Pelosi Pork derails virus relief bill again. Stock market train wreck ensues
WASHINGTON – The US Senate, thwarted by a barrage of pork-pies hurled by the Democrats, again failed to pass the third and final bill Monday afternoon to finalize the Federal government’s massive response to the coronavirus crisis. Making matters worse, House Speaker Nancy Pelosi, still fantasizing that she runs the Senate, revealed her far left party’s own PC- and pork-laden mess after 3 p.m. Monday afternoon. This punch list of horrors, weighed down with partisan Pelosi Pork and other disgusting naughty bits is an instant nonstarter in the Senate. Investors took one look, and another disastrous stock market train wreck ensued.
Active voting opportunities on this evolving coronavirus legislation apparently remain ongoing, according to ZeroHedge. But, notes ZH, Senate Majority Leader Mitch “McConnell says the delays could push the stimulus package to Friday.”
Pelosi Pork sends the final coronavirus relief legislation sends stocks down a black hole
That’s not what Mr. Market needed to hear after spending the afternoon flirting again with successive failed rally attempts. The hole was already dug too deep by the Democrats’ predictable last-ditch extortion attempt. The idea behind the Democrats’ last-minute extortion maneuver, as always, was to append a bucket list of Pelosi Pork and other partisan wish list items into a vital, must-pas bill like this one. No wonder this led to another stock market train wreck Monday.
The GOP usually gags at such tactic but then caves. (That’s why this country will never be without a permanent deficit again.) But so far, “Cocaine Mitch” McConnell is still holding firm against the Democrats. That remains true even though he seems to be losing member after GOP member to a series of coronavirus-forced 14-day self quarantines. On the other hand, he doesn’t have enough Republicans to shut off the Democrats’ Senate filibuster anyway, which requies 60 votes.
This following series of tweets, again via ZeroHedge, gives you a pretty good survey of the Democrats’ venality. After ticking off the key items of Pelosi Pork, the series concludes with a tweet listing the key items the Democrats have blocked. They insist on holding this lifeline legislation to American workers hostage to advance their clearly partisan Marxist agenda.
Three tweets tell you all you need to know about the economic results of Pelosi Pork
Here are just a few things Democrats are holding up the Coronavirus Relief Bill for:-Corporate Board Diversity-College Debt “relief”
-Canceling the debt of the Postal Service
-Same-day voter registration
-Requiring airlines to offset their emissions
— Alec Sears (@alec_sears) March 23, 2020
But wait! There’s more:
-Funding for community newspapers
-$100,000,000 for NASA’s environmental restoration group?
-Mandatory paid sick leave for every single business
-hiding the citizenship status of College Students from the Census Bureau
— Alec Sears (@alec_sears) March 23, 2020
$1,200-PP, $2,400-Couple, $500-Child
$250 Billion-Unemployment Insurance
$350 B-Small Business Loan Program
$20 B-Veterans Healthcare
$12 B-K12 Education
— pam425 (@pam4254) March 23, 2020
Another stock market train wreck devastates Wall Street Monday
As a result of today’s continuing partisan charade, stocks closed like a sickening, slow motion train wreck. And pretty close to their worst low of the day. Here’s today’s depressing Wall Street box score as of Monday’s 4 p.m. closing bell.
- The Dow closed at 18334.68, down 839 points for the day, ending with a -4.48% loss;
- The broad-based S&P 500 fared poorly but not as horrendously as the Dow, closing at 2237.40, down 67.42 Monday for a -2.93% loss;
- And finally, the tech-heavy NASDAQ, which actually spent a few moments in the green Monday, closed at 6860.67, down 18.84 points on the day, still thrown for a -0.27% loss at the close.
- As for the Democrats’ shenanigans on the Hill, this one is a movable feast, and remains ongoing as this column is written, so expect things to change rapidly one way for another. And watch for some of that Pelosi Pork to slip through.
What hasn’t changed for investors desperate to salvage their portfolios before they disappear is one simple fact: The Fed’s astonishing Mother of all QEs, announced this morning with the full intent to convincingly rally stocks, fell to ruin. Investors – and American voters as well – expected a quick, bullish add-on to achieve Senate passage in the form of the third and perhaps most important coronavirus relief bill. But the Democrats thwarted this necessary move.
So what happens if and when Congress actually finishes the final coronavirus relief bill?
So when, and IF, this third bill gets passed, it’s entirely possible that its intended psychological and fiscal impact will have been robbed of its force when it comes to persuading Mr Market to shake off the current horror show and at least stabilize with some upside bias.
Another opportunity missed, thanks to today’s fusillade of Pelosi Pork. In the coming days, we’ll see if the average American will be forced to suffer indefinitely due to the Evil Party’s fast-fading pro-socialist, anti-capitalist and anti-Trump fads.
– Headline image: Mid 19thcentury painting by A. Provost depicting the 1842 Versailles train wreck on the Paris-Versailles Line. Image via Wikipedia entry on Train Wrecks, is in the public domain.