18 March 2020

[Fred Wheeler] - The Bailout Daisy Chain

What's goin' on?

The Piedmont Chronicles
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We're all supposed to be self-quarantining. This, of course has caused some problems within certain sectors such as the cruise business and the airline industry. Marriott has announced the laying off of thousands of employees. The immediate reaction is we have to do something.

In the meantime Amazon is hiring over 100,000 new employees and the grocery stores are having to put on more staff. Somewhere there is a paper company putting on an additional shift to manufacture toilet paper. The distilleries are losing business from bars but they are making hand sanitizers.

People with "Sociology of Linguistics" degrees (for which they owe $150,000 in student loans) who are waiting tables in New York will be thrown out of work while the pork processors are asking the Homeland Security Department to allow them to bring in another 100,000 foreign workers.

Boeing, who borrowed money over the last decade to buy $100 billion of its own stock, is threatening bankruptcy while it pays its CEO $23 million. Delta Airlines pays its CEO $15 million. But, they need a bailout, too.

The bailout line gets longer: casinos in Las Vegas, ski resorts in Vail, Airbnb, Madison Square Garden. The NBA will lose $500 million. The NFL (meanwhile Tampa Bay will pay Tom Brady $30 million).

The colleges have gone to on-line courses. Do they still need to spend $millions on their Diversity Departments?

The real question is do we have enough money to bailout everybody?

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