Corporate America Reaps Egregious Sums Act
As expected, Corporate America and the Banks are capturing the lions share of the US CARES Act (Corporate America Reaps Egregious Sums Act) emergency stimulus package.
As previously reported, here on Hive, the entity responsible for allocating the small business portion of the stimulus package is none other than the Wall Street titan - BlackRock.
In their joint role with the US Treasury allocating the $377 billion in stimulus to small businesses, BlackRock will be deciding which "small business" qualify for government emergency aid. Rest assured that before the majority of small businesses and mom and pop shops, BlackRock will be servicing the very Wall Street companies in which it is invested in. Here's just a taste of the companies BlackRock Asset Managers are directly invested in:
JP Morgan Chase
Citigroup
Exxon Mobile
Chevron
Conoco Phillips
AT$T
Verison
Apple
General Electric
These companies, and many others in which BlackRock owns stocks, will be the first to receive the stimulus before the funds run dry.
To add insult to injury, the US Treasury has revealed that banks are also entitled to portions or all of worker $1200 stimulus cheques.
oxfam
Banks Can Seized Workers' $1200 Government Stimulus
In a recorded webinar discussion with Wall Street representatives, Ronda Kent chief disbursing officer from the US Treasury Department revealed that though government agencies are prevented from confiscating the relief money, third party entities, aka banks, are permitted under the law to withhold the money to service outstanding loans.
In an audio recording from the webinar obtained exclusively by the Prospect, Ronda Kent, chief disbursing officer at the Treasury Department's Bureau of the Fiscal Service, told bankers that "there's nothing in the law that precludes" financial institutions from seizing a person's payment and using it to pay off the individual's debts.
At a time of record unemployment, close to 30 million Americans applying for unemployment insurance in just the last several weeks alone, this loophole represents outrageous and deceitful tactics by the the US Treasury and their Wall Street masters.
"After a third of U.S. renters couldn't make rent this month, the Treasury Department is pointing out opportunities for banks and debt collectors to steal Americans' relief checks out from under them," Jeremy Funk, spokesperson for consumer advocacy group Allied Progress, said in a statement responding to Kent's comments.
Common Dreams
Bank seizures of worker relief can be executed through freezing $1200 direct deposits made to banks. If the bank deems that there are debts owed those debts will be deducted from the receiver's account.
Audio of the Treasury Department's representative was made public by The American Prospect' which you can listen to in full using the link below,
https://soundcloud.com/theamericanprospect/audio-of-ronda-kent-chief-disbursing-officer-with-treasurys-bureau-of-the-fiscal-service
Trump's Signature Delay
Americans who are set to receive their assistance via snail-mail may have to wait 5-6 months to receive their emergency cheques. This means that tens of millions of working Americans will not receive any assistance until September 2020.
Adding further delay is that US president Donald Trump is insisting that his name be printed on every individual stimulus cheque. This narcissistic and unnecessary demand only serves to prolong the wait and deepen the crisis for those in desperate need of financial assistance.
The Treasury Department has ordered President Trump’s name printed on stimulus checks the Internal Revenue Service is rushing to send to tens of millions of Americans, a process that could slow their delivery by a few days, senior IRS officials said.
Trump Administration - No Emergency Funds for US Postal Service
While US citizens continue their lockdown and are filing for unemployment in record numbers, they're increasingly relying on the US Postal Service to deliver essential items such as prescription drugs. The Trump administration has stated that it will not provide emergency funding to the US Postal Service but many lawmakers fear that this will force the shutdown of the US Postal Service as early as June if it doesn't received additional funding.
Without a functioning US Postal Service, those awaiting their stimulus cheques in the mail may face even longer delays without the materialization of a feasible solution. Private sector delivery services, such as Amazon, are already overburdening the US Postal Service and take advantage of the quasi-governmental organization to deliver billions of their packages at low cost.
"These negative effects could be even more dire in rural areas, where millions of Americans are sheltering in place and rely on the Postal Service to deliver essential staples," the lawmakers warned.
Americans are also counting on postal service workers to deliver millions of coronavirus relief checks — a process that won't start until the end of April and isn't scheduled to finish until September. However, it's unclear if it will have the funding needed to do so.
Let them Eat Cake!
In a recent interview, US Treasury Secretary Steve Mnuchin demonstrated that he has no concept of the cost of living for average Americans. Mnuchin believes that $1200 is sufficient assistance for a family to survive on for 2 and half months. This amounts to about $17 dollars per day.
Secretary Mnuchin made the comments on a Face the Nation segment uploaded on March 29th, 2020.
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Not your bank = not your money
This exemplifies why I do not have a bank account. Oh, how I wish I had learned the lesson that banks are thieves for the sum of $1200! Sadly, it was necessary to lose >$100k for me to grasp the fact of their malevolent avarice.
Given the intrinsic nature of banking to much of the functioning of civilization, it was neither simple nor easy to undertake living without banks. However, I have done for more than a decade now, and see no reason to return to their trough.
Instead, I have focused on community. By performing service to my neighbors, I store value as goodwill, rather than as financial credits or debit on a ledger. I can certify that ordinary folks, while certainly not perfect, are far more just and fair than corporations, and particularly preferable to financial institutions, warts and all.
When the lockdown was ordered in OR, I had little besides that goodwill on hand. Despite that, I am one of the few locals in my neighborhood whose bills are paid in full today, and I paid none of them myself.
I have often ranted hereabouts about the far greater value of community than finance, and noted that the economy is a feature of society, and not the reverse. I do not just talk about it. I actually and literally live as I recommend, and my experience is that I am far better secured from economic insult than if I depended on financial assets more than goodwill of good people.
I ask anyone that reads this to consider how the world would be different if everyone they knew undertook to live as do I.
Fuck Blackrock, B of A, and JP Morgan! If everyone's savings was in the form of the goodwill of their neighbors, those corporate scum would be nothing more than laughable relics of history, which the good people of the world would be glad to be rid of.
Thanks!
I've learned the hard way too...
Don't take loans from banks!
It is unfortunate that banks in America doesn't have a heart. The government must support from the ground up and not from the top to bottom if they wanted to stimulate the economy. @v4vapid
The love of money is the root of all evil. They have a heart but it is black. Banks are not just one country but Zionists vying for world domination.
What if the powers behind the throne, arguably financial corporations and their owners, want to own everything in the world more than they want to stimulate the economy?
Since I believe this is actually the case, I submit that the present practice of QE, and dumping $T's into the stock and bond markets that national banks conjure out of the aether and national governments assume debt for - leaving taxpayers responsible to pay that debt, plus interest, to the national banks - is evidence my theory is correct.
Actions speak louder than words.
So we went from Happy early Easter, to merry early Christmas within a week or two for the corporate-bankstars! What a surprise!
I'm really starting to believe in a bankster multiverse theory now. I think they are creating parallel worlds, with parallel debt for multiple parallel debt slavery - cyber-space will be their next domain. Watch out aliens!
The delay on cheques will just enforce the growing call for the digital ID programs to be implemented - for obvious reasons...just like the cut to funding for the postal service.
The recent information you provided, sadly, comes as no surprise to me @v4vapid … though I wish it weren't true :>/
Hope you are well these days.
Not surprised anymore the way things are done now.
Exasperation is about the only feeling I'm getting at this point. In Australia the prime minister is threatening that these restrictions could go on for a year. I wonder how many deaths from malnutrition will be recorded as Covid19.