Money that Powell and Fink have used to artificially boost the market, making Trump's declarations that he was the sole person responsible for its performance null.
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Money that Powell and Fink have used to artificially boost the market, making Trump's declarations that he was the sole person responsible for its performance null.
Trump's temper has flared in recent weeks with the Fed who has been seen sending the market to all time highs in the face of COVID lockdown, what he sees as election impropriety and high unemployment. This was obviously the reason stimulus has been put back on the table so soon after the election, hoping to head off Mnuchin's threat, but it's unlikely Trump would sign off on a package. I expect McConnell and the GOP to dig in with a low $500-700 billion deal and force the Dems to swallow it.In political philosophy vernacular, this is called taking your ball and going home.
In political philosophy vernacular, this is called taking your ball and going home.
I think sitting in an account not doing anything is exactly how emergency funds are to be utilized. It was doing exactly what it was supposed to do, be available for an emergency.Meh. It was money not being utilized and the program still is in effect until Dec. 31. If Biden wants it back, then it can start up again Jan 22.
I think sitting in an account not doing anything is exactly how emergency funds are to be utilized. It was doing exactly what it was supposed to do, be available for an emergency.
Yeah, no. It was money intended to stimulate the economy in the face of pressure caused by COVID, if it is sitting in accounts not being used, then it is not stimulating anything. Better to recoup that unused money as apparently whatever it was earmarked for did not need it and redirect it somewhere it can be used.
The money is needed and is still being distributed. This isn't easy. Take utility and rental assistance for an example. Care Act funding through city government is being distributed to people behind in rent and utility payments. The process for application and approval is messy and constantly changing. People in crisis are waiting for those applications to be approved. Property owners are waiting for the past rent payments to be made whole. If those funds are not fully distributed, utilities will be shut off, people will be evicted, and those unpaid bills will never be recovered. That will be a double hit on our economy. It's a stupid move to pull back funds that are in process of being distributed.
Yeah, no. It was money intended to stimulate the economy in the face of pressure caused by COVID, if it is sitting in accounts not being used, then it is not stimulating anything. Better to recoup that unused money as apparently whatever it was earmarked for did not need it and redirect it somewhere it can be used.
If that's the case, pretty soon Trump can take credit all by himself for any drastic downturn in the market.Money that Powell and Fink have used to artificially boost the market, making Trump's declarations that he was the sole person responsible for its performance null.
Why? Is there some other government program not paying its bills because these funds are sitting in this account? What's the point of moving them other than to make it more difficult to use them if needed between now and the end of the year?Do we even know that is what these funds are? I did not read through the article and am basically saying if money is not used, it should be returned.
As to your other point, people who are for limited government would point to something like this where it takes half a year to get money where it is needed as an indictment on bureaucracy...
Why? Is there some other government program not paying its bills because these funds are sitting in this account? What's the point of moving them other than to make it more difficult to use them if needed between now and the end of the year?
Why? Is there some other government program not paying its bills because these funds are sitting in this account? What's the point of moving them other than to make it more difficult to use them if needed between now and the end of the year?
Hmm, care to explain all that to the Ded. Here is what they said:
“The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy,” the Fed said.I see the words "emergency" and "backstop" in that. https://www.politico.com/news/2020/11/19/mnuchin-cutting-coronavirus-aid-economy-438487
Huh? The are expiring on Dec 31, 2020. He isn't calling them now. Five of the programs are just not being renewed for an additional 90 days.
I'll be the first to admit I don't understand any of this. I was just curious about Crazy's suggestion that the money could be better used somewhere else. My understanding of how money works in the federal government makes it difficult to follow that line of reasoning.This is all a bunch of dumb shit. The Fed isn't using these funds... and where the market is right now, is very unlikely to ever need them.
These are programs to stabilize the financial system, and the financial system is fine. There are no liquidy issues in the credit markets.
But even if the Fed did need money.....A Biden Treasury Sect could immediately make them available again.
This is a no news story.
I'll be the first to admit I don't understand any of this. I was just curious about Crazy's suggestion that the money could be better used somewhere else. My understanding of how money works in the federal government makes it difficult to follow that line of reasoning.
But again, I don't know anything about this, so I probably should have just stayed quiet.
That sounds like something Trump and his minions are likely to do. What a patriotic bunch we have!So it appears the plan is to take money and move it to locations Biden/Yellen cannot get to. More landmines.
Treasury Secretary Mnuchin is moving $455 billion of unspent stimulus money into a fund the incoming Biden administration can't deploy without Congress
Mnuchin's likely successor, Janet Yellen, won't be able to tap into the unused CARES Act money to support the economy at a perilous moment.www.google.com
The only slightly non-negative spin at all that I can see on this is that Trump and McConnell and Mnuchin were not ever going to spend this money on those kinds of stimulus programs anyway.That sounds like something Trump and his minions are likely to do. What a patriotic bunch we have!
Ah. So partisan hackery was the explanation all along.So it appears the plan is to take money and move it to locations Biden/Yellen cannot get to. More landmines.
Treasury Secretary Mnuchin is moving $455 billion of unspent stimulus money into a fund the incoming Biden administration can't deploy without Congress
Mnuchin's likely successor, Janet Yellen, won't be able to tap into the unused CARES Act money to support the economy at a perilous moment.www.google.com
It puts that money back under McConnell's control, assuming the Pubs hold the Senate.Ah. So partisan hackery was the explanation all along.