THE VIRUS BRIEFING BY THE LONE RANGER

Trump admittedthey never really had a plan. The plan is perpetually in process. In Trump’s Coronavirus briefing he said, “we are (uh) in the process of developing a strategy that’s going to be very, very powerful we develop(um) as we go along.” There were no health officials present and the briefing only lasted 30 minutes, with the usual stretching the truth. He did manage to say that the Covid-19 virus will get worse before it gets better.

The briefing was designed to show that he can look presidential with un-characteristic demeanor and style. Trump stuck to the script and looked as if someone finally told him the un-varnished truth about the outlook. Perhaps it was the Washington University study? Or was it the fact in recent polls Joe Biden is leading Donald Trump 54% to 34% when asked who do you trust more to handle the pandemic?

There was no new public health initiative or any new strategy offered, only the suggestion that one was being developed. Just now being developed? This has been going on for 6 months! The sudden emphasis on the virus is due to the virus being the most pressing issue when the electorate is polled. In a non-election year, it wouldn’t matter.

There were two other upsetting side issues brought up in the briefing. The first was his continued usage of the term “China virus”.  This singular act has created unnecessary animosity toward Asians who are now being subjected to hate crimes by Trump’s white nationalist goon squads and dotards in training, all of which are known as- his base. 

The second is an unusual thing Trump did. Trump give his best wishes for Ghislaine Maxwell, the madam that allegedly suppled Jeffery Epstein with the underaged girls. His best wishes were offered to her not once, but twice(!) during the briefing. Trump’s own Justice department had accused her of these crimes and is in process of prosecuting her. Trump knows her from Mar-a-Lago because of his friendship with Jeffery Epstein. I’ll assume she has been given paper clothes so she cannot commit suicide like Jeffery had allegedly committed. 

She has been in hiding and the Feds finally caught up with her. She knows what Epstein knew about the sex ring and who the players were in their repulsive actions.  Did Jeffery Epstein commit suicide or was it murder?  There are a lot of people in very high places that are sweating bullets about her knowledge and her potential to ruin their reputations and their lives if she is allowed to talk.  I’m sure she is on suicide watch…or some kind of watch…   

A TICKING TIME BOMB

Extended unemployment benefits (the $600 boost thanks to the CARES Act) expires on July 31 and no fix in sight, with 28 million soon to be homeless. Thousands of Americans are facing eviction by September.  This is a tsunami estimated to be 3.5 times the evictions between 2007 and 2016. Almost 50% of renter households are underwater or cost burdened in 2018 paying more than 30% of income for housing. Are all these people ready to lose their homes, with 33% missing their July payment? Is everyone in for a squeeze? The Republicans balk at paying individuals, in some cases, more than they made as minimum wage earners.  

The Republicans felt it was an incentive by the government not to work. The White House is in disarray over what to do. They thought by this time the economy would be back.  Remember in the virus briefing when Trump said they were still working on a plan? The Republicans in the next round of election bribes proposed only $100 in lieu of the $600/week.

The initial Cares Act includes a moratorium on eviction filings that expires on the July 25^th. The moratorium only affected federal subsidized housing. Some states also have their own moratoriums in effect. The state and local moratoriums have expired or will expire soon. In some states, eviction process was allowed to go forward with a hearing on the eviction and an order processed. There are lawsuits filed by landlords stating that the moratoriums jeopardize their business and discourage renters paying what they owe, claiming it is unconstitutional. 

Renters are going to face a backlog of unpaid back-rent debt and possibly fees, as well as the potential for damaged credit. The debt could be overwhelming and could lead to bankruptcy and homelessness. 

The Emergency Housing and Relief Act passed the house on June 29^th 2020 with -0- Republican support. This act provides for emergency rental assistance, homeowner assistance and protection for renters and homeowners from evictions and foreclosures

I’ve seen this Republican act before in 2008-2009. The hedge funders obtain mortgages by purchasing the debt from banks. These hedge funds pick up this mortgage paper at a discount by being able to borrow at a lower rate than the loan and work off the margin.  Hedge funds and banks that currently hold the mortgages, will demand a bailout. It’s déjà vu! These mortgage brokers have again grown and will again claim they are too big to fail. The Republicans have again managed to make the taxpayer suffer for the virus.  Will they make the banks and investment brokers whole again as in 2008-2009? Or will they bail out the borrower this time? If the government bails out the banks, will it wipe out the debt of the borrower enabling them to start over?

This crisis is currently sub rosa and not yet elevated to the severe impact it will have on the economy, as the virus has taken up all the oxygen. Trump still touts the stock market performance as the evidence of a booming  economy.