Hi, Welcome to BIG, a newsletter about the politics of monopoly. This is a special edition. I need you to take this newsletter and repost it, forward it, and contact anyone you know in politics. Here’s why. Congressional leaders are likely to put a very ugly deal in front of the American people, and if it passes, America may be unrecognizable after this pandemic. But there is a way to stop it, if people on the populist left and people on the populist right work together.
RT @matthewstoller: Ok I wrote up the list of lobbyist asks for corporate hand-outs in the coronavirus package. And a way to stop it. We need a new Skeptic's Caucus, from the right and the left. Bail out the public, not big business executives. https://t.co/QicjuRdqYO
Thanks for this post, I was calling that there was something fishy about the Republicans beyond their plan to turn UBI into welfare cuts in the future. Seeing this explains the Democratic vote very well.
We can conceive of no other response to crises than to worsen the conditions that precipitated them. Worker protections are going to be gutted further. The corporate landscape will become even more monocultural.
It pains me to say it, but it looks like Democrats actually did the right thing on this killing it in the Senate. Remain watchful etc. but there must have been some sensitivity to how pissed people were getting at billionaire class profiteering (crazy I know)
yeah but the difference here is that the corporate wing of the Republicans won't survive, it'll be overthrown by its full on paleocon populist counterparts. The Dems chucked away the only guy that would give them something comparable and alienated anybody that's below the upper range of GenXers; the Republicans will probably be unstoppable from here on.
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The UK proposal is a surprisingly effective way to handle this. By paying paying workers a percentage of their wage directly, you are protecting both the workers, and the companies that can now cut their costs by moving a large portion of their workforce to “unpaid” leave guilt free. This method is essentially designed to minimize damage and allow for a fast rebound once the restrictions are removed.
I do share the author's scepticism. But it's a bit much to describe this as something that "really looks less like a relief package and more a corporate coup" when you admittedly have absolutely no idea of what it actually is.
One could argue the same case just as well without resorting to pre-emptive hyperbole. This isn't a new problem for public advocacy groups, and they tend to try to find a balance where you get people to sign up for your newsletter or prepare to show up for a protest, but with the understanding that it may not happen or that your actual message will be decided at short notice.
Honesty in such matters isn't just moral principle, but also serves your cause. Because outrage overload such as this will only get you written off as "cynics that would oppose everything". No politician will even consider to change their behaviour if you publicly admit that you are going to oppose them entirely independent of that behaviour.
If you don't appear willing to consider the actual facts, you have no power.
I'm fine with a bailout of some companies as long as the shareholders bear the burden and the taxpayers have a plausible scenario for upside.
Want $65B Boeing? Okay -- we'll give that you that as a capital injection against your cap table. Preferred stock with preferences and at a discount. Oh, your market capitalization is only $53B right now? I guess that makes the US treasury your largest shareholder.
Existing shareholders get what's coming to them: Massive dilution. The government gains an enviable equity position that they can eventually exit at hopefully a large profit.
Over the next decade, the government responsibly liquidates these positions. Those liquidation events can be spent servicing our ballooning national debt and underfunded entitlements.
This is the exact same deal a startup would get if they were in a similar position and went back to investors for cash from an unfavorable position.
I mean I appreciate the attempt, but politics are in a vastly different state compared to 2008. Republicans are essentially the populist far right party now, shown by their willingness to hold the public hostage so that they can get concessions in a time of crisis. Meanwhile, the liberals are in favor of big business above all else and will gladly vote to bail out companies while their attempts to help working class families is an utter joke.
I don't see an easy way out of this crisis becaus of our president, our government and our representatives failing us at every step of the way. Thankfully local governments are stepping in, but this is one of those times where you need a strong governmental response in order to ramp up production, provide guidance and prevent cities from getting destroyed due to the economic ramifications.