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I am looking at the breakdown here of the 2 Trillion billion. Note that this excludes the phase 3.5 which was passed yesterday which includes another $484 billi

I am looking at the breakdown here of the 2 Trillion billion. Note that this excludes the phase 3.5 which was passed yesterday which includes another $484 billion for small businesses: https://www.visualcapitalist.com/the-anatomy-of-the-2-trillion-covid-19-stimulus-bill/ https://www.visualcapitalist.com/the-anatomy-of-the-2-trilli... The 2 trillion bill included: $425 for large corporations = 25% of the money $377 for small businesses = 20% of the money (originally excluding the another $484 billion) $377 + $484 from yesterday = $861 billion for small businesses which is more than double the money for large corporations. Also the large corporations includes $58 billion for airline industry. I don't see how this is a bad thing at all? Also considering the large corporation includes companies which operate cruise industry, airline industry, travel etc which employs millions of people, should they not be given help? $861 billion for small businesses and $425 for large is very fair.

tempsy 7y ago
The PPP loan program is ripe for moral hazard. Zero accountability. Banks have no incentive to spend time to underwrite because it’s all guaranteed by the government (e.g. fraud, gaming the forgiveness period, extracting assets and bankrupting company). Would be surprised if there were more business using the money in earnest to save jobs than not.
rswail 7y ago
The reasons that the cruise and airline companies should not be bailed out are: 1. Cruise companies are registered off shore, do not pay US taxes and do not employ US taxpayers. Their "industry" is exploitative, polluting, and dangerous to public health. 2. Airlines have spent the last 10 years using excess cash to do share buybacks, thus "juicing" their share price and providing tax effective "dividends" to their shareholders while literally not saving for a rainy day. 3. These bailouts have not been tied to the government receiving equity or to any sacrifices/haircuts by existing equity or debt holders. This is unconscionable expenditure of taxpayer funds, socializing losses while privatizing gains. 4. Large corporations already have sufficient lines of credit and other sources of funds. Small businesses are both the primary employers of the majority of the workforce and also the primary location of both supply and demand of consumption in the economy.

tempsy 7y ago

The PPP loan program is ripe for moral hazard. Zero accountability. Banks have no incentive to spend time to underwrite because it’s all guaranteed by the government (e.g. fraud, gaming the forgiveness period, extracting assets and bankrupting company). Would be surprised if there were more business using the money in earnest to save jobs than not.

rswail 7y ago

The reasons that the cruise and airline companies should not be bailed out are: 1. Cruise companies are registered off shore, do not pay US taxes and do not employ US taxpayers. Their "industry" is exploitative, polluting, and dangerous to public health. 2. Airlines have spent the last 10 years using excess cash to do share buybacks, thus "juicing" their share price and providing tax effective "dividends" to their shareholders while literally not saving for a rainy day. 3. These bailouts have not been tied to the government receiving equity or to any sacrifices/haircuts by existing equity or debt holders. This is unconscionable expenditure of taxpayer funds, socializing losses while privatizing gains. 4. Large corporations already have sufficient lines of credit and other sources of funds. Small businesses are both the primary employers of the majority of the workforce and also the primary location of both supply and demand of consumption in the economy.