Class Warfare Blog

April 5, 2020

Let It Begin!

Filed under: Economics,Morality,Politics — Steve Ruis @ 11:53 am
Tags: , ,

Back before the 2016 presidential election, my partner made a quasi-prediction. You remember that electron, the one between a corporate Democrat and an amoral, money-worshiping Republican? She felt that our only hope, if there was any available, was that whoever was elected would overplay their hand. I thought there to be a virtual guarantee of that happening, but she went farther, she felt that the entire corrupt system would crash and there would be “hard times” for sure but maybe, just maybe, a new system could rise from those ashes. Back then I was skeptical but now, maybe not so much.

Just this morning I read Capitalism Has Failed in Fighting Coronavirus by Richard D. Wolff, professor of economics emeritus at the University of Massachusetts, Amherst. And this article stated quite clearly that “ The problem of policies aimed to return the economy to what it was before the virus hit is this: Global capitalism, by 2019, was itself a major cause of the collapse in 2020. Capitalism’s scars from the crashes of 2000 and 2008-2009 had not healed. Years of low interest rates had enabled corporations and governments to ‘solve’ all their problems by borrowing limitlessly at almost zero interest rate cost. All the new money pumped into economies by central banks had indeed caused the feared inflation, but chiefly in stock markets whose prices consequently spiraled dangerously far away from underlying economic values and realities. Inequalities of income and wealth reached historic highs.” (Emphases mine.)

Hey I’ve got an idea to help those corporations: they can . . .
sell the fucking stock they bought with their fucking tax cuts!

On walking the dog this morning I saw a clear tag on many of the city trash barrels I passed “Tax the Rich!”

And our government rallied to pass a two trillion dollar relief bill, maybe 20% of which will actually go to people. These rest goes to . . . guess where . . . mostly corporations.

Have people forgotten that the recent federal tax cuts were largely a benefit to said corporations? And what did those corporations do with their windfalls. The Trump administration promised that they would use the funds to modernize, expand, hire a bunch of people and the skeptics (me included) said “Well, the last time they bought back their own stock (which used to be illegal price fixing) which enriched their shareholders and their executives.” So, what did they do this time? They bought back their own stock (which used to be illegal price fixing) which enriched their shareholders and their executives. Wow, it almost seems like déjà vu!

Hey I’ve got an idea to help those corporations: they can . . . sell the fucking stock they bought with their fucking tax cuts!

Why should we be giving corporations “relief” funding when they have been sitting on piles of cash and/or piles of their own stock, which because of their purchases, they can sell at inflated prices right now!

It is clear that any administration . . . Trump led . . . Biden led, anyone endorsed by either of these parties has their marching orders. Prop up the status quo, no matter the cost. (Why do you think they torpedoed Bernie’s campaign?)

If you want to estimate the actual costs, read the comments to the Naked Capitalism post linked to above. They are of the “maybe we need to stand a few people up against the wall and shoot them” variety.

There will be blood.

 

5 Comments »

  1. Just wait. They will be doubling down on the failure. I imagine sooner or later (probably sooner) they will be proposing the exact same solutions for us that they use on bankrupt countries like Greece.

    – Default on most of the debt and/or wipe out the Social Security Trust Fund)
    – Austerity for the safety net
    – Lower taxes (especially for real estates magnates)
    – Forgiveness for most big corporate debt

    The mess of an out of control deficit and a broken economy is a perfect storm for the oligarchs. The question is whether they are going to be able to force it past everybody and how much the Democrats are going to go along with it.

    Liked by 1 person

    Comment by James Cross — April 5, 2020 @ 1:39 pm | Reply

    • All the current politicians are bought and paid for, except possibly Bernie Sanders, which is why he is an abomination in the eyes of the establishment. So, “going along” is guaranteed. It will just involve various fig leafs of protective coloration to make these palatable to enough pols. Look at what this “relief bill” provides and it is all pork. A bailout for Boeing, rather than jail cells (Is grotesque mismanagement a crime? Should be.)? OMG.

      On Sun, Apr 5, 2020 at 1:39 PM Class Warfare Blog wrote:

      >

      Liked by 2 people

      Comment by Steve Ruis — April 6, 2020 @ 10:02 am | Reply

      • Look at what this “relief bill” provides and it is all pork.

        When people are desperate as they are in the current scenario, they unfortunately could care less. All they know is they’re going to get a trifling amount to pay a few bills (probably not the ones that really matter) and put some food on the table (or toilet paper in the bathroom).

        I do wish we had some strong “soldiers” in the ranks that would stand up to this 4th grader and pin him to the wall.

        Like

        Comment by Nan — April 6, 2020 @ 12:07 pm | Reply

        • D’accord! I wish one of the reporters the president squelches would show some balls and not accept his bullshit. If the president presses, just walk out. Remember the many millions of dollars of free advertising Trump got from the “news” folks last time? How about not covering him at all? How about making him pay for ads?

          On Mon, Apr 6, 2020 at 12:07 PM Class Warfare Blog wrote:

          >

          Liked by 1 person

          Comment by Steve Ruis — April 6, 2020 @ 1:20 pm | Reply

          • I agree! In this case, getting no news would be GREAT news.

            Unfortunately, any reporter that truly stands up to him would probably get banned or even fired by the news media they work for. It’s a lose-lose situation for them. Of course it’s all a great source of income for their “bosses.”

            Like

            Comment by Nan — April 6, 2020 @ 1:30 pm | Reply


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