dollar Markets politics

The United States Has No Government. The Fed And Steve Mnuchin Are Serving As Caretakers

On Monday, reports indicated that The White House was pondering the prospect of Donald Trump taking unilateral action to extend supplementary federal unemployment benefits and an eviction moratorium if Congress didn't manage to find a compromise on the next virus relief package. Trump, sources said, is worried that the economy will take another turn for the worse with just three months to go until the election. The Senate is set to take their summer break on Friday, which is just insult to injury for everyday Americans. So little do some of the country's elected representatives care about the plight of the people they work for (i.e., voters) that they assume it's their prerogative to take (another) vacation, irrespective of whether there's an agreement to help rescue millions of people from economic ruin. The House is already on break, although they're "on call", as it were, should the Senate manage to agree on something with a chance of making it through both chambers and eventually to Trump's desk. Mitch McConnell intends to compel votes on a hodgepodge of GOP proposals which together are supposed to be viewed as a comprehensive package. None of them will ultimately pass bec
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11 comments on “The United States Has No Government. The Fed And Steve Mnuchin Are Serving As Caretakers

  1. joesailboat says:

    You have been warning of and do state clearly what it is that our Nation now faces.
    Vacation, really?
    No, self-centeredness run amok.

  2. runamok says:

    Thank you for being frank and for using strong, unambiguous language. Thank you for using bold emphasis in the third paragraph from the bottom.

    Many suspected that the outcome we are experiencing today would be the case, and that the managers of our country would fail in their responsibilities. Now the time has passed and their actions are visible for all to see, the history can be evaluated.

    Three months ago, we suspected we would be where we are today. It was the future and it was too early to say we have no government. Next, we know we are in a depression today, but don’t have the history yet to say so and commit the words. We will in January, if not sooner. I look forward to your posts at that time.

    The handoff of this administration to the next administration (presuming Trump loses) will be a real humdinger. They are going to be handed an economic depression. (This morning I was looking at the collapse of electricity consumption.)

    Our country was abandoned by our elites. For what? Why? Why?

    Thank goodness for the Fed having done a good job responding and keeping the financial economy together. (Honest opinion, no sarcasm.)

  3. Tom says:

    “Therefore, the blame at this juncture is on Congress.”

    More specifically. on the Republican-led Senate. The House has prepared its version of the stimulus bill two months ago. Meanwhile Republican senators cannot even agree on a comprehensive stimulus plan within their own party.

    • joesailboat says:

      They bet the ranch on covid fading in the summer like the flue does. Hence early reopenings in predominantly Southern States, so no need to help Dem states. Trump has lost control of them. My question is whether McConnell is in control and playing hardball or is it pure disarray. We need some Republican Senators to have an epiphany and give Chucky some cheese.

  4. Mr. Lucky says:

    In an effort to reduce what he saw as a risk of upsetting his base in an election year the president made a very risky decision to do nothing and pass the buck to local leaders where nests of supporters could get their way. He reasoned he couldn’t be blamed if the locals screwed up but I strongly suspect he might have been dangerously wrong. He has also found out that time flies when you are screwing up and lots of precious time has been lost through a long sequence of miscalculations throughout government.

  5. It boggles the mind watching the news and seeing all the idiots out partying.

  6. At least in Lebanon, the Foreign Minister had the decency to resign, calling Lebanon a failed state on the way out…I was hoping for the same from at least one Republican, but then I fell off my unicorn…

  7. Joey says:

    It’s easy to say that the Republican senators are making a huge mistake and that the voters will hold them to account. But they clearly don’t see it that way. A week or two ago there was a discussion of what the Republican strategy is here. Anyone care to update opinions on that? Perhaps it is a variety of individual reasons for each Republican senator. But it can’t possibly be that they are blind, stubborn, and unable to do what is politically necessary. Can it?

  8. Jose Diaz says:

    “These violent delights have violent ends, and in their triumph die, like fire and powder,
    which as they kiss consume.”

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