Sunday Talks: Secretary Mnuchin -vs- Insufferable Chris Wallace…

Fox News host Chris Wallace is to Fox News as George Stephanopoulos is to ABC.  Both members of the allied uniparty system function for the same purpose.  Once you see the strings on the marionette is impossible to go back to a time when you did not see them. Wallace’s job is to manipulate his audience while giving the impression of questioning.

In today’s interview with Secretary Mnuchin the insufferable Wallace is cheering for as much economic damage as possible and questioning anyone who might dare have a more fact-based approach.  At one point Wallace even calls the CBO “independent experts”.

.

The biggest of all the bigger financial issues around the economic shut-down will ultimately come down to a battle this spring/summer over a massive bailout for state governments to replace their missing revenue.  States like California, New Jersey, Illinois, Connecticut & New York have been struggling with financial issues for years.

“You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.”  ~ Rahm Emanuel

Long before the Wuhan Virus those states were near financial collapse.  The only thing keeping them afloat was as expanding economy, and new revenue as a result of President Trump’s economic policies (making bigger pies).

The economic shut-down in those specific states makes their preexisting financial trouble exponentially worse.

Not only will CA, NJ, IL, CT and New York demand a bailout, a very massive bailout to cover their revenue shortfall, but they will almost certainly use the wuhan virus as an excuse to cover and bail-out preexisting budget deficits.  Governor Andrew Cuomo hinted toward his intention weeks ago.  He sees this as an opportunity to get federal money.

So when Senate Majority Leader Mitch McConnell throws a bucket of ice water in the face of blue state governors who were anticipating to “make money” by forcing the country to subsidize their overindulgent spending habits, obviously Cuomo is apoplectic.

For several decades, and particularly since 2008, the issue of unfunded liabilities has been a growing problem for the Blue State governors.  One reason Obamacare was created was to address this issue on the union and healthcare side. However, the underlying over-spending by state legislators/governors was never addressed.

The solution of allowing states to declare bankruptcy has been a part of that discussion for years. However, every Blue state governor knows if they declare bankruptcy they will never sell another bond again…. which means no investment… which means they will implode.

If the laws changed allowing states to declare bankruptcy, internally the blue states would collapse… there would be a massive exodus… people would flee the rust and collapse…. housing values would plummet overnight in Blue states…. business would leave… unemployment would skyrocket…. it would be statewide chaos.

The ultimate result would be smaller populations within the Blue state misery zones.

Think about the worst impacts and outcomes within the city of Detroit, Michigan, due to these issues on a municipal level… now overlay that visible outcome across an entire state; or group of states.

So we can look forward to an epic battle over federal bailouts of the state revenue shortfall. New York, New Jersey, Illinois, Connecticut and California will be demanding hundreds of billions, perhaps trillions.

This will be one of the issues that frames the election.

Keep watching… we’ve seen this all before.

This entry was posted in A New America, Big Government, Big Stupid Government, Coronavirus, Donald Trump, Economy, media bias, President Trump, Taxes, Uncategorized, US Treasury. Bookmark the permalink.

133 Responses to Sunday Talks: Secretary Mnuchin -vs- Insufferable Chris Wallace…

  1. TarsTarkas says:

    We may be seeing another iteration of ‘The Art of the Deal’. The ultimate goal of the Democrats is a return to power coupled with changes in voting that will ensure ‘His Kind must never Rise again’ (Plouffe). I doubt POTUS will go easily into the night.

    Liked by 19 people

    • riverelf says:

      He certainly knows leverage is power.

      Liked by 6 people

    • The Demon Slick says:

      How about President Trump uses the crisis to remake things? You want money, no sanctuary cities. No drivers license for illegals. No benefits either. Put the strings on the money win fun prizes!

      Liked by 13 people

      • grumpyqs says:

        You’re on the right track Slick; but you have to juice it up to the Barack level and make it Audacious! At the national level; we get Photo Voter IDs, end of abortion, end of immigration and the Wall! At each bailed out State, the bailout implies their manner of governance has totally failed! Each State is mandated to Republican control for twenty years, the governor and legislature charged for crimes and all their wealth confiscated.
        Then a Clawback Commission be seated to find and recover taxpayer funds that have been misspent or liabilities created. These actions commence after a public Surrender of Power Ceremony, where the politicians are present and a federal check passed.

        Liked by 11 people

        • VoteAllIncumbantsOut says:

          Per Sundance… “ Once you see the strings on the marionette is impossible to go back to a time when you did not see them.“

          I’ve often said to many people, I wish I could go back to being ignorant but… I can’t!

          It does send a message believe it or not.

          Liked by 9 people

        • wondering999 says:

          Yes, except that “Republican” means nothing… any RINO is capable of being just as corrupt as a DIM.

          What I want is for these people to be audited top to bottom.
          Like Space Force, I want an Auditor Force.
          Clean up. Shine that light. And get that money back if possible…

          Like

      • vikingmom says:

        Yes, if there is anything good to come of this it MUST be the complete de-coupling of our economy from China AND the end of the states thumbing their noses at the Feds every chance they get but then demanding taxpayer baliouts when things go sideways!!

        Liked by 10 people

      • Jim Comey is a weasel_Doug says:

        Bingo!
        From KommieFornia!

        Liked by 2 people

      • minnesotamike55 says:

        And, states, cities, counties must reduce their workforce by at least 10% using independent commissions, push many services to the private sector, and file the bankruptcy. Otherwise, no federal money!

        Like

  2. Elric VIII says:

    I believe the term we’re looking for here is “Creative Destruction.” Anything that cannot go on will not go on. The Blue States have made their bed. Now they can lie in it. No Bailouts! There may be a mass exodus, but eventually the state governments should be able to restructure, fix their problems, and become more attractive to rresidency and investment. Plus, as a tantalizing side effect, it will be the death knell for public employee unions.

    Liked by 16 people

    • Someone remind me was there a bailout/debt restructuring for Puerto Rico?

      Liked by 1 person

      • GB Bari says:

        No. IMHO, that island is a financial “black hole” into which infinite amounts of money could be tossed without ever seeing any resulting improvement to their overall economy or the population’s general welfare. The corruption is so rampant there that it infects worse than any coronavirus anyone and everyone who obtains any position or power.

        Liked by 2 people

      • Missy says:

        There was a Paul Ryan-Bob Bishop inspired BK (which is forbidden by law), to bail out the hedge funds. It got an oversight board for PROMESA, to restructure the islands massive debt, REBUILD ITS INFRASTRUCTURE AND ENTIRE ELECTRIC GRID (all done by mainland taxpayers, you know), and find a way to repay the debt that PR owes.

        It has been an utter spectacular of graft, ineptness, stupidity, lies, etc. PR needs to be CUT LOOSE, to find their own way. Of course,, it would expect us provide large financial asserts to “get them started”… Down the toilet.

        The one thing the PRs ever expect is that they wil be expected to step up to the plate, AND OFFER SOMETHING OF THEIR OWN. PARASITES… NOTHING MORE.

        CUT them loose, not fixable.

        Like

    • YvonneMarie says:

      Amen brother.

      Liked by 1 person

    • john says:

      The worst side effect is the potential for thousands upon thousands of idiot-minded libtards fleeing their sinking ships and moving to Red States and bringing with them their destruction ideas, lifestyles, and votes. I hope Texas passes a law banning any new residents from those States unless they sign some sort of oath of allegiance to common sense and conservative ways.

      Liked by 4 people

      • MustangBlues says:

        John says: ”idiot-minded libtards fleeing their sinking ships and moving to Red States.”

        Communist democrats love high taxes on everyone, that is the way they fund their great leap forward into totalitarianism;

        They will stay in their blue states to keep their states flush with their big salaries for mucho taxes; they cannot pull down big checks in red states, since all the crank and kook jobs are filled by communists currently in power.

        Like

    • tacocat43 says:

      You can’t give an errant child an award for bad behavior and expect their behavior to change.

      Liked by 4 people

    • VoteAllIncumbantsOut says:

      ElricVIII,
      Joseph Schumpeter “Creative Destruction”.

      Nice call BTW

      Like

  3. L4grasshopper says:

    “So we can look forward to an epic battle over federal bailouts of the state revenue shortfall. New York, New Jersey, Illinois, Connecticut and California will be demanding hundreds of billions, perhaps trillions.”
    ====
    If ANY sort of a States bailout bill even gets CLOSE to passing the GOP run Senate, it will be the final proof that our Republic is indeed doomed.

    I mean…surely there are at least 41 GOP Senators in the Senate who would never allow any such bill to get cloture and come to a vote?

    Surely????

    Liked by 4 people

    • adam says:

      Well, probably not in THIS Congress, but what if the next Congress had a different makeup?

      Institutionalized tolerance for Voter Fraud will be the result of this nonsense.

      Liked by 2 people

      • cheering4america says:

        What we’ve tolerated so far:

        Activist judge says you MUST pay for schooling for illegal aliens
        States offer other public benefits to illegal aliens

        Activist judge says foreign national babies of foreign nationals dropped here MUST be (unConstitutionally) given American citizenship and all associated benefits
        Our politicians invite tens of thousands of illegal aliens to invade us
        Activist judges/agencies say it is “discriminatory” to discriminate between those who are Americans and those who are here illegally

        Activists say anyone from anywhere who gets here in any fashion should be able to vote
        But just in case … we get to ensure that there is no way to check who is voting

        Activist judges say the Constitution includes the right to abortion
        Activists say this goes all the way up to AFTER BIRTH

        Activist judges say the Constitution includes homosexual marriage
        Activists insist that every segment of society tolerate, honor, serve, and celebrate perversion, or be harassed intimidated fired or worse

        Activists say we should vote based on identity politics, rather than working toward keeping a common culture, language, border. English is gone as a common language, the border may be resurrecting with the wall, but it has essentially been gone for 60 years. Culture? What is American culture these days?

        Politicians changed not only the immigration law, which changed the make up of the country, lied about this, but ALSO created mini-politburos which were given the right to destroy our freedoms, in particular freedom-of-association

        Politicians changed tax laws and corporate laws such that the elite would benefit financially from outsourcing. 73,000+ – 80,000 factories left, leaving many in small town America living in places with easy access to street drugs but no jobs, empty storefronts, and few prospects

        Now we find out over 80% of our pharmaceutical products are made in China.

        The same elites and their progeny who have brought these changes have nothing but ridicule scorn and mockery for those suffering from the logical consequences of their actions.

        How much more will Americans tolerate?

        Liked by 6 people

    • Petrel says:

      Candidate Trump did not win New York, New Jersey, Illinois, Connecticut, California in 2016 and will win no points in 2020 fly-over country for bailing the spendthrifts out. Why would the President bail these out now?

      On the other hand, it does seem that Nancy & friends would like to raise the $10,000 cap on SALT taxes — never mind the cover story of fiscal net-neutrality in 2017. Perhaps President Trump might consider local property tax relief for folks in those states?

      Liked by 1 person

  4. jeffincher says:

    The CBO cast as “independent Experts”. Fancy that!

    Liked by 7 people

  5. Whistling_Past says:

    Is it too extreme to call these people enemies of America?

    Liked by 2 people

  6. Publius2016 says:

    insanity…if a state lost revenue for 45 days, ok…we’ll pride a stimulus…oh that’s right, that was covered in the first $2.2 Trillion!

    no extra now! OPEN YOUR ECONOMY AND LET’S PASS $2 TRILLION INFRASTRUCTURE with SALT 2.0!!!

    Liked by 3 people

  7. Nepanyrush says:

    Congratulations to Sundance for being able to sit through the TDS-inflicted Chris Wallace so that we don’t have to. I lasted less than five minutes today and had to turn the TV off.

    Liked by 4 people

    • Peoria Jones says:

      You’d have wanted to punch Wallace at his so-called “lightning round.” He says he’s going to ask quick questions, and wants quick answers.

      Then, he can’t get a simple question out, without loading it with opinion and biased accusation. The second “lightning round” question was a doozy.

      And the nerve to tell a guest like Sec. Mnuchin how he’s supposed to answer questions! That little rat fink is LUCKY to be able to speak with Mnuchin.

      Liked by 11 people

    • bentley1blog says:

      Nepan…absolutely congrats to Sundance for toughing it out for the rest of us who can’t and won’t watch and listen to cw. Disgusting creature.

      Liked by 2 people

  8. Deplorable_Infidel says:

    “This will be one of the issues that frames the election.

    Keep watching… we’ve seen this all before”

    We just not have seen it in this magnitude, however.

    These people that just keep kicking the can down the road (ballooning debt) are not going to be the ones that have to deal with the results of their irresponsible decisions.

    Liked by 2 people

  9. lotbusyexec says:

    Chris the so-called “experts”, like yourself (sarc) have been wrong about pretty much everything regarding any/all things PDJT! That being said, I’d like to Thank Sundance for doing yeoman’s work so that we did not have to suffer by watching his increasingly rabid propaganda agenda. Baghdad Chris is unwatchable.

    Liked by 7 people

  10. Mike Lee DelMarcelle says:

    They can use the money they saved by letting all the prisoners out of jail and fines their collecting from people out walking their dog to cover the shortage. Or better yet, use the billions AOC said they saved in NY by running Amazon off because they would get a tax break.

    Liked by 8 people

  11. CharterOakie says:

    Wallace is indeed insufferable. But in this instance he was appropriately respectful, at least, so I will commend that.

    But the real takeaway is how good Mnuchin is in these interviews: what a pro! Knowledgeable, succinct, no b.s.

    Liked by 4 people

    • GB Bari says:

      Notice that Wal-ass never once pushed back with “But, but, but…….”

      Per Sundance –
      “Wallace’s job is to manipulate his audience while giving the impression of questioning.”

      Wallace totally failed to manipulate Mnuchin.

      Liked by 3 people

  12. ATTENTION ALL AMERICAN PEOPLE! says:

    Attention all American people!
    Do you know what is really going on? I beg you, watch FOX NEWS, the only Republican network to find out the truth. You won’t hear the truth from MSNBC, CNN, NBC, ABC, etc. These networks are all strictly Democrat networks and they will only tell you what they want you to hear. Those things are all LIES, LIES and more LIES about what is really going on. Don’t believe what these Democrat networks are telling you. The Democrats want to turn our country into a Socialist and Communist country which will be lead by China. Do you want the USA to become part of China? If you vote for Democrat Socialist, Joe Biden that is what will happen to our country. Please vote for President Donald J. Trump in the 2020 election and keep our country free like it’s been for years.

    Liked by 1 person

    • tacocat43 says:

      Breitbart is better but never get all your info from just one source.

      Liked by 3 people

    • Fox news is a Republican network that reports the truth?

      Only on occasion and sometimes by accident. Fox has not been on our side for years. Megan Kelley, Neil cavuto, Brett baier, shep smith…?? Donna brazille, Juan Williams, Rivaldo ? Paul Ryan who sits on their board? The Murdoch kids? Hannity, Pfft.

      Turn off any MSM, including fox and starve them out of business.

      Fox is no more of a friend than any of the rest of MSM.

      Liked by 5 people

    • Joe Hepperle says:

      [quote]”. . . what is really going on? I beg you. . .”[/quote].

      Nice try but no cigar. Real Republicans aren’t afraid to post comments under their real name. Additionally, real Republicans don’t “beg” for anything. We work hard for what we have, and if we don’t have what we want, we work even harder. Additionally, smart real Republicans know that Fox News is as biased as CNN, ABC, CBS. Especially Sean “Rachel Maddow” Hannity. Furthermore, the closest to any truth to be found about current events is found at RT.COM (but even RT carries biased false stories — just less of those types than the other outlets).

      Liked by 1 person

      • Ninja7 says:

        Joe Hepperle, It is sad that one finds more balanced coverage of a story from Russia Today than from any US media outlet. The other that appears to be more balanced is One American News Network (OANN)

        As a Treeper upthread, mentioned Sundance’s statement “About once you see the strings attached to the marionette it becomes impossible to be unseen ”

        Thanks Sundance for the education on a multitude of subjects.

        Liked by 1 person

    • Right Mover says:

      Please. FOX News is NOT our friend.

      This isn’t 2002 anymore. FOX News is every bit as complicit in working to undercut President Trump as CNN and MSNBC — and more devious about it, because there are still people who believe Fox is “fair and balanced.”

      Liked by 2 people

    • Gunner says:

      Nice try, friend. You are indeed entitled to state your opinion, and I respect you for that. But, FOX News? Seriously? Keep searching for an objective news source (other than OANN and here — then get back to us.

      Liked by 1 person

  13. realeyecandy1 says:

    Mnuchin is THE MAN!!! I am SO thankful that POTUS chose him and he accepted!!!!!

    Liked by 5 people

  14. Wallace got nowhere with Mnuchin with his questioning…pretty funny. Mnuchin did his usual good job. The same thing happened with Tapper and Brix interview. He got nowhere with her and was left somewhat speechless at the end, other than a backhanded slander against the President.

    Liked by 4 people

  15. montanamel says:

    FORGETABOUT IT…… is all that needs to be said…
    NOT MY JOB…. is another fine example of correct position during such Booo-Hooooo fests…

    The “implosion” has already started in Cali and NY to a lessor degree…just check the “net” figures. (Sans any illegals being counted as “residents”, rather than squatters’….

    I’m thinking that some of these “new” judges could find meaningful employment as “oversee’ers” or “referees” in such matters of DEFAULT… It should only take ONE person to sue CA CALPERS for mishandling and misappropriating of pension funds due the plaintiff at some future time, to result in such being appointed by the court….to protect the interests of the workers…etc…
    This would NOT be a BK action….rather a conservator-ship to insure the maximum is “left” for those still working, etc… With full powers to “garnishee state funds” as needed before any budget is allowed to expend such funds… I see a lot of potholes in Cali’s future…. Baja suspension may become the “gold standard”…with over 20” travel, etc…

    OR…the “rest of us” can vote to “preserve the existing quality of life” for the “other nearby states; and erect a proper fence — designed to keep them “IN” there…. isn’t that called a quarantine???

    Dang, Sunday’s can be productive days — eh?

    Liked by 2 people

  16. Deplorable Canuck? says:

    Sundance am I wrong to think that perhaps Trump will rather move to put in place a massive multi Trillion dollar infrastructure program and not simply doll out cash? States can have money but they must participate in the infrastructure funding and get it through that? Can he not tie bail-out funding to an infrastructure bill? Just a thought?

    Like

  17. kpm58 says:

    Hasn’t SD addressed this in a near same way as the relationship of President Trump with China, in who has the leverage?
    And we have to remember that “All Politics Is Local”.

    Liked by 1 person

  18. Lovearepublican says:

    The Governors chose to destroy their own fragile economies. They did NOT have to shut EVERYTHING down for months. That was a choice. Now eat it.

    Liked by 4 people

  19. jbbaillon says:

    It has started with HR 748
    HR 748 from 116th Congress.
    American population: 330,483,530
    Stimulus bill: $2,000,000,000,000
    Dividing the cost by every person in America is $6,051.74
    The government could have given every person over $6,000, but instead will give $1,200 to each adult under a certain income.
    Wanna know where the missing 96% of your tax dollars went?
    $300,000,000 for Migrant and Refugee Assistance pg 147
    $10,000 per person for student loan bailout
    $100,000,000 to Nasa, because, who knows why.
    $20,000,000,000 to the USPS, because why the hell not
    $300,000,000 to the Endowment for the Arts – because of it
    $300,000,000 for the Endowment for the Humanities/ because no one even knew that was a thing
    $15,000,000 for Veterans Employment Training / for when the GI Bill isn’t enough
    $435,000,000 for mental health support
    $30,000,000,000 for the Department of Education stabilization fund/ because that will keep people employed
    $200,000,000 to Safe Schools Emergency Response to Violence Program
    $300,000,000 to Public Broadcasting / NPR has to be bought by the Dems
    $500,000,000 to Museums and Libraries / Who the hell knows how we are going to use it
    $720,000,000 to Social Security Admin / but get this only 200,000,000 is to help people. The rest is for admin costs
    $25,000,000 for Cleaning supplies for the Capitol Building / I kid you not it’s on page 136
    $7,500,000 to the Smithsonian for additional salaries
    $35,000,000 to the JFK Center for performing Arts
    $25,000,000 for additional salary for House of Representatives
    $3,000,000,000 upgrade to the IT department at the VA
    $315,000,000 for State Department Diplomatic Programs
    $95,000,000 for the Agency of International Development
    $300,000,000 for International Disaster Assistance
    $90,000,000 for the Peace Corp pg 148
    $13,000,000 to Howard University pg 121
    9,000,000 Misc. Senate Expenses pg 134
    $100,000,000 to Essential Air carriers pg 162 This of note because the Airlines are going to need billions in loans to keep them afloat. $100,000,000 is chump change
    $40,000,000,000 goes to the Take Responsibility to Workers and Families Act This sounds like it’s direct payments for workers. Pg 164
    $1,000,000,000 Airlines Recycle and Save Program pg 163
    $25,000,000 to the FAA for administrative costs pg 165
    $492,000,000 to National Railroad Passenger Corporation (Amtrak) pg 167
    $526,000,000 Grants to Amtrak to remain available if needed through 2021 pg 168 (what are the odds that doesn’t go unused)
    Hidden on page 174 the Secretary has 7 days to allocate the funds & notify Congress
    $25,000,000,000 for Transit Infrastructure pg 169
    $3,000,000 Maritime Administration pg 172
    $5,000,000 Salaries and Expensive Office of the Inspector General pg 172
    $2,500,000 Public and Indian Housing pg 175
    $5,000,000 Community Planning and Development pg 175
    $2,500,000 Office of Housing
    What DOES ALL of this have to do with the Virus?

    Liked by 4 people

    • GH says:

      Hi JB

      I see no one has replied yet. Treeper’s don’t like “uncomfortable” news.

      Liked by 1 person

    • RePete says:

      It gets worse.

      I applied for and last week received a loan under the PPP. Problem is I was not allowed to choose the loan amount. It was chosen for me. Now, if I cannot spend %75 of the total loan on payroll expenses within 8 weeks of receipt, it will not be forgiven. Also, terms of the loan say I must maintain all payroll and employee levels. The loan amount was based on my 2019 W-3, which was my total payroll for that year. They did not request any current payroll data like prior month or estimate. Due to the amount of the loan, No portion will be forgivable under the these terms as I will not have payroll expenses that meet their minimums. I’m considering returning before it accrues interest. Thoughts?

      Like

      • GB Bari says:

        What is the interest rate?

        Liked by 1 person

        • WSB says:

          Should be .5% or 1%. Not sure what the payback period is for PPP. I only requested for payroll.

          Liked by 1 person

          • GB Bari says:

            Thnx WSB. That’s not a lot, depending on the amount of principal involved.

            Liked by 1 person

            • RePete says:

              $22.7k @%1 due in 24/mo no payments first 6/mo

              The interest is nominal. My concern is spending any portion of it in a recession if it must be paid back. I don’t need a loan. Big business is open. I’m not.

              Like

              • RePete says:

                WSB – Regardless of what you request a PPP loan for, the guidelines are very specific as to what you may spend it on, if you intend for it to be forgiven. All applicants across the board, like you and I both, are applying to cover payroll expenses. That is a specific part of the terms. You must spend at least %75 of the total loan proceeds on payroll or NONE of the loan is forgiven. And %100 must be used for business purposes like rent, most utilities, etc.

                My point is, I did not select a loan amount, nor did I have an option to.

                Like

                • Mist'ears Mom says:

                  I would figure out what that 75% of your payroll amounts to and use it. Keep the other 25% as use it for rent etc. Don’t use any of your profits or operating expense money use the governments.
                  Either hire temporary employees &/or give your current employees a temporary raise and call it “hazard pay” for working during the “crisis”.
                  Hire new people even if they have to sweep the floor for 8 hrs.
                  People who do not need loans are getting them.
                  People who need the loans cannot get them.
                  The whole system of handing out ‘free money’ goes against all my principles.
                  This is not how our country was built. We are not a nanny state although this is what they want.

                  Like

  20. Guyski says:

    If President Trump gave everything New York, New Jersey, Illinois, Connecticut and California ever wanted on a silver platter, they would not appreciate it.

    They would not vote for him in November.

    Five years from now they will be in debt again.

    These states are hopeless, if they want positive change it is up to their citizens not the federal goverment.

    (NJ resident here) 🤨

    Liked by 12 people

  21. thedoc00 says:

    A bankrupt State or Municipal Government may not necessarily mean an exodus from those locations. A government going bankrupt would not necessarily be the same as a business or individual going bankrupt. There would be negotiations to settle up with a few major creditors would occur, bond schedules and values would be renegotiated but more importantly an austere budget plan would have to be put in place to satisfy the “governing” responsibilities of the entity and there would likely be negotiations to liquidate debts such as pension plan obligations.

    I also think there wold be takers for the new bonds as well, but the projects spawning those bonds and the legal definition of those bonds would have to be “approved” by the courts and some type of bankruptcy governance “board”. There would be a throttle on spending until the terms and conditions of the bankruptcy plan are satisfied.

    Businesses and people may make plans but actually wait to see how the actual bankruptcy process is executed. The real dicey part for citizens and businesses that do not immediately move is the “level and quality of service” they can expect from manpower intensive services such as police, fire departments, parks and rec, civil engineering repair, etc. The issue with services being how much can be afforded and drawing good people to work the jobs with a savings plan instrument in place of the pension plans now in place. I believe there will no shortage of applicants, the fun part will be level of Union Involvement in the government services that reopen.

    The real oddity in all this is that in many states the schools are not run by the local governments but by Independent School District Administrations. The schools would still be there and opened to service the people deciding to remain and depending on the level of local government run infrastructure that survived to operate after the bankruptcy plans are approved.

    So, forcing bankruptcy on profligate States and Municipalities may actually be the right thing to do.

    Liked by 3 people

    • thedoc00 says:

      The point being , it is uncharted territory and more complex than a business or personal bankruptcy. State and Local Governments gong bankrupt will be forced into austere financial decisions they would not normally like if they want to stay viable and in office.

      Liked by 4 people

      • thedoc00 says:

        The other thing i forgot to mention, they would be under the scrutiny of the courts and likely some sort of management board directing and approving any spending until they emerge from the bankruptcy.

        Liked by 3 people

      • Toenail says:

        Money to buy voters will be in very short supply. Most likely those states will no longer be mis-managed by democrats.

        Liked by 1 person

      • treestar1313 says:

        Thedoc, one thing calif would never do is stop pandering to illegals and throwing money at them. Unless there were stringent strings attached. Our fearless leader, Gov Nuisance has already given $500 to each illegal. Next they’ll be paying them to vote demonrat.

        Like

    • H.R. says:

      Well I hope they have to dump some assets.

      I’m in the market for a nice brick turn-of-the century county courthouse on the town square. Most of them have modern mechanicals, so I’d only have to rehab the rooms into something a little more residential.

      I’m willing to go 20¢ on the dollar of the original cost of the building. Heck! Make that 30¢.

      Sadly, my State is in good shape and there will be no bargains to be found here.

      Liked by 2 people

    • WSB says:

      When I went to grievance day this year, because my property taxes were raised 56%, there were nine strangers staring at me across the table…in a tiny city of 15K.

      Do we really need the Supreme Court in every town across the USA?

      Like

  22. ARW says:

    Governor X and Mayor X don’t let private citizens work and pay their state and local taxes to support the pensions of State and Local X Government workers. But then demands John Smith in State Y, who also wasn’t permitted to work, to pay his fed taxes which would then be used to fund State and Local X pension plans all the while still paying his regular taxes for State and Local Y pensions.

    Ain’t ever gonna happen.

    Liked by 4 people

  23. digleigh says:

    LESS GOVERNMENT,LESS TAXES,LESS DEBT….”The debtor is slave to the lender..” ( scripture) WAKE UP REPUBLICANS…ABOLISH DEPT.S…AUDIT THE FED…STOP THE PRINTING !!

    Liked by 1 person

  24. billybob says:

    There is no material poverty in the U.S… What we have in our nation are dependency and poverty of the spirit, with people making unwise choices and leading pathological lives aided and abetted by the welfare state. Walter Williams

    Liked by 6 people

    • billybob says:

      And let’s be clear . Government employees are the biggest part of the welfare state . billybob

      Liked by 8 people

    • harrietht3 says:

      Poverty of spirit breeds dependency and weakness in the face of life’s challenges. The easy way out is to narcotize yourself with any among the panoply of escapes — vices. Let your soul rot: eat, drink, and be merry for tomorrow we die. And in the meantime, support the party that promises to excel at stealing from your neighbor and handing those dollars over to you (theft by government fiat).

      You’re already enslaved to your worst passions, having forsaken your dignity and freedom long ago. It makes no difference to you that by acquiescing to this devil’s bargain you’ve also lost your honor and self-respect in the deal.

      Stand up to life’s challenges and resist the Democrat steamroller.
      “Come unto me all who are heavy laden and I will give you rest.”
      Also, Psalm 23.

      Like

  25. DuaneB says:

    Time to say that it was not as bad as predicted. We’re going to open things back up quickly , and we don’t need any more stimulus.

    Liked by 4 people

  26. gymcy81 says:

    Mr. Wallace,
    Thanks for gathering the guesses of ‘experts’ (lacking experience in this pandemic / economic matter).
    It’s nice to get it on the record.
    thank you.

    By the way:
    the economic expert$ also said for months and months (3 yrs ago, 2 yrs ago….):

    – tariffs would raise the prices of goods here in America,

    – the Federal Reserve jumped up interest rates for years to supposedly slow inflation mis-projections [ and then reluctantly, dropped the rate ]

    – that GDP growth estimates were too high…

    So, what are the people to think?

    p.s.
    …(with safety still in the mind) …let’s also get back to work…

    Liked by 4 people

  27. railer says:

    Let no state government ever consider shutting our economy, ever again. If you do, you will suffer.

    That’s the only valid message we can deliver about this flu scam.

    Liked by 1 person

  28. Grandma Covfefe says:

    Chris who?

    I love Sec. Mnuchin’s final remark:
    “I think you know we never make comments on Future Sanctions option.”
    Boom! The Inquisitor got boomeranged– LOL

    Liked by 6 people

  29. Mike in a Truck says:

    Ahhhh… the good old Good Cop/ Bad Cop routine. Do not think for a second the Uniparty does not intend to bail out the pension funds of the Blue (commie) States. Mitch is the Bad Cop. Mean. Miserly. Heartless. President Trump is the Good Cop. He will bail them out. Oh..but it’s gonna cost them.Big time.Leverage. Dont be surprised by the end of summer Andrew sports a MAGA hat and is stumping for President Trump.

    Liked by 1 person

  30. Joe Hepperle says:

    The video mentions Moscow Mitch’s proposal that the States can file for Bankruptcy. No, no, no, no. When governments (State governments in this case) have filed for bankruptcy, they are subsequently forced by the banks to sell-off Public assets, and Public services to private corporations. Then, forevermore, private, profit-centered corporations own what once was publicly owned – and we, the public do not get a veto vote. Privatization. No thank you. Furthermore, the people under those governments are forced into “Austerity”, which means (from that government) you will get even LESS, while you are forced to pay MORE. Thankfully, we here in the USA are still free to move. Smart people living in any State that files for bankruptcy would be wise to move to another State. But realistically, how many businesses, or families can afford to make a move like that? Bankruptcy will lead to Privatization and Austerity (pay more, for less). No thank you.

    Like

    • billybob says:

      They are such treasons bastards they would sell themselves to the ChiComs to get bailed out .

      Liked by 3 people

    • GB Bari says:

      Sounds like you are more supportive of more in our country being government-owned and government-run ….because it is… less expensive??

      Less expensive for who? People on the public dole – whether welfare or over-compensated public employees, and lazy people, sure. But not for hard working individuals who earn their own “keep” and keep getting increasing amounts of their earnings confiscated (taxed) by local and state governments (in part, to own and operate all those expensive assets), not to mention the ridiculous amount of taxes the state government impose on everyone other than income taxes (property taxes, sales taxes at multiple levels, fuel taxes, hunting and fishing license fees, etc etc etc.)

      That is not the way this nation was created or set up to operate. That’s the way the Demo-Communist Party wants the nation to be run.

      No thank you. Sell the assets. But sell them ONLY to American owned, operated, and taxpaying companies.

      Let those private companies figure out how to make the assets profitable. They cannot charge more for goods and or services than the market will bear (for very long), and they have to clear their expenses (unless using as a tax write-off), and they have to attract customers (unless they have a monopoly on a high demand product or service.)

      Like

  31. Technerd says:

    Do we really want a flood of refugees from blue states moving to other states and start voting for the same policies that they are fleeing from? It might be worth bailing these states out so they will stay put. My guess is this is simply posturing by McConnell to get concessions. My guess is that it will ultimately happen in some form.

    Liked by 1 person

    • paper doll says:

      I’m thinking the blue state people will still come regardless, but alas, there will indeed be bailouts. Perhaps some conditions would be placed upon bailouts, but they will be ignored….has any sanctuary city ever been cut off? Perhaps just the unemployment expenses could be covered and leave their other budget overruns still on them. They will not stop the budget madness until they have to.

      Like

  32. “If you build it, they will come.”–Field of Dreams

    “If you fund it, they will stay closed.”–Dreams of Fauci

    Liked by 2 people

  33. TexSwede says:

    If we reward these states for their prior bad behavior and bail them out, we can expect they will do it again. You can bet they will overspend and buy support even with controls on them and will need future bailouts.

    Oh, and the exodus of their citizens who also bear some responsibility to more responsible states. The “great medical experts” are discussing digital virus certificates of either vaccination or immunity for persons or they will be quarantined. I suggest rather than that, we assign digital certificates identifying people from states with these horrible political practices so they can be quarantined. They are quarantined from elections for lets say 10 years (Just kidding – I think).

    Liked by 1 person

  34. TonyE says:

    I don’t know about Eastern States, but here on the West Coast a bankrupcy would be very good.

    I think it will crash the power of the Public Unions and their sweet pension deals. Put them into 401Ks like the rest of us, retirement at 70, FICA…. It would dry up the funding to the Public Unions and take away a huge crutch for the Commies.

    I think then the Feds ought to come in, and build water dams, after all, the Truth is that the Feds own much of the West outright. So parts of the post bankrupcy rescue deal would be to assert Federal Power over their lands, kick out the Environazis that have causes such damage.

    When it comes to the West Coast, the future could be bright, IMHO, we just need to make a few structural changes. Now, Eastern States? Chicago? Who knows? Good luck.

    Oh, NO MORE immigrants from NYC and Chicago to the West Coast. NO MORE.

    Liked by 2 people

    • Mist'ears Mom says:

      I left commiefornia 6 years ago. I moved to a nice small Idaho town that is now being over-run by escaping commies from blue states.
      They are turning my district blue bcz the more of them there are the bigger voice they have.
      The politicians have to have their votes so they pander to them and slowly things go blue.
      It is frustrating to no end.

      Like

  35. waawash says:

    During decades of warnings, California’s unfunded liabilities have grown exponentially. They CHOSE this path. Now they want to drag everyone into the abyss with them. The succession of northern California will be back on the menu soon.

    Liked by 3 people

    • Mist'ears Mom says:

      This^^^
      all the while claiming they have the 5th largest economy in the world and have tons of money. They are so rich.
      Where is all of CAL’s money going? or where has it gone?

      Liked by 1 person

  36. F.D.R. in Hell says:

    Liked by 5 people

  37. LFOD603 says:

    No State bailouts. Let Nancy and her goons in the House push through some piece of crap – McConnell controls the Senate – let it sit and rot through the election … then We the People will have spoken and Nancy and her small-brained knckle dragging baboons will be gone. Right Mitch?

    Liked by 2 people

  38. madeline huffnagle says:

    Never ever bail out the states! In particular, do not bail out the public employee funding. States have mismanaged these fund for years knowing fully that they are falling behind in keeping them viable. If they get government money, states will continue to mismanage the funds, thinking the federal government will bail them out.

    Liked by 2 people

  39. Chris Wallace does have one thing going for him; the family name.

    Oh, yeah–he’s also the distilled essence of what the Beltway Blob thinks. A true weathervane of Elite Mediocrity and Conventional Whizdom.

    Like

    • ps: And Mike, here’s how a real reporter does it. Your Dad:

      Liked by 2 people

      • “Chris”–can’t even remember the name.

        Liked by 1 person

      • Mist'ears Mom says:

        That was excellent…how soon we forget.
        The CDC has been on a forced vaccination plan for decades.
        They are immune from lawsuits.
        Ask why do we have “VAERS”, Vaccine Adverse Event Reporting System?
        It is estimated that only 1% of doctors report adverse vaccine events.
        People are becoming more aware, but with the brainwashing (PR marketing with fear) of the masses like this video says.
        The censoring but all social media of any anti-vaccine information.
        Fakebook, Instagram, Twitter have banned any information related to the docuseries;
        “The Truth About Vaccines”.
        What is it they don’t want us to know?
        We are doomed.

        Like

  40. VoteAllIncumbantsOut says:

    2nd Quarterly reports will most likely be bad for Wall Street which means the markets will end up turning down but, what President Trump has done is bailed out Main Street who are private sector businesses which have no role in Wall Street in fact, most of those businesses that borrow from this SBA loan program do not trade on the index.

    We all know what the game is to take out Trump, and that is to take the markets down but we must remember the difference between Wall Street and Main Street. Regardless, the MSM will try to convince the ignorant anyway.

    Liked by 1 person

  41. New York State has a long and sordid history of corrupt financial dealings way before the current crisis came along. In fact Cuomo Senior, father of the current Emperor/Governor Andrew, was one of the biggest crooks in the history of the state. During his tenure, New York accrued billions in debt by illegal bond issues that were patently unconstitutional.

    Given that Cuomo, Jr. is now trying to extort and blackmail the taxpayers from the other 49 states, this is an issue that bears some scrutiny. There is NO WAY Mnuchin or President Trump should even consider giving NY a bailout.

    The residents of NY pay the highest taxes in the USA and I can only imagine what it will be like next year. EVERYTHING costs more in NY when it comes to labor and construction because virtually every public official and government worker is on the take, either legally or illegally.
    Even with all the money they extract from the residents, it is never enough to pay for the thugs in the public sector and teachers unions that actually run the state.

    Although the states can’t print money, they can float bonds for billions of dollars and this one of the ways that NY got in so much trouble way before anyone ever heard of the Chi Com Corona virus.

    The big problem was/is that New York has a Constitutional limit on how much debt it can contract, including a prohibition on contracting State debt without a voter referendum.
    Over the years, the corruptocrats figured out away around this by creating taxing entities known as “Authorities” such as the MTA (Metropolitan Transit Authority) that could do an end run around the state Constitution and raise lots of money for the state coffers.

    Nobody really knows just how much debt NY has-legal and illegal – but it is many, many billions and counting. It would be illegal and unconstitutional for the Federal govt. to use the full faith and credit of the taxpayers to re-finance this corrupt debt. Let Emperor Cuomo figure it out- maybe he could get a loan from China.

    Liked by 4 people

    • WSB says:

      The state keeps reassessing our property. They backdoor the taxes.

      Liked by 1 person

      • WSB- not sure what you mean by that. We have a town assessor who does that.
        Also, the local tax assessor has a great deal of power. They can really screw you if you buck the system.
        We used to have an elected assessor which was great because we could vote to get rid of the SOBs.
        Then for some reason the town went to appointed assessor which is a no show, plum job. Here they make $60K a year plus bennies.
        The only requirement for the job was sex favors for town board members. Oh yeah!

        Liked by 1 person

        • WSB says:

          We have a 2% cap on School taxes; however, the tax assessor just raised the value of all of the homes they thought they could get away with. My last property assessment resulted in a 56% increase in my property/school taxes. I talked them down to 35% but that is still a lot, IMHO.

          Liked by 1 person

  42. clulessgrandpa says:

    I would trade Partial bailouts for Voter ID.

    Like

  43. TwoLaine says:

    What’s he gonna’ do? Wave a magic wand?

    Liked by 1 person

  44. Charlie Currie says:

    Any state bail out will be up to McConnell. Trump has no leverage to put helpful strings on receiving the money. And, McConnell will not be able to get helpful strings attached, even if he wanted to, which he probably doesn’t. All Trump can do is veto it.

    Like

  45. David R. Graham says:

    These common thieves (Leftists, ChiComs, Jihadis) act from their visions of what they want happening, not from what is happening. Reality to them is always an obstacle, no more, and it has no legitimacy. What people want is immaterial, of no importance. What God wants is less than important. Only the vision is important, an a priori, which mutates now and again in its specifics but remains constant in its objective: theft. But truth can never agree to that, so thieves are always hungry, on the prowl. The best response to them, to any of their fancy words, dramatic poses, and beguiling visions, is “BS,” spelt out.

    Liked by 1 person

  46. Mark Clark says:

    Hope to see this headline sometime in the future: “Trump to New York, New Jersey, Illinois, Connecticut and California: ‘Drop Dead’ “

    Like

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