Why is the stock market up? It is a farce. Karl Smith discusses the ramifications of the COVID-19 pandemic in detail with respect to the numbers and government.
The president is talking, in spite of COVID-19, about the market starting to recover in the third quarter and take off in the fourth quarter.
If COVID-19 is somehow under control in those two quarters, it is clear that the market could only recover if it is stoked by the government. Could we develop Americans’ well-being in that manner as well?
- The Congressional Progressive Caucus is calling on House Speaker Nancy Pelosi to meet the coronavirus crisis with the urgency it deserves by advancing another sweeping stimulus.
- “Who Cares? Let ‘Em Get Wiped Out”: Stunning CNBC Anchor, Venture Capitalist Says Let Hedge Funds Fail and Save Main Street
- Analysis: He Got Tested For Coronavirus. Then Came The Flood Of Medical Bills.
- New polling out Wednesday backdropped by the continuing coronavirus outbreak shows that most of the country believes the U.S. political system works only for the wealthy and elite rather than for working people.
- Critics Decry ‘Massive Step in Wrong Direction’ as Big Banks Move to Buy Up Fracking Industry Assets With Coronavirus Bailout Funds.
We need Medicare for All
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As Small Businesses in US Face Coronavirus Doomsday, Big Insurers Say: We Can’t Save You. We Won’t Save You.
“We may not have a Main Street left if we don’t take immediate action.”
As small business owners around the U.S. grapple with the financial losses they are suffering—and the suffering yet to come—as millions shut down and lose business under government orders to slow the spread of the coronavirus, property and business insurance companies are claiming they’re unable to cover those losses and are not equipped to handle pandemics like this.
As Roll Call first reported Wednesday, several trade groups representing large insurers sent a letter on April 2 to Reps. Gil Cisneros and Mike Thompson, both Democrats from California, in response to a request the lawmakers to explain why companies were not paying “business interruption loss” claims filed by small businesses.
The groups—including National Association of Mutual Insurance Companies, Independent Insurance Agents and Brokers of America, American Property Casualty Insurance Association, Reinsurance Association of America, and the Council of Insurance Agents and Brokers—said insurance companies are not “designed” to cover losses caused by a pandemic and called on the government to take action to provide relief.
“Insurance coverage works by spreading risk, but that model simply cannot account for a situation in which losses are catastrophic and nearly universal. Standard business interruption policies do not, and were not designed to, provide coverage against communicable diseases such as COVID-19, and as such, were not actuarially priced to do so,” the groups wrote.
Ahead of the Trump administration’s rollout of the $350 billion small business rescue fund, known as the Paycheck Protection Program (PPP) and comprised of taxpayer-backed loans, the organizations called on Congress to provide “additional liquidity…for impaired industries and businesses to avoid an unprecedented systemic, economic crisis.”
The grassroots network Main Street Alliance (MSA), which works directly with more than 30,000 small businesses to make sure their interests are represented in public policy, says both private and public entities should help to avoid “catastrophic closures” of small businesses as a result of the pandemic.
“We’re pushing hard for as many government interventions as possible in this unique time, including payroll support,” Cynthia Ward Wikstrom, campaigns director for MSA, told Common Dreams. “Insurance companies are some of our more profitable companies that should be picking up some of burden. It seems there could be a government-backed portion and also that insurance would pick up a portion.”
Read My Current Blog Posts
- Sen Maggie Hassan: Never imagined that today’s Republican Party would fail to stand up for Democracy
- Claire McCaskill admonishes Democrats for bad messaging. They will deserve McConnell if they lose
- Schumer & Klobuchar schools seemingly Right-Wing reporters on voter suppression & more
- My response to a listener on Biden & Democrats not leaning into their good policies
- Katie Porter explained Biden’s economic success better than any other Democrat
- Bill Kristol has good advice for what Democrats should not do if they want to win
- Voting rights activists slam Kyrsten Sinema for supporting antithesis to Democracy on Joy-Ann Reid
- Jim Clyburn defends Biden for calling out politicians who are effectively supporting Jim Crow 2.0.
- Mitch McConnell does not believe African Americans are Americans
- Sen. Amy Klobuchar all but called Joe Manchin a liar on filibuster stance as she slammed Republicans
- Ali Velshi – Economic reality check: The mainstream media distorted how good the economy really is.
- FIERY SPEECH: MLK III excoriated Sinema & Manchin for their voting rights filibuster hypocrisy
- They said no to Build Back Better but billions to these private businesses, Corporate Socialism?
- My response to a projecting listener who said Democrats are separatists from American culture & values
- Have this on the tip of your tongue to defend Biden’s economy from Right-Wing liars.
- CNBC’s Ron Insana dispels the misinformation about the economy under President Biden
- Kyrsten Sinema: Her willfully naive Senate floor speech vs. when she had common sense on GOP obstruction.
- Sinema says no! Sen. Chris Murphy warns on filibuster! Two Democrats facilitating Trump’s 2024 coup!
- Morning Joe on Republican politicians & GOP ‘Grifters’ like Trump. It’s a ‘PTL Club Scheme.’
- CNBC’s Steve Liesman explains the jobs report and it is better than it appears.