Taxpayers bail out Tom Brady

[Juicin]

Tom Brady gets an almost 1 million dollar bail out from the taxpayers. The guy that gets 25 million a year to play football has to be saved by the taxpayers.

Tom Brady's Company TB12 Received More Than $960,000 PPP Loan

All while the working class took pay cuts.

https://www.cnbc.com/2020/12/08/1-in-3-workers-faced-pandemic-pay-cuts-but-recovery-is-uneven.html

We've known for a while that the grifter in chief rewards his friends. Wash, rinse, repeat.

you take that back tom brady is a great american hero

as if he had anything to do with getting this loan guy writing it probably just loves Tom

 

[pknopp]

Tom Brady gets an almost 1 million dollar bail out from the taxpayers. The guy that gets 25 million a year to play football has to be saved by the taxpayers.

Tom Brady's Company TB12 Received More Than $960,000 PPP Loan

All while the working class took pay cuts.

https://www.cnbc.com/2020/12/08/1-in-3-workers-faced-pandemic-pay-cuts-but-recovery-is-uneven.html

We've known for a while that the grifter in chief rewards his friends. Wash, rinse, repeat.

This was a bi-partisan program with a lot of friends benefitting all around.

 

[TNHarley]

Tom Brady gets an almost 1 million dollar bail out from the taxpayers. The guy that gets 25 million a year to play football has to be saved by the taxpayers.

Tom Brady's Company TB12 Received More Than $960,000 PPP Loan

All while the working class took pay cuts.

https://www.cnbc.com/2020/12/08/1-in-3-workers-faced-pandemic-pay-cuts-but-recovery-is-uneven.html

We've known for a while that the grifter in chief rewards his friends. Wash, rinse, repeat.

The first partisan post of the thread. We cant have anything nice.

 

[Blues Man]

Tom Brady gets an almost 1 million dollar bail out from the taxpayers. The guy that gets 25 million a year to play football has to be saved by the taxpayers.

Tom Brady's Company TB12 Received More Than $960,000 PPP Loan

All while the working class took pay cuts.

https://www.cnbc.com/2020/12/08/1-in-3-workers-faced-pandemic-pay-cuts-but-recovery-is-uneven.html

So, it is a loan, and it is to go to his employees. How exactly has the taxpayer bailed him out if he pays it back? Isn't that the entire schtick when it comes to government motors?

Do you really think that his employees make 960000 in 8 months?

Payroll for any person working for any business that received PPP loans are capped at 100,00 per year that means that no employee can be paid more than $8333 in any month during the 8 month loan period.

Sorry but this asshole didn't need the money.

960K is nothing to him but that could have bailed out a dozen small businesses or more who really need it.

 

[Juicin]

Payroll, mortgage or rent, overhead... no pay back is required.
But the little people? We got 1200 to keep our mouths shut about our jobs being shut down and going insane locked in our houses. Those people that got the free loans? They can spend their lockdowns on their yachts or in another country.
This is just another transfer of wealth at the little peoples expense.

WHy do people keep calling them free loans? They do have an obligation to pay them back lol

Not if they use them as the guidelines state. If you use it to operate your business daily then you don't pay it back. Buy a yacht with it and then you pay 1%.

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

They are on the hook

Which is why it isn't a handout.

Banks have skin in the game

It's a handout and it's not the banks money.

They are on the hook

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

Servicing the loan is part of the agreement

They have skin in the game, which is why it was never going to go to the people who needed it most. Just can't happen when your intermediary is a bank who cares about profit.

Yes, they get paid by the taxpayers to forgive the loans. All in all though, where do we find this kind of stuff in capitalism models?

They already got paid dumbass

Now it's time to keep their profits high

Not waste money on tracking down retards who can't figure out how to deal with the state and their loan.

"huh see they got paid they have no other concerns"

Not how massive banks work, lol

You didn't do anything to address my question but you felt a need to call me a name?

Yes mr pretends he's black i did

Where does this fit into capitalism?

Right at the point where GDP matters and our economy collapsing is more important than first principles?

GDP is largely government socialism. Subtract out the socialism used to prop up the markets and tell me what GDP is. We should have allowed it to collapse in 2008.

GDP is a measure of macro economic power and size.....

That's it

We would bring the world down with us so relative to the rest of the planet we'd probably not be poorer...But you'd see a huge surge of wealth to the top end of people who took advantage of the depression.

your average joe needs economic stability to build his wealth.

The rich need massive government programs.

The time to whine about how important the rich our to our economy is not the moment of a crash

*shrug*

if people want this shit to stop they need to piss on bankers before everything is about to collapse not as it's happening.

WHen the crash comes all leverage is gone you can't fuck them at the worst moment for the rest of society.

We should have let it crash in 2008. We would have been in much better shape today. The stock market is NOT the economy.

Who do you think would have gained the most out of that?

Personally

The bankers and people on wall street.

As you should be able to see, during a recession or depression the rich will buy up all the assets and come out ahead of the rest of us.

We bailed out institutions not people. Had we not bailed out the institutions the people would have sorted it out themselves. Joe the plumber was not going to get the better of the bankers and day traders in the aftermath of a collapse of the economy.

 

[pknopp]

Payroll, mortgage or rent, overhead... no pay back is required.
But the little people? We got 1200 to keep our mouths shut about our jobs being shut down and going insane locked in our houses. Those people that got the free loans? They can spend their lockdowns on their yachts or in another country.
This is just another transfer of wealth at the little peoples expense.

WHy do people keep calling them free loans? They do have an obligation to pay them back lol

Not if they use them as the guidelines state. If you use it to operate your business daily then you don't pay it back. Buy a yacht with it and then you pay 1%.

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

They are on the hook

Which is why it isn't a handout.

Banks have skin in the game

It's a handout and it's not the banks money.

They are on the hook

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

Servicing the loan is part of the agreement

They have skin in the game, which is why it was never going to go to the people who needed it most. Just can't happen when your intermediary is a bank who cares about profit.

Yes, they get paid by the taxpayers to forgive the loans. All in all though, where do we find this kind of stuff in capitalism models?

They already got paid dumbass

Now it's time to keep their profits high

Not waste money on tracking down retards who can't figure out how to deal with the state and their loan.

"huh see they got paid they have no other concerns"

Not how massive banks work, lol

You didn't do anything to address my question but you felt a need to call me a name?

Yes mr pretends he's black i did

Where does this fit into capitalism?

Right at the point where GDP matters and our economy collapsing is more important than first principles?

GDP is largely government socialism. Subtract out the socialism used to prop up the markets and tell me what GDP is. We should have allowed it to collapse in 2008.

GDP is a measure of macro economic power and size.....

That's it

We would bring the world down with us so relative to the rest of the planet we'd probably not be poorer...But you'd see a huge surge of wealth to the top end of people who took advantage of the depression.

your average joe needs economic stability to build his wealth.

The rich need massive government programs.

The time to whine about how important the rich our to our economy is not the moment of a crash

*shrug*

if people want this shit to stop they need to piss on bankers before everything is about to collapse not as it's happening.

WHen the crash comes all leverage is gone you can't fuck them at the worst moment for the rest of society.

We should have let it crash in 2008. We would have been in much better shape today. The stock market is NOT the economy.

Who do you think would have gained the most out of that?

Personally

The bankers and people on wall street.

As you should be able to see, during a recession or depression the rich will buy up all the assets and come out ahead of the rest of us.

We bailed out instiutions not people. Had we not bailed out the instiutions the people would have sorted it out themvelsves. Joe the plumber was not going to get the better of the bankers and day traders.

Thats our "capitalism" for you. Those "capitalists" sure hate to share. Even to the point of lying about it.

 

[Juicin]

Payroll, mortgage or rent, overhead... no pay back is required.
But the little people? We got 1200 to keep our mouths shut about our jobs being shut down and going insane locked in our houses. Those people that got the free loans? They can spend their lockdowns on their yachts or in another country.
This is just another transfer of wealth at the little peoples expense.

WHy do people keep calling them free loans? They do have an obligation to pay them back lol

Not if they use them as the guidelines state. If you use it to operate your business daily then you don't pay it back. Buy a yacht with it and then you pay 1%.

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

They are on the hook

Which is why it isn't a handout.

Banks have skin in the game

It's a handout and it's not the banks money.

They are on the hook

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

Servicing the loan is part of the agreement

They have skin in the game, which is why it was never going to go to the people who needed it most. Just can't happen when your intermediary is a bank who cares about profit.

Yes, they get paid by the taxpayers to forgive the loans. All in all though, where do we find this kind of stuff in capitalism models?

They already got paid dumbass

Now it's time to keep their profits high

Not waste money on tracking down retards who can't figure out how to deal with the state and their loan.

"huh see they got paid they have no other concerns"

Not how massive banks work, lol

You didn't do anything to address my question but you felt a need to call me a name?

Yes mr pretends he's black i did

Where does this fit into capitalism?

Right at the point where GDP matters and our economy collapsing is more important than first principles?

GDP is largely government socialism. Subtract out the socialism used to prop up the markets and tell me what GDP is. We should have allowed it to collapse in 2008.

GDP is a measure of macro economic power and size.....

That's it

We would bring the world down with us so relative to the rest of the planet we'd probably not be poorer...But you'd see a huge surge of wealth to the top end of people who took advantage of the depression.

your average joe needs economic stability to build his wealth.

The rich need massive government programs.

The time to whine about how important the rich our to our economy is not the moment of a crash

*shrug*

if people want this shit to stop they need to piss on bankers before everything is about to collapse not as it's happening.

WHen the crash comes all leverage is gone you can't fuck them at the worst moment for the rest of society.

We should have let it crash in 2008. We would have been in much better shape today. The stock market is NOT the economy.

Who do you think would have gained the most out of that?

Personally

The bankers and people on wall street.

As you should be able to see, during a recession or depression the rich will buy up all the assets and come out ahead of the rest of us.

We bailed out instiutions not people. Had we not bailed out the instiutions the people would have sorted it out themvelsves. Joe the plumber was not going to get the better of the bankers and day traders.

Thats our "capitalism" for you. Those "capitalists" sure hate to share. Even to the point of lying about it.

They wouldn't need to lie in that scenario

THat's pure unadulterated capitalism

The rich buy up cheap assets in a depression, so obvious a small child could tell you how that would play out

Stability helps regular people

 

[Lesh]

You call it foolish but in the end you agree with me.

Then you need to be clearer. It sounds like you are trashing capitalism totally. That would be foolish

 

[Lesh]

The FED is why our dollar is so weak. The FED hurts our poor and middle class more than just about anything. The FED brought us endless boom and bust cycles. The encourage deficit spending and they are blatantly unconstitutional. ESPECIALLY their actions.

Complete horse shit

The Fed does exactly the opposite

It PREVENTS the boom and bust cycles that devastated the poor and middle class for decades before it was set up.

We used to have a full on DEPRESSION about every decade. We have had only one since its inception and THAT was only at it's very beginning. even the 2008 Great Recession was not the Depression it could have been largely because of the Fed spending

LOL what a fuckin load. We had one panic that resembled an actual depression and that lead to transition to an economy independent of Britain.
Most of the panics before the FED were driven by foreign failures and our own bank failures. Which, we havent learned from.

You have a habit of throwing out disjointed factoids that have little if any relationship to each other.

 

[pknopp]

Payroll, mortgage or rent, overhead... no pay back is required.
But the little people? We got 1200 to keep our mouths shut about our jobs being shut down and going insane locked in our houses. Those people that got the free loans? They can spend their lockdowns on their yachts or in another country.
This is just another transfer of wealth at the little peoples expense.

WHy do people keep calling them free loans? They do have an obligation to pay them back lol

Not if they use them as the guidelines state. If you use it to operate your business daily then you don't pay it back. Buy a yacht with it and then you pay 1%.

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

They are on the hook

Which is why it isn't a handout.

Banks have skin in the game

It's a handout and it's not the banks money.

They are on the hook

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

Servicing the loan is part of the agreement

They have skin in the game, which is why it was never going to go to the people who needed it most. Just can't happen when your intermediary is a bank who cares about profit.

Yes, they get paid by the taxpayers to forgive the loans. All in all though, where do we find this kind of stuff in capitalism models?

They already got paid dumbass

Now it's time to keep their profits high

Not waste money on tracking down retards who can't figure out how to deal with the state and their loan.

"huh see they got paid they have no other concerns"

Not how massive banks work, lol

You didn't do anything to address my question but you felt a need to call me a name?

Yes mr pretends he's black i did

Where does this fit into capitalism?

Right at the point where GDP matters and our economy collapsing is more important than first principles?

GDP is largely government socialism. Subtract out the socialism used to prop up the markets and tell me what GDP is. We should have allowed it to collapse in 2008.

GDP is a measure of macro economic power and size.....

That's it

We would bring the world down with us so relative to the rest of the planet we'd probably not be poorer...But you'd see a huge surge of wealth to the top end of people who took advantage of the depression.

your average joe needs economic stability to build his wealth.

The rich need massive government programs.

The time to whine about how important the rich our to our economy is not the moment of a crash

*shrug*

if people want this shit to stop they need to piss on bankers before everything is about to collapse not as it's happening.

WHen the crash comes all leverage is gone you can't fuck them at the worst moment for the rest of society.

We should have let it crash in 2008. We would have been in much better shape today. The stock market is NOT the economy.

Who do you think would have gained the most out of that?

Personally

The bankers and people on wall street.

As you should be able to see, during a recession or depression the rich will buy up all the assets and come out ahead of the rest of us.

We bailed out instiutions not people. Had we not bailed out the instiutions the people would have sorted it out themvelsves. Joe the plumber was not going to get the better of the bankers and day traders.

Thats our "capitalism" for you. Those "capitalists" sure hate to share. Even to the point of lying about it.

They wouldn't need to lie in that scenario

THat's pure unadulterated capitalism

The rich buy up cheap assets in a depression, so obvious a small child could tell you how that would play out

Stability helps regular people

The "money" they use is not theirs. It's money provided by the government. Nowhere in capitalism do you find that.

 

[Lesh]

Payroll, mortgage or rent, overhead... no pay back is required.
But the little people? We got 1200 to keep our mouths shut about our jobs being shut down and going insane locked in our houses. Those people that got the free loans? They can spend their lockdowns on their yachts or in another country.
This is just another transfer of wealth at the little peoples expense.

WHy do people keep calling them free loans? They do have an obligation to pay them back lol

Not if they use them as the guidelines state. If you use it to operate your business daily then you don't pay it back. Buy a yacht with it and then you pay 1%.

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

They are on the hook

Which is why it isn't a handout.

Banks have skin in the game

It's a handout and it's not the banks money.

They are on the hook

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

Servicing the loan is part of the agreement

They have skin in the game, which is why it was never going to go to the people who needed it most. Just can't happen when your intermediary is a bank who cares about profit.

Yes, they get paid by the taxpayers to forgive the loans. All in all though, where do we find this kind of stuff in capitalism models?

They already got paid dumbass

Now it's time to keep their profits high

Not waste money on tracking down retards who can't figure out how to deal with the state and their loan.

"huh see they got paid they have no other concerns"

Not how massive banks work, lol

You didn't do anything to address my question but you felt a need to call me a name?

Yes mr pretends he's black i did

Where does this fit into capitalism?

Right at the point where GDP matters and our economy collapsing is more important than first principles?

GDP is largely government socialism. Subtract out the socialism used to prop up the markets and tell me what GDP is. We should have allowed it to collapse in 2008.

GDP is a measure of macro economic power and size.....

That's it

We would bring the world down with us so relative to the rest of the planet we'd probably not be poorer...But you'd see a huge surge of wealth to the top end of people who took advantage of the depression.

your average joe needs economic stability to build his wealth.

The rich need massive government programs.

The time to whine about how important the rich our to our economy is not the moment of a crash

*shrug*

if people want this shit to stop they need to piss on bankers before everything is about to collapse not as it's happening.

WHen the crash comes all leverage is gone you can't fuck them at the worst moment for the rest of society.

We should have let it crash in 2008. We would have been in much better shape today. The stock market is NOT the economy.

THAT would have been a real Depression and that would have been not only foolish but horrifying

 

[pknopp]

You call it foolish but in the end you agree with me.

Then you need to be clearer. It sounds like you are trashing capitalism totally. That would be foolish

I am trashing what we pretend is capitalism. It is not.

 

[Juicin]

Payroll, mortgage or rent, overhead... no pay back is required.
But the little people? We got 1200 to keep our mouths shut about our jobs being shut down and going insane locked in our houses. Those people that got the free loans? They can spend their lockdowns on their yachts or in another country.
This is just another transfer of wealth at the little peoples expense.

WHy do people keep calling them free loans? They do have an obligation to pay them back lol

Not if they use them as the guidelines state. If you use it to operate your business daily then you don't pay it back. Buy a yacht with it and then you pay 1%.

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

They are on the hook

Which is why it isn't a handout.

Banks have skin in the game

It's a handout and it's not the banks money.

They are on the hook

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

Servicing the loan is part of the agreement

They have skin in the game, which is why it was never going to go to the people who needed it most. Just can't happen when your intermediary is a bank who cares about profit.

Yes, they get paid by the taxpayers to forgive the loans. All in all though, where do we find this kind of stuff in capitalism models?

They already got paid dumbass

Now it's time to keep their profits high

Not waste money on tracking down retards who can't figure out how to deal with the state and their loan.

"huh see they got paid they have no other concerns"

Not how massive banks work, lol

You didn't do anything to address my question but you felt a need to call me a name?

Yes mr pretends he's black i did

Where does this fit into capitalism?

Right at the point where GDP matters and our economy collapsing is more important than first principles?

GDP is largely government socialism. Subtract out the socialism used to prop up the markets and tell me what GDP is. We should have allowed it to collapse in 2008.

GDP is a measure of macro economic power and size.....

That's it

We would bring the world down with us so relative to the rest of the planet we'd probably not be poorer...But you'd see a huge surge of wealth to the top end of people who took advantage of the depression.

your average joe needs economic stability to build his wealth.

The rich need massive government programs.

The time to whine about how important the rich our to our economy is not the moment of a crash

*shrug*

if people want this shit to stop they need to piss on bankers before everything is about to collapse not as it's happening.

WHen the crash comes all leverage is gone you can't fuck them at the worst moment for the rest of society.

We should have let it crash in 2008. We would have been in much better shape today. The stock market is NOT the economy.

Who do you think would have gained the most out of that?

Personally

The bankers and people on wall street.

As you should be able to see, during a recession or depression the rich will buy up all the assets and come out ahead of the rest of us.

We bailed out instiutions not people. Had we not bailed out the instiutions the people would have sorted it out themvelsves. Joe the plumber was not going to get the better of the bankers and day traders.

Thats our "capitalism" for you. Those "capitalists" sure hate to share. Even to the point of lying about it.

They wouldn't need to lie in that scenario

THat's pure unadulterated capitalism

The rich buy up cheap assets in a depression, so obvious a small child could tell you how that would play out

Stability helps regular people

The "money" they use is not theirs. It's money provided by the government. Nowhere in capitalism do you find that.

What? lol

You think 08 people were buying up assets with state funds, not their own vast sums of wealth in teh richest nation on the planet?

People who work at banks do not own those assets. You understand that, right? They just get a cut

Which is why they're constantly trying to leverage themselves to insane levels....It's not their money and they get the same cut of a bigger pie

 

[Lesh]

The "money" they use is not theirs. It's money provided by the government. Nowhere in capitalism do you find that.

That's a weird claim.

The Fed "creates money out of thin air". That sounds strange and scary but it's true. It's also completely necessary.

They "create" this money as needed and then LOAN it at very low rates to other banks. As that money is paid back it revert to being "thin air" again. That "reversion" (if you will) is what keeps us from having hyperinflation.

If the economy slows down...more money is created and loaned at lower rates to stimulate borrowing and the economy.

If the economy begins to overheat the Fed raises rates and slows down the creation of money .

All this time loans are being paid off and money is "reverting" to "thin air" again.

That is a simplistic explanation but it is essentially accurate. That is a managed economy and it is the antithesis of "pure capitalism". Some would call it socialism

Regardless, it WORKS

 

[Lesh]

Oh and banks actually HATE when loans are paid off in full. They make their money on collecting the interest on active loans so they NEED outstanding loans to survive.

 

[Mac-7]

Yes and the process followed CDC guidelines that are managed by the executive branch. Yet, it is too late to cry about how the baby was thrown out with the bath water

To be fair it was pretty scary at the beginning

uncounted numbers of chinese died

in Italy there were reports of hospitals overflowing with patients and dead people everywhere

there was the british academic who predicted over 2 million deaths in the US

so everyone was freaked out

but from the beginning trump and the CDC clashed

he instinctively rebelled against a generalized shutdown

if it had only lasted 3 months the country would be in much better shape today and no new government relief would be needed

instead it goes on and on with no end in sight

this is economic suicide and the consequences will be much worse that the wuflu itself

 

[Juicin]

Oh and banks actually HATE when loans are paid off in full. They make their money on collecting the interest on active loans so they NEED outstanding loans to survive.

I don't think they want the 1% loans with a big mess that isn't really on their books in many ways.

These are not your usual business loans

 

[Lesh]

Tom Brady gets an almost 1 million dollar bail out from the taxpayers. The guy that gets 25 million a year to play football has to be saved by the taxpayers.

Tom Brady's Company TB12 Received More Than $960,000 PPP Loan

All while the working class took pay cuts.

https://www.cnbc.com/2020/12/08/1-in-3-workers-faced-pandemic-pay-cuts-but-recovery-is-uneven.html

So Brady was approved for a (nearly) million dollar low interest loan (forgivable if it went to pay employees and possibly other business related expenses).get and requires a lot of justification.

It's unclear how many employees he has or what their salaries are but having gotten two PPE myself I know that for MOST businesses it is hard to qualify.

My (very) small business has 5 employees and a gross of $ 800,000. I was only able to get $40,000. That was largely based on my payroll. I'd be interested in seeing the details of his loans

 

[Juicin]

Yes and the process followed CDC guidelines that are managed by the executive branch. Yet, it is too late to cry about how the baby was thrown out with the bath water

To be fair it was pretty scary at the beginning

uncounted numbers of chinese died

in Italy there were reports of hospitals overflowing with patients and dead people everywhere

there was the british academic who predicted over 2 million deaths in the US

so everyone was freaked out

but from the beginning trump and the CDC clashed

he instinctively rebelled against a generalized shutdown

if it had only lasted 3 months the country would be in much better shape today and no new government relief would be needed

instead it goes on and on with no end in sight

this is economic suicide and the consequences will be much worse that the wuflu itself

Trump bent over stop making excuses

The whole shutdown was absurd unless you were going to run out of hospital beds, which was never going to happen

He didn't even cut off travel to europe the stupid racist prick, which is the only real extreme solution. Close the borders

 

[pknopp]

Payroll, mortgage or rent, overhead... no pay back is required.
But the little people? We got 1200 to keep our mouths shut about our jobs being shut down and going insane locked in our houses. Those people that got the free loans? They can spend their lockdowns on their yachts or in another country.
This is just another transfer of wealth at the little peoples expense.

WHy do people keep calling them free loans? They do have an obligation to pay them back lol

Not if they use them as the guidelines state. If you use it to operate your business daily then you don't pay it back. Buy a yacht with it and then you pay 1%.

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

They are on the hook

Which is why it isn't a handout.

Banks have skin in the game

It's a handout and it's not the banks money.

They are on the hook

If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. The lender is responsible for notifying the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The lender must continue to service the loan. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.

Servicing the loan is part of the agreement

They have skin in the game, which is why it was never going to go to the people who needed it most. Just can't happen when your intermediary is a bank who cares about profit.

Yes, they get paid by the taxpayers to forgive the loans. All in all though, where do we find this kind of stuff in capitalism models?

They already got paid dumbass

Now it's time to keep their profits high

Not waste money on tracking down retards who can't figure out how to deal with the state and their loan.

"huh see they got paid they have no other concerns"

Not how massive banks work, lol

You didn't do anything to address my question but you felt a need to call me a name?

Yes mr pretends he's black i did

Where does this fit into capitalism?

Right at the point where GDP matters and our economy collapsing is more important than first principles?

GDP is largely government socialism. Subtract out the socialism used to prop up the markets and tell me what GDP is. We should have allowed it to collapse in 2008.

GDP is a measure of macro economic power and size.....

That's it

We would bring the world down with us so relative to the rest of the planet we'd probably not be poorer...But you'd see a huge surge of wealth to the top end of people who took advantage of the depression.

your average joe needs economic stability to build his wealth.

The rich need massive government programs.

The time to whine about how important the rich our to our economy is not the moment of a crash

*shrug*

if people want this shit to stop they need to piss on bankers before everything is about to collapse not as it's happening.

WHen the crash comes all leverage is gone you can't fuck them at the worst moment for the rest of society.

We should have let it crash in 2008. We would have been in much better shape today. The stock market is NOT the economy.

Who do you think would have gained the most out of that?

Personally

The bankers and people on wall street.

As you should be able to see, during a recession or depression the rich will buy up all the assets and come out ahead of the rest of us.

We bailed out instiutions not people. Had we not bailed out the instiutions the people would have sorted it out themvelsves. Joe the plumber was not going to get the better of the bankers and day traders.

Thats our "capitalism" for you. Those "capitalists" sure hate to share. Even to the point of lying about it.

They wouldn't need to lie in that scenario

THat's pure unadulterated capitalism

The rich buy up cheap assets in a depression, so obvious a small child could tell you how that would play out

Stability helps regular people

The "money" they use is not theirs. It's money provided by the government. Nowhere in capitalism do you find that.

What? lol

You think 08 people were buying up assets with state funds, not their own vast sums of wealth in teh richest nation on the planet?

People who work at banks do not own those assets. You understand that, right? They just get a cut

Which is why they're constantly trying to leverage themselves to insane levels....It's not their money and they get the same cut of a bigger pie

Yes, and you know they were. The bailouts and Quantitative Easing allowed them to do that. Before that they were operating largely on fraud. Bribing rating companies to give their garbage a good rating.