Fact Dump of the CARES Act, Wholesale Theft of the American People

I am dyslexic and colorblind so I meticulously went through deepthroatipo.com’s blog and annotated things in readable format.

If you do not read his blog, I recommend reading it here: deepthroatipo.com and following him or her on twitter Deep Throat. @deepthroatipo

You can read the original post I’ve tried to reformat here: http://www.deepthroatipo.com/the-cares-act-the-beginning-of-the-end-of-western-democracy/

I’ll keep updating this blog post…..

• The act is 880 pages long.
• It is a $2.2T act.
• This is a link to the 880 page $2.2T act: https://www.pbs.org/newshour/politics/read-the-senates-full-coronavirus-aid-package-bill
• There’s a $500Bn fund that the US Treasury Secretary Steve Mnuchin and gang can use to make loans, loan guarantees, and other investments in support of eligible businesses, states, and municipalities.
• Jay Powell the Federal Reserve Chairman will print the $2.2T.
• Steve Mnuchin will buy businesses and put them in the Treasury portfolio.
• Businesses in the Treasury portfolio will be unable to have share buybacks or dividends 12 months after they leave the portfolio.
• Company insiders, government officials, Lobbyists, Senators, Congressmen and Executive branch folks can implement offshore insider trades because the publishing of Treasury Portfolio transactions into and out of companies is only made public on the website 72 hours after it has occurred. They will be able to get in on the right side of the trade using offshore and family office accounts.
• There’s no provision in the agreement that gives Steve Mnuchin the right to remove the management that made the company fail.
• There’s no increased funding for the Securities and Exchange Commission in the entire CARES act document.

Housing Portion of the CARES Act (SEC. 4022. FORECLOSURE MORATORIUM AND CONSUMER RIGHT TO REQUEST FORBEARANCE. (Pg567))

• The section only applies to Federally Insured Loans (Fannie/Freddie/etc.)
• There are roughly $16 Trillion of Residential Mortgages outstanding in America today, with about a third of them qualifying as “Federally Insured” under the terms/definitions of HR-748.
• 2/3rds of Americans with mortgages who live in and/or rent their homes have no protections if they cannot pay rent.
• ~37% of America’s residential real estate has no mortgage and is owned outright, so there would be no protections offered on any of these properties if they are rented.
• If you do indeed qualify for forbearance, the mortgage obligation is not absolved, it is merely deferred for 180 days for property owners (if properly requested) with the possibility of an additional 180 days if approved. Payments, principal and interest are not eliminated, but deferred. Generally, you’ve got up to a year to figure out how you are going to get caught up on your payments and stay in your home.
• If you are a renter and live in a qualifying property, as along as you were current on your rent as of 2/1/20 you are protected from eviction for the term of your landlord’s forbearance plus 30 days. (page 572)
• Further, if you are a tenant and you do not live in a “qualifying property” i.e.) Currently no mortgage, owned outright, or financed through non-qualifying means, there is no moratorium or protection from the landlord evicting you, throwing your stuff on the tree lawn and getting a more fortunate, well-heeled tenant into your prior residence, who has a better chance of paying the rent on time, in the sole opinion of your former landlord.
• The SEC. 1102. PAYCHECK PROTECTION PROGRAM of the Act, administered by the SBA protects the landlord but does jack shit for the tenant. These loans are forgiveable and granted to your landlord. They don’t have to extend that foregiveness to the tenants.
• Everybody gets a check and it amounts to $309 Billion dollars in printed money.

Small Business Loans (PPP- Paycheck Protection Program)

• $10M ceiling in loans with no personal guarantee subject to the size of your payroll.
• 2.5x your average monthly payroll if you don’t shut down.

Miscellaneous Provisions

• $239 Billion dollars in Pork barrel spending — — or wasteful greedy spending that didn’t need to be added. Lots of K-Street and Congressional corruption packaged up here.

The FED and Its Brouhaha

• $23.4 Trillion in US National Debt by the end of February
• $25.6 Trillion in US National Debt after the Cares Act
• 22% of US National Debt is from the FED before Cares ACT ($5.254T/$23.419T)
• 29% of US National Debt is from the FED After Cares Act
  ($7.454T/$25.619)