“The Federal Reserve’s role is not to surrender our planet to corporate polluters and shepherd our financial system to its destruction,” said Rep. Rashida Tlaib, among the Democrats urging the Fed to end fossil fuel financing.
The Marathon Oil refinery in St. Paul Park, MN. Photo: Tony Webster/Wikimedia/CC
Progressives on Wednesday applauded Democratic Reps. Mondaire Jones, Ayanna Pressley, and Rashida Tlaib for unveiling a bill that would prevent Wall Street from continuing to bankroll fossil fuels, the primary driver of the climate emergency.
The Fossil Free Finance Act (pdf) would require the Federal Reserve to mandate, via regulation or guidance, that all banks and other financial insitutions with more than $50 billion in assets phase out the funding of coal, oil, and gas extraction as well as industries linked to deforestation, in accordance with science-based targets for slashing carbon pollution. Continue reading →
Having kept the Senate in session over the weekend to complete work on a nearly $1 trillion coronavirus relief package and an omnibus government funding bill, Republican Majority Leader Mitch McConnell on Saturday moved to advance yet another of President Donald Trump’s right-wing judicial appointees as the desperately needed stimulus legislation remained unfinished.
The Republican-controlled Senate’s vote to limit debate on Thompson Michael Dietz, a Trump nominee to the U.S. Court of Federal Claims, came as Majority Whip Sen. John Thune (R-S.D.) suggested that coronavirus relief talks could spill into Monday as negotiators struggled to resolve a number of outstanding issues. Continue reading →
Many prophetic scenes depicted in a series of Mayan codices written in the early days of the Spanish colony, and translated and compiled in El Libro de los Libros del Chilam Balam, describe a world foreign to its original authors. But, one which was barreling down on them and their civilization even as the Mayan high priests recorded their visions for each stop on their cyclical calendar system.
The metaphors they leaned on to describe these new Western values and systems were accurate, despite having nothing comparable in their own cosmology or parallels in their relationship with the earth. In one of the most striking prophecies, the interpreting shaman warns of the days of “the golden club,” subtly alluding to the new paradigm of wealth and commercial imperatives being imposed on their world. Continue reading →
“If Trump gets the Supreme Court to strike down ACA, the richest 0.1% would get a tax cut of $198,000 a year, and Big Pharma would get a tax cut of $2.8 billion. But millions of seniors would pay billions more for prescription drugs, and 20 million would lose their health insurance.”
Health Care Reform Law Protests at the US Supreme Court in 2012. Photo: Elvert Barnes/CC
New research released Tuesday shows that if the Supreme Court next month sides with the Trump administration and 18 state attorneys general seeking to repeal the Affordable Care Act, more than 20 million people would lose health insurance and millions more would be forced to pay more for healthcare—in the middle of a pandemic—while Big Pharma and the richest 0.1% would enjoy major tax cuts.
“The stakes in this case, always extraordinarily high”—wrote Tara Straw and Aviva Aron-Dine in one of several reports (pdf) published this week by the Center on Budget and Policy Priorities (CBPP)—”are even higher now amidst a global pandemic and an economic crisis that has caused more people to lose health insurance and become eligible for help from the ACA.” Continue reading →
“The Federal Reserve was tasked with creating a massive program to protect workers’ livelihoods during an intense economic and public health crisis. We should, at the very least, expect transparency about how the program is structured,” said Food & Water Action attorney Adam Carlesco. (Photo: Tony Webster/Flickr/cc)
The Federal Reserve has missed a deadline to release documents requested by environmental group Food & Water Action in May to reveal the extent to which the central bank has used one of its major Covid-19 lending programs to rescue the faltering oil and gas industry.
“The public has a right to know if the Fed created an oil and gas bailout at the behest of an industry that has wreaked havoc on our air, water, climate, and potentially the global financial system,” Food & Water Action attorney Adam Carlesco said in a statement. “As the climate crisis demands an abrupt shift away from fossil fuels, the federal government should not be creating programs to bail out these polluters.” Continue reading →
BlackRock, the largest asset management firm on the planet, has for years faced criticism and protests from progressives over its massive investments in fossil fuels, private prisons, and the arms industry—and now the financial behemoth is set to take on a leading role in the Federal Reserve’s sprawling coronavirus bailout program.
The Wall Street Journalreported Sunday that BlackRock—which manages over $7 trillion in assets—will in the coming days help the central bank funnel “money into both new and already-issued corporate bonds, assisting the Fed in its recently adopted role as lender of last resort for businesses.” Continue reading →
Through the Primary Market Corporate Credit Facility, the Fed will provide $500 billion to companies by buying bonds, but the companies will not be required to retain employees or limit executive pay. (Photo: Public Domain)
A Federal Reserve program approved by Congress and aimed at providing emergency relief to large companies contains a “catch” which will permit the corporations to lay off employees and spend the money on executive pay, according to a Washington Post report.
Through the Primary Market Corporate Credit Facility, the Fed will provide $500 billion to companies by buying bonds. The corporations will be required to pay the Fed back with interest. Continue reading →
Hundreds of cars waiting to receive food from the Greater Community Food Bank in Duquesne, Pennsylvania on March 30, 2020. Photo: The Mind Unleashed
Economists at the Federal Reserve Bank of St. Louis are warning that if the current rate of U.S. job losses continues, the country’s unemployment rate could reach a staggering 32.1% by the end of June as the coronavirus pandemic-induced downturn sparks mass layoffs across the nation.
Miguel Faria-e-Castro, an economist with the St. Louis Fed, wrote in an analysis last week that 47 million more workers could lose their jobs by the end of the second quarter of 2020, bringing the total number of unemployed people in the U.S. to 52.8 million. As CNBCnoted, that number would be “more than three times worse than the peak of the Great Recession.” Continue reading →
The stock market plunged 970 points Thursday, or 3.58%, as fears of the economic impact of the global coronavirus outbreak—and President Donald Trump’s mishandling of the crisis—continued to roil the world’s financial markets after last week’s panic sent markets into freefall.
“It’s kind of like an earthquake—there’s the earthquake, which is last week, and then there’s the aftershocks, which is this week,” MUFG Union Bank chief financial economist Chris Rupkey told the New York Post. Continue reading →