What the Hell is in this 1,100 Page Bailout Bill?

Mish

Listen to Senator John Barrasso blast Nancy Pelosi for loading up a coronavirus bill with mountains of garbage.

This Tweet speaks for itself.

Futures are up tonight so some piece of total garbage may pass tomorrow.

Laundry List

  • Tax credits for solar panels
  • Wind turbines
  • Postal service bailout
  • Portions of the Green New Deal
  • Cap and Trade for the airlines
  • Diversity on corporate boards
  • Collective bargaining
  • Election reform
  • Early voting
  • Same day voter registration

"Where does that fit into a bill to rescue the American people who find themselves in the throes of a disease that may kill them and an economy that is shut down?"

What else?

We will have to read the bill to know.

Mike "Mish" Shedlock

Comments (106)
No. 1-50
Casual_Observer
Casual_Observer

Pelosi once said we have to pass the bill to know what's in it during the financial crisis.

mrutkaus
mrutkaus

Well yes, but you are OK with Mnuchin distributing hundreds of billions clandestinely?

Russell J
Russell J

I didn't think the democrats had chance with Biden and whichever black woman he chooses for vp but after this gets out they have zero chance.

This is at least as big a f-up as the white houses response to the emergency at hand...that anyone with half a brain knew was coming a 2 months ago.

Politics at its worst during an epidemic

Jojo
Jojo

This is what DC does all the time, with every crisis. Why is anyone surprised?

"You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before."
-- Rahm Emanuel

Palmer808$
Palmer808$

Couple things on my mind

James Garfield

Dude just showed up at the GOP convention and the next thing he knows

His buddies nominated him the candidate

He won

Not a Hollywood ending

Romney was the first GOP , (grab one pussy), party member to promote universal basic income.

He's a cultist for sure, but in your wildest fantasies you've seen yourself with seventeen satisfied wives. right?

Romney 2020 pussy grabbing but only the 17 your married to.

The Democrats are honest Republicans

Republicans blow sunshine up your patuti regarding fiscal restraint and small government

I am an independent that leans socialist

Simply because if you can't beat them....

GOP are in denial, liars, or worse

baldski
baldski

Barasso is giving $ 500 billion to his favorite industries whoever that may be at the discretion of Treasury and keep it secret. Typical Republican blowhard!

Pat789
Pat789

The Democrats are playing politics as usual......and this time their careless sarcastic bill is a shot in every Americans face not to mention the jobs being lost and the 1000's of Americans dying. How much more callus can these Democratic soldiers of misfortune be.
This laundry list should be part of a bill after the Corona Virus bill has been taken care of for all Americans who have been directly impacted by this deadly virus. Shame...Shame on these Democrats....this is disgusting.

Sechel
Sechel

i agree it's a bad p.r. move. republicans were doing some of this as well. this is politics.

PecuniaNonOlet
PecuniaNonOlet

I dont’t get it. If Trump is putting everyone back to work next week, why do we need these bailouts? Surely a few weeks lockdown doesnt require $4 trillion rescue because if it does then what will happen when everyone gets back to work and millions of people get sick?

If millions dont get sick, where is this money going?

RayLopez
RayLopez

Reminds me of a famous politics story during WWII when Roosevelt pleaded with a southern (TN?) senator for his support in funding the top-secret Manhattan Project, which was due to be done primarily in Illinois. Roosevelt told the senator, who was known for 'logrolling' that building the Bomb and defeating the Japanese was vital and this discussion was no place for politics, and the decision was to build the Manhattan Project in Illinois. After hearing Roosevelt, the TN senator said something like: "Mr. President, you have my full support. Where in TENNESSEE can we help build this bomb?" I think TN got some sort of perk, maybe the TVA, maybe some enrichment project, in exchange for this senator's vote. Politics as usual, even in a national emergency.

Tony Bennett
Tony Bennett

"What the Hell is in this 1,100 Page Bailout Bill?"

...

You are not supposed to find out BEFORE vote.

ARRA back in 2009 was around 1000 pages, as well. Written by corporate lobbyists with consent by only a handful of leaders of each party. Then thrust onto members of House and Senate who have mere hours to read before vote ... a vote if "nay" will mean the return to the Stone Age ... politics as usual.

A lot of goodies for insiders included that would have never survived normal appropriation process. I would hazard much of the bill written long ago ... just waiting for an "emergency" bill that would be shoved thru without much debate.

Realist
Realist

As I said yesterday in response to “How will America change because of this pandemic?”

It won’t.

Just more of the same.

Only worse.

KidHorn
KidHorn

Pelosi is caving in to the far left. I think she lost her marbles after the failed impeachment.

thimk
thimk

"You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before. "

Rahm Emanuel

Sechel
Sechel

why is the bill giving tax breaks to corporations?

Wmjack50
Wmjack50

Well Mish I hope you can see the light of where the Democrat Party is DARK
They are criminals communists and against the constitution So obvious when you are in the light

DBG8489
DBG8489

If the Republicans were smart, they would say:

"Okay, let's break it down instead of voting all at once. First thing, let's put up a bill to pay every adult in the country $1500 - and none of us will vote against it. After that, we take each piece of your proposal and debate it for an hour, and then vote on it. If it passes, we send it to the House, if not we drop it and move on."

The first step will give them political cover as no one anywhere will be able to say they didn't do anything for regular people. The second will give each piece of the Dem proposal ample sunlight so that everyone will know what it's all about.

And no conference committees or any of that bullshit "secret wheeling and dealing" that typically goes on. The House needs to do the same - debate for an hour and then vote yes or no on each separate provision as it sits.

When the dust clears, everyone will see what's really important to Congress and be able to measure that against what's really important for the country.

I know - fantasy land is a wonderful place to live.

ohno
ohno

Remember when we were all so convinced this would never happen again because of the fallout from last time? And what's up with Trump wanting to end social distancing? Is covid-19 overblown as a cover for this crap? This virus doesn't care about the bill. If it's really that bad then why does Trump want everyone back to work? I suppose he could be that stupid but i'm starting to think this is all another 9-11.

John212
John212

Republicans have gotten their wins for a while. Democrats dont need to do much. Ppl wont blame pelosi, they will blame trump. Like Republicans with obama, why would they want to help...a big payback for the last 10 years

tokidoki
tokidoki

Don't know which one is worse. This or the Republican's. This one is laden with junk, but the Republican one is mostly about helping executives and shareholders.

TCW
TCW

The communists want the economy to collapse so that they can institute their programs for your life. They have us over a barrel on this bill, as it's either live without the money or get it by signing your life over to us.

abend237-04
abend237-04

It's the internet. Beltway Democrats are still shocked to discover that the whole country is actually watching them trying to steal in a stampede what they couldn't win in debate and elections.
Nancy's staggering around in a daze wondering why there's so much hell being raised about passing this one...so we can all see what's in it, like before.

xil
xil

is it in poor taste to ask if the american people who are to be "rescued" are primarily the 1%?

Ebowalker
Ebowalker

Government fails. Not shocking.

lol
lol

Big govt (Fed)spent (printed) $600 trillion and change since 09 to bail out banks and wallstreet,and they'll spend another 1/4 quadrillion to bail them out ...AGAIN!!While regular folks will get a thousand dollars each lol!

Woodturner
Woodturner

. They’re both loading up their favorite items.

Nouriel Roubini
@Nouriel
·
3h
Trump clown is deluding himself expecting that Dems will approve his private $500 billion slush fund supervised by "myself" that will be used to bailout his companies & cronies & denied to his political enemies; his private election slush fund. What a pathetic lunatic crook!

abend237-04
abend237-04

Been watching a guy who's probably viewed as a "1 percenter" by many here locally as his world comes apart, while Nancy holds out for more greenie goodies.

He shut down six restaurants and gave away 750 pounds of chicken wings, alone, to employees, telling them he'd do the best he could to get them through this, but without customers and revenue, he had no means to help.

If this persists, the break room and water cooler experts are going to re-discover the source of jobs; Businesses.

compsult
compsult

Mish, with the lock-down and generalized fear and panic, it is logical to think the MMT will be hoarded more than spent. I can't imagine consumers will spend on nonessentials or businesses will invest when demand will likely be low.
Ideas or thoughts on this?

AWC
AWC

Markets are no longer needed. The Fed has taken over. Welcome to the Union of Soviet States of America.

bradw2k
bradw2k

Yay, we are printing $2T of monopoly money! We're all gonna get stuff! I knew we could do it.

"I sure hope stocks go up another 20% this week so I can sell mine!" - everyone

njbr
njbr

Texas Lt. Gov Dan Patrick is looking for some volunteers...

...“Those of us who are 70-plus, we’ll take care of ourselves,” Patrick, who is 69, added. After the lieutenant governor’s bizarre vow, Carlson wanted to make sure he had it all correct: “So you’re basically saying that this disease could take your life but that’s not the the scariest thing to you. There’s something that would be worse than dying.” Patrick agreed with his summary....

End the shutdown, save the GDP !

2 weeks is too long--the President is bored with it--he's forced to show up everyday and there's all of those pesky reporters with questions. It's not so much fun any more.

And it's not even really bad yet.

Iowan
Iowan

Seems clear to me the Democratic message is this: Trump didn't do MORE, and that's why we failed. This bill is a trap. Either they get everything they want, or Trump didn't do enough to solve the world's problems.

DBG8489
DBG8489

My absolute favorite part of the whole bill are the provisions that allow people to stop paying mortgages, credit card payments, student loans, and car notes.

Basically - those of us who have worked our asses off and now live paycheck-to-paycheck to stay out of debt are going to be taxed to pay for those who chose to mortgage up to their eyeballs... Because make no mistake, the banks, credit card companies, student loan lenders, and mortgage owners will get their money. they just won't get it from those who owe it. They will get it from government who gets it from....?

The taxpayer. Me. One of those who chooses to stay out of debt at any and all costs.

Sweet.

The only thing that will make this better is if I find out that the owner of the house I rent will get to stop paying the mortgage, but I will have to keep paying them rent.

That will make this bill perfect.

pmbug
pmbug

Digital dollars. The Dems added language to allow the Fed to create a digital dollar and digital wallets. Fedcoin CBDC is coming.

frozeninthenorth
frozeninthenorth

Well its a 1,100 pages because in America it has to be spelled out exactly. actually a 1,100 page for a 3 trillion program, its not that much if you think about it

abend237-04
abend237-04

There's hardly a leader in sight, coast to coast, with the possible exception of Cuomo in New York. He launched a 70,000 dose test of the Hydroxychloroquine and Azithromycin combo today. If it works, the debate should be over by Monday and the path to a no-brainer solution open:

Test, isolate and treat positives early. Get everybody else back to work. Keep older folks with immune issues away from the melee.

Carl_R
Carl_R

This will undo any bad will against Trump's handling of the crisis. I now think Trump might very well win.

thimk
thimk

"Pennies from heaven" for you and me to wit:

michiganmoon
michiganmoon

Remember when the media and liberals were upset with Rand Paul delaying a vote by a mere couple of hours to try and end a nearly 20 year war in Afghanistan?

Stuki
Stuki

And all the while, the "real communists" just went out and delivered a solution, when faced with the same problem......

Pretty sad to first hand observe what once-was America has degenerated into.

Six000mileyear
Six000mileyear

COVID19 will usher in term limits; one way or another.

Brutus' Admirer
Brutus' Admirer

There is a lot not to like about Republicans, but this crap from Democrats in this rescue bill evinces just how profoundly corrupt and evil Democrats are.

The country will be better off with no bill.

Sechel
Sechel

Don't kid yourself @Mish the issue is oversight. Trump wants to be the sole arbiter and Congress wants a check on that.

oldereb
oldereb

You really think Pelosi is concerned about laid-off employees ?? Naw, she is protecting the members of her religious institute from financial loss.

COVID-19 is to distract the public while congress and the Fed flood the world with fiat money. It also takes the war-mongering of Wall Street off of the MSM.

The Fed has stated they will use the Primary Dealer Credit Facility with unlimited funds to save bankers and corporations. Who are the owners of the six mega-corporations ? Right, the bankers. Ref. https://www.zerohedge.com/markets/fed-reopens-its-landfill-distressed-assets

The public is told to ignore the possibility the FRBOG is operating as a privately held corporate structure with ownership shares held by the Primary Dealers. You do understand the major bankers will be getting all of the fiat money, don’t you? Woo, hoo.

Perhaps using the FOIA to explore the possibility of the BOG's ownership should be considered. Ref.  https://thedailycoin.org/2020/02/19/federal-reserve-transparency/

bradw2k
bradw2k

So this may be the beer talking but: how is what's going, between Congress and the Fed, not the single greatest act of THEFT ever? Right before out eyes. With every American and their children as the victims. ... But everyone's arguing about how long to social distance (two weeks or two months?!) and whether or not Biden is conscious.

Carl_R
Carl_R

The reminds me of an old joke. With slight variation:
"What's the difference between a Congress?"
"One party is both the same!"

donicloud
donicloud

At least some of the items mentioned are stimulative, much more so than tax cuts (that trickle-down and ‘tax cuts pay for themselves’narratives have been pretty much thoroughly debunked by historical evidence at this point; they were always zombie ideas that keeps getting trotted out, no matter how much empirical evidence fails to support them).

You either buy into Keynesian economics, or you don’t. Keynes said that we could bury caches of money in the ground, for users to dig up.

It’s a lot more effective and stimulative to give money to consumers and people who need it, who will then support the businesses, rather than directly give money to business, with the idea that the ‘investment’ is more ‘high-leverage’, and will trickle down to the populace. Businesses who can’t thrive in the face of customers with lots of cash to spend, that....sort of speaks for itself.

Tail....dog....the capitalists are necessary, capitalism is awesome, but it’s still the tail of the dog (the people), not the dog.

vfrtxn
vfrtxn

So....what comes after quadrillions as we look at our nations total debt burdens?

Sechel
Sechel

Democrats won language that would bar any business owned by President Donald Trump or his family from getting loans from Treasury. Businesses owned by members of Congress, heads of executive departments and Vice President Mike Pence also would be blocked.

I'm sorry. But Trump brought this on , when saying he wouldn't not take money


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