I must remind everyone, the other economic Time Bomb has not gone off, Yet!

[shockey80]

The virus, along with Trumps insanity and incompetence has devastated our economy, you all know that. Wall Street does not seem concerned, buts that's normal. That's how they acted leading up the 2008 economic collapse.

It is impossible to quantify the amount of corruption that has been put in place throughout our entire economic system the past three years, it's a staggering amount.

The moment Trump took office he went on a de-regulation rampage. Oversight is the enemy of Trump and his merry band of crooks. Oversight has been removed to some degree at every level of our economic system.

How many crooked deals have taken place over Trumps cell phone?

How corrupt has the banking system become under Trump?

How corrupt has the real estate market become under Trump?

How corrupt has the financial markets become under Trump?

It is impossible to answer these questions because of the lack of oversight and all the deals that have taken place in secret, we don't know about all of them, yet.

Economic corruption is like a Time Bomb. It takes time for it to go off, but it always go off.

If this Time Bomb goes off soon, while we are already dealing with a severe economic collapse, What then?

[abqtommy]

1. When the Time Bomb goes off it's "Mission Accomplished" for tRUMP and his handler sPUTIN.

[walkingman]

2. I agree with all of that but those that perpetuate that corruptions never are the losers. Our system

is designed to maintain the status quo. Those with wealth and power survive the boom/bust cycles without consequences.

I would like to think that bad actions result in bad consequences for those that do them but I just don't see it happening.

Welcome to American "Exceptionalism".

[blm]

3. shockey, this should go viral

[BannonsLiver]

7. It's hardly original.

[redstatebluegirl]

4. I think the cleanup from this toxic administration will take years to repair, if ever.

There will be time bombs everywhere when they leave, just waiting to go off. It is going to take an administration full of experienced government and economic administrators to begin this toxic cleanup. Then it will take a Congress willing to put more safeguards in place to stop this from ever happening again. It has to begin with a law making it mandatory that any presidential candidate or candidate for a cabinet post show at least 10 years of tax returns. They should also have to pass a top level security clearance before they can even run for office. If they can't pass that they are not qualified to run.

Biden will have a mess to clean up if we last that long.

[Jarqui]

5. I agree with you to a point

The one hope we have is that Trump is trying to get reelected.

He and the 1% realize that for him to do so, they need to keep the economy going.

So they'll print money and do whatever they have to to keep it afloat until the election - not unlike what happened during Obama-McCain campaigns.

Like Obama-McCain campaigns, and typical of Trump mismanagement, there's a good chance they will fall short. Some of it will be triggered by the realization that they've opened up states without doing anything materially to address the virus - lack of testing, lack of contact tracing, lack of a medical solution to reduce death, and organ damage, lack of PEE & medical supplies, lack of public education in part because we still lack some knowledge about the virus, etc.

If politicians could completely control the economy, there would never be a depression/recession. A stupid, mentally ill president at the helm is unlikely to be able to avoid what is coming for too long. But he might be able to buy himself a little time. That's what the markets are looking for today ..

[uponit7771]

6. K&R, Looks like commercial real estate may be overvalued and when the mortgages aren't paid over

... a longer period of time what are going to be bank values?

[IronLionZion]

8. Putin would love our economy to collapse

we've been weakened by disease and corruption and turned into a real shithole country. So if Putin is feeling bold enough to make a move on Eastern Europe, who's going to help them? And then what? Keep going west? Establish more warm water Navy bases since Tartus and Sevastopol just aren't enough?

[flibbitygiblets]

9. Putin will wait until Biden is elected to make his move

It's pretty predictable, and what can anyone do except sanctions (which really only hurt the people of Russia, who will then back Putin even more because they'll realize things were better for them when Dump was in office).

[yaesu]

10. according to the Senate hearings today all the money went to bail out the banksters without

any oversight.

[Mr. Ected]

11. Republicans break the economy, Democrats fix it

But also get blamed for the bad economy they inherited. And voters seem to buy it.

The onus will be on President Biden to repair the damage that Trump left behind. It may take 5 terms to undo that devastation.

[Warpy]

12. Retail, some 60% of the economy, was already on the ropes going in

and I doubt more than half will survive this period of shutdown, especially with the grabby hands nearest the till taking all the small business assistance long before it gets to small businesses.

With Republicans in charge until next January, there is absolutely no chance that our essential workers on the front lines of keeping us fed will get the steep raises they so richly deserve. Hell, the GOP won't even give them a limp handshake accompanied by Jebusy platitudes. They're invisible, they don't matter.

They also won't rescind Dummy's ruinous tax cuts, driving the Feds toward bankruptcy with too little money coming in, between the number of unemployed people at the bottom and the number of minimally taxed plutocrats at the top. Nor will they enact taxes that have long been popular with the politically savvy electorate, like the Robin Hood Wall Street transaction tax. We are going to be in deep shit by January without the money left to buy us a shovel to dig our way out of it.

Yeah, the second wave of Covid will be bad and the following economic disaster will be worse, both made possible by the fact that when we needed a functioning government, it had been dismantled by a madman.

[JCMach1]

13. The Fed has been essentially creating money

To fill all those little cracks in the system. Trillions on trillions and how much did you get?