Monday, March 23, 2020

Mitch McConnell Sets Monday Morning Re-Vote "15 Minutes After The Markets Open"

Senate Majority Leader Mitch McConnell

Oh, this is going to be interesting.

I do not want to play poker against Senate Majority Leader Mitch McConnell.

McConnell has set a new vote on the motion to proceed with the bailout package - "15 minutes after the (US) markets open to see if there's a change of heart," he said.

This comes as Senate Democrats were able to successfully block the coronavirus stimulus package from moving forward as five GOP senators were absent due to coronavirus or precautionary self-quarantine.

Senator Rand Paul (R-KY) was not present after announcing Sunday morning that he had contracted coronavirus and would self-quarantine. Two GOP colleagues he interacted with - Utah Sens. Mitt Romney and Mike Lee, also self-quarantined.

GOP Sens. Rick Scott (FL) and Cory Gardner (CO) previously announced self-quarantines.

So McConnell meeds Democratic votes to move the legislation along.

"The American people are watching this spectacle. I’m told the futures market is down 5 percent. I’m also told that’s when trading stops. So the notion that we have time to play games here with the American economy and the American people is utterly absurd," said McConnell on Sunday.

"The American people expect us to act tomorrow, and I want everybody to fully understand if we aren’t able to act tomorrow, it will be because of our colleagues on the other side continuing to dither when the country expects us to come together and address this problem," he added.

Of course, McConnell's move is an attempt to be the match that ignites more than a trillion in government spending which will ultimately translate into massive price inflation.

The Democratic Party delay is only because they want to control the spending not in any way because they want to act prudently.

If the package moves on Monday morning, it will do more for the price of your gold and silver coins in the medium and long-term, then anything the Senate has done for gold and silver before. That is, on the other side of this panic, the new massive government spending is going to result in a serious acceleration in price inflation.


1 comment:

  1. Now the Fed AND Congress have become the stock market's bitches?