Saturday, May 09, 2020

The rescue of 'Main Street'

"Congress Sets Up Taxpayers to Eat $454 Billion of Wall Street’s Losses, Where is the Outrage?" (Martens/Martens):
"The Fed was created in 1913 under the Federal Reserve Act. There is nothing, whatsoever, in the 107-year history of the Fed that states or even suggests that it can lever up taxpayer money by 10 to 1 to bail out Wall Street and stick the taxpayer with the losses. This was an outrageous plan hatched out of thin air by Kudlow, Powell and U.S. Treasury Secretary Steve Mnuchin with zero regard for the legality of the plan.

When the text of the final CARES Act stimulus bill was released to the public, it allotted $454 billion to be handed over to the Fed from the U.S. Treasury. That $454 billion from the taxpayer would absorb the first $454 billion of losses of the Fed’s levered up $4.54 trillion rescue fund for Wall Street, which would include bailing out bad loans at the biggest Wall Street banks, the primary dealers (trading houses), commercial paper market, money market funds, corporate bonds, junk bonds, and Exchange Traded Funds (ETFs).

To underscore that secrecy on the part of the Fed might have to be invoked, Section 4009 of the CARES Act suspends the Freedom of Information Act for the Fed and allows it to conduct its meetings in secret until the President says the coronavirus national emergency is over.

In addition to pushing the narrative that this is all about a rescue of Main Street, not Wall Street, there is the Trump administration’s secondary narrative that everything was just fine with the economy and Wall Street before the coronavirus hit the U.S. At Kudlow’s March 24 press briefing, he also said this: “We started the year very strong and then we got hit by the coronavirus.” That is also a false narrative.

According to the New England Journal of Medicine, the first confirmed case of coronavirus was reported in the United States on January 20, 2020. But according to the Fed’s own minutes, between September 17, 2019 and December 10-11, 2019, the Fed had already funneled ‘roughly $215 billion per day’ in emergency loans to Wall Street’s trading houses or more than $6.23 trillion in cumulative loans.

Stress on Wall Street was also apparent by the tens of thousands of people getting fired from their jobs by major Wall Street firms. See Wall Street Had Cut 68,000 Jobs and Received Trillions in Emergency Loans Prior to COVID-19 Anywhere in the World
So where is the outrage from all of those Pulitzer prize winning newspapers across America over the second massive Wall Street bailout in 12 years? Their silence is deafening."
The single largest theft in world history, and how (((they))) got away with it with absolutely no push-back whatsoever, even from the 'left', is by far the most interesting story in recent months, and unfortunately is just going to make (((them))) even bolder in the next theft (which won't be required for a while as (((they))) have set up this theft to be open-ended, and essentially limitless).  This is why you control the (((media))), goyim, and set up blackmail ops.  And yeah, the ((())) are necessary to understand the story.

Note the first link in the article above:  "Gundlach: Fed’s Corporate Bond Buying Program Is Illegal; Fed Says Program Isn’t Operational" (Martens/Martens):
"The Federal Reserve Act is more than a charter, it has been codified into law. And there is nothing in that law that indicates that the Fed is allowed to do more than make loans against collateral that is worthy enough to avoid losses to the American taxpayer. There is nothing in the law to suggest that the Fed is allowed to make purchases of anything, let alone junk bonds and junk bond ETFs."
Tweet (Otto English):
"Trump's grandfather died in the 1918 flu pandemic and the subsequent life insurance policy that paid out created the Trump fortune. This is the most mind boggling thing I've learned during Covid 19"
"Volcano gods demand workers" (JWZ).  As you would expect:  "Conrad Black: Fear of COVID-19 is overblown, it's time to get the economy moving again".

Tweet (John Spear) (still?!!!) (also):
"I live on flight path for Heathrow. Over 1 hour I saw planes from Instanbul 
Bulgaria, carrying potentially 300+ passengers landing. All untested . How are we supposed to get infection numbers done and ease restrictions if we keep getting this influx #bbcbreakfast"
Tweet (Steven Salaita):
"When Iran, under debilitating sanctions, was struggling with COVID, Western pundits took great joy in portraying Iranians as barbaric. Now that the USA and UK are getting ravaged, hot-takes about the virus as an emblem of cultural barbarity have disappeared."
"The US Has Been Exporting COVID-19 to Haiti; Now, It is Returning a Death Squad Leader" (Johnston).  Further stressing Haiti, this time with Assholian cooties, seems to be part of a plan.

"Greece's Renewed Relations with Syria Further Isolates Turkey in the Eastern Mediterranean" (Antonopoulos).  You wonder why this hasn't happened sooner.

"Mike Flynn ran interference for Israel– but that angle goes unmentioned by press" (Weiss).  #Russiagate has always really been a disguised #Israelgate.

"Is there really a group ready to hang Erdogan out to dry?" (Kadi).  Gülen/Saudi anti-Erdoğan conspiracy machinations.
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