader Mitch McConnell and Senate Minority Leader Chuck Schumer announced around 2:00am ET a deal had been reached for the nearly $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) bill.
The final language for “HR.748” (stripped and newly assembled) will take place today. Looks like the senate is using an old bill, previously passed by the House, so the House can deem and pass, without formally reconvening. There are ten republican amendments. Speaking from the floor, both McConnell and Schumer made remarks describing the bill.
This is almost unbelievable, if it wasn’t for the fact the governor is a democrat. Hopefully voters are paying close attention to this stuff and will remember in November. All of these authoritarian tendencies are being triggered by the opportunity known as COVID-19.
The DEMOCRAT governor of Nevada has signed an executive order banning the use of hydroxychloroquine as a medical treatment for those suffering from the coronavirus.
LAS VEGAS — Nevada’s governor has signed an emergency order barring the use of anti-malaria drugs for someone who has the coronavirus.
Democratic Gov. Steve Sisolak’s order Tuesday restricting chloroquine and hydroxychloroquine comes after President Donald Trump touted the medication as a treatment for the virus. (read more)
This level of severe Trump Derangement Syndrome (TDS) will immediately open a black-market for people to travel across state lines to obtain their medical needs. Great job idiot.
First they released 1,700 inmates. Then the LA Sheriff shut down all the gun stores, saying they were not essential services…. Now LA Mayor Garcetti announces he will shut down water and electricity for anyone who attempts to defy the stay at home edicts.
…”The easiest way to avoid a visit” from the LA storm-troopers “is to follow the rules”… “Your behavior can save a life” Garcetti said, “And that life could be yours.”…
The official “neighborhood prosecutors” have been assigned. The LA Directorate of Coronavirus Compliance has now been activated. Choose carefully comrade citizen. That’s a nice place you’ve got there, it’d be a shame if anything happened to it..
Los Angeles – […] He reminded young people that the virus can hit them too, urging them to stay at home and practice social distancing.
“Your behavior can save a life and take a life,” Garcetti said. “And that life could be yours.”
The mayor addressed President Trump’s remarks from earlier Tuesday about having the nation “opened up and just raring to go by Easter.” Garcetti said he didn’t think L.A. would be back to normal “in that short time.”
National Economic Council Director Larry Kudlow explains the overall picture of the legislative package as coordinated by Treasury Secretary Steven Mnuchin, and the White House economic team. The overall financial package is $6 trillion. $4 trillion of that amount is federal reserve lending authority in case needed. $2 trillion is direct economic assistance.
Democrats are still attempting to add their K-Street pet projects (foreign aid grants, performing arts contributions, union payoffs, election modifications, funds to expand abortion services, subsidies for wind farms, restrictions on cow flatulence, funds for Hollywood productions, airline emissions, turtle training classes and various social engineering topics) to the spending package. That battle continues….
Earlier today New York Governor Andrew Cuomo blasted FEMA during a press conference for sending 400 medical ventilators when his state needs 30,000. WATCH:
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However, in 2015 the New York State Department of Health specifically studied the issue, warned about a critical lack of ventilators during a pandemic, and the New York Governor made a specific decision NOT to order them: [pdf link here]
So Andrew Cuomo is blasting FEMA today for not providing something he choose not to order and prepare for in 2015. That’s a little bit unfair and hypocritical, no?
You can tell when Speaker Pelosi recognizes a political backlash for her manipulative schemes because it’s the only time she blitzes the media. After suffering a very large political hit, beyond the capability of the media to defend, Pelosi said today the House will take up the Senate coronavirus bill.
The writing was on the wall late yesterday as people started digging into the 1,400 page House proposal and exposing all of the far-left ideological efforts within it. Billions were earmarked for nonsense progressive projects and the House scheme was fraught with social engineering that had nothing to do with assisting workers and businesses.
Even Pelosi’s own party started telling leadership they had gone way too far with the assembled list of nonsense legislation. The speaker recognized if she did not quickly make a tactical retreat her party would be crushed by exposure of the brazen politics they were attempting. The reach was so extreme, the media could not protect her.
In an effort to save a horrid face, the speaker was forced to blitz the media alone while all other house members watched to see how she could recover. Whenever Pelosi stands alone, that’s the “tell” for the size of the political miscalculation. Pelosi announced she was abandoning plans for the 1,400 page House scheme. Now the senate work continues…