Monday, June 29, 2020

Health insurers successfully lobbied Trump administration to avoid paying for certain COVID-19

https://sirota.substack.com/p/trumps-covid-directive-may-force

 

Tests required to go back to school or work often must be paid by the family or the employer. The Administration will not allow unemployment insurance for those called back to work and will not impose safety measures on employers. Some states have granted employers immunity.

 

Charlie Cooper

 

 

Maryland's local election directors call for hybrid election

https://www.baltimoresun.com/politics/bs-md-pol-election-directors-20200627-bgakxfjkxbhqngvc2pg44v3vze-story.html#nws=true

 

Local election officials have spoken out for the first time and have proposed a detailed plan. They say that there would not be sufficient polling places or election judges to hold a traditional election. Republican elected officials, though, have called for a traditional, in-person election. Gov. Hogan has delayed action beyond the time that election officials requested a decision.

 

Charlie Cooper

 

Sunday, June 28, 2020

New book shows how election can be stolen

https://www.barnesandnoble.com/w/how-trump-stole-2020-greg-palast/1136935885?ean=9781644210567

 

Greg Palast is a veteran reporter with a history of exposing schemes to purge, discourage, and refuse to count the votes of registered voters – especially minority voters. His new book comes out on July 14. Disclosure: This book has an anti-Republican slant.

 

Charlie Cooper

 

 

Fed's bank stress test is based on "severe" scenarios that are already eclipsed by our ultra-severe reality

Income and Wealth Inequality Has Devastated American Workers

 

New York Times editorial: The root cause is the influence of money in politics.

 

Marty Wulfe

Official U.S. Treasury release on PPP info disclosure

https://home.treasury.gov/news/press-releases/sm1041

 

Official U.S. Treasury release describing categories of data that will be released about larger PPP loans. Names of businesses will not be released nor will data about smaller businesses.

 

Charlie Cooper

 

Mitch McConnell doubles down on employer liability protection and controlling national debt

https://www.lex18.com/news/covering-kentucky/sen-mcconnell-discusses-potential-for-more-federal-relief-during-pandemic

 

The Senate Majority leader expressed concern that employees not be able to sue employers over working conditions and the federal debt be controlled. The next pandemic relief bill will originate in his office, he avers. Employer protection is “non-negotiable.” No similar urgency is expressed about conditions for workers or lower-income people.

 

Charlie Cooper

Report of Federal Reserve Municipal Liquidity Facility

https://www.federalreserve.gov/publications/files/mlf-6-15-2020.pdf

 

As of June 4, the U.S. Treasury had supplied half of the $35 billion it pledged to support this Special Purpose Vehicle that would support the municipal bond market. No Fed funds had been supplied to the SPV. [Does this mean the SPV had acquired no securities]

 

Charlie Cooper

Report on 4 Federal Reserve Emergency Facilities through May 31, 2020

https://www.federalreserve.gov/publications/files/pdcf-cpff-mmlf-pplf-6-10-2020.pdf#page=2

 

Primary Dealer Credit Facility, Commercial Paper Facility, Money Market Liquidity Facility, PPP liquidity Facility. Altogether, there is about $100 billion in outstanding loans. The Fed claims that collateral value exceeds the loans. The Money Market Facility has lent $32.5 billion and is backed by $10 billion in U.S. Treasury funding.

 

Charlie Cooper

Friday, June 26, 2020

Story about neighborhood small business devastation with good statistics on pandemic aid distribution

 

Thanks for this one to Betty Robinson. I would just add that the decision to funnel aid through an inadequate unemployment insurance bureaucracy has also been devastating to workers.

 

Charlie Cooper

 

 

 

 

Allegations of fraud in Paterson, NJ, mail-in balloting

The Federal Reserve is run by millionaires

https://mattstoller.substack.com/p/every-federal-reserve-board-member

 

Everyone on the Fed Board is a millionaire, but, since the agency’s job is regulate lending markets, borrowers should also be represented. Also, there are various tidbits about U.S. anti-trust enforcement – or lack thereof. Mergers have reduced the number of black-owned banks and removed grocery stores from black communities.

 

Charlie Cooper

Thursday, June 25, 2020

Establishment Dem SuperPAC aids Hickenlooper after ethics woes

https://www.opensecrets.org/news/2020/06/hickenlooper-struggles-democratic-establishment/?utm_source=mailchimp&utm_medium=email&utm_campaign=hickenlooper-de-062420&utm_source=1+News+Notifications&utm_campaign=df7154019d-EMAIL_CAMPAIGN_2019_11_26_08_46_COPY_02&utm_medium=email&utm_term=0_776aca4f13-df7154019d-212295006

 

Reeling from ethics violations for accepting gifts as governor, Hickenlooper appears to be losing ground to former state House Speaker Andrew Romanoff, who is running as a progressive. That prompted Senate Majority PAC to spend nearly $1.5 million on ad buys supporting Hickenlooper over the last two weeks. Let’s Turn Colorado Blue, a recently formed super PAC that will use a loophole to keep its donors secret until after election day on June 30, launched a $1.1 million ad campaign attacking Romanoff over his immigration record."

 

Charlie Cooper

Tuesday, June 23, 2020

A review of the myriad problems with 50 states setting up various methods of vote by mail


This is a good review of all the obstacles to a fair, secure, and accessible election in November.

Charlie Cooper

Re: Revealed: police unions spend millions to influence policy in biggest US cities

Here's an short attached summary of recent news items about politicians returning or swearing off police union campaign donations after activists raised the issue in the media.

Joe Adams

On Tue, Jun 23, 2020 at 7:23 AM Martin Wulfe <mwulfe2020@gmail.com> wrote:

Guardian analysis shows how organizations and officers in New York, Los Angeles and Chicago work against reform.

Marty Wulfe

Revealed: police unions spend millions to influence policy in biggest US cities


Guardian analysis shows how organizations and officers in New York, Los Angeles and Chicago work against reform.

Marty Wulfe

Monday, June 22, 2020

'This is a war': Republicans ramp up bid to control election maps for next decade


Ahead of November's election, Republicans face an intense Democratic challenge to unseat Donald Trump, with dark money pouring in on both sides, and consumers who are significantly more vocal and critical of corporations' politics, especially in the wake of Citizens United. But this year's election also coincides with the decennial census, from which demographic data helps determine the number of seats in the House. The state legislatures elected this fall will be in charge of drawing almost all the maps.

Marty Wulfe

A New York City paramedic on treating coronavirus patients and dealing with trauma - The Washington Post

https://www.washingtonpost.com/nation/2020/06/21/paramedic-new-york-city-coronavirus/?arc404=true&utm_campaign=wp_evening_edition&utm_medium=email&utm_source=newsletter&wpisrc=nl_evening 

A revealing ground-level view of inequality in the financial center of our nation. This is the dystopia that pay-to-play politics built.

Charlie Cooper

Friday, June 19, 2020

Trillions in Stimulus Go Unchecked With Watchdogs Kept Toothless

https://www.bloomberg.com/news/articles/2020-06-17/trillions-in-stimulus-go-unchecked-with-watchdogs-kept-toothless?sref=bd5wQkbG&fbclid=IwAR32sA8wxDtdTFU2CcZjGvB9UZgYKDG9RH3fcE4bNgc_QN2xu9C63MHGQ28

 

Some of the oversight bodies are barely functional: A special inspector general was only recently sworn in, a congressional panel still lacks a chairman and staff, and President Donald Trump quickly removed the official who was going to lead a separate accountability committee.

 

Marty Wulfe

U.S. lets private equity forms have access to workers' 401K accounts

https://prospect.org/api/amp/economy/letting-private-equity-billionaires-rob-worker-retirement-funds/?__twitter_impression=true

 

DOL ruling will allow private equity honchos to collect big fees from workers who choose to invest in their funds.

 

Charlie Cooper

U.S. report record-low happiness in survey

35,000 Marylanders still waiting for unemployment insurance

Tuesday, June 16, 2020

WHITEHOUSE, DOGGETT RELEASE NEW ANALYSIS SHOWING GOP TAX PROVISIONS IN CARES ACT OVERWHELMINGLY BENEFIT MILLION-DOLLAR-PLUS EARNERS

 

Joint Tax Committee breakdown shows 4 OUT OF 5 tax filers that benefit make $1 million or more; A wealthy few would receive an average windfall of $1.6 MILLION - dwarfing bill’s $1,200 payments for working Americans.

 

Marty Wulfe

NY congressional primary race draws dark money

GOP Money Flowing to Super PAC Backing Rep. Eliot Engel

Saturday, June 13, 2020

Charts show results of U.S. Census Bureau's Household Pulse Survey on effects of pandemic

https://www.census.gov/data-tools/demo/hhp/#/

 

Powerful information about the extent of suffering – food insecurity, housing insecurity, loss of income.

 

Charlie Cooper

Friday, June 12, 2020

Federal Reserve could save the state and local governments if Congress won't

https://prospect.org/coronavirus/unsanitized-federal-reserve-can-end-state-fiscal-crisis/

 

They could boost and reconfigure the Municipal Lending Facility.

 

Charlie Cooper

 

 

Corporate Donations To Colorado Governor’s Office Raise ‘All Sorts Of Red Flags’ – CBS Denver

Administration won't disclose who got PPP loans

Iowa Senate tries to kill huge vote-by-mail success

https://fortune.com/2020/06/09/vote-by-mail-iowa-senate-bill-presidential-election-trump-biden/  

 

Fake voter fraud used as cover.

 

Thanks to Tina Coplan for finding this.

Trump Administration Refuses To Disclose Which Businesses Received $500 Billion In Government Bailout

https://www.huffpost.com/entry/trump-ppp-loan-businesses-secret_n_5ee26407c5b6fdbc0a8e59ac?ncid=engmodushpmg00000006

The move will prevent oversight of 4.5 million businesses that took a government Paycheck Protection Program loan. One critic called it “unconscionable, jaw-dropping corruption.”

Marty Wulfe

Tuesday, June 9, 2020

The Senate has done almost no policy work since January.

Inequality predicts financial crises says Federal reserve researcher

https://www.frbsf.org/economic-research/files/wp2017-23.pdf

 

Research from the Federal Reserve Bank of San Francisco shows still more clearly the link between economic inequality and financial-crisis risk. This paper deploys exhaustive research across decades in 17 countries based on statistical correlations of inequality, productivity, credit growth, and crises. Although productivity has a strong impact on crisis risk, a widening income share for the top one percent is the most predictive antecedent to a crash even when controlling for an array of other possible causes, including the asset-price bubbles that gave the Fed so much pause yet again in its latest financial-stability report.

 

Charlie Cooper

Payroll Protection Program Flexibility Act is a win for business

https://www.forbes.com/sites/allbusiness/2020/06/05/trump-signs-new-law-relaxing-ppp-rules-what-you-need-to-know/#154f050231e3

 

More details on how this helps businesses. It looks like the amount going to payroll will be substantially reduced.

 

Charlie Cooper

 

Congress passes changes in Paycheck Protection Program

https://home.treasury.gov/news/press-releases/sm1026

 

Businesses will have 24 weeks instead of 8 weeks to spend the money on eligible expenses and receive loan forgiveness. Percentage of funds spent on employee compensation reduced from 75% to 60%. Foregiveness can be expanded to those who spend less than 60% on employees, with restrictions

 

Charlie Cooper

 

 

Tech giants named in Trump’s executive order (re: Sec. 230) lobbied against similar laws for years

Fed allows smaller firms to get loans via Main Street Lending Facility

https://www.federalreserve.gov/newsevents/pressreleases/monetary20200608a.htm

 

Max loan is also increasing – perhaps a way to help bigger businesses.

 

Charlie Cooper

Dataset of police union federal contributions

police unions spend big on local political races and wield clout to stop reform

Monday, June 8, 2020

NYTimes.com: Hospitals Got Bailouts and Furloughed Thousands While Paying C.E.O.s Millions

https://www.nytimes.com/2020/06/08/business/hospitals-bailouts-ceo-pay.html?smid=em-share

Hospitals Got Bailouts and Furloughed Thousands While Paying C.E.O.s Millions  Dozens of top recipients of government aid have laid off, furloughed or cut the pay of tens of thousands of employees.

Marty Wulfe

Saturday, June 6, 2020

Wednesday, June 3, 2020

Amazon growth and legal tax avoidance

Investors flock to BlackRock funds after they win Federal Reserve contract

https://www.ft.com/content/7091a2a5-7eef-4c78-8331-9fd986925f8a

 

They have gained an absolutely monstrous advantage over rivals like Vanguard since becoming the manager of Federal Reserve purchases of corporate bonds and ETFs comprised of bonds.

 

Charlie Cooper

 

 

Tuesday, June 2, 2020

History of racial disparity in Federal Reserve actions

Ass't Treasury Secretary in charge of corporate bailouts has conflict of interest

https://www.propublica.org/article/this-treasury-official-is-running-the-bailout-its-been-great-for-his-family

 

His family firm – in which he retains an interest – specializes in the exact market that he is bailing out via CARES Act and the Federal Reserve System.

 

Charlie Cooper

SBA sets aside $10 billion of PPP for Community Development Financial Institutiosn

https://home.treasury.gov/news/press-releases/sm1020

 

CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses…. As of May 23, 2020, CDFIs have approved more than $7 billion ($3.2 billion in Round 2) in PPP loans.  The additional $6.8 billion will ensure that entrepreneurs and small business owners in all communities have easy access to the financial system, and that they receive much-needed capital to maintain their workforces."

 

Charlie Cooper

Fed intervened in financial system starting in September 2019 and hasn't reported why

https://wallstreetonparade.com/2020/05/u-s-debt-crisis-comes-into-view-as-feds-balance-sheet-explodes-past-7-trillion/

 

“The Chairman of the Federal Reserve, Jerome Powell, promised months ago to report to the American people on what caused the need for the Fed’s intervention in the repo loan market on September 17 and what necessitated it to remain as the lender of last resort in that market for all these past months. The Fed has failed to release any such report.”

 

This article also summarized the Fed’s Balance Sheet, which now total $7 trillion.

 

Charlie Cooper

H: 410-578-8291

M: 410-624-6095

Get Money Out – Maryland (GMOM)

 “We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.” – Louis Brandeis

 

 

Re: New study calls for non-partisan primaries in Baltimore

Wow, Charlie, thank you for sharing this – VERY interesting!  Not that I think the parties in Maryland will ever relinquish their power in my lifetime, but this is very helpful.

-- Dona
________________________________________
Dona Sauerburger, COMS
Orientation and Mobility Specialist for the blind
Gambrills, Maryland
dona@sauerburger.org / 301-858-0138
www.sauerburger.org
________________________________________
 
Sent: Tuesday, June 2, 2020 11:23 AM
Subject: New study calls for non-partisan primaries in Baltimore
 

New study calls for non-partisan primaries in Baltimore

Congress erred in timing of CARES Act measures

https://prospect.org/coronavirus/unsanitized-cares-act-temporary-relief-state-cuts-bankruptcies/

 

In April, personal income went up hugely but personal spending went down. In May, we will see a big decline in personal income because aid to households will be cut off and spending will remain low.

 

Charlie Cooper

 

 

Monday, June 1, 2020

IRS lets rich tax cheats slide

https://www.washingtonpost.com/business/economy/2020/06/01/3e872e1a-a425-11ea-bb20-ebf0921f3bbd_story.html

 

Years of cuts to IRS staff have resulted in hundreds of thousands of insances in which wealthy taxpayers didn’t file but were not pursued. In 3 years, more than $40 billion was uncollected.

 

Charlie Cooper