We Can't Let Him Get Away With It: Trump Chose Wall Street Over Main Street
The Trump administration played a central role in crafting the CARES Act, a piece of legislation that has bailed out Wall Street and not Main Street. The designers of the CARES Act must be held responsible for their actions.
By Miranda Litwak
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May 20, 2020 10:00 a.m.
In an advertisement released earlier this month, the Lincoln Project, an anti-Trump PAC, claimed that the Trump administration bailed out big banks via its coronavirus stimulus legislation (the CARES Act), leaving Main Street to suffer the effects of the pandemic. “Trump bailed out Wall Street, not Main Street,” a grim voice-over tells the viewer. President Donald Trump quickly took to Twitter hurling insults at the leaders of the PAC. Soon after, Politifact reported the advertisement’s claim was false, and Facebook subsequently labeled the advertisement “partially false.”
But the Lincoln Project’s statement is true by any measure: The Trump administration played a central role in crafting the CARES Act, a piece of legislation that has bailed out Wall Street and not Main Street. The designers of the CARES Act must be held responsible for their actions.
The Trump Administration Played A Central Role In Crafting the CARES Act
Trump officials played a central role in the crafting, negotiations and passage of the CARES Act. In late march, Trump’s economic advisor Larry Kudlow, Treasury Secretary Steven Mnuchin, acting OMB Director Russ Vought and White House Legislative Affairs Director Eric Ueland launched CARES Act negotiations with congressional leaders. Media outlets reported that the Trump Administration guided GOP leaders’ negotiations and helped write the first draft of the bill. Secretary Mnuchin was intimately involved in the negotiation process. Reportedly, he spent so much time with Senate Minority Leader Chuck Schumer that by the end, they playfully referred to each other as “Chuck and Steven.” And by all accounts, the most Main Street-focused element (expanding unemployment insurance and oversight of the Fed’s corporate bailout money) was forced upon Trump’s negotiators by Senate Democrats using what little leverage they had (and, arguably, not very effectively).
https://talkingpointsmemo.com/cafe/cafe-trump-chose-wall-street-over-main-street
And now the asshole doesn't want to help the unemployed..............
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