Posts Tagged ‘Steven Mnuchin’

MIA

May 22, 2020

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 In addition to certain segments of the economy which are booming (i.e. Amazon), the financial sector hasn’t exactly withdrawn into a shell.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.

Adult Education

January 24, 2020

Like the swallows and Capistrano, global corporate authorities gathered once again in secluded Davos Switzerland this past week. For the rest of us the corporate media represents it as the World Economic Forum with pronouncement made and issued for, you guessed it, the rest of us. Dear Leader attended, of course. Before leaving he too issued a pronouncement representing things in the US as being just all around boffo. We should all be very happy. Aren’t you? Why Greta Thunberg was there is anybody’s guess as she doesn’t fly in that rarefied milieu. Someone, who does, attended along with his boss. US Treasury Secretary Steven Mnuchin took offense at Thunberg’s lecturing the corporate elites. “U.S. Treasury Secretary Steve Mnuchin suggested that Greta Thunberg isn’t the best person to give advice on economic issues related to climate change — at least not until she goes to college. At a press briefing at the World Economic Forum in Davos, Mnuchin criticized the 17-year-old environmental activist’s call to divest from fossil fuels immediately, according to the Associated Press. Asked how such restrictions would affect the U.S. economic model, Mnuchin responded, “Is she the chief economist or who is she? I’m confused,” the AP reported. He paused before adding that his comments were “a joke.” “After she goes and studies economics in college she can come back and explain that to us,” Mnuchin said. Thunberg, who has been outspoken about the lack of progress on climate change, tweeted Thursday that “it doesn’t take a college degree in economics” to realize that our remaining 1.5° carbon budget and ongoing fossil fuel subsidies and investments don’t add up.” She did not name Mnuchin but said in a subsequent tweet, “either you tell us how to achieve this mitigation or explain to future generations and those already affected by the climate emergency why we should abandon our climate commitments.”” (‘Who Is She?’ Treasury Secretary Steven Mnuchin Questions Greta Thunberg’s Economic Expertise at Davos by Sanya Mansoor for Time, 1-23-20). For those of you keeping score at home Thunberg dropped out of Sweden’s version of high school to embrace activism (without much “formal” education in that, either). Mnuchin has a BA from Yale, a father who is a partner at Goldman Sachs, and had his first job with the investment bank Salomon Brothers while still a student at Yale. Secretary Mnuchin feels no need to learn anything about what we all share in common while Thunberg considers each day an opportunity to learn more. Analysis surmises that eventually she will be forced to give an accounting for why she chose to go to Davos. “The corporate state, however, is in trouble. It has no credibility. All the promise of the “free market,” globalization and trickle-down economics have been exposed as a lie, and empty ideology used to satiate greed. The elites have no counterargument to their anti-capitalist and anti-imperialist critics. The attempt to blame the electoral insurgencies in the United States’ two ruling political parties on Russian interference, rather than massive social inequality – the worst in the industrialized world – is a desperate ploy. The courtiers in the corporate press are working feverishly, day and night, to distract us from reality. The moment the elites are forced to acknowledge social inequality as the root of our discontent is the moment they are forced to acknowledge their role in orchestrating this inequality.” (Chris Hedges, America: the farewell tour)