{"id":53155,"date":"2020-05-10T18:01:00","date_gmt":"2020-05-10T23:01:00","guid":{"rendered":"https:\/\/olduvai.ca\/?p=53155"},"modified":"2020-05-10T18:01:03","modified_gmt":"2020-05-10T23:01:03","slug":"congress-sets-up-taxpayers-to-eat-454-billion-of-wall-streets-losses-where-is-the-outrage","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=53155","title":{"rendered":"Congress Sets Up Taxpayers to Eat $454 Billion of Wall Street\u2019s Losses, Where is the Outrage?"},"content":{"rendered":"\n

Congress Sets Up Taxpayers to Eat $454 Billion of Wall Street\u2019s Losses, Where is the Outrage?<\/a><\/h3>\n\n\n\n

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Photograph by Nathaniel St. Clair<\/p>\n\n\n\n

Beginning on March 24 of this year, Larry Kudlow, the White House Economic Advisor, began to roll out the most deviously designed bailout of Wall Street in the history of America. After the Federal Reserve\u2019s secret $29 trillion bailout of Wall Street from 2007 to 2010, and the exposure of that by a government audit and in-depth report by the Levy Economics Institute<\/a> in 2011, Kudlow was going to have to come up with a brilliant strategy to sell another multi-trillion-dollar Wall Street bailout to the American people.<\/p>\n\n\n\n

The scheme was brilliant (in an evil genius sort of way) and audacious in employing an Orwellian form of reverse-speak. The plan to bail out Wall Street would be sold to the American people as a rescue of \u201cMain Street.\u201d It was critical, however, that all of the officials speaking to the media repeat the words \u201cMain Street\u201d over and over.<\/p>\n\n\n\n

It was decided that Larry Kudlow would first announce the plan at the White House press briefing on March 24 followed by an unprecedented appearance of Fed Chairman Jerome Powell on the Today show on March 26.<\/p>\n\n\n\n

This is how Kudlow explained the program that was going to be tucked into the stimulus legislation known as the CARES Act at the White House press briefing on March 24:<\/p>\n\n\n\n

Kudlow<\/strong>: \u201cThis package will be the single largest Main Street assistance program in the history of the United States. Phase Two delivered the sick leave for individuals, hourly workers, families and so forth. Phase Three \u2013 a significant package for small businesses, loan guarantees will be included. We\u2019re gonna take out expenses and lost revenues\u2026And, finally, I want to mention the Treasury\u2019s Exchange Stabilization Fund. That will be replenished. <\/p><\/blockquote>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Congress Sets Up Taxpayers to Eat $454 Billion of Wall Street\u2019s Losses, Where is the Outrage? Photograph by Nathaniel St. Clair Beginning on March 24 of this year, Larry Kudlow, the White House Economic Advisor, began to roll out the most deviously designed bailout of Wall Street in the history of America. After the Federal […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2809,5493,6040,13494,13495,1796,29677,860],"class_list":["post-53155","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bailouts","tag-counterpunch","tag-main-street","tag-pam-martens","tag-russ-martens","tag-us-congress","tag-us-taxpayers","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53155"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53155\/revisions"}],"predecessor-version":[{"id":53156,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53155\/revisions\/53156"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}