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Big Oil Taking $1.9 Billion in CARES Act Tax Breaks Aimed at Helping Small Businesses in 'Stealth Bailout': Report

Originally published at http://www.commondreams.org/news/2020/05/16/big-oil-taking-19-billion-cares-act-tax-breaks-aimed-helping-small-businesses

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I suppose we are supposed to keep our mouths quiet when they come for the safety net programs though.
What a country.

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Bid-net to bid-net id name of new games.
Workin folk cut out. Just as well.
Once Main Street and the 'hood siphoned dry
let dem oilygarchs sell and buy from themselves.
Poysonally I’m dyin to make my next incarnation’s acquaintance…

Mitch Ritter\Paradigm Sifters, Shifters and Song Chasers
Lay-Low Studios, Ore-Wa
Media Disc-us-sion List

US Congress, the Treasure Island of the vulgar rich.

Big Oil: Miss Nancy, can I have another trillion dollars?
Sure Bob, is that enough for now?

US Peasant: Miss Nancy can I have a crumb?
Shut your yap, you ‘deplorable’ creature.

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WASHINGTON (AP) — Seven weeks after Congress unleashed more than $2 trillion to deal with the coronavirus crisis, an oversight commission intended to keep track of how the money is spent remains without a leader.

Four of the five members of the Congressional Oversight Commission have been appointed, but House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Mitch McConnell, R-Ky., have not agreed on a chair, leaving the commission rudderless as the federal government pumps unprecedented sums into the economy.

Without a leader, the panel’s remaining members can still do some oversight work, but cannot hire staff or set up office space. The four members have not met as a group since the economic rescue law was passed by Congress and signed by President Donald Trump in late March.

“If the commission is not functioning — which it is not — then there is no oversight” on a huge part of the economic rescue law, said John Coates, a professor of law and economics at Harvard Law School.

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Bernie at least openly calls-out the fraud and corruption ripping-off America by trump regime - he should call-out the DINO corporate-whore party complicit leadership as well, but, well, that’s US politics. trump fires all who dare to criticize, and is the most vindictive evil child in political history likely. The DINO “leadership” follow close behind, sabotaging progressives in their complicity and craven betrayals - pelosi? biden - where are ya joe? the clintons and obama et al? fulfilling their role’s as shills for the status quo - the designated losers. .

How great for corporate/banker America to have such a compliant pair of political party frauds in the D’s and R’s while the 99% have no vehicle to designate a person of wisdom and integrity and dedication to the Common Good to rally-behind and vote-for - even if the corporate media would either ignore or sabotage such a candidate (as Bernie), the conscious public would have a candidate to support and vote for, not against without hurling into their hats.

Money out! DINO frauds out! biden out! Bernie In! problem is there is not the integrity or courage to buck the “system”…

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I’d like to thank Nancy Pelosi, Chuck Schumer, and all those who voted for Joe Biden, and all who did not elect Bernie Sanders in the primaries this year, for seeing to it that every single difficulty that comes along in America, (today and into the future, from the sub prime mortgage crisis, to the coronavirus pandemic), is taken as an opportunity to steal working peoples tax money and give it away, in the trillions of dollars, to the wealthiest few people on the earth. Get ready you most culpable of idiots, for a long series of similar grand larceny events, they’re coming.

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Bernie is outraged, that’s great.

But he voted for this sham corporate giveaway package, because “party unity.”
Now he’s a Biden sheepdog because “party unity.”

Thus, I urge Bernie to no longer ever put an (I) after his name – because “party unity.”
He’s a Democrat, and all the corruption that defines his party, taints his name as well.

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yeah,the Cult of Bernie needs to sort of dissolve. That ride’s over. Time to find another savior.

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In Canada Trudeau is holding his cards to his vest when it comes to direct bailouts to large Corporations. He is very reluctant to introduce legislation to do this but this not because he is ideologically opposed.

It is because the Green Party the NDP and the Bloc could make hay on this and his party rules only because of a Coalition with one of those parties. He could conceivably side with the Conservatives but this would be dangerous to his own parties Political future.

If there was no NDP , Bloc or Green Party , it my belief Trudeaus Liberals would be much more willing to send monies the way of the Corporations directly as happens in the USA. (this not to say it will not happen , but it a lot harder for him to do so because he has opposition)

Again to all of those Pundits that claim it all about “winning” when a given party runs its candidates in an election. It is not. If you had a third party in the USA you would not end up with this sheep dogging and both Democrats and Republicans acting on behalf of the Corporations.

Before the naysayers say “well Canada is different it easier to form a third party there” this is not because of anything special in the design of the respective Governments that allow this. It is because more Canadians are willing to vote for a third party and less of them obey the media when the media claims those other parties not viable or that they will “split the vote allowing the bad guys to win”.

Stop listening to that nonsense. You should have all stopped listening to it 30 years ago. It does not work and has not worked since both parties taken over by the Corporations.

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They won’t even bother using taxpayer money to funnel cold hard cash upward to the wealthy.
Because that’s impossible with 40 million people unemployed and not paying taxes to Uncle Sam.
And because that’s impossible with more tax cuts on the horizon for the 1% and corporations.

Instead, the Federal Reserve will hand money to the rich by buying:

  • US government debt instruments (i.e., bonds) that fund the bail outs that are benefiting the shareholder class and doing next to nothing for average wage slaves.
  • Troubled assets formerly held by the shareholder class – “assets” that were going to go belly up before this pandemic ever hit, thus making the shareholders whole when they should have lost their shirts.

Add in interest rates at 0%, and all of this activity by the Fed is the clearest signal to the rich that investing during this pandemic is risk-free: Corporate debt is forgiven, bonds offer no return, unemployment will drive the wage slaves to accept even lower pay…and thus, the all-important stock market, effectively decoupled from the economy as a whole, will inch upward even as Great Depression 2.0 puts the finishing touches on the American descent into oligarchy. Mission accomplished.

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That process of bailing out the rich happened 10 years ago as well and will happen again on another 10 years. Between those bailouts talking heads will appear on all news shows to proclaim the need to resist socialism and to preserve “the free market” for the sake of “wealth creation and innovation”. This great con has been going on a lifetime and each election the vast majority of those that vote seem oblivious to it each and every time they vote Democrat or republican.

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Interestingly, there were/are a few purist Republicans who actually backed the uber-capitalist concept of “creative destruction” to the extent that they initially voted down corporate bail outs as the Great Recession started raging in 2008. You may recall that they made House Speaker John Boehner cry.

In a subsequent vote, they relented and let the corporate bail out spigots flow freely.

Then, as you note, it was socialism for the shareholder class and the predations of the “free market” for Everyone Else. Ten years later, the Everyone Else still haven’t recovered from 2008-9.

Personally, I’m thinking some creative destruction might have been just what the doctor ordered. But it’s too late for that now – the 2008 scenario is being replayed and the Everyone Else is content to beg for crumbs or wave assault rifles at protests organized to open tattoo parlors.

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If the Cult of Bernie disbands and finds a new idol, I sure hope they recognize that any talk about revolution needs to include actual spine.

Because there’s nothing revolutionary about starting a movement with the understanding that you’ll kiss the ring of the elite after you flounder on the rocks of political “politeness.”

I mean, damn, polite revolutions are bloodless bullshit.

Of course, I’m not holding my breath – with Bernie’s blessings, most of the potential replacement idols are safely neutered in one of Biden’s task forces. What a shock.

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Hi Lay_LowStudioOre-Wa"

Hey Buddy can you SNARE those oilers?
For us you won’t spare us a dime.
Corporate, EVIL corporate despoilers!
We Peeps know that’s really a crime! : )

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HiSuspiraDeProfundis:
Hmmm, maybe the money worm is about to turn, I read this morning that Warren Buffet is selling his Goldman Sacs stuff. Hmmm, maybe the entire edifice is crashing.

For the government and federal reserve the economy means the oligarchy 10%. The rest of us are the collateral damage In their war of greed

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“Debt and power”

~https://youtu.be/sJBi7sfTZuY

Since 2008 the aim of our government and the federal reserve has been intervention in the economy for the wealthiest 10% to keep them from losing money or their stocks and bonds. The wealthiest 10% own 75 to 80 % of all stocks and bonds. It seems the federal reserve’s new definition of economy is the upper 10% or the wealthiest making the rest of us just collateral damage in the war of greed before all else.
Michael Hudson

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The fossil fuel industry is known for its status as the richest industry in the history of money.
We can but imagine the hellish environment that would arise if we entirely prevented that industry (and of course so many other deep-pocketed) from donating to political campaigns.

The Dem machine clearly is not interested in saviors - so much so that it prefers a candidate who helped Clarence Thomas onto the Supreme Court. “Groundhog Day,” as ever.

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