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Here Comes the Great Coronavirus Depression

Originally published at http://www.commondreams.org/views/2020/05/28/here-comes-great-coronavirus-depression

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In his recent morning briefings Andrew Cuomo has been sounding more like Sanders, reminding us that Wall Street caused the 2008 crash, got bailed out, used the bail-out money for bonuses, market share expansion, etc. Cuomo also admonishes the New York Congressional delegation not to repeat their failure to get money for the states in CARES 1 and CARES 2.

Unfortunately Cuomo has failed to praise AOC for her courage to call foul on Pelosi & Company’s failure to channel CARES money where it is needed most.

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Great Depression works programs shouldn’t be discounted as ineffectual, as if only WWII be given credit for its end. Hydro-electric dams, regional utility grids, construction of highways, hospitals and schools, land conservation in State and National Parks all left a legacy of progress that lasted maybe 30 years (to 1975) before the course it set would become obsolete. In terms of equitable living standards and environmental sustainability, the USA and the world today are not setting a new course by which we can predict another 30 years of similarly short-lived progress.

The Covid-19 Pandemic should shock world leaders into preparing for a future that is less dependent upon polluting industries, wasteful occupations and luxury pastimes. A list of concerns to address should not lead with How much it’s all going to cost, ie, who’s going to pay for it, who’s going to profit and who’s going to fall into whatever measly safety net our leaders arrange for the least of us.

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FDR’s New Deal “legacy of progress” actually lasted beyond 1975. The first major blow to New Deal programs and regulations was the 1978 decriminalization of mortgage securitization with no meaningful oversight. Saint Ron ascending the throne in 1981 accelerated New Deal dismantling, with Bill Clinton’s regime continuing to hold the record for programs and regulations dismantled.

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Nomi Prins is the kind of Treasury Secretary that we desperately need.

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The only “creative and long-lasting solution” that will allow us to survive disease, climate catastrophe and the greed and inhumanity that is at the dark heart of our economic system is to change it.

“Reform”, as in the '30s, may temporarily improve the lot of many, until the next orgy of profititis (our most virulent virus) takes hold, as it did in the '70s.

The world cannot survive another round of this vicious cycle.

We stop the wheel

Or we’ll be crushed beneath it.

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They are adding to the pile while telling us they are the lesser evil.

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Hi raydelcamino:
I also read that Cuomo told the nursing homes that they are not to be held accountable for the deaths… wow, sounds a lot like what is being promised to the meat packing industry.
So—will someone remind us again—that aside from not being harassed by ICE, just what are the benefits of being a citizen in Trump Land?

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One amusing feature of how desperate equity investors are to find something to throw money at is the constant turbulence in pharma stocks over rumors of “the vaccine.” I’m gonna hafta learn not to get so annoyed, because it happens every goddam week:

  1. Press release of promising new trials in Thailand of a vaccine by Teebuhdoh, LLC.
  2. Recently listed Teebuhdoh rises to $222/share.
  3. Someone from politico looks into it and finds out the active ingredient of Teebuhdoh’s putative vaccine, asbestos, actually kills a Thai with every try.
  4. Teebuhdoh’s share-price declines back to $2.22.

After a few more silly rounds of practical jokes like this, Wall Street might start to look gullible. Banksters are supposed to be the ones running the play, not getting played – over and over…

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Great article, but it didn’t talk at all about what most distinguishes 2020 from 1929: The Climate Crisis, which all by itself precludes a recovery in any foreseeable (if not geological) time frame. BTW: Covid19 is probably a by-product of the CC, and there will be others.

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Your comment is spot on. Nomi Prins comes to the problem with so much to say, of substance and with historical resonance, about how the economy is wired, though. I wouldn’t necessarily expect geophysical awareness from someone with Prins’ career-focus, any more than I’d expect her to have a terrific recipe for spaghetti sauce.

The sauce she does cook up is mighty fine: all the exquisite rhymes in economic history.

Only one person in a hundred seems to share your firm, well-placed hunch that most of Mama Earth’s misbehavior has some connection to how we’ve been treating her.

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Perhaps that’s why the deputy chief of the NY Federal Reserve who is supposed to be chairing the ethical oversight of the BIG BANKS was himself swindled of millions of $$ in the Theranos medical fraud. This investment of his took place months after info about its shakiness appeared in many places in the financial news.
Why should we taxpayers think that he will defend the common good??

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The Greatest Generation had a rendezvous with destiny. We’re being subjected to a rendezvous with Stupidity. It’ll likely take another WWII level effort to pull us out of this crisis, if that effort is informed by the Green New Deal, it may pull us out of the Climate Crisis as well. Profititis (love that term) will have to be addressed in parallel.

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But she’s not one that the Dinocrats would select

This article doesn’t tell us a d-mn thing we don’t know already. So Noms Prins called for “creative solutions.”
We all want creative solutions.

What we need is an author who actually tells us WHAT THOSE SOLUTIONS ARE.

This is just another fluff piece, by somebody who complains, but has NO REAL ANSWERS.

The “creative solution” is the same solution we have always needed to reverse the corporate takeover of murka during the past half century…restore all of FDR’s New Deal programs and regulations that have been dismantled.

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If we just got rid of the giant corporation farms, and returned to how farming was done a couple of generations back with small farms, we could probably create a few million jobs. The quality of life for the farmers would be better than working in some minimum wage employment. The food they produce could also be a higher quality than food from industrial farming methods that use every type of chemical to produce as much as they can at least cost. Likelihood, however, is probably nil, as the giant corporations are all our legislators are interested in supporting.

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This a well written article yet it contains two premises that are faulty;

  1. An economy based on final consumption and funded by austerity has cannibalized itself to the point that there is little demand to support the oligarchy and endless war,

  2. An economy based on infinite growth via extraction of resources from a finite planet is mathematically impossible and leads to extinction.

Both of these situations were heralding the end of capitalism before Covid-19 hit.

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2020’s HooverVille, now called TrumpTown is coming to an empty lot near you.

Meanwhile, Joe Biden is calling Amy Klobocop from his bat cave and trying to remember why.

Reform of agricultural production/distribution is near atop the list of issues most needing to be addressed. Every nation should have a reliable food supply to be less dependent upon imports from agribusiness giants. Globalization benefits producers and manufacturers of mass quantity and the distributors of longest distances. The global production/distribution model requires harmful fuel and chemical use to reduce food prices with the ultimate outcome increasing costs of living.

Healthcare systems reform should top the list of concerns. However, Big Pharma would no doubt present its pipedream of the future quietly excluding those who can’t afford even the least health care.

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