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Former Federal Reserve Governor Rebukes Central Bank for Using Covid-19 Lending Power to Bail Out 'Dying' Fossil Fuel Industry

Originally published at http://www.commondreams.org/news/2020/05/28/former-federal-reserve-governor-rebukes-central-bank-using-covid-19-lending-power

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When does Big Oil NOT have its hand out? Never. They were the 1st to get $$$ from 1st stimulus bill. Had their greedy hands out before bill was even passed! There was never any doubt that they’d be getting a big chunk of that huge “slush fund” of big money, for big campaign donors, of course! Sole control of freely handing out money that taxPAYERS have to pay back, went to gopher-lookin’ guy, Mnuchin. And after the deal was done is when Trump announced there’d be NO oversight after all. Despite it being part of the deal agreed to. Shouldn’t a businessman like Trump claims to be, know better than to change the terms of a contract after the deal has been made?!
Originally, alot of big talk by Congress about helping us out ~ the little people, hard working Americans… gonna’ lose jobs, go hungry, end up homeless, due to shutdown of country cuz’ of Covid-19 & lack of testing supplies to find out who has it.
No sooner did Congress say all the right things about subsidizing real people out here & get down to business, then there was a shift in how much money would be allocated where.
Into month 3 of “stay at home” & crashed economy ~ we are out trillions of dollars & I received just one $1,200 check from “stimulus”. Last one they did was #3.5, said McConnell. And now, most of us are behind in our bills, broke & expected to get back to work now so Trump’s re-election is not harmed. Oh really?!
Mr. Businessman Trump doesn’t understand the obvious…if we don’t have extra money to go out & stimulate the economy, businesses may open, but won’t be able to stay open.
Not all for nothing tho, cuz’ hey! Oil & gas & other large corporate entities got huge amounts of “free money” from the real taxpayers, who they expect to repay all that money. Not large corporations. Not Trump & family. Not members of Congress, or other millionaires & billionaires.
Small business & real people got screwed. “Big bucks” got a ton more big tax bucks given to them.
Oil & gas industry spends many millions lobbying, many more on GOP campaigns & their executives’ benefits. So why do we have to keep bailing them out? They handle money that badly? Have had years to invest in new energies, but didn’t. Whose fault is that? Ours? They are all a terrible investment!