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Economy Troubled, Unemployment High, Banks “Overwhelmed”, Nation Without Leader in White House

April 9, 2020

This is a portion of the mid-day news feed from Politico, and it is stunning. Truly other-world type events happening.  Would it not be nice to have a leader in the White House?

Before you read the news below let me remind you of this fact.

The White House was warned repeatedly in November & December 2019 that the US military’s National Center for Medical Intelligence concluded the outbreak in China could be a “cataclysmic event”.

“I would view it as something that surprised the whole world.”
~Trump, 3/19/20

“THE LABOR DEPARTMENT announced that 6.6 MILLION Americans filed for jobless benefits last week. 16.5 MILLION people are out of work. AP: “10% of the U.S. labor force now out of work.”

— AT THE SAME TIME, the FEDERAL RESERVE announced unprecedented intervention into the economy. VICTORIA GUIDA: “The Federal Reserve on Thursday unveiled emergency programs that could dole out more than $2 trillion in loans to businesses of all sizes, as well as to struggling city and state governments, in a bid to keep the economy afloat as it is ravaged by the coronavirus pandemic.”

9 O’CLOCK HOUR: CNBC’S JIM CRAMER asked if Treasury Secretary STEVEN MNUCHIN thought “we could be open for business” in May. MNUCHIN said: “I do, Jim.”

AT 10:10 A.M., Senate Majority Leader MITCH MCCONNELL asked for unanimous consent to pass another $250 billion in small business lending. He said the fund that provides money to small is “at risk of exhausting its funding right now.”

MCCONNELL: “Do not block emergency aid you do not even oppose just because you want something more. Nobody believes this is the Senate’s last word on Covid-19. We don’t have to do everything right now.”

— TO WIT: MNUCHIN on CNBC: “The banks have been overwhelmed.”

SPEAKER NANCY PELOSI said MNUCHIN called her on Tuesday and asked for “a quarter of a trillion dollars in 48 hours.” … “They have two thirds” of the small business money left, Pelosi said. “So we have time to negotiate.”

AT 10:34 A.M., Democrats blocked Senate Republicans’ efforts to increase small business lending, and Republicans blocked Democrats’ efforts to increase money to hospitals and state and local governments. The Senate is out until Monday.

AT THE SAME TIME, Fed Chairman JAY POWELL said, “We need to have a plan nationally for reopening the economy.” Powell said July was a likely time frame.”

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