MIA

In one of the recent Le Show broadcasts Harry Shearer posed a rhetorical question in regard the journalistic/cultural slant on the current Economic Depression. He made the observation that for the last 2+ months all the articles, talking heads, etc. speak of the “economy shutting down.” In actuality, according to Mr. Shearer, only half the economy has shut down. In addition to certain segments of the economy which are booming (i.e. Amazon), the financial sector hasn’t exactly withdrawn into a shell. As of this writing the DOW is only 10% off from its all time high. Shearer has a point. Pre Covid 19 debt obligations have not “shut down” or disappeared. Credit card companies, mortgage servicers, utilities, etc. all still post their bills and collect on them (electronically, so convenient! Save a stamp and all). They, along with the Wall Street financiers, are doing OK, thank you. So it was curious to read the Washington Post article headlined: “U.S. taxpayers might lose money helping companies. Economists say it’s a good thing. Treasury Secretary Steven Mnuchin acknowledged this week that some of the $500 billion in aid to companies might not be repaid.” As the article pointed out, Obama’s TARP Act, meant to address George W. Bush’s financial meltdown of 2008, lost some taxpayer money “But overall, TARP ultimately made several billion dollars as most companies repaid the loans and some of the stock the government took as collateral turned out to be worth a good bit more when it came time to cash in.” Trump/Mnuchin’s CARES Act isn’t structured around repayment or collateral. Besides, who would report if it failed? We’ve become so inured to Dear Leader’s policies and practices of big business – the firing of those deemed disloyal, the hiring of corporate executives to regulatory positions, the dismissal of regulations, the neglect of institutions, etc. – that we don’t notice their presence (or absence) in our everyday surrounds. Nothing comes from nothing, and what is favored nationally is ditto found locally. In a 5-19-20 article, Newark Advocate’s Kent Mallett headlined “Licking County Chamber announces Facebook grant for local small businesses”. “The Licking County Chamber of Commerce announced it will coordinate a $100,000 grant from Facebook to help support small businesses battling through economic challenges.” In the text Mallett quotes LC Chamber Pres and CEO Jennifer McDonald and Facebook’s Community Development Regional Manager Amber Tillman, and no one else. 5-22-20 Mallett headlines “Downtown Newark survey shows public uneasy about reopening businesses amid coronavirus”. “A Downtown Newark Association survey showed considerable uncertainty and unease about reopening businesses after a two-month shutdown to prevent the spread of the COVID-19 virus.” Again, he presents a stenographic rendition of the survey, quotes DNA President Trish Newcomb, and no one else. What do we elect civic leaders for? Where’s Newark’s Mayor Jeff Hall in all this? What about LC Commissioners Tim Bubb, Duane Flowers and Rick Black? Is there no interest that the Facebook grant money be distributed fairly, equitably and appropriately by those elected to insure such? Is there no want of direction, guidance and leadership on prudent measures for safely interacting within the war footing of a Covid 19 response? Have we become so lock step and attuned with the abdication of leadership and direction on the Federal level by our Dear Leader, as well as the journalists covering him, that we are OK with our own local MIA’s? Analysis finds that Harry Shearer  is right. Only half the economy shut down with the spread of Covid 19. The business half is still running everything. Only now they are doing it so overtly that the corporate news journalists don’t even bother with any other reality.

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Tags: CARES Act, Covid 19, Donald Trump, Downtown Newark Association, Duane Flowers, Economic Depression, GOP, Kent Mallett, Licking County Chamber Of Commerce, Local, Media, Newark Mayor Jeff Hall, Normal, Rick Black, Steven Mnuchin, Tim Bubb