Home | About | Donate

'Getting a $100 Billion Lifeline While Most Americans Are Being Left Behind': Report Details Massive Fed Rescue of Fossil Fuel Industry

Originally published at http://www.commondreams.org/news/2020/10/01/getting-100-billion-lifeline-while-most-americans-are-being-left-behind-report

4 Likes

having trouble understanding the timeline here
1] did the fed give money to the industry so it could pay off its debts, making the industry more attractive to bond buyers, i.e., new debt. OR
2] is the fed buying up the industry’s new bonds, i.e., is the fed bankrolling the industry’s new debt. OR
3] both
4] neither

1 Like

Hi chrigid:
Maybe they are doing all of that to make sure onee of them sticks! : (

1 Like

Blockquote

In early May, the Interstate Oil and Gas Compact Commission, a coalition of 31 oil-producing states, asked the Trump administration for federal funds to hire laid off energy workers to plug over two million abandoned oil and gas wells, which “pose serious environmental and safety risks if left to leach pollutants into the air and water”.
“Instead, the Trump White House funneled nearly $100 billion in bailouts to oil and gas corporations through the Federal Reserve.”

Blockquote

Once again, the Trump Admin. had opportunity to do “the right thing, the right way” & once again chose instead, to do “the wrong thing” - the thing that would provide great financial benefit to Big Oil & Gas execs & investors, while doing NOTHING for industry workers (who actually DO need that help), or states stuck with the environmental messes & bills left behind by oil & gas companies. As usual, taxpayers will be stuck paying for wasteful bailouts ~ NOT to change over to cleaner energy & NOT to clean up the huge environmental disasters they leave behind everywhere they go. NOT to support & retrain the ACTUAL WORKERS in the industry…No-ooo-ooo.
Taxpayers will be paying for all of that for many years to come! Not ALL taxpayers of course ~ cuz’ the richest people & corporations were granted HUGE TAX CUTS for next 10 yrs by Trump’s HUGE TAX CUTS for top 1% of wealthiest elite, including Trump & many of our elected officials. So it’s YOU & I who will be forced to pay for all this & similar shit Trump has been busy throwing our tax $$$ money at/to! (Consider that before voting for next president!)
$100 BILLION BAILOUT…NO STRINGS ATTACHED for Oil & Gas companies, who had financial problems caused by their own greediness, long before this virus came along & will have many more before they are through!

1 Like

this is the true face of our political parties–and why we need to get rid of the whole bunch–my rule of thumb has been–If they take now or have taken in the past --a single corporate dollar–they ARE NOT WORKING FOR US-they work for those corporate dollars to fill their campaign coffers-period-end of story–so if you wish to have a living planet for yourself and your descendants–STOP voting for them and help form a political party that will address the destruction of our planet --a PEOPLE’S Party(.org)–one that is not a thrall in the corporate death cult that is killing our planet

2 Likes

FRACKING…Unlike these wells that could be plugged, unfortunately Fracking has injected many chemicals and sand into underground water aquifers destroying the freshwater ground supplies for many people and for centuries to come… It continues to surprise me the support given to this Trump Admin from the very people who are being destroyed by this type of environmental disaster, or no access to healthcare by this admin…oh well in their minds, MAGA… the US has been Fracked…and I would add that a potential Biden Admin would probably be no different, just look back at the Obama and Clinton Dem Admins…it is not a Republican nor Dem issue, but a US Gvpt issue. The US Gvpt has fracked the people of this land… MAGA!

2 Likes

this article has been up for over a day and only 6 comments? i guess sheeple are getting totally jaded and suffering outrage fatigue at the endless reckless and greedy stupidity of the powers that be, even knowing as we do how our planet’s being wrecked, our future sabotaged. i feel a lot of grief and resignation.

i’m getting damned tired of ‘progressives’ who act as though they’ve never heard of the green party, know nothing about it, and don’t seem to want to know anything. damned fool, the greens are the people’s party that represents all progressive interests and takes no corporate money. wake up and join us!

1 Like

they have u know what for brains!

i see the movement towards the break-up of the US driven by discontent and abandonment by the US government, business and the elite. For Trump was elected when the choice was Hillary Clinton & Trump… When one is given the choice of Clinton, or the Proxy for the US Government, I can see why one would vote for Trump…For he talked a good game, told the people what they wanted to hear… For it is true, many people in this country have been destroyed, their communities destroyed…by the conditions of many things & certainly not helped by a government aligned with all sorts of money making operations… And once again as this country hurtles towards 3rd world status, a collapsing economy and environment we are given a choice of this or that, more of the same, etc… this country will continue to vote against a government which is not working in their best interest…

I have voted Green for the last 2 decades–they have proven to be --let me say -less than effective in their messaging and their organizational plan --the People’s Party has-by far -the most comprehensive organizational plan I have ever seen from any of the many third party efforts I have supported and voted for since 1972 after the perennial "reform " of the Democrats efforts hit the brick wall of corporate capture that has held sway since that aforementioned 1972

the People’s Party seem to understand the dynamics of electoral politics, the use of social media–and the framing of the message that is needed to advance that message-they have worked harder to engage me in a few short months than the Greens have done in the last 20 years–but we will see won’t we

ok, rickshaw, thanks for the clarification. however, i remain extremely skeptical that any effort towards formation of a ‘new and improved’ ‘people’s party’ will be any more successful than the greens have been.

Nor does this piece go into the recent regulations promulgated by Orange Anus that cripple the ability of mutual fund / pension fund shareholders to command managers via shareholder voting to divest from toxic equities like fossil fuels. That is because the #1 client demand of money managers these past two decades has been to divest from fossil fuels, just as tobacco was such in the 90’s, or boycotting companies doing business in Apartheid South Africa in the 80’s. When consumers vote with their money, it gets noticed in the halls of power. The fossil fuels mafia knows full well if they’re fully exposed to the vagaries of the free market (no subsidies, favorable tax law, leasing fee structures unchanged since the 19th Century, etc.), they would be in serious trouble a la coal’s recent well-deserved & long overdue travails sooner rather than later. Just as the Evangelicals have made anti-abortion a litmus test, so too should green consumers do so with their politicians no matter the level. The only things that matter in American politics is money and votes; everything else is noise at best.

Amen!