When President-elect Joe Biden is inaugurated on January 20, he will inherit not only the worst health crisis in over 100 years, but also, the economic crisis it has unleashed on the United States. Unfortunately, a decision made by outgoing Treasury Secretary Steve Mnuchin, according to the New York Times, won’t make it any easier for Biden to handle the economy — and columnist Paul Krugman is slamming Mnuchin for it on Twitter.
Journalists Jeanna Smialek and Alan Rappeport, in the Times, report that Mnuchin has “said he does not plan to extend several key emergency lending programs beyond the end of the year and asked the Federal Reserve to return the money supporting them — a decision that could hinder President-elect Joseph R. Biden, Jr.’s ability to use the central bank’s vast powers to cushion the economic fallout from the virus.”
Mnuchin, according to Smialek and Alan Rappeport, “said he would not continue Fed programs, including ones that support the markets for corporate bonds and municipal debt and one that extends loans to midsize businesses.” And not renewing that funding, the Times reporters note, “could leave significant corners of the financial world vulnerable to the type of volatility that cascaded through the system as virus fears mounted in the spring.”
In a letter, Mnuchin wrote, “I am requesting that the Federal Reserve return the unused funds to the Treasury.”
Krugman’s response to the Smialek/Rappeport article has been vehement. The liberal economist/Times columnist, in a Twitter thread, explains why he believes that Mnuchin is making a terrible decision.
According to Krugman, “Mnuchin is effectively trying to create a financial crisis, or at least make one more likely.”
Krugman notes that “emergency lending programs can have a stabilizing effect even when they don’t end up being used. And he slams Mnuchin’s decision as “more sabotage by an administration on its way out.”
The Biden camp, unsurprisingly, is likewise outraged at the move.
“The Treasury Department’s attempt to prematurely end support that could be used for small businesses across the country when they are facing the prospect of new shutdowns is deeply irresponsible,” Kate Bedingfield, a spokeswoman for Biden told the Washington Post. “At this fragile moment, as the COVID and economic crises are re-accelerating, we should be reinforcing the government’s ability to respond and support the economy.”
Here’s the best way to pry Trump from the White House — according to a professional hostage negotiator
President Donald Trump is still refusing the concede that he lost the 2020 presidential election, which has prompted some speculation over whether the Secret Service will be forced to drag him out of the White House on January 20th.
In an interview with the Boston Globe, retired NYPD homicide detective Alfred S. Titus, Jr. said that the best way to coax Trump to leave would be to remind him of how great his life was before he decided to run for office back in 2015.
Trump-loving congressman turns himself into a laughingstock with a few deranged tweets
The first thing you should know about Rep. Paul Gosar of Arizona is that he shouldn’t be confused with the famous movie villain from “Ghostbusters.”
One of them has been described as a “sadistic, shapeshifting, apocalyptic, cosmic entity.”
The other spelled his name differently and wasn’t a registered Republican.
Paul Gosar is no relation of Gozer the Gozerian. But he’s doing his best movie-villain schtick as part of a cottage industry of loyal subjects vying to carry on the manic mantle of Trumpism.
Trump turned to Giuliani after his top attorneys refused to get involved in his post-election legal battle: report
A new report from ABC News documents how President Donald Trump decided to put Rudy Giuliani in charge of his efforts to overturn the results of the 2020 presidential election after his own top lawyers told him he was unlikely to prevail.
According to ABC News' sources, White House Counsel Pat Cipollone, as well as longtime attorney Jay Sekulow, both gave Trump pessimistic assessments of his chances of prevailing in court with lawsuits to throw out hundreds of thousands of votes in Michigan and Pennsylvania.