russia-insider--2020-04-13--ADL and Other Jewish NGO's Loot Small Business Bailout While Americans Get Shafted (FTN Podcast Audi

ADL and Other Jewish NGO's Loot Small Business Bailout While Americans Get Shafted (FTN Podcast Audio + Transcript)

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The ADL and Jewish groups were demanding a $ 60 billion bailout .
They were lobbying Congress for this .
You had Eric Fingerhut .
That @ @ @ @ @ @ @ , the head of the Jewish Federation of North America , which is an alliance of more than 100 Jewish nonprofits , were lobbying for a separate $ 60 billion bailout .
They were lobbying GOP senators as well as Democrats .
And , you know , they are saying apply soon , said Eric Fingerhut .
The total pool of funds for organizations of 500 employees and under is 350 billion dollars .
Yeah , you got that right .
Congress did n't give the ADL and Jewish groups their own bailout @ @ @ @ @ @ @ bro , they just hook them up to the same pool of cash that we all get .
Yeah , and there are already big concerns about that not being enough money to cover everyone 's bases .
And when you think about these big organizations that want to take all this money for non-profits , which are not essential for fucking anything .
It 's ridiculous .
Yeah .
And this guy , he he is very revealing in the way he phrases this .
He says it 's almost ridiculous to @ @ @ @ @ @ @ of money , but there are 30 million small businesses in the country and one and a half million non-profits .
So we better hurry up and snap up this cash before the filthy goyim .
All those contractors and people who build things and make things and fix things in the mechanics and the masons and everything .
Yeah , all those filthy guys get their hands on our cash .
This is what we 're entitled to .
Right .
Exactly .
So Jewish groups credited and they gave some credit @ @ @ @ @ @ @ inclusion of non-profits .
Chief among them , Marco Bubble Bath Rubio , who chairs the Small Business and Entrepreneurship Committee , and Ben Cardin of Maryland , who is Jewish .
From the start , I have been committed to ensuring nonprofits and religious institutions have access to the critical funding they need to support our local communities during a Corona virus pandemic , Rubio said .
An email .
Cardin We we 're doing the same for non-profits .
As for small businesses , we 're saying keep your payroll , @ @ @ @ @ @ @ need you .
The services you provide are so essential .
Like the ADL and all these other fucking Jew groups , two leading Orthodox organizations , the Orthodox Union in the Argue Doeth Israel of America praise senators for ensuring that private schools will be eligible to apply for the same stimulus money as all of the other businesses ?
Of course .
Cardin , who is Jewish , said that 's a no brainer , right ?
Mark Baine , president of the Orthodox Union , said the provisions will enable @ @ @ @ @ @ @ .
More attention can and must be focused by Washington on America 's Jewish charities , which are already being strained by reduced donations at a time when demand is so great .
We will continue to grow as this pandemic worsens .
The charitable sector can and will continue to help those who depend on us , whether our social welfare services , education , health or spiritual sustenance .
Right .
If you were interested , like I look bailing out some like you have to be very specific here .
@ @ @ @ @ @ @ some organizations , for example , organizations that are food banks .
Right .
People that are helping people get through this crisis or those that provide service to seniors so they do n't have to leave their homes .
These are non-profit organizations , which there are a few of them , but these provide valuable services .
I would be okay with as long as it 's very well-managed with some of these organizations receiving funds so they can continue operations right now .
It 's not not not not Jewish @ @ @ @ @ @ @ advantage .
They would take advantage of this , too .
They would just say , oh , we 're taking this bailout to provide the community with food .
We 're providing a public service , and then it 's just like laundering it through organizing .
So they just hooked these Jewish groups up to this fund , three point forty nine billion dollar fund .
And I rather would have had them carve it out for them .
And you see why they did n't .
Right .
Like in @ @ @ @ @ @ @ name ?
Cuomo is asked what the next bill that 's gon na be coming out of the New York Senate is , is an anti-Semitism bill .
And you have Henry Kissinger like getting upset in writing OP .
Ed 's about how the world order is crumbling and we have to save it or the whole thing 's gon na catch on fire .
You have Jews basically in every corner schvitzing about this and is severe , eerily reminiscent of 2008 .
But it 's gon na be a lot @ @ @ @ @ @ @ quickly .
They do n't like when things happen quickly .
That 's why they try to slow things down over time .
One of the reasons one of the theories people have about Trump in the whiplash .
I think it 's just chaos and whiplash and stupidity and listening to one person one day and one other person the next day .
But somebody theorized that they did n't want to come right out and say , yeah , a quarter million people are gon na die .
They do want @ @ @ @ @ @ @ because it would be too much of a shock .
But they ca n't .
Control big line crashing in that way , and it really scared a lot of people .
And I think by putting something explicit in the bailout bill that said the ADL and Jewish groups are gon na get $ 60 billion , which is what they lobbied for .
They sent a joint letter , the ADL and the Orthodox Union , the Jewish Federations of North America , the JCC , Hadass , all these groups @ @ @ @ @ @ @ billion dollars .
And they asked for a whole bunch of other stuff , too , but they did n't get it .
They just .
Instead , they hooked it up to the main fund that we 're all plugged into .
And , you know , we 're all eligible for and whatnot .
And they 're saying , you know , feed yourselves out of that , too .
And here you have Eric Fingerhut again prior to the passage .
This is before the stimulus got passed .
He @ @ @ @ @ @ @ about set asides for the airline industry or hotels or tourist industries who have been so impacted by this .
But people do n't appreciate the extent of the role that the non-profit sector plays in America 's civil society , providing basic services to citizens and being in the first line of support .
If the country were to allow the nonprofit sector to fail or to significantly diminish , we would feel the impact of that across every aspect of society , in every religious and ethnic community , in every @ @ @ @ @ @ @ like you just keep any community of any kind .
We all know you 're talking about Jews .
Fingerhut We all know who you 're talking about .
When you say ethnic community and religious , it 's you .
That 's what you want .
A carveout .
Airlines , why not the Jews ?
That 's what they 're upset about .
You had Orthodox Union executive director Nathan Diament , who was apparently a Jew , said he was thankful to congressional leadership for the stimulus bill , but @ @ @ @ @ @ @ kept in the final bill .
And it 's like cause you 're not getting one because you guys like this is this is getting to be one of those times where people start to point fingers .
It 's funny how these people totally switch tactics on the flip of a switch , right ?
Light switch tactics .
It 's what , full speed in one direction ?
Full speed in the other direction .
I mean , they 've gone from you .
Remember that Mikey Weinstein like schvitzing about @ @ @ @ @ @ @ with Jesus on it .
And , oh , the separation of church and state is very important now , too .
Yeah .
The bag is $ 60 billion for us to our synagogue in CEPR .
Ability of church and synagogue must be maintained , right ?
Well , it 's the thing .
It 's like .
I mean , people have to realize that like Jews are not a monolith .
It 's like the question that always get asked , like , what is n't Donald Trump just @ @ @ @ @ @ @ our father , because Donald Trump is part of a minority interest in Judaism .
Chabat looooove Lubavitch is a jig gnat 's and the jig are a minority in terms of what the broader Jewish diaspora that is in power wants .
And so that 's one of the reasons why they want Trump gone .
It 's one of the reasons why you had Jew coup going on .
And it 's also why you have a lot of these Orthodox organizations demanding special carve outs for themselves .
And the @ @ @ @ @ @ @ power structure , like .
No .
But we have a great solution .
We 're just going to hook you up to the trough where all the goig are and you can take money from them .
That was a solution .
Exactly .
And the thing is , they almost do n't need the .
They do n't need the carve out to get to get all of this money because they have get ethnic network .
Right .
They get more their businesses can get can get more .
And @ @ @ @ @ @ @ network that all of them are getting the text or the email or the alert .
The minute this is put into the bill , so they can be the first in line to apply for these things .
And they have absolutely no shame about signing up for these and getting the bag .
And they have the one guy who owns who owns , quote unquote , four businesses and three non-profits .
And he 's signing up for bag after bag after bag .
So these people are getting it @ @ @ @ @ @ @ do whatever they can to maximize their return and suck as much out of this system that is designed for businesses like businesses you may own .
If you listen to that owns a business , there are going to be sucking this thing dry .
All of their people are .
And there 's no reason there 's no reason why you should n't as well , why you should n't get in on this .
This is for you .
Then you had Steven Klein , Stephane Klein , apparently , @ @ @ @ @ @ @ same federation that Eric Fingerhut is the CEO of .
And he called it pretty significant , this achievement of getting all this money allocated in a way that it has been allocated .
It 's never had me for .
He 's right .
Like there 's never been just like a bread line for actual bread , like getting the natural bread and opening it up in the way that it has .
And he said the breath that the Jewish community would be able to .
Take advantage of this @ @ @ @ @ @ @ .
That 's Stefan Klein .
He says layoffs by Jewish organizations could spark a vicious cycle that to provide that deprives other Jewish groups of fees from those people .
Once when somebody has no money , they ca n't pay for synagogue membership .
JCC membership day school tuition .
How about fucking food ?
Stefan , how about people who ca n't pay for food ?
Not like your day 's school tuition .
That 's incredible .
I know churches .
I 've never heard of a church charging @ @ @ @ @ @ @ n't surprise me at all that synagogues charge membership fee to go .
Well , they have to enforce like tithing .
It 's like enforced tithing .
I do n't know much about it , but yeah , it 's like , you know , in a white world , they like suggests that you donate 10 percent of your income to the church and they mandate it .
But this is how they maintain a lot of their political power .
I mean , this is how this is done .
@ @ @ @ @ @ @ ADL has 90 million dollars in assets on paper .
And really the money is endless .
Like they 're not going to go broke .
If the ADL had like one dollar on paper , there 's just gon na be endless , endless amounts of money shelled out , shelled out for them by donors like they 're never going to go dry .
But they were the ones demanding a separate bailout for Jewish groups .
And the list of non-profits that was included .
All good stuff .
Israel @ @ @ @ @ @ @ 's Zionist Organization of America .
This is the one that Bloomberg , Michael Bloomberg 's mother , was heavily involved in and the Union of Orthodox Jewish Congregations of America .
ADL has added its voice to a letter signed by a coalition of 200 of these Jewish nonprofits to get the 60 billion in emergency stimulus .
But of course , they got the 359 instead .
And you have these rollout issues that happened .
The first big problem here is that they delegated all of the lending authority directly @ @ @ @ @ @ @ to handle the influx of customers .
What they should have done instead was set up a portal , fucking run it and give the loans directly to people from the Treasury .
And that 's simple .
That 's what they should 've done .
But instead , they ran it through the banks .
And the Treasury Department , courtesy of Steve Manoogian , did not send guidance to the banks until very late Thursday night , April 2nd .
The program went live Friday morning at 9 a.m. and it @ @ @ @ @ @ @ without the guidelines that we had for the weekend show that we put out there , it was left up to the banks to decide whatever guidelines they wanted to do .
And so Bank of America , which is the second largest bank in America .
Wells Fargo and others , added guidelines that were above and beyond the government 's guidance .
And some of them were about as Jewish as you can possibly imagine , including that you have to have an existing loan or credit line with the bank @ @ @ @ @ @ @ was established by the government and the law in the stimulus .
But they 're saying that you had to have a loan or a credit card in order to apply for another loan .
If you 're in trouble .
So if you are a business that was a very shrewd operation , well maintained , never took out any loans .
You 're fucked .
You ca n't get a loan because remember , this was first come , first serve .
There was a flood of people when the gates @ @ @ @ @ @ @ they 're going to line them up in the way that they want .
Behind the scenes .
But , you know , publicly , they 'll say it was first come , first serve .
But if you did n't meet the odorous qualifications set forward by Bank of America , Wells Fargo and many , many others .
There 's like 2000 banks that were able to lend under this program .
You were pushed out .
Your application was denied because you did n't meet these criteria .
And so @ @ @ @ @ @ @ to favor people who are already in debt with their institution , they funneled small business loan applicants through the regular fucking trees so they would make app .
I do n't know if anybody has called the bank in the last couple weeks , but you 're gon na be on hold for a long fucking time , especially if you 're going through like the general number to talk to somebody about a mortgage or about like Dilek deferring a payment or something or getting your overdraft fees removed because you @ @ @ @ @ @ @ you have to wait in line for hours .
It 's no special small business hotline .
Unless your platinum level right , then you get premium access , white glove service and yadda , yadda , yadda .
I 'll pause there because there 's like so much shit with this .
And then , yeah , it 's like very raging with Wells Fargo .
Yeah .
And this this alone on its faces and raging .
And you .
You look at many of these banks , right .
2000+ @ @ @ @ @ @ @ this program .
And many of these are small or regional banks .
Right .
Or local banks .
And these these banks , they do n't have the staff .
First of all , the nearly the staff at a Wells Fargo or Bank of America do .
And when you have this scattershot approach being taken , you 'll have businesses right there that are aware of this , that are aware this is first come , first serve , and they 're going to put in their application at multiple @ @ @ @ @ @ @ , maybe they 're not supposed to technically , but this is what they what they think they have to do because they know there is a finite amount of of application applications that can be approved at any bank .
And what you had is is within a few hours , actually , of this this program going live in many for many of these smaller regional local banks .
They were done .
They they turned it off and they said , all right , well , we 've you know @ @ @ @ @ @ @ staff is like a thousand people and we 've received five thousand applicants already .
So we 're gon na have to take a lot of time to process this .
And it 's just so much unnecessary work being created right now , not only for the banks , but for the business owners that are having to go through this odorous process over and over and over again just so they can get this very basic federally guaranteed paycheck protection loan .
It 's ridiculous .
And it is not what @ @ @ @ @ @ @ .
And it 's not just that .
It 's it 's that like let 's say that you 're like most businesses are n't gon na have bank business banking at multiple banks unless you 're unless you 're like a larger company , you 're gon na have a few , maybe one that you deal with and for payroll and everything , like why would you have multiple bank accounts ?
It 's just , does n't it ?
It does n't make sense .
I mean , I 'm @ @ @ @ @ @ @ come up with for that .
But like , let 's just assume that you 're a guy with 50 employees or less and you 're managing a lot of this stuff either in an automated way or whatever .
And one of the guidelines is , is that you ?
Now , the federal guideline is that you have to have been in business as of February 15th , 2020 .
And I think people can understand why that makes sense .
I think people can understand why you have to have @ @ @ @ @ @ @ existing bank account and be in existence as a business sensitive to get this .
I think I think it 's obvious , like you ca n't just be like , all right , show up and on , your honor .
We 'll just give you what it 's always gon na be fraudulent .
So I understand having basic guidelines , but what the banks did was said , OK , well , in order to be in existence , you have to have a bank account with us to be @ @ @ @ @ @ @ a bank account with that bank and that 's the only bank you have a bank account with and you are at the back of their line or you do n't meet some prioritization set aside by that bank arbitrarily , you ca n't go to another bank to get the loan right .
Whereas if this rolled up directly to the federal government , to the Fed , the Treasury to print , to just give you a check alone at net , no interest or at the interest rate that they @ @ @ @ @ @ @ zero , then you would n't it would n't cause any issue at all .
Like the IRS can process everybody 's tax return .
There 's no reason that they ca n't process what would amount to a tax credit , even though they should n't call it that .
Because we do n't want to tax credit .
We want the bag .
They could have easily done that .
But what they did was they headed off to the bank .
So there 's more to this , though .
@ @ @ @ @ @ @ you 're railroaded into going through your bank , and if your bank sucks , then you are screwed .
And if your bank sucks and it 's run by Jewish CEO Charles Sharf , Jesus Christ , who decided on his own , he is the CEO of Wells Fargo .
Decided on his own that they were going to prioritize non-profits and also small businesses with 50 employees or less and whatnot , but really nonprofits and they list , say , non-profits first in their fucking press release , even @ @ @ @ @ @ @ it 's local butcher 's hands , it starts with an N and small business starts with an S. So it 's alphabetical .
OK , fine , but small .
This is a small business bailout .
It is not fucking Jonathan Green Black 's fucking bailout , but they want to put non-profits first .
That 's what they do .
And this is what they did .
Wells Fargo .
Wells Fargo .
Press release .
Wells Fargo .
Listen how Jewish the title of his press releases .
But @ @ @ @ @ @ @ and you got it .
Like if you 're if Wells Fargo is your bank and this is your entire business and your employees and everybody is hanging on this and you thought you were gon na get like an emergency , 10 grand to make payroll and then , you know , maybe cover rent or whatever .
And this is the message that you get from your bank .
Wells Fargo receives strong interest in paycheck protection program .
Strong interest rate like you think the content of that press releases @ @ @ @ @ @ @ lot of people interested in this and the news can only be good , right ?
Wrong .
Wells Fargo announced today , this is Friday , the day that this opened , that it is targeting to distribute a total of $ 10 billion to small business customers under the requirements of the peopIe and will focus on serving two segments of its customer population , nonprofits and small businesses with fewer than 50 employees .
What if you have 51 employees and you 're fucked ?
The company has received forms @ @ @ @ @ @ @ that it expects will fill the company 's capacity to lend .
Under the program , record scratch .
What 's that all about ?
As it continues to operate under existing asset cap limitations today the company continues to operate in compliance with an asset cap imposed by its regulator due to actions of past leadership .
While we were actively working to create balance sheet capacity to lend , we are limiting in our limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit @ @ @ @ @ @ @ we are n't taking any more applications like say goodbye to your fucking business .
Good night .
That 's it .
You 're gon na have to lay off your employees .
And why ?
Well , because Wells Fargo was doing the fake account bullshit scheme a while back .
And , you know , that 's why they have an asset cap lending restriction by the federal government .
What 's funny about this , James , is that they did n't tell anyone this .
They have n't said @ @ @ @ @ @ @ the press releases to give you bad news , but they do n't give you the bad news in advance so that you can say , yeah , you know what , fuck Wells Fargo .
And that 's what people probably should say .
And they are saying that actually there are people who are basically bent abandoning Wells Fargo .
But if you 're a Wells Fargo banking customer and you 've had an account prior to February , every 15 , 20 , 20 , even a business three years @ @ @ @ @ @ @ .
If they hit their ability to lend , if they hit the asset cap , you 're fucked .
You ca n't go open a bank account and apply for this loan somewhere else .
You 're just fucked .
Unless the Fed decides to lift the asset cap , which is what Wells Fargo is pushing for now .
But otherwise , it 's like and then you 're under shaft 's guideline of prioritizing non-profits .
So what what does that mean ?
Like , let 's say that they @ @ @ @ @ @ @ Would you say , James , thousand loans , five thousand applicants .
Let 's say they got five thousand applicants and four thousand nine hundred and fifty of those are non-profits and a handful of small business we think shirreffs going to do .
You think he 's going to leave one Jewish NGO out to dry one ?
You think that 's gon na happen ?
Yeah , no doubt it .
Yeah , I have my doubts and also what they can do when they say we 've reached our @ @ @ @ @ @ @ guarantee they are going to fund every one of these loans .
Right .
So they can now begin reviewing these and , you know , do the sort the list and , you know , do the search for the Stine 's in the black .
So the Steins and the Golds and Silvers and make sure they 're taken care of and and then .
Yeah .
You know , everybody else .
Maybe you 'll you 'll be guaranteed a loan .
Maybe not .
But the funny thing is @ @ @ @ @ @ @ were to be lifted by the Fed , you can guarantee that Wells Fargo would not only then extend credit beyond that asset cap to cover TBP loans .
They would be .
They would go back to what they were doing before .
To what all of these banks were doing before , which is by I mean trading , swapping securities , bundling securities , making essentially essentially gambling .
Right .
Essentially doing the legalized gambling .
These banks are so want to do and which , of course , @ @ @ @ @ @ @ that activity at any point except unless you 're one of the bankers .
And when the whole system comes apart , the losses are socialized and you have to pay for it .
So , yeah , I mean , this is egregious .
What 's happening here is egregious .
And there are plenty of people who plenty of people who own businesses that Wells Fargo has been their only bank .
And I mean , there are Wells Fargo banks in most towns in America .
Right .
And so @ @ @ @ @ @ @ bank that 's in town and they 've also been very aggressive in their buyout strategies , they have bought out a number of former local and community banks .
And this is what you 're left with .
You 're left with being at the end of their line and not even now being able to to queue in their line .
You 're stuck .
They 're just , you know , just wait for the email .
We 'll send you an email .
And it 's just gon na @ @ @ @ @ @ @ like this this .
We ca n't we ca n't help you .
And of course , they did n't their portal did n't even open the day that it was supposed to .
So , you know , people are planning to apply and then they they do n't open .
And then you have the small business application platform was crashing .
He could banks could n't access the SBA platform .
You had businesses consistently reporting issues , accessing application forms .
Banks could n't get to the SBA application @ @ @ @ @ @ @ totally fucked .
And of course , if you 're a Jewish NGO , you do n't have to be subjected to these glitches like you have the white glove platinums service .
You have a phone call with a private wealth management broker who is going to handle you from start to finish .
And you know , these banks , the thing the most confounding thing about this is that like I understand like never underestimate first of all , like the level of fuckery , like you can see this @ @ @ @ @ @ @ horns blow in and you 're just like , yeah , this is gon na be fucking shitty .
And then you pull back the curtain on it .
And it 's just it 's just about as bad as you could imagine when you roll up like the ADL demands and what they actually did and then what they 're doing with the rollout and the people that are n't getting their loans like , nope , nobody either .
They said they 've given two hundred twenty five thousand loans so @ @ @ @ @ @ @ stories of people who ca n't get what they need .
Now , if it was the ADL or any of these others Jewish groups that were having glitches and problems with platforms crashing , you know , God damn well .
Greenblatt would be sending out like big mailers to everybody complaining , banging down doors virtually on Capitol Hill , demanding this get corrected right away .
But he does n't care .
Like , it 's actually good that the platforms are crashing because that means that people who they @ @ @ @ @ @ @ all , that they want out of business , that they 've tried to buy out and put out of business with private equity over the last four decades .
They do n't want those people getting access to what amounts to a life preserver to keep their business afloat .
They want those people buried in the ground and they 're happy for that .
Absolutely .
And that 's the that 's , again , speaks to the fact that these groups , these non-profits do n't actually need these loans @ @ @ @ @ @ @ as just extra free cash that has the added advantage from their perspective of basically being stolen off the plate of some filthy goyim .
So , I mean , this from their perspective is just , you know , could take it or leave it there , but they would like to have it .
They are not in the position that many of these business owners or independent contractors are where they are under the gun .
Right .
And they looked at this and and were ecstatic .
And I @ @ @ @ @ @ @ had the same feeling , who told me when when the bailout package was poverty .
I feel like you like Tony Robbins .
I 've spoken to many business owners about this on an extensive basis .
And they all say one thing .
Yeah , right .
Yeah .
Doing my my Dave Ramsey impression here .
But no .
Yeah .
I mean people .
Well , we 're coming to me and saying , look , look , look .
Trump did this , is n't this great ?
@ @ @ @ @ @ @ these are the people that are counting on this package to be able to make payroll next month , to be able to keep literally keep the lights and heat on next month .
And they are still waiting right there , still waiting by the phone to get a callback from the bank , to get a callback from the SBA .
Whoever , whatever rigamarole they 're having to deal with .
And , you know , they 're the ones that are actually going to suffer here from this this @ @ @ @ @ @ @ , of course , on purpose .
Yeah , it is .
And it 's it 's done on purpose .
But it boggles the mind to because they 're going to make so much money off of this .
I mean , the U.S. government is paying banks to facilitate these SBA loans .
And the banks are going to be making billions as a result .
They needed to incentivize the banks , obviously , but they did n't see this as like more money that could have just gone like @ @ @ @ @ @ @ 've just loaned directly to the American people and do the same qualifications , like whatever .
But but people would have gotten their money faster and they would n't have to pay the banks a fucking premium to write it up .
Exactly .
And that 's the thing is they have also this is the BPP we 're talking about .
There 's also the what the E IDL emergency disaster loan .
Right .
And that 's the one that you apply for directly to the SBA if you apply @ @ @ @ @ @ @ .
But in the numbers and .
And you know , that 's how that application works .
There 's no reason why that could not have been the case for the P.P .
as well .
The only difference being it 's a it 's a larger sum of money , money for most businesses that will qualify .
So why not just do it through that ?
And and it 's not as if this is a new novel infrastructure that has to be built because you can pay your taxes @ @ @ @ @ @ @ online like there 's an absolutely zero legitimate reason why it had to be done this way .
None at all .
It 's like they picked the process that was going to work the best for them .
It makes the banks a lot of money .
They get all the fees from it .
And they had to construct this in such a way where like , you know , it 's like you 're going to hand out free tickets or give like something for free .
Like there 's @ @ @ @ @ @ @ get the opportunity to get those prices first .
Right .
But like , you know what ?
Black Friday after Thanksgiving have people camping outside of Best Buy in like what not .
I mean , do you think anybody , like , you know , people who have enough money , obviously , and just buy like whatever they want , but nobody has like these groups have to wait in line for this and they 're still gon na rake in the fees and they do n't give a shit @ @ @ @ @ @ @ taking in money to the same sort of engine .
It 's all being ingested into this .
Like very few low Semitic Appert financial apparatus which is fusing with the federal government with each passing day .
If you listen to our deep dive on BlackRock a couple episodes ago and even last weekend , we went went back to the well on BlackRock .
But you have the Bank of America 's application volume is accounting for 10 percent of that $ 350 billion allocated for the small business relief .
@ @ @ @ @ @ @ from one hundred seventy seven thousand small businesses .
As of Monday and you know , this is leaving customers wondering why .
Like I said , why did Wells Fargo not let people know about its lending limitations sooner , especially since it had been operating with this asset cap in place since 2018 ?
Of course , Wells Fargo could not be reached for comment on that or the Fed 's program .
But , of course , just doing the flashback .
Of course , they had this this fake @ @ @ @ @ @ @ what this Wells Wells Fargo , this is settled just last week .
Wells Fargo agreed to pay a combined three billion dollars to the Justice Department and to the S.E.C.
, which is the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016 .
The fine is among the largest corporate penalties reached during the Trump administration .
Donald ?
It 's like Donald Trump did n't have anything to do this .
And besides , it 's like , is that enough ?
@ @ @ @ @ @ @ .
Five hundred million will go to the S.E.C .
under this settle .
I guess the what the other two and a half billion goes what to the ADL , James and other words like justice just disappears .
The leaders go balance sheet .
If five hundred million is going to the S.E.C .
and they said 3 billion , it 's going to DOJ and S.E.C.
, then guess basically 2.5 billion is going to the ADL .
Like that is like true .
That 's not a lie .
@ @ @ @ @ @ @ would be really politically popular ?
I mean , and look at not to do the bit where it 's like total please lutely dragging on the pant leg .
Like total , please .
But what would be Hilaire ?
What would be great would be in this case .
It 's not the pant leg .
It 's like clinging to mother 's apron strings at this point , just like dangling from Donald 's apron strings .
Please , please , I can help you .
Yeah .
No , @ @ @ @ @ @ @ OK. Just take the total amount of Wells Fargo account olders divide that 3 billion by whatever that number is and just stroke a fucking check .
Well , roll it .
Roll this into the bailout to the SBA bailout program .
I mean , yeah , there 's so much that could be done here .
There is a class action lawsuit that I think took place .
And in each account , holder is entitled to approximately fifty seven cents .
So it 's going to be a huge payout @ @ @ @ @ @ @ subjected to this and had had accounts opened in their name , like that 's what was going on .
It 's like if you had a checking account at Wells Fargo , they would open up a savings and a credit line and all this other shit because they were incentivizing their employees to open accounts by like giving them a payout so they would do .
What do you think happened when you have did n't do nothings ?
Here are your bank representative in the bank .
What do you @ @ @ @ @ @ @ get that spiff .
And guess who 's more than willing to look the other way ?
All of the Jewish managerial class within that bank .
So , yeah , this is from the SCC .
Wells Fargo repeatedly misled investors , including through a misleading performance metric about what it claimed to be the cornerstone of its community bank business model and its ability to grow revenue and earnings , said Stephanie Avakian , the co-director of the S.E.C .
Division of Enforcement .
So , yeah , that 's that @ @ @ @ @ @ @ people who are currently fucking you over right now .
This is the people that are now prioritizing via Charlie Scharff nonprofits over small businesses .
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How Hostile Foreign NGOs Raided the Small Business Bailout Fund was automatically transcribed by Sonix with the latest audio-to-text algorithms. This transcript may contain errors. Sonix is the best audio automated transcription service in 2020. Our automated transcription algorithms works with many of the popular audio file formats.
The ADL and Jewish groups were demanding a $60 billion bailout. They were lobbying Congress for this. You had Eric Fingerhut. That's his fucking name's Eric Fingerhut, the head of the Jewish Federation of North America, which is an alliance of more than 100 Jewish nonprofits, were lobbying for a separate $60 billion bailout. They were lobbying GOP senators as well as Democrats. And, you know, they are saying apply soon, said Eric Fingerhut. The total pool of funds for organizations of 500 employees and under is 350 billion dollars.
Yeah, you got that right. Congress didn't give the ADL and Jewish groups their own bailout fucking based. Right. No, bro, they just hook them up to the same pool of cash that we all get. Yeah, and there are already big concerns about that not being enough money to cover everyone's bases. And when you think about these big organizations that want to take all this money for non-profits, which are not essential for fucking anything. It's ridiculous.
Yeah. And this guy, he he is very revealing in the way he phrases this. He says it's almost ridiculous to say this isn't a large amount of money, but there are 30 million small businesses in the country and one and a half million non-profits. So we better hurry up and snap up this cash before the filthy goyim. All those contractors and people who build things and make things and fix things in the mechanics and the masons and everything. Yeah, all those filthy guys get their hands on our cash. This is what we're entitled to. Right.
Exactly. So Jewish groups credited and they gave some credit to an array of senators for the inclusion of non-profits. Chief among them, Marco Bubble Bath Rubio, who chairs the Small Business and Entrepreneurship Committee, and Ben Cardin of Maryland, who is Jewish. From the start, I have been committed to ensuring nonprofits and religious institutions have access to the critical funding they need to support our local communities during a Corona virus pandemic, Rubio said. An email. Cardin We we're doing the same for non-profits.
As for small businesses, we're saying keep your payroll, be there because we're going to need you. The services you provide are so essential. Like the ADL and all these other fucking Jew groups, two leading Orthodox organizations, the Orthodox Union in the Argue Doeth Israel of America praise senators for ensuring that private schools will be eligible to apply for the same stimulus money as all of the other businesses? Of course. Cardin, who is Jewish, said that's a no brainer, right? Mark Baine, president of the Orthodox Union, said the provisions will enable the nonprofit sector to help stay afloat.
More attention can and must be focused by Washington on America's Jewish charities, which are already being strained by reduced donations at a time when demand is so great. We will continue to grow as this pandemic worsens. The charitable sector can and will continue to help those who depend on us, whether our social welfare services, education, health or spiritual sustenance.
Right. If you were interested, like I look bailing out some like you have to be very specific here. If you wanted to give funds to some organizations, for example, organizations that are food banks. Right. People that are helping people get through this crisis or those that provide service to seniors so they don't have to leave their homes. These are non-profit organizations, which there are a few of them, but these provide valuable services. I would be okay with as long as it's very well-managed with some of these organizations receiving funds so they can continue operations right now.
It's not not not not Jewish organizations and Jewish organizations. You take advantage. They would take advantage of this, too.
They would just say, oh, we're taking this bailout to provide the community with food. We're providing a public service, and then it's just like laundering it through organizing. So they just hooked these Jewish groups up to this fund, three point forty nine billion dollar fund. And I rather would have had them carve it out for them. And you see why they didn't. Right. Like in a time where when what's his name? Cuomo is asked what the next bill that's gonna be coming out of the New York Senate is, is an anti-Semitism bill.
And you have Henry Kissinger like getting upset in writing OP. Ed's about how the world order is crumbling and we have to save it or the whole thing's gonna catch on fire. You have Jews basically in every corner schvitzing about this and is severe, eerily reminiscent of 2008. But it's gonna be a lot worse because it's happening much more quickly. They don't like when things happen quickly. That's why they try to slow things down over time. One of the reasons one of the theories people have about Trump in the whiplash. I think it's just chaos and whiplash and stupidity and listening to one person one day and one other person the next day. But somebody theorized that they didn't want to come right out and say, yeah, a quarter million people are gonna die.
They do want to come right out and say that because it would be too much of a shock. But they can't. Control big line crashing in that way, and it really scared a lot of people. And I think by putting something explicit in the bailout bill that said the ADL and Jewish groups are gonna get $60 billion, which is what they lobbied for. They sent a joint letter, the ADL and the Orthodox Union, the Jewish Federations of North America, the JCC, Hadass, all these groups sent this letter to Congress demanding 60 billion dollars.
And they asked for a whole bunch of other stuff, too, but they didn't get it. They just. Instead, they hooked it up to the main fund that we're all plugged into. And, you know, we're all eligible for and whatnot. And they're saying, you know, feed yourselves out of that, too. And here you have Eric Fingerhut again prior to the passage. This is before the stimulus got passed. He said this seems to be no controversy about set asides for the airline industry or hotels or tourist industries who have been so impacted by this.
But people don't appreciate the extent of the role that the non-profit sector plays in America's civil society, providing basic services to citizens and being in the first line of support. If the country were to allow the nonprofit sector to fail or to significantly diminish, we would feel the impact of that across every aspect of society, in every religious and ethnic community, in every community of any kind. It's like you just keep any community of any kind. We all know you're talking about Jews.
Fingerhut We all know who you're talking about. When you say ethnic community and religious, it's you. That's what you want. A carveout. Airlines, why not the Jews? That's what they're upset about. You had Orthodox Union executive director Nathan Diament, who was apparently a Jew, said he was thankful to congressional leadership for the stimulus bill, but was disappointed that these provisions were not kept in the final bill. And it's like cause you're not getting one because you guys like this is this is getting to be one of those times where people start to point fingers.
It's funny how these people totally switch tactics on the flip of a switch, right? Light switch tactics. It's what, full speed in one direction? Full speed in the other direction. I mean, they've gone from you. Remember that Mikey Weinstein like schvitzing about how Air Force bases were selling candy with Jesus on it. And, oh, the separation of church and state is very important now, too. Yeah. The bag is $60 billion for us to our synagogue in CEPR. Ability of church and synagogue must be maintained, right?
Well, it's the thing. It's like. I mean, people have to realize that like Jews are not a monolith. It's like the question that always get asked, like, what isn't Donald Trump just going to stay president? God, our father, because Donald Trump is part of a minority interest in Judaism. Chabat looooove Lubavitch is a jig gnat's and the jig are a minority in terms of what the broader Jewish diaspora that is in power wants. And so that's one of the reasons why they want Trump gone. It's one of the reasons why you had Jew coup going on.
And it's also why you have a lot of these Orthodox organizations demanding special carve outs for themselves. And the more sober minded components of the Jewish power structure, like. No. But we have a great solution. We're just going to hook you up to the trough where all the goig are and you can take money from them. That was a solution.
Exactly. And the thing is, they almost don't need the. They don't need the carve out to get to get all of this money because they have get ethnic network. Right. They get more their businesses can get can get more. And they also have such a strong ethnic network that all of them are getting the text or the email or the alert. The minute this is put into the bill, so they can be the first in line to apply for these things. And they have absolutely no shame about signing up for these and getting the bag.
And they have the one guy who owns who owns, quote unquote, four businesses and three non-profits. And he's signing up for bag after bag after bag. So these people are getting it right. These people are going to do whatever they can to maximize their return and suck as much out of this system that is designed for businesses like businesses you may own. If you listen to that owns a business, there are going to be sucking this thing dry. All of their people are. And there's no reason there's no reason why you shouldn't as well, why you shouldn't get in on this. This is for you.
Then you had Steven Klein, Stephane Klein, apparently, who is the interim director of the same federation that Eric Fingerhut is the CEO of. And he called it pretty significant, this achievement of getting all this money allocated in a way that it has been allocated. It's never had me for. He's right. Like there's never been just like a bread line for actual bread, like getting the natural bread and opening it up in the way that it has. And he said the breath that the Jewish community would be able to. Take advantage of this program is immense and is really needed. That's Stefan Klein. He says layoffs by Jewish organizations could spark a vicious cycle that to provide that deprives other Jewish groups of fees from those people.
Once when somebody has no money, they can't pay for synagogue membership. JCC membership day school tuition. How about fucking food? Stefan, how about people who can't pay for food?
Not like your day's school tuition. That's incredible. I know churches. I've never heard of a church charging membership, but I and it doesn't surprise me at all that synagogues charge membership fee to go.
That's great.
Well, they have to enforce like tithing. It's like enforced tithing. I don't know much about it, but yeah, it's like, you know, in a white world, they like suggests that you donate 10 percent of your income to the church and they mandate it. But this is how they maintain a lot of their political power. I mean, this is how this is done. But yet, you know, the ADL has 90 million dollars in assets on paper. And really the money is endless. Like they're not going to go broke. If the ADL had like one dollar on paper, there's just gonna be endless, endless amounts of money shelled out, shelled out for them by donors like they're never going to go dry. But they were the ones demanding a separate bailout for Jewish groups.
And the list of non-profits that was included. All good stuff. Israel of America, Hadassah, the Women's Zionist Organization of America. This is the one that Bloomberg, Michael Bloomberg's mother, was heavily involved in and the Union of Orthodox Jewish Congregations of America. ADL has added its voice to a letter signed by a coalition of 200 of these Jewish nonprofits to get the 60 billion in emergency stimulus. But of course, they got the 359 instead. And you have these rollout issues that happened. The first big problem here is that they delegated all of the lending authority directly to the banks who were not ready to handle the influx of customers.
What they should have done instead was set up a portal, fucking run it and give the loans directly to people from the Treasury. And that's simple. That's what they should've done. But instead, they ran it through the banks. And the Treasury Department, courtesy of Steve Manoogian, did not send guidance to the banks until very late Thursday night, April 2nd. The program went live Friday morning at 9 a.m. and it was a complete shit show. So without the guidelines that we had for the weekend show that we put out there, it was left up to the banks to decide whatever guidelines they wanted to do.
And so Bank of America, which is the second largest bank in America. Wells Fargo and others, added guidelines that were above and beyond the government's guidance. And some of them were about as Jewish as you can possibly imagine, including that you have to have an existing loan or credit line with the bank. That's not a guideline that was established by the government and the law in the stimulus. But they're saying that you had to have a loan or a credit card in order to apply for another loan. If you're in trouble. So if you are a business that was a very shrewd operation, well maintained, never took out any loans.
You're fucked. You can't get a loan because remember, this was first come, first serve. There was a flood of people when the gates opened to get these loans and then they're going to line them up in the way that they want. Behind the scenes. But, you know, publicly, they'll say it was first come, first serve. But if you didn't meet the odorous qualifications set forward by Bank of America, Wells Fargo and many, many others. There's like 2000 banks that were able to lend under this program.
You were pushed out. Your application was denied because you didn't meet these criteria. And so when they weren't adding additional guidelines to favor people who are already in debt with their institution, they funneled small business loan applicants through the regular fucking trees so they would make app. I don't know if anybody has called the bank in the last couple weeks, but you're gonna be on hold for a long fucking time, especially if you're going through like the general number to talk to somebody about a mortgage or about like Dilek deferring a payment or something or getting your overdraft fees removed because you're getting fucked by this. So you have to wait in line for hours. It's no special small business hotline.
Unless your platinum level right, then you get premium access, white glove service and yadda, yadda, yadda. I'll pause there because there's like so much shit with this. And then, yeah, it's like very raging with Wells Fargo.
Yeah. And this this alone on its faces and raging. And you. You look at many of these banks, right. 2000+ banks that were qualified to lend through this program. And many of these are small or regional banks. Right. Or local banks. And these these banks, they don't have the staff. First of all, the nearly the staff at a Wells Fargo or Bank of America do.
And when you have this scattershot approach being taken, you'll have businesses right there that are aware of this, that are aware this is first come, first serve, and they're going to put in their application at multiple different places. And, you know, maybe they're not supposed to technically, but this is what they what they think they have to do because they know there is a finite amount of of application applications that can be approved at any bank. And what you had is is within a few hours, actually, of this this program going live in many for many of these smaller regional local banks.
They were done. They they turned it off and they said, all right, well, we've you know, our bank staff, our total staff is like a thousand people and we've received five thousand applicants already. So we're gonna have to take a lot of time to process this. And it's just so much unnecessary work being created right now, not only for the banks, but for the business owners that are having to go through this odorous process over and over and over again just so they can get this very basic federally guaranteed paycheck protection loan. It's ridiculous. And it is not what they need to be doing right now. And it's not just that.
It's it's that like let's say that you're like most businesses aren't gonna have bank business banking at multiple banks unless you're unless you're like a larger company, you're gonna have a few, maybe one that you deal with and for payroll and everything, like why would you have multiple bank accounts? It's just, doesn't it? It doesn't make sense. I mean, I'm sure there are some reasons people will come up with for that. But like, let's just assume that you're a guy with 50 employees or less and you're managing a lot of this stuff either in an automated way or whatever. And one of the guidelines is, is that you? Now, the federal guideline is that you have to have been in business as of February 15th, 2020.
And I think people can understand why that makes sense. I think people can understand why you have to have an E I N and in an existing bank account and be in existence as a business sensitive to get this. I think I think it's obvious, like you can't just be like, all right, show up and on, your honor. We'll just give you what it's always gonna be fraudulent. So I understand having basic guidelines, but what the banks did was said, OK, well, in order to be in existence, you have to have a bank account with us to be.
So if you if you have a bank account with that bank and that's the only bank you have a bank account with and you are at the back of their line or you don't meet some prioritization set aside by that bank arbitrarily, you can't go to another bank to get the loan right. Whereas if this rolled up directly to the federal government, to the Fed, the Treasury to print, to just give you a check alone at net, no interest or at the interest rate that they lend to banks, which is almost zero, then you wouldn't it wouldn't cause any issue at all.
Like the IRS can process everybody's tax return. There's no reason that they can't process what would amount to a tax credit, even though they shouldn't call it that. Because we don't want to tax credit. We want the bag. They could have easily done that. But what they did was they headed off to the bank. So there's more to this, though. So not only are you fucked like you're railroaded into going through your bank, and if your bank sucks, then you are screwed.
And if your bank sucks and it's run by Jewish CEO Charles Sharf, Jesus Christ, who decided on his own, he is the CEO of Wells Fargo. Decided on his own that they were going to prioritize non-profits and also small businesses with 50 employees or less and whatnot, but really nonprofits and they list, say, non-profits first in their fucking press release, even though I get like the autists, it's local butcher's hands, it starts with an N and small business starts with an S. So it's alphabetical. OK, fine, but small. This is a small business bailout. It is not fucking Jonathan Green Black's fucking bailout, but they want to put non-profits first. That's what they do. And this is what they did. Wells Fargo. Wells Fargo. Press release. Wells Fargo. Listen how Jewish the title of his press releases. But then you read what the contents are and you got it.
Like if you're if Wells Fargo is your bank and this is your entire business and your employees and everybody is hanging on this and you thought you were gonna get like an emergency, 10 grand to make payroll and then, you know, maybe cover rent or whatever. And this is the message that you get from your bank. Wells Fargo receives strong interest in paycheck protection program. Strong interest rate like you think the content of that press releases that while we have we have a lot of people interested in this and the news can only be good, right? Wrong.
Wells Fargo announced today, this is Friday, the day that this opened, that it is targeting to distribute a total of $10 billion to small business customers under the requirements of the peopIe and will focus on serving two segments of its customer population, nonprofits and small businesses with fewer than 50 employees. What if you have 51 employees and you're fucked? The company has received forms from customers expressing interest in the PDP that it expects will fill the company's capacity to lend. Under the program, record scratch. What's that all about? As it continues to operate under existing asset cap limitations today the company continues to operate in compliance with an asset cap imposed by its regulator due to actions of past leadership.
While we were actively working to create balance sheet capacity to lend, we are limiting in our limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit. So what this says is that we aren't taking any more applications like say goodbye to your fucking business. Good night. That's it. You're gonna have to lay off your employees. And why? Well, because Wells Fargo was doing the fake account bullshit scheme a while back. And, you know, that's why they have an asset cap lending restriction by the federal government. What's funny about this, James, is that they didn't tell anyone this. They haven't said anything about this anywhere. Those are the press releases to give you bad news, but they don't give you the bad news in advance so that you can say, yeah, you know what, fuck Wells Fargo.
And that's what people probably should say. And they are saying that actually there are people who are basically bent abandoning Wells Fargo. But if you're a Wells Fargo banking customer and you've had an account prior to February, every 15, 20, 20, even a business three years, you have 50 or fewer employees. If they hit their ability to lend, if they hit the asset cap, you're fucked. You can't go open a bank account and apply for this loan somewhere else. You're just fucked. Unless the Fed decides to lift the asset cap, which is what Wells Fargo is pushing for now.
But otherwise, it's like and then you're under shaft's guideline of prioritizing non-profits. So what what does that mean? Like, let's say that they got. I don't know. Would you say, James, thousand loans, five thousand applicants. Let's say they got five thousand applicants and four thousand nine hundred and fifty of those are non-profits and a handful of small business we think shirreffs going to do. You think he's going to leave one Jewish NGO out to dry one?
You think that's gonna happen? Yeah, no doubt it.
Yeah, I have my doubts and also what they can do when they say we've reached our our application limit, this does not guarantee they are going to fund every one of these loans. Right. So they can now begin reviewing these and, you know, do the sort the list and, you know, do the search for the Stine's in the black. So the Steins and the Golds and Silvers and make sure they're taken care of and and then. Yeah. You know, everybody else. Maybe you'll you'll be guaranteed a loan. Maybe not. But the funny thing is here that even if this ASIC cap were to be lifted by the Fed, you can guarantee that Wells Fargo would not only then extend credit beyond that asset cap to cover TBP loans. They would be.
They would go back to what they were doing before. To what all of these banks were doing before, which is by I mean trading, swapping securities, bundling securities, making essentially essentially gambling. Right. Essentially doing the legalized gambling. These banks are so want to do and which, of course, there's no upside to any of that activity at any point except unless you're one of the bankers. And when the whole system comes apart, the losses are socialized and you have to pay for it.
So, yeah, I mean, this is egregious. What's happening here is egregious. And there are plenty of people who plenty of people who own businesses that Wells Fargo has been their only bank. And I mean, there are Wells Fargo banks in most towns in America. Right. And so and so if that's just the bank that's in town and they've also been very aggressive in their buyout strategies, they have bought out a number of former local and community banks. And this is what you're left with. You're left with being at the end of their line and not even now being able to to queue in their line. You're stuck.
They're just, you know, just wait for the email. We'll send you an email. And it's just gonna be like, we're sorry, like this this. We can't we can't help you. And of course, they didn't their portal didn't even open the day that it was supposed to. So, you know, people are planning to apply and then they they don't open. And then you have the small business application platform was crashing. He could banks couldn't access the SBA platform. You had businesses consistently reporting issues, accessing application forms. Banks couldn't get to the SBA application like the whole thing, which is totally fucked.
And of course, if you're a Jewish NGO, you don't have to be subjected to these glitches like you have the white glove platinums service. You have a phone call with a private wealth management broker who is going to handle you from start to finish. And you know, these banks, the thing the most confounding thing about this is that like I understand like never underestimate first of all, like the level of fuckery, like you can see this bailout coming down the tracks and the horns blow in and you're just like, yeah, this is gonna be fucking shitty. And then you pull back the curtain on it.
And it's just it's just about as bad as you could imagine when you roll up like the ADL demands and what they actually did and then what they're doing with the rollout and the people that aren't getting their loans like, nope, nobody either. They said they've given two hundred twenty five thousand loans so far, but all we see our stories of people who can't get what they need. Now, if it was the ADL or any of these others Jewish groups that were having glitches and problems with platforms crashing, you know, God damn well.
Greenblatt would be sending out like big mailers to everybody complaining, banging down doors virtually on Capitol Hill, demanding this get corrected right away. But he doesn't care. Like, it's actually good that the platforms are crashing because that means that people who they feel shouldn't get a loan at all, that they want out of business, that they've tried to buy out and put out of business with private equity over the last four decades. They don't want those people getting access to what amounts to a life preserver to keep their business afloat. They want those people buried in the ground and they're happy for that.
Absolutely. And that's the that's, again, speaks to the fact that these groups, these non-profits don't actually need these loans to survive. They look at this as just extra free cash that has the added advantage from their perspective of basically being stolen off the plate of some filthy goyim. So, I mean, this from their perspective is just, you know, could take it or leave it there, but they would like to have it. They are not in the position that many of these business owners or independent contractors are where they are under the gun.
Right. And they looked at this and and were ecstatic. And I've spoken to many business owners that had the same feeling, who told me when when the bailout package was poverty.
I feel like you like Tony Robbins. I've spoken to many business owners about this on an extensive basis. And they all say one thing.
Yeah, right. Yeah. Doing my my Dave Ramsey impression here. But no. Yeah. I mean people. Well, we're coming to me and saying, look, look, look. Trump did this, isn't this great? Trump is helping us out. But these are the people that are counting on this package to be able to make payroll next month, to be able to keep literally keep the lights and heat on next month. And they are still waiting right there, still waiting by the phone to get a callback from the bank, to get a callback from the SBA. Whoever, whatever rigamarole they're having to deal with. And, you know, they're the ones that are actually going to suffer here from this this botched bailout rollout. And that is, of course, on purpose.
Yeah, it is. And it's it's done on purpose. But it boggles the mind to because they're going to make so much money off of this. I mean, the U.S. government is paying banks to facilitate these SBA loans. And the banks are going to be making billions as a result. They needed to incentivize the banks, obviously, but they didn't see this as like more money that could have just gone like cut out the middleman. They could've just loaned directly to the American people and do the same qualifications, like whatever.
But but people would have gotten their money faster and they wouldn't have to pay the banks a fucking premium to write it up.
Exactly. And that's the thing is they have also this is the BPP we're talking about. There's also the what the E IDL emergency disaster loan. Right. And that's the one that you apply for directly to the SBA if you apply. That's all on their site. But in the numbers and. And you know, that's how that application works. There's no reason why that could not have been the case for the P.P. as well. The only difference being it's a it's a larger sum of money, money for most businesses that will qualify. So why not just do it through that? And and it's not as if this is a new novel infrastructure that has to be built because you can pay your taxes online. Federal student loans are managed online like there's an absolutely zero legitimate reason why it had to be done this way. None at all.
It's like they picked the process that was going to work the best for them. It makes the banks a lot of money. They get all the fees from it. And they had to construct this in such a way where like, you know, it's like you're going to hand out free tickets or give like something for free. Like there's always the people who are going to get the opportunity to get those prices first. Right. But like, you know what? Black Friday after Thanksgiving have people camping outside of Best Buy in like what not.
I mean, do you think anybody, like, you know, people who have enough money, obviously, and just buy like whatever they want, but nobody has like these groups have to wait in line for this and they're still gonna rake in the fees and they don't give a shit because it's really just they're taking in money to the same sort of engine. It's all being ingested into this. Like very few low Semitic Appert financial apparatus which is fusing with the federal government with each passing day. If you listen to our deep dive on BlackRock a couple episodes ago and even last weekend, we went went back to the well on BlackRock.
But you have the Bank of America's application volume is accounting for 10 percent of that $350 billion allocated for the small business relief. B of A had already received applications from one hundred seventy seven thousand small businesses. As of Monday and you know, this is leaving customers wondering why. Like I said, why did Wells Fargo not let people know about its lending limitations sooner, especially since it had been operating with this asset cap in place since 2018? Of course, Wells Fargo could not be reached for comment on that or the Fed's program.
But, of course, just doing the flashback. Of course, they had this this fake account thing just to remind everybody about what this Wells Wells Fargo, this is settled just last week.
Wells Fargo agreed to pay a combined three billion dollars to the Justice Department and to the S.E.C., which is the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016. The fine is among the largest corporate penalties reached during the Trump administration. Donald? It's like Donald Trump didn't have anything to do this.
And besides, it's like, is that enough? No. Close this fucking thing down. Five hundred million will go to the S.E.C. under this settle. I guess the what the other two and a half billion goes what to the ADL, James and other words like justice just disappears. The leaders go balance sheet. If five hundred million is going to the S.E.C. and they said 3 billion, it's going to DOJ and S.E.C., then guess basically 2.5 billion is going to the ADL. Like that is like true. That's not a lie. Lying.
So, you know what would be really politically popular?
I mean, and look at not to do the bit where it's like total please lutely dragging on the pant leg. Like total, please. But what would be Hilaire? What would be great would be in this case.
It's not the pant leg. It's like clinging to mother's apron strings at this point, just like dangling from Donald's apron strings.
Please, please, I can help you.
Yeah. No, you know, this $3billion, OK. Just take the total amount of Wells Fargo account olders divide that 3 billion by whatever that number is and just stroke a fucking check. Well, roll it. Roll this into the bailout to the SBA bailout program. I mean, yeah, there's so much that could be done here.
There is a class action lawsuit that I think took place. And in each account, holder is entitled to approximately fifty seven cents. So it's going to be a huge payout for the for the guy who was subjected to this and had had accounts opened in their name, like that's what was going on. It's like if you had a checking account at Wells Fargo, they would open up a savings and a credit line and all this other shit because they were incentivizing their employees to open accounts by like giving them a payout so they would do. What do you think happened when you have didn't do nothings? Here are your bank representative in the bank. What do you think they're doing?
Got to get that spiff. And guess who's more than willing to look the other way? All of the Jewish managerial class within that bank.
So, yeah, this is from the SCC. Wells Fargo repeatedly misled investors, including through a misleading performance metric about what it claimed to be the cornerstone of its community bank business model and its ability to grow revenue and earnings, said Stephanie Avakian, the co-director of the S.E.C. Division of Enforcement. So, yeah, that's that's Wells Fargo. That's the people who are currently fucking you over right now. This is the people that are now prioritizing via Charlie Scharff nonprofits over small businesses.
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russia-insider--2020-03-12--Chinese Officials Say Coronavirus Peak Is Over in China

The number of new cases of the disease is becoming lower and lower .
TASS is one of Russia 's oldest and largest news agencies .
MOSCOW , March 12 .
/TASS/ .
/TASS/ .
The peak of the outbreak of the novel coronavirus ( COVID-19 ) in China is over , China ’ s National Health Commission Spokesperson Mi Feng said during a briefing on Thursday .
`` The peak of the novel coronavirus outbreak in our country is over , the number of new cases of the disease is becoming lower and lower , '' Xinhua news agency @ @ @ @ @ @ @ official noted that no cases of COVID-19 had been detected in the Hubei province , except its capital city of Wuhan , in the past week .
The number of new cases in Wuhan , the epicenter of the outbreak , has dropped to a single digit , with only eight cases reported on Wednesday , he added .
In late December 2019 , Chinese authorities notified the World Health Organization ( WHO ) about an outbreak of a previously unknown pneumonia in the city of Wuhan , central China .
On March @ @ @ @ @ @ @ with the novel coronavirus ( COVID-19 ) as a pandemic .
The disease has spread to over 100 countries .
According to WHO , over 118,000 people have been infected with the virus globally , and 4,300 have died .
The largest outbreaks of COVID-19 outside of China have been detected in South Korea , Iran and Italy .
There have been 28 cases of the virus documented in Russia .

The number of new cases of the disease is becoming lower and lower.
TASS is one of Russia's oldest and largest news agencies.
MOSCOW, March 12. /TASS/. /TASS/. The peak of the outbreak of the novel coronavirus (COVID-19) in China is over, China’s National Health Commission Spokesperson Mi Feng said during a briefing on Thursday.
"The peak of the novel coronavirus outbreak in our country is over, the number of new cases of the disease is becoming lower and lower," Xinhua news agency quotes Mi Feng as saying.
The official noted that no cases of COVID-19 had been detected in the Hubei province, except its capital city of Wuhan, in the past week. The number of new cases in Wuhan, the epicenter of the outbreak, has dropped to a single digit, with only eight cases reported on Wednesday, he added.
© AP Photo/Ng Han Guan
In late December 2019, Chinese authorities notified the World Health Organization (WHO) about an outbreak of a previously unknown pneumonia in the city of Wuhan, central China. On March 11, WHO officially characterized the situation with the novel coronavirus (COVID-19) as a pandemic. The disease has spread to over 100 countries. According to WHO, over 118,000 people have been infected with the virus globally, and 4,300 have died. The largest outbreaks of COVID-19 outside of China have been detected in South Korea, Iran and Italy. There have been 28 cases of the virus documented in Russia.