David SimsEssays

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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Mencken's Ghost
Mencken's Ghost
18 April, 2020 1:52 am

America is slowly going the way of Zimbabwe and Weimar. The stimulus pill seems to have worked for the stock markets FOR NOW. The real crash is still to come though. You can’t arbitrarily inflate asset prices forever when half your economy is shut down.

20 April, 2020 12:21 am

The Australia dollar is pitiful compared to the US dollar. I find it ironic how these corporations and millionaires hoard the money as if their life depended on it. What will they do when the stock market crashes for good? Us, little people, we will be all right, since we will know how to survive on very little. How will they (millionaires)? They are as bad as the nonworking poor, that’s why you will always see them living together within a city, because they are like minded; both groups hate hard work, both groups rather deceive, lie, to make a profit, both groups are selfish, greedy bastards that depend on the working class. Oh well, c’est la vie.

Reply to  Geli
20 April, 2020 9:01 am

For every $$$$$ionaire , there are many with his debt and those , who have not a penny , which is worthless anyway. How can it continue?

Reply to  Geli
20 April, 2020 4:14 pm

Please beware of the platitudes . WHen a captain of a German torpedo boot , T-36 , was asked if the WIlhelm Gustloff was a war crime he replied , ” nein, s’est le guerre.” But you are correct it is life and inescapable but also unacceptable.

Reply to  Paul
22 April, 2020 1:53 am

You worry too much. I like you Paul, and believe me, this (money) who gets who, is a waste of energy. I laugh at it because it is funny. I sometimes can’t tell the rich and the poor apart, they both (panhandlers) have their hand out for the government to give ’em more, hahaha.

Joke: They were looking down into the depths of the Grand Canyon.
“Do you know,” asked the guide, “that it took millions and millions of years for this great abyss to be carved out?”

“well, well!” exclaimed the traveler. “I never knew this was a government job.”

20 April, 2020 3:02 am

Socialism for the rich – Dog-Eat-Dog Capitalism for the rest.