Official $2T Coronavirus Relief Bill Discussion Thread

[Mark1T]

I'm having doubts that the bill will be passed tomorrow.

[7Seconds]

I'm having doubts that the bill will be passed tomorrow.

Why do you think that? From everything I have read there seems to be more than enough support. The only issue is whether Massie forces a roll call and forces a majority of the house back to DC.

[Corbi]

I have a 19 year old, so filing taxes on time was a $500 mistake. I'm not concerned since there's no such thing as free money and we'll be paying this back eventually.

And there has been discussion but I haven't seen any final versions yet on whether or not this "free" money will be taxed, if it will be a so called "advance" on next years tax return...screw that since I rarely get much if anything back and often have to pay in. That's all I need is a freaking loan that the feds want back in 9 months.

[NorwichGrad]

The Federal Reserve is an evil institution; it is the 'credit card.' The IRS is also an evil institution; it is the collection agency. The WOKE understand this.

The problem is many UNWOKE simply do not understand how central banks control everything, to include politicians.

When people go "yay! yay! we gunn get free money from gubmint," they do not get that the money was theirs to begin with, that the checks they were promised to receive in the mail were stolen in the form of taxes.

Remember when President Trump said "America will never be a socialist country."

Goat$hit. He went full Keynesian.

Too big to fail corporations have already been bailed out. The family stimulus is nothing but bread crumbs to prevent the people from revolting.

The fed has become the "buyer and seller of last resort."



“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” - Thomas Jefferson

[7Seconds]

I see. The only issue I see with that is that it doesn't resolve the impending bankruptcies of airlines, hotels, restaurants, and all other enterprises that we would still not be supporting with our $7,000/month.

Sorry missed this. And yes I have absolutely no background in economics, finance, etc. so take this for what it’s worth (not much.)

I don’t see the point in giving businesses money to keep on employees (hypothetically anyways) that aren’t currently needed because there is no demand for their products/services. Give the money directly to the people so they can pay rent.

We’ve tried what Congress is doing, supply side, and that led to stock buy backs. They think giving money allows corps to boost supply and lead demand. But demand is met and it’s maxed out. It can’t be led. Fund the demand side so that when they’re allowed to buy, or see the need to again, they haven’t had their resources depleted too the point of not being able to create the demand.

[Jtbny]

Sorry missed this. And yes I have absolutely no background in economics, finance, etc. so take this for what it’s worth (not much.)

I don’t see the point in giving businesses money to keep on employees (hypothetically anyways) that aren’t currently needed because there is no demand for their products/services. Give the money directly to the people so they can pay rent.

We’ve tried what Congress is doing, supply side, and that led to stock buy backs. They think giving money allows corps to boost supply and lead demand. But demand is met and it’s maxed out. It can’t be led. Fund the demand side so that when they’re allowed to buy, or see the need to again, they haven’t had their resources depleted too the point of not being able to create the demand.

I liked the idea of giving the money to businesses for payroll with the caveat they had to keep an employee on for a period of time or have to pay the money back. This way the stimulus is handled just like a paycheck with all the deductions in place, healthcare, retirement, state/fed taxes ect thus feeding money back into the system.

As for buybacks that's a product of no over site and my main argument on why trickle down simply will never work. It's all maddening how manipulated the economics and specifically the market really is. As a retail trader I see this daily and just /boggle at whats going on.

[Karl_Hungus]

The Federal Reserve is an evil institution; it is the 'credit card.' The IRS is also an evil institution; it is the collection agency. The WOKE understand this.

The problem is many UNWOKE simply do not understand how central banks control everything, to include politicians.

When people go "yay! yay! we gunn get free money from gubmint," they do not get that the money was theirs to begin with, that the checks they were promised to receive in the mail were stolen in the form of taxes.

Remember when President Trump said "America will never be a socialist country."

Goat$hit. He went full Keynesian.

Too big to fail corporations have already been bailed out. The family stimulus is nothing but bread crumbs to prevent the people from revolting.

The fed has become the "buyer and seller of last resort."



“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” - Thomas Jefferson

Bro, you must be a lot of fun at parties.

[bodyhard]

For folks in NYC that earn a decent pay the NYC unemployment cap is $505.00, with the additional $600.00 that would be $1100.00 (or $2200.00 for couples) a week, that should help some folks not have to tap that much into their savings for the months they are out of work.

However for folks who earn less, (like $700.00 a week) they will cap out at $455.00 the additional $600.00 a week would have them earning $1055.00 a week, more on unemployment then their actual pay and no one in NYC (at least in the hoods) will give that extra money to any charity, they will spend it on dumb crap.

[Mark1T]

Why do you think that? From everything I have read there seems to be more than enough support. The only issue is whether Massie forces a roll call and forces a majority of the house back to DC.

I was referring to the Massie grand standing. If he holds it up for even one day, it negatively affects our entire population, small businesses and the market. If 99% of Congress are for the bill, especially under these circumstances, he needs to set aside his personal marketing.

For folks in NYC that earn a decent pay the NYC unemployment cap is $505.00, with the additional $600.00 that would be $1100.00 (or $2200.00 for couples) a week, that should help some folks not have to tap that much into their savings for the months they are out of work. It is, a big deal.

However for folks who earn less, (like $700.00 a week) they will cap out at $455.00 the additional $600.00 a week would have them earning $1055.00 a week, more on unemployment then their actual pay and no one in NYC (at least in the hoods) will give that extra money to any charity, they will spend it on dumb crap.

Real talk, Johnny.

[bustasinclair]

I'm having doubts that the bill will be passed tomorrow.

Fortunately it just passed.

[7Seconds]

I was referring to the Massie grand standing. If he holds it up for even one day, it negatively affects our entire population, small businesses and the market. If 99% of Congress are for the bill, especially under these circumstances, he needs to set aside his personal marketing.

Oh right. I really don’t have a problem with what he did. It's a $2 trillion+ stimulus bill, it deserves a floor vote. If Congress was in a rush for recess, the House should've voted on it Tuesday, or Wednesday, or Thursday and not "left" assuming they had unanimous consent.

[Mark1T]

Fortunately it just passed.

Oh right. I really don’t have a problem with what he did. It's a $2 trillion+ stimulus bill, it deserves a floor vote. If Congress was in a rush for recess, the House should've voted on it Tuesday, or Wednesday, or Thursday and not "left" assuming they had unanimous consent.

Hey, it passed and that's all that matters.

[bustasinclair]

The part that didn't make sense to me was the actual unemployment piece of the stimulus. It says the unemployed person gets the normal state allotted unemployment PLUS an additional $600 per week (for up to another 4 months).

It's officially started happening here.

We prepare payroll for hundreds of businesses and we are getting reports from the owners that employees are asking to be furloughed because they can make more money being on unemployment for the four months. Hopefully this will not become a pervasive issue.

[blue9steel]

I'll start with my kneejerk reaction. I think it really needs to be more needs based. Perhaps each state could set up a website and this could be done on a needs basis; starting with people who have been laid off.

In a rational world you might be right, but any attempt to skew the distribution would end up grinding to a halt on partisan politics. Doing it this way was the best way to get it passed. Same reason there is $100B-200B worth of pork in there.

[bodyhard]

My wife has been furloughed from her job, she is now going to collect unemployment, I will see if this additional $600.00 is in affect.

[Brackneyc]

Didn’t read every response.

But, if it gets to 4t, and it will, this economy won’t recover in our lifetimes. Inflation will be at levels never seen before. Bankruptcies will soar.

The banks might not forclose immediately, but eventually they will.

We’re printing money.

But at least we’ll have our health, right.

Oh, and welcome to united states of America airlines.

[LWW]

But at least we’ll have our health, right.

Some of us.......

Liquor stores are essential, gyms are not, after all, everyone of us lives with someone, along with someone who could die from this.

[bustasinclair]

Didn’t read every response.

But, if it gets to 4t, and it will, this economy won’t recover in our lifetimes. Inflation will be at levels never seen before. Bankruptcies will soar.

The banks might not forclose immediately, but eventually they will.

We’re printing money.

But at least we’ll have our health, right.

Oh, and welcome to united states of America airlines.

Yeah, it's pretty scary how much money we're throwing at this problem. Our office is devastated with the number of small business clients needing assistance filling out complicated loan applications. We can barely keep up.

[bustasinclair]

Some of us.......

Liquor stores are essential, gyms are not, after all, everyone of us lives with someone, along with someone who could die from this.

Quite the paradox, I agree.

[Corbi]

Didn’t read every response.

But, if it gets to 4t, and it will, this economy won’t recover in our lifetimes. Inflation will be at levels never seen before. Bankruptcies will soar.

The banks might not forclose immediately, but eventually they will.

We’re printing money.

But at least we’ll have our health, right.

Oh, and welcome to united states of America airlines.

And yet it wasn't that long ago Pelosi and gang were screaming we couldn't scrape up $5 billion for the wall, now all of a sudden we have an extra $4 trillion + to toss around?

[acrawlingchaos]

Well Pelosi just initiated a Corona virus committee and will soon start sending out subpoenas to get the to the bottom of President Trumps maladministration of the pandemic and to ensure they approve of the 2T fund. What could possibly be more important!

[Mark1T]

Well Pelosi just initiated a Corona virus committee and will soon start sending out subpoenas to get the to the bottom of President Trumps maladministration of the pandemic and to ensure they approve of the 2T fund. What could possibly be more important!

Reminds me of the WrongWay Feldman episode of Gilligan's Island.

Thurston Howell Quote: "Knowing WrongWay, it's hard to tell which way he went."

[Corbi]

Well Pelosi just initiated a Corona virus committee and will soon start sending out subpoenas to get the to the bottom of President Trumps maladministration of the pandemic and to ensure they approve of the 2T fund. What could possibly be more important!

Never allow a perfectly good crisis go to waste is their mantra.

[7Seconds]

Well Pelosi just initiated a Corona virus committee and will soon start sending out subpoenas to get the to the bottom of President Trumps maladministration of the pandemic and to ensure they approve of the 2T fund. What could possibly be more important!

Congressional oversight is a thing. You don't think it's important to have a detailed and accurate accounting of the Federal Governments response to the Coronavirus so that we cam learn from the experience and hopefully respond better next time? Do you think it would be possible to creat a bipartisan commission, who would not turn it into a political hit job?

[acrawlingchaos]

Congressional oversight is a thing. You don't think it's important to have a detailed and accurate accounting of the Federal Governments response to the Coronavirus so that we cam learn from the experience and hopefully respond better next time?

I don't think that's what this is. Congressional oversight doesn't require subpoenas. That's putting the cart before the horse.

Do you think it would be possible to creat a bipartisan commission, who would not turn it into a political hit job?

Sure. That isn't what they are doing.

[bodyhard]

NYS Unemployment website is the worst piece of sh!t ever, my wife still hasn't received anything it just says she is in a waiting week. It is constantly down, you call and they just put you on hold then hang up. They should be ashamed of themselves, servers can't handle the bandwidth

[Jtbny]

NYS Unemployment website is the worst piece of sh!t ever, my wife still hasn't received anything it just says she is in a waiting week. It is constantly down, you call and they just put you on hold then hang up. They should be ashamed of themselves, servers can't handle the bandwidth

Yup my sister is going on week 3 trying to apply. The good news is the state issued a statement yesterday saying everyone will still get the back owed money.

[Karl_Hungus]

I don't think that's what this is. Congressional oversight doesn't require subpoenas. That's putting the cart before the horse.

^^ This. I find it extremely hard to believe that this is an honest attempt at oversight as opposed to a third attempt to bring down Trump after the Russia and impeachment failures. I hope I am wrong.

[Corbi]

^^ This. I find it extremely hard to believe that this is an honest attempt at oversight as opposed to a third attempt to bring down Trump after the Russia and impeachment failures. I hope I am wrong.

That's exactly what it is, yet another attempt to take him down as that's the only thing on their damn minds. Really is silly and petty at this point and I hope it bites all of them in the ass.

[bodyhard]

Yup my sister is going on week 3 trying to apply. The good news is the state issued a statement yesterday saying everyone will still get the back owed money.

I am looking to see if the additional 600 dollars is real as well.