A Fatal Delay?

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Originally, Senate Majority Leader Bitch Mitch McConnell had a cloture vote scheduled for three o:clock today to move forward with his trillion dollar stimulus package. That vote was pushed back until six o’clock when it became apparent that the Democratic resistance to several clauses in the package would stop Yertl the Turtle from getting the required 60 vote threshold.

Apparently, the Democrats are pushing hard for their vote-by-mail proposal to be included, as well as wanting more severe restrictions on how companies and corporations who receive bailout loans can use the money, such as no officer bonuses, and no stock buy backs. But as Ron Insana of CNBC noted, this could turn out to be a fateful and injurious delay.

Because 6:00 EDT is when futures trading is set to open for the Dow Jones stock exchange is scheduled to open. After losing more than 900 points on Friday, the market is desperate for some sign, any sign that the government has things under control, and that things will at least stabilize. The market has heard nothing but bullish news from the Senate since Friday, forecasting a trillion dollar package, with direct payments to every American, all within two weeks, and swearing that the Senate would not adjourn until that bill was passed. If that bill fails, or has to be delayed until tomorrow, then look for the stock market to fall off of the cliff again from the open, I predict with another circuit breaker halt to trading.

Because this is the new reality. As I pointed out recently, the stock market long ago stopped listening to Trump, they know he’s full of nothing but shit, and when they do pay attention, they piss their pants, and the Dow drops by another grand. But the market also knows that for almost anything substantive to be accomplished, especially on the economic front, congress will have to be the major power player here, not Trump. It requires legislation to craft and implement the kind of structural fix that is needed, and that means congress. So that’s where the market is looking.

The thing that the market hates the most is uncertainty, and right now, that’s all they have. They are getting one set of numbers and predictions from the Trump administration, and then a completely different, and much more ominous set from Governors and Mayors. Trump, congenital retard that he is, continues to insist and act like this is a political messaging crisis for the economy. And it’s nothing of the sort. This is a national health crisis. The market could care less what the closing number is right now, they know that will fix itself under the right conditions. What the market is desperate for right now is reliable information on how bad the crisis is, how much worse it will get, and what will be done to stabilize the situation. Because the simple fact is that the only thing that can fix the Dow is to get the crisis under control, something Trump just doesn’t understand.

Which is why congress is so important right now, and why the market is looking there. Congress has the power to pass the legislation that will at least help to calm the fears of the American public, and give at least the illusion of confidence going forward that the government is functioning, something they haven’t seen up until now. Congress can also demand, and if necessary legislate the kinds of things that the Trump administration needs to be doing to get this under control.

Which is why the delay of this vote today is so dangerous, and possibly even ominous. All weekend the congress has been speaking with a largely unified voice, confident of getting the job done. Had the vote gone off as planned, that could have given the futures market traders confidence that something positive was finally in the works, which may have been enough to send the Dow significantly up at the opening bell tomorrow. Instead, today the Senate gave every indication that it can’t get its shit together either, which can’t be expected to have a very positive effect.

This is about to become a major problem for congress. Pelosi passed two emergency bills, which ended up being signed by Trump. McConnell has vowed a killer stimulus package in a shortened time frame, which will bring instant relief to worried Americans. Basically, by its actions so far, congress is pretty much stepping up and taking responsibility for fixing this problem, and getting it done soonest. But of these procedural votes start to falter, and if Pelosi throws a monkey wrench into the works with a separate House package, and momentum starts to stall and American start to think that no help is on the horizon, then these congress critters and Senators are going to start coming in for a share of the blame that up until now has been reserved exclusively for Trump and his merry band of freebooters. And the election is less than 8 months off. Tick-tock.

To know the future, look to the past.before the insanity of the 2020 election, relive the insanity of the 2016 GOP primary campaign, and the general election, to see how we got to where we are. Copies of President Evil, and the sequel, President Evil II, A Clodwork Orange are available as e-books on Amazon, at the links above. Catch up before the upcoming release of the third book in the trilogy, President Evil III: All The Presidents Fen

 

 

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11 Comments on "A Fatal Delay?"

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Tin woman1
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I don’i understand the finer parts of the market. And I should because my income depends on it. But I can’t view the pandemic through the market and neither can I view the market though the pandemic. They are two separate things to me. I’ll concentrate on the pandemic and feeding my friends and family right now.

p j evans
Member

This one failed. All the Ds voted against cloture, so it was 47-47.

Bareshark
Guest
The dealbreaker, as I understand it, was the $500 billion slush fund that was just for big business and Trump’s businesses (not one and the same). It had this neato clause about how any recipients of this largesse wouldn’t be revealed for six months. Poison pills don’t get more potent…and oh, boy, is McConnell pissed. Failure of ACA repeal pissed. Thanks to five members of his caucus being in quarantine, he’s lacking a lot of his usual leverage. And he knows the next bill will be full of more things he hates. That’s what you get for treating an infectious… Read more »
blueman
Member

McConnell apparently stripped all of the bi-partisan bits from the bill and added this 500billion slush fund for Manuchin and Trump to give to who they wanted without even telling us what was going on with this money. And the cash bale-out to people was a joke. Twice as much to the people with money as those without.

This ain’t on Congress, this is on the fascist Republicans. Period.

Bareshark
Guest

Too bad his stupid asshat of a junior senator picked exactly the wrong time to report he was coronavirus positive, which left him with a slim one vote majority with all the other four senators out of the picture for the same reason. Now Pelosi’s in control and she’ll give him some demands no later than tomorrow. And by amazing coincidence, that just happens to be when Joe gives his first address to the nation at 11AM. I smell a coordinated attack plan…and I’m loving it!

itsazoo20
Member

Thank you for this: you bet we know who bears the responsibility for this BS. It’s always “give, give, give” to the really big players; dribble out to all the rest of us. And if not now, when do we say no more and reset the chess pieces on the board?

And I’m fed up with seemingly reasonable, middle-of-the-road folks sounding alarms against Democrats for trying to protect ordinary people and the coming primary elections and the national one in November for that matter.

Meg Corrigan
Member

I’m delighted Moscow Mitch isn’t getting his way, and it’s sad that agreement can’t be reached for the sake of the people. But that’s ALWAYS the issue with the GOP: they think of the billionaire big donors first and NEVER look at what the rest of the country needs. Same with mail-in voting: the GOP doesn’t want it because they can’t suppress unwanted segments of the population. Somebody shoot the Republican Party and put it out of its misery. 🙄

suzc
Guest

Correction: Put it out of OUR misery!

Meg Corrigan
Member

AMEN! 🤣😂🤣😂

suzc
Guest

Well, there’s no point in passing a Mitch bill giving trillionaires and billionaires more wealth and doing nothing to demand accountability or help individual Americans and small businesses, who actually NEED it (UNlike mega-industries, who’ve gotten theirs repeatedly over the years!).
No bill is better than a billionaires bailout!