Matt Taibbi: Bailing Out the Bailout

This is bare bones, basic info that everyone should already know, but that doesn’t mean people know it, so, here it is…

Rise Up Times

It will take years to sort through the details, but Trump’s $2 trillion COVID-19 response looks like a double-down on the last disaster   

New York Stock Exchange building. (photo: Tayfun Coskun/Getty)New York Stock Exchange building. (photo: Tayfun Coskun/Getty)  

By Matt Taibbi  Rolling Stone  Reader Supported News  April 2, 2020  

’ve never signed anything with a ‘T’ before,” Donald Trump quipped at the signing of the $2 trillion CARES Act. He reportedly wants his signature on coronavirus relief checks, as if they were Trump Plaza casino chips. This might be a fitting metaphor for America’s post-virus economic future.

The new bailout bill, which combined with a series of Federal Reserve interventions is more like a $6 trillion rescue, is a massive double-down on the 2008 rescue efforts. This bailout of the last bailout sets the stage for permanent state sponsorship of America’s overheated financial markets.

Like 2008, only more so, the new…

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