White House Seeks Financial Crisis-Era Powers to Buttress Economy
Source: New York Times
Treasury Secretary Steven Mnuchin said on Sunday that he would ask Congress to reinstate powers that were used during the 2008 financial crisis to support the economy as the coronavirus threatens to grind business activity in the United States to a halt.
The comments suggest that the White House is bracing for a widespread downturn that could harm sectors well beyond the travel and cruise ship industries, and that the federal government could need to return to the type of crisis-era measures that were ultimately scaled back by lawmakers in the 2010 Dodd-Frank Act.
Mr. Mnuchin and Jerome H. Powell, the chair of the Federal Reserve, have spoken daily about how to buttress the economy, which faces the prospect of a deep recession as the coronavirus spreads around the world.
Certain tools were taken away that Im going to go back to Congress and ask for, Mr. Mnuchin said on This Week on ABC.
Read more: https://www.nytimes.com/2020/03/15/us/politics/coronavirus-economy-dodd-frank.html
alwaysinasnit
(5,072 posts)if Congress reinstates those powers. As someone here on DU said (paraphrasing), "banks were bailed out and the rest of us were sold out."
Fullduplexxx
(7,870 posts)bluestarone
(17,030 posts)Control this asshole!
hedda_foil
(16,375 posts)William769
(55,147 posts)50 Shades Of Blue
(10,043 posts)Gotta rescue those CEO paychecks while employees can go fuck themselves.
ashredux
(2,608 posts)Bailouts first for Hotels!,,
marble falls
(57,204 posts)the tax cuts for the 5%.
It'll end up as wealthfare program as opposed to a national program to help all.
bucolic_frolic
(43,282 posts)This is ironic, putrid, stupid, hypocritical, lazy, and slimey all in one.
yaesu
(8,020 posts)Jopin Klobe
(779 posts)Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ... Tax the filthy rich ...
... NOW ...
yaesu
(8,020 posts)scarletwoman
(31,893 posts)No more power for this sack if shit. As. If. He would even consider us. We arent even and afterthought.
sakabatou
(42,174 posts)DeminPennswoods
(15,290 posts)but I could see setting up a bi-partisan/non-partisan entity to vet decisions and/or recommend policies. I would want Sen Warren as a co-chair at a minimum.
jmowreader
(50,562 posts)...is Trump already used up all the tools normally used to revive a collapsed economy, but he used them to overheat an already-pretty-good economy.
The second problem is that Trumps team is pulling out the heavy artillery while the market is still in fairly good shape. This kinda reminds me of a South Park episode where a bunch of people got trapped in the schoolhouse by a snowdrift, and ten seconds after they realize they were trapped they started preparing to resort to cannibalism to survive. (Neglecting, of course, that everyone had eaten an hour before the snowdrift hit, the freezer in the school cafeteria was still full of food and the school chef was on the premises with the keys to the lunchroom.)
And lest we forget, the guy running the government was voted Most iikely to swindle a million dollars from the government in his military school senior yearbook. We absolutely can NOT let Donald Trump or anyone who works for him be in charge of this much power without significant oversight and penalties.
Hotler
(11,445 posts)Politicub
(12,165 posts)They will do nothing but use them to enrich themselves.