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Conservative Media’s New Coronavirus Plan: Reopen The Country, No Matter Who Dies


There Is No Plan For the End of the Coronavirus Crisis


After The Coronavirus Passes, Your World Will Not Go Back To Normal

Read more Doomstead Diner Daily 4/6/20

ALL TRUE.

It's the CAPITALISM, stupid.

"Capitalist ideology claims that the world is perfectly ordered and everybody is in their place (i.e. everybody gets what they deserve). This self legitmating aspect of Capitalism is Socially Catastrophic. This is the Victorian view of the world." Rob Urie - Author " Zen Economics"

Mon, 04/06/2020 - 11:38

SNIPPET:

Blaming everyone but herself, 🎩🐍 Yellen said that "non-financial corporations entered this crisis with enormous debt loads, and that is a vulnerability. They had borrowed excessively” and they did it not so much for productive purposes like investment, but for buying back stocks and paying dividends to shareholders. And while these firms borrowed, investors also let their guards down in their hunt for high yields, the former central bank official said, shocking oblivious of the Fed's role in permitting all of this behavior to continue for years and years, building up massive imbalances which are now finally being unleashed and forcing the Fed to do absolutely everything in its power to prevent true price discovery which would take place... about 60% below current S&P levels.


This blameless narrative continued, with Yellen having the gall to go so far as saying that the corporate borrowing binge - which she helped unleash - “creates risk to the economy. And I’m afraid we’ll see that in spades in the coming months, because it may trigger a wave of corporate defaults. Even where a company avoids default, highly indebted firms usually cut back a lot on investment and hiring, and that will make the recovery more difficult,” the former central banker said, once again hoping to never be named in the list of antagonists whose actions led to the biggest US depression in a century. 

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