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It was actually much larger. 5 trillion was made to only look like 500 billion, using a technical trick. Of the 2.2 trillion, 500 billion was set aside for wha
by adultSwim 6y ago
It was actually much larger. 5 trillion was made to only look like 500 billion, using a technical trick.
Of the 2.2 trillion, 500 billion was set aside for whatever. This was often reported as the part for big business. Actually it's 500b to seed new special purpose banks that can operate with 10 to 1 leverage. So the 500b is actually 5.5t, making the whole bill several times larger than widely discussed.
I'm reminded of the "chain CPI" fiasco where Congress tried to reduce Social Security, but hid it in a technical detail. Except this time Democrats were on board. Neither party challenged the main narrative, and so the media didn't bother to either.
- nick0garvey 6y agoDo you have a source on this 500b allocation? Not finding anything on a quick search.
- sacomo 6y agoNot OP, but found this: https://indivisiblesf.org/blog/2020/4/28/the-cares-act-will-shape-our-economy-for-the-next-decade-or-longer-heres-why-thats-dangerous https://indivisiblesf.org/blog/2020/4/28/the-cares-act-will-... > the CARES Act may end up serving as the second largest transfer of wealth from the working class to the wealthy in our lifetimes.
- xxpor 6y agohow is that a technical trick? $500 billion is what'd come out of the treasury, which is what matters. I'm certain some of the $1200 checks were put in banks, which they went and turned around into loans at whatever the current fraction is too...