Global stock markets have lost $6 trillion in value in six days
Published Feb 28 2020, Maggie Fitzgerald
Global markets have lost $6 trillion in value over the past six days, according to S&P Dow Jones Indices.
The market sell-off also wiped about $4 trillion from U.S. stocks in the same period, according to the firm’s Senior Index Analyst Howard Silverblatt.
The Dow Jones Industrial Average, S&P 500 and Nasdaq are all in correction territory, down at least 10% from their most recent high.
That $4 Trillion loss in just six days does not include all the business and personal losses suffered by Americans — the businesses gone forever, the massive unemployment, plus all the losses that have taken place since the Feb 28 article was written. Many trillions of dollars lost from our economy
So to prevent our falling into recession and depression, this is what Congress dithers about:
Democrats demand adding hospital aid to GOP small-business plan. House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.) on Wednesday called on Republicans to add food assistance, aid to states, and relief for hospitals to the GOP request for $250 billion in additional funds for small businesses.
Pelosi’s remarks signaled a possible obstacle for Treasury Secretary Steven Mnuchin’s request to boost a loan program for small businesses hurt by the coronavirus crisis.
Senate Majority Leader Mitch McConnell (R-Ky.) has said he would ask for unanimous consent in the Senate on Thursday for the extra money for the popular small-business Paycheck Protection Program, which has been swamped with requests for loans.
McConnell now must decide whether to include the Democrats’ demands, which would double the relief bill’s size, or delay the additional funding for small businesses.
What? The economy has lost many, many Trillions of dollars, and the Republicans want only an extra $250 Billion to save it? And now that the Democrats want to add $250 billion, the two parties will haggle?
What is there to haggle about? The economy needs the money. The federal government has the money. Is all this posturing necessary?
And why a loan program instead of a free support program? The federal government doesn’t need the money, and the indebtedness created by loans will be a millstone around the necks of small businessmen for many years.
Does Congress really want the private sector to recover? Or do the very rich, who run Congress prefer that we of the private sector remain needy and thankful for any crumbs we receive?
Why else would Congress stall and haggle about pumping money into the private sector, when adding money is the only way to prevent a depression, and the government has infinite money.
Instead, the thought-leaders have diminished the threat, so that the government has entered into the too-late, then too little phase, arguing over billions when they should supply trillions.
These are some of the people who have aided and abetted the killing of millions of Americans.
HEROES OF THE PANDUMBIC: Keep this video and this video as reminders, the next time you see, hear, or read anything these people tell you about anything.
They are liars. They are dangers to you and to your loved ones. These thought leaders are your enemies, in every sense of the word. (Thank you Fox “News” for the clips.)
Rodger Malcolm Mitchell
Search #monetarysovereignty Facebook: Rodger Malcolm Mitchell
THE SOLE PURPOSE OF GOVERNMENT IS TO IMPROVE AND PROTECT THE LIVES OF THE PEOPLE.
The most important problems in economics involve:
- Monetary Sovereignty describes money creation and destruction.
- Gap Psychology describes the common desire to distance oneself from those “below” in any socio-economic ranking, and to come nearer those “above.” The socio-economic distance is referred to as “The Gap.”
Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics.
Implementation of Monetary Sovereignty and The Ten Steps To Prosperity can grow the economy and narrow the Gaps:
Ten Steps To Prosperity:
2. Federally funded Medicare — parts A, B & D, plus long-term care — for everyone
3. Provide a monthly economic bonus to every man, woman and child in America (similar to social security for all)
4. Free education (including post-grad) for everyone
5. Salary for attending school
6. Eliminate federal taxes on business
7. Increase the standard income tax deduction, annually.
8. Tax the very rich (the “.1%”) more, with higher progressive tax rates on all forms of income.
9. Federal ownership of all banks
10. Increase federal spending on the myriad initiatives that benefit America’s 99.9%
The Ten Steps will grow the economy and narrow the income/wealth/power Gap between the rich and the rest.
3 thoughts on “A thimbleful of water to quench a raging inferno. There is a reason. Liars.”
Small business aid stalls over health care provider help
By Andrew Taylor and Lisa Mascaro Associated Press
Senators torpedoed quick passage of a new coronavirus aid package Thursday, with Democrats rejecting a Trump administration request for $250 billion to boost a small business payroll fund and Republicans refusing Democrats’ demand for another $250 billion for hospitals and states.
The standoff doesn’t end the pursuit of more rescue funds. Democrats and Republicans agree the aid is urgently needed and talks continue. But it reinforces that Congress and the White House will need to find bipartisan agreement.
“Nobody thinks this will be the Senate’s last word on COVID-19,” said Senate Majority Leader Mitch McConnell. “Let’s continue to work together, with speed and bipartisanship. We will get through this crisis together.”
House Speaker Nancy Pelosi declared the Senate vote merely a “stunt” as the country faces an “epic” crisis. She ridiculed the administration for trying to jam a $250 billion request through Congress with 48 hours notice.
“Really?” Pelosi said on a conference call with reporters.
The stall comes as communities across the nation strain to meet health care needs and salvage local economies pummeled by the crisis. A new jobless report shows a whopping 16.8 million Americans are now out of work.
With Congress all but shuttered — and unlikely to return April 20, as planned — lawmakers pledge to keep negotiating with the White House to provide fresh help, beyond the $2.2 trillion package passed last month.
In the brief Senate session, Democrats rejected Trump’s request for $250 billion to supplement a “paycheck protection” program for businesses crippled by the outbreak.
McConnell and Treasury Secretary Steven Mnuchin say the business program, which involves direct subsidies to companies to keep employees on payroll and pay company rent, is on track to quickly deplete its first $350 billion infusion as businesses rush to apply for the aid.
Democrats are not opposed to boosting the payroll fund, but Pelosi wants to ensure equity in lending to minority-owned businesses and others that may not have routine access to financial institutions.
Sen. Chris Van Hollen, D-Md., accused McConnell of trying to ram through legislation and detailed a variety of glitches in the program, including fears that many big lenders are not serving minority neighborhoods.
Democrats are pressing for half of the White House request, or $125 billion, to be channeled through community-based financial institutions that serve farmers and family-, women-, minority- and veteran-owned small businesses and nonprofits in rural, tribal, suburban and urban communities.
They circulated a $500 billion plan that would include the Trump request and add $100 billion for hospitals and other health care providers and $150 billion to state and local governments, as well as a 15% boost in food stamp benefits. They hope this serves as a basis for talks with McConnell going forward.
Democrats also sidetracked a request by McConnell to give the unanimous consent necessary to fast-track Trump’s request through the House. There’s also lone wolf Republican Rep. Thomas Massie of Kentucky, who promises to block efforts to pass such huge legislation without lawmakers present and ready to vote.
Good article: Flawed economic policies
Never in history has an administration been so filled with economically illiterate souls. Trump rules by his intuition, and the rest are sycophant flunkies who care only about keeping their jobs.
For instance this ill-considered plan. We are being ruled by a gaggle of geese.
Talk about economically ignorant, these Congress people also are business ignorant.
Fiddling around while Rome burns