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2020-03-23 b
This story from MarketWatch has been re-written by our "truth squad."

Fed will make up to $4 trillion in loans to businesses to rescue the U.S. economy, Mnuchin says

Steven Mnuchin, Chairman emeritus of the Credit Anstalt bank, said Sunday that the Federal Reserve central planners will play a key role in lending magic money to businesses hurt by the governmental over-reaction to coronavirus.

“Working with the central planners at the Federal Reserve — we’ll have up to $4 trillion of newly-created magic money from the Magic Money Mammary at 33 Liberty Street in downtown Manhattan that we can use to support the economy we have screwed up with our insane interventions and monetary madness,” Mnuchin told Fox News on Sunday.

“Those are broad-based lending programs to augment our own bottom line as we start to receive re-payment with interest on all this “cash” we pulled out of Jay Powell’s hat. ... We can leverage our magic money working with the Keynesian Kops at the Federal Reserve,” he said.

The current holder of the prestigious Goldman-Sachs Secretariat at the US Treasury said the plan is broad-based with plenty of walking around money and slush funds to help small and large businesses “get through the next 90 to 120 days of the havoc we in government created,” he said.

Mnuchin said he thought the bill would be finished Sunday and ready for a vote on the Senate floor on Monday.

The bill’s Santa Claus list would also include:

• Small-business retention loans aimed at helping companies keep workers on their payrolls in the absence of demand and customers. This will cover about half the workforce, Mnuchin said. Payments will include two weeks’ worth of cash flow and some overhead. The loans will be forgiven if workers are not laid off as we recreate a glorious Soviet economy.

• Checks for Americans. The average check for a family of four will be $3,000, the Treasury secretary said. We expect a subsequent huge surge in liquor and lotto sales will boost our Potemkim economy.

• Enhanced unemployment insurance for people who are laid off due to the contrived over-reaction to the so-called pandemic.

Some Fed watchers expressed caution about the $4 trillion estimate. They instead believe over 100 trillion in magic money would be required for a total Soviet makeover of the economy, after we pass through a Weimar phase of intense inflation.
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Mnuchin said that if the virtual shutdown, as we flex our authoritarian muscles, of the American economy lasts longer than expected, Congress would pass another rescue package to assure the re-election of all incumbents in November.

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