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Have you considered the covid response openly violated the Constitution's 5th Ammendment? The gov shut down businesses for the public good (took private propert
by hellojesus 4y ago
Have you considered the covid response openly violated the Constitution's 5th Ammendment? The gov shut down businesses for the public good (took private property) without just compensation. And what marginal compensation was offered was done so through PPP and was corruptly incentivized.
I would describe the covid response as anything but working out well.
- mgraczyk 4y agoI'm talking specifically about fiscal and monetary response, and whether or not we punished people, addressing the comment I was replying to. For example it was good that we gave out PPP loans fairly literally even though it causes major fraud. If we had moved slower and endured that bad actors couldn't get away with abuse, the response would have been worse.
- hellojesus 4y ago> For example it was good that we gave out PPP loans fairly literally even though it causes major fraud. My point was addressing the incentive scheme for PPP: banks got paid a percentage of the origination amount so processed the largest loans first, and by the time they got to the smaller applications, they ran out of money. https://www.forbes.com/sites/jasonbfreeman/2020/04/23/ppp-lawsuits-allege-banks-favored-larger-customers-a-second-round-of-funding-likely/?sh=7d74d71f1bf1 https://www.forbes.com/sites/jasonbfreeman/2020/04/23/ppp-la... The 5th Ammendment doesn't say the government can provide just compensation to some people. It says they must provide just compensation to all that their seizure of private property directly impacts. Fraud is of course another issue, but my main concern is the corrupt incentive structure and glaring 5A violation.