Trump’s downsizing isn’t cruelty — it’s the last hope for solvency
#bailouts
MY VLOG: Shahab JafrI: Trade war| Impact on Pakistan of 29% increase in tariff rate for exports to US
Will there be global recession? Impact of increase in tariff rates on Pakistan exports to US. NATO-US balance|
#tradewars #pakistan #tarrifs #nato #usa #china #balanceofpayment #imf #bailouts
The "thinking" and "reasoning" of the #StableGenius crowd is such a farce and will simply cost more to all (remember the #farmer #bailouts of #Drumpf1 ?):
🎉 Oh look, the "innovative" VC saviors have traded in their disruptor caps for bailout begging bowls! 🚀 Who knew that the best "exit strategy" was a taxpayer-funded U-turn? 🤦♂️
https://nextwave.partners/gdp-shock-venture-capitals-government-bailout-begins/ #VCs #Disruptors #Bailouts #Taxpayers #Innovation #HackerNews #ngated
The real “free riders” aren’t the #poor - they’re the #ultra-wealthy who hoard wealth while workers struggle.
If #billionaires can afford tax havens and #bailouts we can afford #UBI
Let’s stop asking how we’ll “pay for it” and start asking why we keep funding a system that benefits the few at the expense of the many.
Why do we?
#PeopleOverProfits #UBI4ME #UniversalBasicIncome #TaxTheRich #CostOfLiving #SocialChange #policy #PayForIt
7 times larger? 🤔I believe it. I heard somewhere they changed the laws so these glorified gamblers wouldn't have to come to Congress and publicly beg for bailouts... which is something that notified and enraged the public last time. 🤷🏿♀️
#economy #bailouts #realestate #housing
Bank #overdraft fees on workers are #ClassWar.
Bank #bailouts from the government are #ClassWar.
The #neoliberal élite and corporate #oligarchs have been crushing the #WorkingClass for decades. Why are you afraid to fight back?
#DiabloCanyon #NuclearPowerPlant brings #profits for PG&E, deadly risk for residents [and the #environment]
Tina Landis
August 19, 2024
"Despite opposition from residents and #environmental organizations, California legislators passed #SenateBill846 in 2022 to extend the life of the dangerous, aging Diablo Canyon #nuclear facility.
"Located on the Central Coast surrounded by several #fault lines, one has to question why a nuclear facility was placed in an #earthquake zone to begin with, much less allowing it to continue to operate well past its retirement date. The world witnessed what can happen to a coastal nuclear facility in an earthquake zone when the 2011 #Fukushima disaster triggered a meltdown that displaced nearly half a million residents, with vast amounts of #RadioactiveWater still being released into the ocean today.
"As long as Diablo Canyon remains open, Californians live with the constant risk of suffering the same type of disaster.
"From its inception, Diablo Canyon had little public support. Protests occurred regularly during its construction, and thousands were arrested for #CivilDisobedience actions in 1981.
"In the 1970s and 1980s, California’s three largest utilities spent billions of dollars building dangerous and costly nuclear plants like Diablo Canyon, which resulted in skyrocketing rates for customers. Big industry fought back against these increased energy costs, which resulted in deregulation bills consisting of multi-billion dollar #bailouts to the state’s utility companies to cover their costly investments in nuclear.
"Today, the last remaining nuclear plant operating in the state is still draining billions in funds that could be used for safe, #renewable energy development. To keep Diablo Canyon running 5 years past its retirement date is expected to cost $8 billion to $12 billion. A federal aid package of $1.1 billion will contribute to some of those costs – meaning federal #taxpayers’ money – while the remaining billions will be passed on to #California #ratepayers.
"Despite being run by PG&E and only generating power for its territory, customers of #SouthernCaliforniaEdison and #SanDiegoGasAndElectric will help cover the remaining costs of the Diablo extension. Edison bills will increase by around $1.25 a month and SDG&E by 87 cents a month, while PG&E customers are expected to chip in $2.07 a month – and that’s just for the first year. Critics warn that costs are likely to increase in coming years to keep the plant running, and that’s on top of already skyrocketing PG&E rates that have doubled over the last decade. And if PG&E collects more funds than are needed for Diablo’s operations, they get to keep it!
"In 2022, when legislators pushed this through #SB846, the excuse of energy shortages was used due to pandemic-related supply chain issues and massive #wildfires. But today, there is plenty of energy being produced with increased #solar and #battery storage capacity that has kept the lights on even during this summer’s unprecedented heat waves driving up demand. The California Public Utility Commission’s own reporting shows that an additional 18,500 megawatts of new resources were added to the grid between 2020 and 2024, which is enough to power around 14 million homes. Another 11,000 megawatts will be added by 2028.
"Nuclear has the third highest lifecycle emissions of all energy sources after scrubbed #coal fired plants and natural gas – meaning it is far from being zero-emission. It also creates the unresolved issue of the #RadioactiveWaste which remains dangerous for tens of thousands to millions of years.
"Keeping the Diablo facility running will only hold back further development of safe and truly low-carbon, low cost renewable sources like solar and #wind energy.
"So why isn’t Diablo Canyon being decommissioned? The short answer is that #capitalism must ensure continued profits for the #InvestorClass.
"SB 846 authorized Diablo’s extension through 2030, and gave PG&E a $1.4 billion loan for the for-profit utility to facilitate the plant’s extension. #GovernorNewsom facilitated another transfer of taxpayer dollars to PG&E through an additional $400 million loan from the state’s general fund, included in the recent budget deal. Critics warn that these 'loans' will never be repaid, meaning residents will be fully subsidizing the Diablo extension – from federal and state tax dollars to our utility fees.
"But there is a way out. SB 846 allows the #CPUC to retire the plant earlier than 2030 if sufficient levels of new renewable zero-carbon energy resources exist, are interconnected, and meet demand, which is the case.
"CPUC has a long track record of serving PG&E’s interests, so intervention by the commission is unlikely. One example of many that demonstrates their close relationship: CPUC is not requiring PG&E to show how much of our utility bill actually goes to the Diablo extension, but instead lumps the cost in with 'public purpose programs,' making it impossible to determine.
"While communities are demanding an early shutdown of Diablo, PG&E is currently applying for a 20-year license renewal from the Nuclear Regulatory Commission [#NRC] for the facility, which is expected to be approved. This would mean customers will foot the bill to keep this dangerous nuclear facility running through 2045, far beyond the original expiration dates of 2024 and 2025.
"CPUC has proven their unwavering support time and again for PG&E’s monopoly control over the state’s energy system at the expense of residents’ safety and affordable rates. The Diablo Canyon nuclear plant is just another mechanism to squeeze ratepayers and line the pockets of shareholders who live far away from the dangers posed by this aging facility. Only a public takeover of this #corrupt utility can win clean, safe and affordable energy for all."
#PGAndE #RethinkNotRestart #NuclearCorruption #NuclearBailouts #RenewablesNow #NoNukes
#DiabloCanyonNuclearPlant
#NuclearPowerCorruptionAndLies #California #WaterIsLife #OceansAreLife
There's no telling how bad the situation really is. If they are willing to admit to $114 billion, how bad is it actually? Did you hear any MSM stories about this? I didn't. Everyone was hyped about the solar eclipse, which, yes, was cool and interesting. However, it was an event of a few minutes and I suspect it was trumped up by the media to paper over other stories.
https://medium.com/@sara_causey/throw-another-shrimp-on-the-bailout-barbie-125e651dfe0f
#thefed #lostbillions #inflation #bailouts #cronycapitalism #fedbailout #economy
#Russia producing three times more #artillery shells than #US and #Europe for #Ukraine
It's difficult to see this as anything other than wealthy countries being distracted and talking to themselves while a disaster slowly unfolds. Just like the #covid response, or the outrageous #bailouts after the 2008 banking crisis caused by the outrageous deregulation of finance, with the predictable and predicted results that we still live with today.
Canadian Journalism is Such an Unsustainable Mess, They Are Wholly Dependent on Government Bailouts
Government programs aimed at bailing out journalism outlets are set to expire next month. This led some reporters to fear another wave of layoffs.
When I was covering t
#Business #News #bailouts #BillC18 #Canada #government #journalism #Media #OnlineNewsAct
Couple of little nuggets I left out because I'm trying to be concise (ha), but they're so interesting:
1. The BEIC was able to unload tea in the American colonies because the English parliament, rather than let the company fail, bailed it out. Part of the bailout conditions were that they got a monopoly over tea sales in the colonies. Same as it ever was, eh?
2. BEIC agents who wrote letters and contacted the media (such as it was) to spread the word, and the outrage, about the completely unnecessary famine, were possibly the world's first whistleblowers.
Today on my podcast, I read my story "Moral Hazard," a madcap tale of #fintech, #inequality, #FinanceBros, #Wyoming, #homelessness and #bailouts , from "Communications Breakdown," a new book from MIT Press, edited by Jonathan Strahan, with stories from Elizabeth Bear, SB Divya, Chris Gilliard, Lavanya Lakshminarayan, Ken Macleod, Tim Maughan, Ian McDonald, Anil Menon, Premee Mohamed & Shiv Ramdas.
Episode:
https://craphound.com/stories/2023/11/12/moral-hazard-from-communications-breakdown/
MP3:
https://archive.org/download/Cory_Doctorow_Podcast_455/Cory_Doctorow_Podcast_455_-_Moral_Hazard.mp3
Anthology:
https://mitpress.mit.edu/9780262546461/communications-breakdown/
Ironic.
The rwnj, disfunctional, obstructionist #gop has claimed that they hate #bailouts
But all they've been doing on the news this week is weeping that the mean Dems won't bail them out.
Waaaaaambulance
#YouBuiltThis
#politics
So we just gonna let #JPMorgan get bigger and bigger and not think that's a problem? #firstrepublic #banks #bailouts #capitalism
https://reddit.com/r/funny/comments/12y48u0/robin_williams_brilliant_takedown_of_banks_in_the/ Robin Williams’ brilliant takedown of banks in the wake of the 2008 financial crisis. #RobinWilliams #Banks #bailouts
China is often the biggest bilateral creditor for low- and middle-income countries, and in March the International Monetary Fund approved a bailout for #SriLanka worth almost $3bn after China Exim promised support.
However, Chinese support is not cheap, with an average interest rate of 5%, compared to 2% for the #IMF.
#China spent $240bn on belt and road #bailouts from 2008 to 2021, study finds | #BeltAndRoad | The Guardian
https://www.theguardian.com/world/2023/mar/28/china-spent-240bn-belt-and-road-debts-between-2008-and-2021
It's apparently way too expensive to pay off tuition loans but quick, easy and affordable to bailout companies who had their money in uninsured accounts in #SVG
#bailouts #tuitionLoans #finance #economy
https://www.commondreams.org/news/billionaire-bailout-fdic-svb
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