Oh yes, it will be fun...
So, the House is clearly passing this unprecedented $2.2 trillion bill today. Matt, what are your concerns?
MATT STOLLER: Well, I mean, it’s not really a $2 trillion bill. It’s more like a $6 trillion to $10 trillion bill. So, one of the reasons you can tell that the bill is packed with corporate goodies is that, you know, Congress is debating and trying to figure out, oh, you know, is it $2 trillion, a bunch of money for hospitals or money for cities, and meanwhile, a couple days ago, Larry Kudlow is on a press conference and says, “Actually, this is a $6 trillion bill.” And it’s like, how does a bill go from $2 trillion to $6 trillion without anyone really noticing? And the answer is, there’s a bunch of stuff in there — and, you know, there are people on Wall Street chattering about how it’s actually going to be $10 trillion, because, you know, what’s another four? And that’s how you know that the bill is just packed with stuff for Wall Street, for large monopolists.
And it’s done through a variety of opaque slush funds — the Federal Reserve, the FDIC guarantees a bank debt. There’s a whole bunch of stuff that, you know, some of us who worked in the financial crisis noticed, paid attention to, said, “Oh, that’s where they’re stealing all the money.” And so there’s a bunch of stuff in there that’s going to get to Boeing and airlines, that we know about, has been reported. There’s also a bunch of stuff that’s going to get to the hedge fund guys that are bunkering down in their underground wine caves or whatever. And meanwhile, the stuff that we need, for normal people — the ventilators, the unemployment — you know, that’s going to dribble out. Small business is going to dribble out.
And so, what you’re going to see is the $4 trillion to $6 trillion to $8 trillion of basically no-cost or low-cost guaranteed credit is going to be used by Citibank, JPMorgan, and then any big monopolist or large company that can get access to it, to buy up their competitors and buy up small business, who are obviously now in a really distressed state because they don’t have any revenue. So that’s what’s going to happen. And I look forward to all of the progressives who are supporting this, like Congresswoman Ilhan Omar, supporting a wealth tax later on for all the wealth that they are right now transferring to Wall Street. That will be fun.
