Trump administration overrules Jerome Powell and cuts off Fed emergency lending programs

[spanone]

New York (CNN Business)US Treasury Secretary Steven Mnuchin has pulled the plug on emergency Federal Reserve lending programs, drawing a rare rebuke from the central bank, which said they are needed to support the economy as the coronavirus pandemic continues to rage.

In a letter sent Thursday to Fed Chairman Jerome Powell, Mnuchin asked the central bank to return some $455 billion in unused funding for programs set to expire December 31. He added that Congress would then be able to use the money for other purposes.

The decision would force several programs to end that were intended to help businesses that have been struggling as the pandemic wreaks havoc on the US economy.
The money was set aside in March as part of the CARES Act, a $2 trillion stimulus package meant to prop up the ailing economy by providing financial assistance and loans for distressed companies, among other measures.

The Fed programs "have clearly achieved their objective," Mnuchin wrote. "Markets responded positively, spreads tightened, and banks continued lending."

https://www.cnn.com/2020/11/19/business/steven-mnuchin-federal-reserve-cares-act/index.html

[unblock]

1. some people just want to watch the world burn

[Budi]

2. The isolation of it's populous & destruction of it's economy is every Authoritarian ..

. Dictator's method of overthrowing a Democracy.
It is how a nation falls, history tells us.

Trump's final days are about putting the finishing touches on the plans put in place with his ascent to power.

He will triple down with all the power of his Office and blow it all up as he walks away.

No Dictator has ever given 2 shits about the people of the country.

He will never recognize that he is not the President forever.

[malaise]

3. In the middle of a pandemic

He is a monster

[spanone]

6. He only cares about him. ONLY. No one else matters.

[Miguelito Loveless]

4. The point now is to destroy the economy

so they can then start blaming Biden for the aftermath.

[spanone]

5. I believe you are right.

[WyLoochka]

8. Repubs have no conscience whatsoever

It is painful to realize so many of our fellow country people are completely devoid of conscience and so brazenly shameless.

The repub agenda is now - screw up as many things as possible - then blame President Biden.

They see that enough people have demonstrated deficient understanding of events as they occur, as well as limited memory capacity, so they'll be able to get away with this giant lie. Elsewise, very few repubs would have been elected after Cheney-Bush or elected in 2020.

[SouthernCal_Dem]

7. They know for sure they're going to lose

The goal now is to sabotage the economy.

This was obviously to be expected.

No surprise.

[davekriss]

9. Their intent is to trash the economy

Salt the earth on their way out. They really are evil, this group.