Friday, March 27, 2020

Barrel of Monkeys

"Bailouts for the Rich, the Virus for the Rest of Us" (Urie).

"Corporate Socialism: The Government Is Bailing Out Investors & Managers, Not You" (Taled/Spitznagel).

Fine print:  "Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package" (Drucker):
"Among the possible beneficiaries of the change are real estate investors in President Trump’s inner circle.

In 2018, The New York Times reported that Jared Kushner, Mr. Trump’s son-in-law and adviser, likely didn’t pay federal income taxes for several years because of paper losses generated by depreciating his companies’ properties, despite his significant wealth and earnings from other sources, according to confidential financial documents.

Mr. Trump has also reported significant losses on his tax return. Portions of a 1995 tax return published by The Times showed nearly $916 million in losses, which could have permitted him to avoid paying any federal income taxes for almost two decades. 
The 2017 law restricted both men’s abilities to reap tax savings through only-on-paper losses; now, with those limits likely to be lifted, Mr. Trump and Mr. Kushner, as well as other wealthy real estate developers, have the potential to score big tax savings."
Slumlord news:  "As the Coronavirus Hit, Jared Kushner’s Company Told Renters to Take Action to Pay “ASAP”" (Vicens) (Mother Jones, though).  "Kushner Cos. Defaults On Major Times Square Retail Property" (Neubauer).

Thread by Jason Hickel on the British version of the same kind of theft.

It is amazing just how cheap it is to buy off every individual to allow for the theft of trillions and trillions.

"The Senate's Coronavirus Relief Package Must be Stopped!" (Whitney):
"Do you understand why this bill is being rushed through congress?

It has alot to do with the falling stock market but more precisely with the hundreds of corporations that have been hawking bonds to gullible investors who thought they were buying the debt of responsible, well-managed companies that used the money to improve their product-line, train workers, or build new factories. But instead, greedy CEOs have been using the money to buy shares in their own companies to boost executive compensation and reward shareholders. It’s a multi-trillion dollar scam that blew up in their faces causing a complete freeze-over in the corporate bond market. That’s what’s really going on, there’s a massive credit crunch that has a stranglehold on the bond market and there are only two ways to fix the problem:
Let the failing corporations default and pick up the pieces after the dust settles or…
Launch a major $4.5 trillion bailout for busted corporations that drove their companies off a cliff. 
Those are the two choices. Naturally Treasury Secretary Mnuchin chose the latter which suggests that the real motive for giving working people the $1,200 checks was simply to divert attention from the massive trillion dollar bailout to teetering corporations. That’s the real objective of the so-called fiscal stimulus bill. It’s another giant welfare check for the plutocrats."
". . . Mnuchin is transforming the US Treasury into a hedge fund. That’s what it means. It means that the Treasury is going to use the $450 billion that is obliquely allocated in the emergency bill, to create a Special Purpose Vehicle (SPV)–which is a sleazy, off-balance sheet operation that is used to conceal underhanded bookkeeping, that will leverage up by 10x (which means that the Fed will use the $450 billion to borrow tens times more than the original amount or $4.5 trillion) that will be stealthily used to bail out underwater corporations, financial institutions and, yes, banks. (Note–The fairy-tale about “well capitalized banks” is pure bunkum. These guys have serious exposure through “sponsored repo” which is lending to hedge funds via the repo market.) The Fed has already created one SPV for the Commercial Paper market under the Treasury’s Exchange Stabilization Fund (ESF) which is supposed to be used to mitigate volatility in global currency markets, not for bailing out failing corporations. It’s a complete misuse of funds. Unfortunately, targeted suspension of the Sunshine Act will prevent the public from figuring out who is getting money in what amount and for what purpose. This whole scam has been carefully worked out right down to legal provisions preventing transparency.

By the way, Mnuchin’s personal bio is worth reviewing. According to Senator Ron Wyden:

“Mr. Mnuchin’s career began in trading the financial products that brought on the housing crash and the Great Recession. After nearly two decades at Goldman Sachs, he left in 2002 and joined a hedge fund….
“In early 2009, Mr. Mnuchin led a group of investors that purchased a bank called IndyMac, renaming it OneWest. OneWest was truly unique. While Mr. Mnuchin was CEO, the bank proved it could put more vulnerable people on the street faster than just about anybody else around.
“While he was CEO, a OneWest vice president admitted in a court proceeding to ‘robo-signing’ upward of 750 foreclosure documents a week…between 2009 and 2014, a period during which the bank foreclosed on more than 35,000 homes. ‘Widow foreclosures’ on reverse mortgages – OneWest did more of those than anybody else. The bank defends its record on loan modifications, but it was found guilty of an illegal practice known as ‘dual tracking.’ One bank department tells homeowners to stop making payments so they can pursue modification, while another department presses on and hurtles them into foreclosure anyway.” (“Stimulus Bill: The Fed and Treasury’s Slush Fund Is Actually $4 Trillion”, Wall Street on Parade)

Does that sound like someone who can be trusted in the distribution of $4.5 trillion in government funds?"
"Look: The Fed has always had the ability to print as much money as it chooses. (Remember: “Unlimited QE”??) So why did the Fed need to link-up with the Treasury for this operation? 
Because the Fed is unwilling to accept the credit risk. Who will ultimately be accountable for all the bad bets and worthless bonds that are being downgraded as we speak? Who is going to mop up the trillions in red ink created by crooked, scheming, cutthroat corporations (and their financial counter-party accomplices) who plundered their companies for the sole objective of enriching themselves and their shareholders? 
The US Treasury backed by the American taxpayer. 
This is really the endgame. Wall Street has subsumed the US Treasury and turned it into a massively leveraged hedge fund that is controlled by an unscrupulous charlatan who made his bones evicting families from their homes during the worse economic slump since the Great Depression. 
We’re truly fu**ed."
So the Fed is now a huge lender to the worst credit risks, to the extent of trillions of dollars, completely independent, unless it fucks up (which it will, as the borrowers have already proven how feckless they are), in which case the Treasury is on the hook.  Khazar nirvana!  That's quite the use of a crisis to sneak in what amounts to a profound change to the entire system of government.

Also:  "Democrats Are Handing Donald Trump The Keys To The Country" (Carter).

"Donald Trump Says America’s Ventilator Shortage Was “Unforeseen.” Nothing Could Be Further From the Truth." (Turse).  If you can believe it, President Jared is taking his sweet, sweet time trying to Jew down the price!:  "After Considering $1 Billion Price Tag for Ventilators, White House Has Second Thoughts" (Sanger/Haberman/Kanno-Youngs).

Whenever they ask the Assholes who aren't social distancing what they think they are doing, they inevitably say 'I am not at risk, why should I inconvenience myself just for the benefit of others'.  This isn't some random sociopath, it is the Weltanshauung of an entire country.  It also explains why the endless series of Wars For The Jews, not to mention previous atrocities, goes down so easily.

Needless to say, the biggest sociopaths, by far, are those who loudly proclaim their religiosity:  "Prosperity gospel megachurches: close them down as health risks" (Madsen).

There's some good news:
  1. "After 5 years, Saudi Arabia is finally on the verge of defeat in Yemen" (Ahmed);
  2. "Canada to cut number of troops in Ukraine due to COVID-19 pandemic" (Berthiaume) (it is amazing how much outrageous fuckery is completely unnecessary, and can just be allowed to drift off);
  3. "Barrel of Monkeys now worth more than a barrel of Alberta oil" (Bekx/Seskus);
  4. on the attempted theft by Gilead:  "We Just Barely Averted a Gigantic Pandemic Grift by Big Pharma" (Day) - rare link to the (((Jacobin tricksters)));
  5. "Canada can ignore drug, device patents during outbreak under new law" (Globo-homo-Rothschild-o, which notes that the big pharma lobby group is 'concerned').
"Can social distancing hide Biden from voters until November?" (DeWitt).  In the few times he has appeared, he has noticeably deteriorated from his base line (which wasn't good to start with).  Remember Ol' Kil used to similarly disappear for a neurological tune-up. probably involving the blood of recently slaughtered children.  Can you imagine what happens if Biden has to disappear while campaigning (Trump will have a field day).  As bad as Trump as been during the crisis, at least he is available, Americans can't count on Biden to be fit to serve.

I keep forgetting, why do the nicest people in the world keep being oppressed by everybody else?:  "During the Coronavirus crisis, Israel confiscates tents designated for clinic in the Northern West Bank".  Oh yes, it's irrational ancient Jew-hatred, that's it!

"Netanyahu, forever! Gantz abandons his opposition" (Weiss).  Gantz looks just like Bernie - pretend phony opposition just there to help with the legitimacy of the entire system, but always no real threat to it.

The 'bright side' is that Bibi no longer has to pander to the ultra-right (not that there is any difference between the ultra-right and the mainstream):  "Israeli politics wins — thanks to coronavirus" (Bhadrakumar).

Tweet (Rob DenBleyker):
"have you talked to your grandparents about the benefits of Dying for the Stonks?"
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