[quote=zk]
…we have a president with fascist tendencies, and a congress afraid to stand up to him, because it will hurt them with their base, because their base loves con man don, and they can’s see con man don for what he is because they’re watching Fox Propaganda, which is telling them how great he’s doing. He’s in the process of eliminating governmental checks on his power. There’s a good chance he’ll succeed, because nobody wants to stand up to him, because that would be an unpopular move with republican voters, who think he’s doing a great job because they watch Fox Propaganda.
What happens when you have a fascist president with greatly reduced checks on his power? Unfortunately, I think we’re about to find out. And we have right-wing media to thank.[/quote]
[quote] Is the GOP right? Should states just declare bankruptcy?
As states shell out billions of dollars on unemployment and other responses to the coronavirus—and as business shutdowns and payroll and sales tax declines whack tax revenue—state budgets are being blown apart.
…To address this, many governors and economists are recommending that the federal government put emergency funding for the states into the next coronavirus response package. Some members of the GOP, however — including President Trump, Senate Majority Leader Mitch McConnell, and Florida Sen. Rick Scott — have responded by saying that states should instead just “declare bankruptcy.”
Is this a smart idea?
No.
Forcing states to declare bankruptcy right now would have the same effect as forcing dozens of giant airlines, hotel chains, and other companies to declare bankruptcy — namely, triggering millions of additional layoffs as states are forced to cut spending and, thereby, radically worsening the country’s overall economic crisis.
[quote] Trump’s Taj Mahal — the ‘8th wonder of the world’ — sold for pennies on the dollar
…The Trump Taj Mahal, the Atlantic City casino that the real estate mogul built for $1.2 billion in 1990, went for 4 cents on the dollar when it was sold in March. Documents filed with the Securities and Exchange Commission on Tuesday revealed the price that billionaire Carl Icahn got from Hard Rock International for the shuttered casino: $50 million. The sale was publicized at the time, though the purchase price wasn’t.
thought I’d point out the GOP idea of bankruptcy because just read another piece that San Diego is in deep debt shortfall
[quote] The economic impact of COVID-19 is widespread and local governments will be hit particularly hard due to their reliance on sales tax and other declining tax revenues.
In fact, with the tourism industry suffering more than many industries, the city of San Diego is expected to be hit disproportionately hard. This translates to a projected $427 million shortfall in Mayor Kevin Falconer’s proposed 2021 budget.
