Anyone with an IQ can see that this economy is being manipulated, propped up by behind the scenes financial trickery so as to appear much, much better than it is for the 99%.
They are a poisonous dinosaur of an industry.
Just let them crash
Someone is making a lot of money on their demise or this wouldn’t be happening.
If they insist on buying up debt, how about buying up consumer debt?
“A coalition of nearly 70 advocacy organizations is demanding that the Federal Reserve immediately stop using its emergency Covid-19 lending facilities to buy up fossil fuel debt,”
Let them starve and be thrown out of their homes like the 30 million citizens now facing this in the USA.
I’ve said it before and I will say it again: Corporations are no longer dependent on consumers personally buying stuff from them. They now simply have their government puppet politician whores enacting legislation that simply funnels taxpayer money directly to them. In effect we are forced to pay for things we don’t even want. And when these same corporations create destructive messes or lose money the citizens pay for cleaning it up and bailing them out instead of letting them go down the drain where they belong. Instead we are all going down the drain.
The Fed isn’t buying the debt with their own damn money, they are using taxpayers and societies; they also represent, and are, the people losing wealth by this crash if they don’t buy it up using our dime! Isn’t that crony corruption in false cloth?
Just like the bankers and other TBTF pirates were bailed-out by the public then turned right around and fucked us! “Ordinary” people lost homes, jobs, savings and their futures, while politicians screwed them and used the nation to bail-out the thieves!
Won’t get fooled again? Its likely we will and the theft and crime will be silenced, manipulated and sold as some whole other thing, but the truth will be they robbed us to serve the 1% - yet again!
The FED only buys up the debt of the 1%
But it would be great if they ever became human enough to do it
We the People simply must demand our legislators enact, pass, and enforce laws that provide “severe” penalties for this theft which affect many, many citizens.
Also, perhaps we must consider a very effective deterrent taken from the “Wild West” days when stealing a man’s horse warranted the death penalty, "by hanging."
Even though those who steal without remorse will claim that civilized society wouldn’t use such an archaic form of capital punishment, it must be made clear to them that their entitlement to steal/misuse taxpayer funds will never be again tolerated.
"Begin Building The Guillotines In Every State."
I think it’s a slightly different thing. A lot of people aren’t facing enormous losses holding the debt of a failing industry. Taxpayers will be left holding the bag of bad debts, instead of the fools who loaned the money in the first place, and who by all rights should bear the loss.
Remember when Lloyd Blankfein testified to Congress during “The Great Recession” (which never ended) that he had set up an investment instrument that actually bet against the CDOs he was selling to the rest of the muppets who were buying up all that bad real estate debt? Just said it out loud and proud to Sen. Carl Levin like, “Well, of course we did that. What are you upset about? It’s our duty to exploit the system to the fullest. You idiots write the laws. We just flow into the nooks and crannies you provide for us.”
That’s what is happening with Big Oil. It won’t collapse until there is a wave of huge dividend cuts that get the attention of mom and pop investors that have owned these cash cows forever. And when the crash comes, the shorts will already be in place to cash in on the losses of the muppets.