The Panic of the Elites. Kentuck

[CC27]

Star Member kentuck (96,669 posts)


The Panic of the Elites

 
It wasn't the coronavirus that panicked them so much. It was the uncontrollable drop in the stock market. They tried every trick in the book and nothing worked. People had zero faith in the markets.

The Fed put one and half trillion dollars into the market and it had an impact for about an hour. Then it disappeared. They promised unlimited resources to protect it.

As the epidemic continued to explode and fears mounted, they decided that it was more important to get back to work and save the market than to save the lives of Americans. They said it would be elder Americans, mostly, that would die, but data suggest that many victims of the scourge are between 18-40 years of age.

Then they rushed thru a two trillion dollar emergency bill to save the economy, to save Wall Street. They compromised and gave hundreds of billions of dollars to help workers with unemployment and other assistance. They gave assistance to hospitals and community health centers.

But the epidemic continued at its own pace. It didn't give a whit about the stock market or the panic of the wealthy. It attacked capitalism and capitalism had no response. They even thought of shutting down the stock market to prevent further freefall.

Just this morning, the new unemployment figures came out. More than 3 million jobs were lost in the last couple of weeks. But the market went up for a couple of days, with the insertion of trillions of dollars more into our economy. Can this type of "socialism" save capitalism?

There is fear on Main Street but there is panic on Wall Street.
https://www.democraticunderground.com/100213177045

Still stuck on stupid

[Carl]

The stupid shit put every ounce of ignorance he has into one post.