White House officials are working with congressional Republicans on an emergency stimulus package that could send two $1,000 checks to many Americans and also devote $300 billion towards helping small businesses avoid mass layoffs, according to two senior administration officials and a Treasury Department fact sheet.
There are no final decisions yet and the Democrats would have to agree and add all their usual socialist pork.
The $1 trillion rescue plan is being defined. The Treasury Department is circulating a two-page sheet of priorities that it wants to see in the final deal, which includes a $50 billion “airline industry secured lending facility” that would allow it to make direct loans to “U.S. passenger and cargo air carriers.”
Treasury would determine the interest rates and other terms of any loans, but they would include limits “on increases in executive compensation until repayment of the loans.”
As long as they’re loans.
The economy could be in big trouble between coronavirus and the oil war, which everyone ignores. Layoffs have already begun as more cities order non-essential businesses closed.
Treasury Secretary Steven Mnuchin told Republican senators on Tuesday that the unemployment rate could skyrocket to 20 percent, a level President Trump said Wednesday would be “an absolute worst-case scenario.”
“People want to go big,” Trump said at a press conference when asked about the size of the direct payments to Americans. “Everybody seems to want to go big and they want to get to the recovery.”
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The Dow Jones industrial average has fallen 10,000 points in a month, including more than 1,900 points in midday trading on Wednesday. It is now at a lower level than in January 2017, when Trump took office.
By 2:30 EST, it looked like this despite all the fake money the Feds are pouring into it:
Bernie Sanders, who promises to never go away and keep running for President, one-upped Treasury Secretary Mnuchin. He wants to give Americans $2,000 a month and ‘temporary’ Medicare For All.
How long before we go bankrupt, do you think?
Despite all of the economic costs, the President is trying to do the right thing by Americans. He put Americans First as he promised.
I’m not a Keynesian and I don’t believe in much of this, but who am I to say? Something does have to be done.
Jim Cramer discusses it (Mind you that if the President goes as big as Cramer wants, Cramer will disappear when the price tag is too large to pay off):
Is Treasury Secretary Mnuchin’s stimulus package enough for Wall Street? @JimCramer takes a look: https://t.co/UHdr8pv0pj pic.twitter.com/89l0g4PUvh
— TheStreet (@TheStreet) March 18, 2020
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