Friday, January 25, 2019

The bubble world of U.S. Commerce Secretary Wilbur Ross (net worth $860,000,000)

On food banks and homeless shelters:  CNBC's Squawk Box asked Ross about that devastating fact on Thursday, and Ross affirmed he was aware it was happening. But "I don't really quite understand why" these federal workers are out on the streets, Ross responded. "Borrowing from a bank or federal credit union" is "federally guaranteed," Ross said, so "there's no real reason why they shouldn't be able to get a loan against" the 30 days of pay they're missing, he finished.

On getting a loan. “True, the people might have to pay a little bit of interest, but the idea that it’s paycheck or zero is not a really valid idea,” Mr. Ross said. The terms available to the 800,000 unpaid workers can vary greatly: 
Some credit unions are offering straightforward interest-free loans that will be repaid automatically when workers receive back pay. But the nation’s four biggest banks — Bank of America, Citigroup, JPMorgan Chase and Wells Fargo — don’t offer personal loans at all, meaning workers who keep their accounts there would need to look elsewhere.
The Guardian, 5/9/2015

Related posts:
It looks like a Trump shutdown to me.  (1/18/2019)
When ideology trumps constituent service (the brave Thomas Massie of Kentucky edition).  (1/16/2019)
Meet the 7 House critters who voted against back pay for federal workers,  (1/13/2019)
GET ME REWRITE: Donald Trump threatens to have government shutdown last for months, years.  (1/6/2019)
Glenn Grothman, back in the news with more inanities.  (1/4/2019)
If it happens, Donald Trump owns the next government shutdown -- lock, stock and barrel.  (12/13/2018)

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