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Hopefully everyone will keep in mind that bailouts should go to the citizenry at large to resurrect demand, not to large multinationals which need to pay off de
by alexpetralia 7y ago
Hopefully everyone will keep in mind that bailouts should go to the citizenry at large to resurrect demand, not to large multinationals which need to pay off debt they should have never incurred in the first place (and which was spent on high-risk growth projects or shareholder buybacks).
"Take Boeing. The aerospace giant of course wants a $60 billion bailout. Financial problems for this corporation predated the crisis, with the mismanagement that led to the 737 Max as well as defense and space products that don't work (I noted last July a bailout was coming). The corporation paid out $65 billion in stock buybacks and dividends over the last ten years, and it was drawing down credit lines before this crisis hit. It is highly politically connected; the board of the corporation includes Caroline Kennedy, Ronald Reagan’s Chief of Staff Ken Duberstein, three Fortune 100 CEOs, a former US Trade Representative, and two Admirals, one of whom is the board’s only engineer. Using the excuse of the coronavirus, Boeing is trying to get the taxpayer to foot the bill for its errors, so it can go back to making more of them."
https://mattstoller.substack.com/p/stop-the-coronavirus-corporate-coup https://mattstoller.substack.com/p/stop-the-coronavirus-corp...
- tarsinge 7y agoExactly this. This is not a financial crisis, corporations bailout without Demand will do nothing and we’ll have wasted all that money.
- LZ_Khan 7y agoHow can giving money to people resurrect demand if people aren't buying anything right now?
- drannex 7y agoPeople aren't buying anything because they don't have any money or they are in fear of not having a paycheck sometime down the road.
- Red_Leaves_Flyy 7y agoThere are plenty of people buying plenty of necessities. That being said, if your job is not essential prepare to be laid off and without work for a long time.
- guru4consulting 7y agosomeone should start an online petition that prevents any bailouts to Boeing. Is there any official government online portal similar to change.org? hopefully, the politicians may limit the bailout amount if lots of people raise their voice.
- mrguyorama 7y agoObama had made an official system like change.org, but Trump killed it. He didn't pay any attention to it anyway, and it didn't really have an impact and was also being abused a bit
- hinkley 7y agoBoeing's market cap is $54 billion. They need $60 billion??
- jeoeo9nn 7y agoPolitically connected people don’t have to abide the economics they require us to abide
- sixQuarks 7y agoThey will pass whatever corporate bailouts they want, and they don’t even have to worry about mass protests like occupy Wall Street this time because of social distancing. Who knows where this is going... scary times
- justaguyhere 7y agoMore than these bailouts, I am worried about rights being suspended. There is already talks about indefinite holding of people and such. And what if the election gets suspended/postponed? Scary times indeed