Let's Make A Deal

The Senate is voting on the big $2 trillion COVID-19 aid package, and it's still very much a Big Casino moment for the banks in particular.  The bottom line is while small businesses are going to get loans and most Americans will get that $1,200 check, the banks and hedge funds will benefit the most, and they'll have the first crack at gobbling up what resources remain when all of this is over.

Businesses controlled by President Trump and his children would be prohibited from receiving loans or investments from Treasury Department programs included in a $2 trillion stimulus plan agreed to early Wednesday by White House and Senate leaders in response to the coronavirus crisis.

The provision, which was touted by Senate Minority Leader Charles E. Schumer (D-N.Y.) in an early-morning letter to colleagues, would also apply to Vice President Pence, members of Congress and heads of federal departments, as well as their children, spouses and in-laws.

During a television interview Wednesday morning, Schumer stressed that the provision applies not only to Trump but to “any major figure in government.”

“That makes sense. Those of us who write the law shouldn’t benefit from the law,” Schumer said on CNN.

The Senate plans to vote later Wednesday on the massive package, which aims to flood the economy with capital by sending $1,200 checks to many Americans, creating a $367 billion loan program for small businesses and setting up a $500 billion fund for industries, cities and states. The House is expected to act in coming days.

Trump’s dual roles as both chief executive of the nation and owner of a sprawling business empire has been frequently criticized by Democrats, who accuse him of trying to profit from the presidency.

Shutting Trump, the cabinet, and Congress from profiting off this is a good thing, and checks will be cut on April 6 under this legislation, it does increase unemployment insurance and laid off workers will get paid for up to four months.  That part is fine.  But the GOP gets their slush fund anyway.

Wall Street is going to make trillions off this, and everyone knows it.

It's a bad bill.  It's precisely what I expected the Senate GOP to create.

Nancy Pelosi and the House now get their crack at this, and it's time to bring the GOP to their knees.