Would converting a vacant hotel to a COVID-19 recovery facility so that those with milder cases of COVID-19 can be there instead of clogging up hospital space be an essential construction project?
Also, what about repairs and maintenance to existing buildings (including those that people live in)?
Senate Democrats blocked action on a trillion-dollar stimulus plan.
The fate of a sweeping government rescue package to prop up an economy devastated by the coronavirus pandemic was in limbo on Sunday after Democrats blocked action in the Senate, objecting to an emerging deal that they said failed to adequately protect workers or impose strict enough restrictions on bailed-out businesses.
In a procedural vote that unfolded after three days of fast-paced negotiations to reach a bipartisan compromise, Senate Democrats registered their opposition to the bill even as top negotiators continued to struggle behind the scenes to strike a deal.
The 47-47 vote was a stunning setback for a package that was emerging as the largest economic stimulus measure in modern American history — now expected to cost $1.8 trillion or more. Several Republican senators were not in the chamber: Rand Paul of Kentucky, who announced that he had tested positive for the coronavirus earlier in the day; and two colleagues who protectively self-quarantined: Utah’s Senators, Mike Lee and Mitt Romney.
Republicans and Democrats, as well as President Trump, have agreed that the plan was crucial to cushioning the economic blow of the rapidly spreading disease, which has shut down entire industries, forced workers to stay at home and wreaked havoc in the global markets. It would send $1,200 direct payments to millions of Americans and make additional jobless benefits and aid available to states, and provide hundreds of billions of dollars for loans to businesses.
But as its outlines emerged on Sunday, Democrats denounced the package as a corporate giveaway that favored big business over workers and failed to ensure that bailed-out companies would not enrich themselves after receiving government aid. Democrats were particularly incensed at the inclusion of a provision to give the Federal Reserve access to $425 billion that could be leveraged for loans to broad groups of struggling companies, without restrictions on which businesses could receive it or how it could be used."
I happen to agree with Democratic senators on this one, as they were trying to prevent a repetition of the 2008 bail out of large banks, with no $$ being allocated directly to those who lost their jobs or houses. There were no stipulations in that bailout to force the banks to lend out the $$ they were given, nor a stipulation to prevent the banks from handing out huge bonuses and stock awards to top staff a year later.
should be able to retool their assembly lines to make ventilators too, <<<<
Modern ventilators are sophisticated kit, and as such, the real issue just is not the vents but the staff. the very staff that are being exposed at such a rate that they need ventilators. Once ventilated, these pts are likely in another organ failure of some kind. When politicians etc constantly focus on ventilators I think it is a distraction. They see it is something the public can focus on without the real issue being addressed, that there are going to be patients who are not treated, period, not admitted to any kind of health facility, period, are not seen by HCPs, period. That American health care has ALWAYS been rationed. Your standard non ICU RN cannot safely run a sick ventilated pt. ICU RNs that run multiple ventilated patients have had the back up of of techs and support staff which are also limited.
In every crisis, no matter how dire, someone always ends up getting rich off of it. DH and I were speculating…who’s going to actually profit from this pandemic disaster???
3M is also making ventilators in addition to masks. They plan to ramp up. And another company is planning to make it, too. GM is actually beyond just talking.
Philadelphia announces stay-at-home order
From CNN’s Ingrid Formanek and Taylor Barnes
Pennsylvania’s largest city announced a stay-at-home order Sunday, prohibiting “all public and private gatherings of any number of people occurring outside a single household or living unit,” according to a press release from the Philadelphia mayor’s office.
The order will go into effect Monday at 8 a.m.
Essential personal activities, such as obtaining essential goods and services, seeking medical attention, caring for family members in another household, or reporting to a job at an essential business, are exempt from the restriction.
@oldfort I agree that essential deliveries and services must be provided to folks everywhere…including NYC.
But one of the exceptions is construction projects. I’m not sure I understand why these are considered essential.
I would rather have them do it right than do it fast.
Anyone and everyone in a position to exert great influence on the government. Just as in the 2008 crisis.
Sorry, folks, that is the way it works in centralized systems. It really isn’t about money, it is about power. (Recall the old joke that in capitalist societies, the rich become powerful, while in socialist societies the powerful become rich.)
China for one. They are already touting themselves as global leader in this.
"Dow futures fell 5%, hitting the “limit down” maximum allowable limit and halting futures from falling further within minutes after futures trading began Sunday.
Dow (INDU) futures dropped 954 points. S&P 500 (SPX) and Nasdaq (COMP) futures also fell around 5%."
Historically, the US has not had a shared religion since its founding (when differences in denominations of Christianity were reason for oppression or war that some of the settlers from Europe were fleeing).
Religion is also not immune from other social divisions. For example, many churches are highly racially segregated. Some of them also stoke some social divisions (e.g. anti-LGBT preaching).
“Dow (INDU) futures dropped 954 points. S&P 500 (SPX) and Nasdaq (COMP) futures also fell around 5%.”
^^ tomorrow is going to be UGLY.
I think the stock market will tank and end up down around 10%. Only THEN will congress pass this legislation- which is JUST what happened in 2008.
That is hopefully when McConnell will finally realize that Pelosi, not he, is the third most powerful politician in the country.
Whoever can make specific medical supplies needed for COVID-19 treatment.
Whoever can make effective treatments for COVID-19.
Whoever can make effective vaccine for COVID-19.
Whoever provides products and services to facilitate remote work for employees whose jobs are possible to do remotely.
Grocery stores, who will sell more food as people substitute food eaten at home for food eaten at restaurants that they are too afraid to go to.
Of course, if the above are part of a larger company that is losing in its other lines of business, the larger company may not profit, even though the specific part of the company does.
Beyond businesses…
Authoritarian governments, who now have more propaganda avenues against societies with more freedom who have more difficulties with COVID-19.
“I would rather have them do it right than do it fast.”
I hope for once they would all have the best interest of the country above the best interest of their individual party and sponsors.
A lot of smart investors will do very well. When there is a crisis there is an opportunity. However, the majority do not see it.
“Companies should keep as many people employed and on payroll as possible amid the pandemic, former White House economic advisor Gary Cohn said. He said that the economy will eventually bounce back and people should be able to return to work immediately rather than having to go through the re-hiring process.”
This will NOT be possible for small mom and pop business who don’t have the $$ to wait out this virus for months. Especially if they are only going to receive enough money to pay workers for only 2 weeks!
And NO ONE , including Economists, has ANY idea when “the economy will eventually bounce back”.
Sorry to be Debbie- Downer here, but I’m expecting a major Depression that lasts until next year.
Just as millions lost their homes in the Great Recession, millions of small business will fold and never reopen. But the long term economic cost of THAT will be far, far greater to the economy.
Can’t they just close the stockmarket for a few days?
It will close if it hits the 3rd limit/20% down. But otherwise, I’m not sure how a shutdown would be happen logistically. Would it really be necessary?
^ That won’t restore confidence.