Stimulus 2020: America, the Ripoff Nation, Lives Up to Its Reputation
by David Sims
THERE’S A LOT to criticize in how the multi-trillion dollar stimulus packages are being ladled out. First, of course, is the outrage that the elite, the bankers, the big corporations, the darlings of the Federal Reserve, are getting three times more (six trillion dollars) than is allocated for the common citizens (two trillion dollars). Second, the elite is getting their money first, meaning that they’ll have a chance to spend or invest it before inflation kicks in and reduces the value of the money. Third, the oversight of these bailouts is being managed by the very people who will benefit from them, whereas, on the other hand, there is a bureaucracy of nit-picking rule-checkers who sieve the money going to the common citizen, lest any of them get a single dollar more than he should get, once every criterion has been duly weighed.
The favoritism being shown to the rich is obscene. The Federal Reserve is actually letting their favorites make a profit on the hard times, such as by buying mortgage backed securities, which are declining in value, for more than they were originally worth. The Fed is paying these financial speculators 103 or 104 cents on the dollar as a special favor to those people. Meanwhile, us ordinary folks who are watching the value of our assets evaporate will get no such deal. Our losses are our tough luck, and, thanks to inflation, their losses will also become our tough luck.
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