The Plan to Save America
Sporadic we take just ten minutes to get you smarter Tech Business About vix sponsored by bank be bold venture wisely I'm back I'd say show political fundraising goes virtual and grocery store. Clerks have become officially essential. I D. C.'s. Plan to save America White House yesterday afternoon proposed a one trillion dollar economic stimulus plan which included both bailouts and loans for American businesses and personal checks that would be sent to individual taxpayers. It's a huge number larger than the initial Wall Street bailouts. And yet there are already worried that it's not large enough for example the Washington Post Jeff Stein reports. This morning that the individual checks could be for just around one thousand or twelve hundred dollars per person total one check in April one check in. May For folks who've lost their jobs. That's likely not going to be enough to pay the rent. Let alone to keep the lights on and stock the fridge and just be clear. People are losing their jobs with some estimates that the next new jobless claims report will be in the millions not the thousands one encouraging. Step though is that most of our partisan politicians do seem to be working together the first two phases of the stimulus already passed both houses of Congress and have been signed by President Trump. The first one was around extra funding agencies like the CDC and Small Business Administration while the second signed just last night gives free corona virus testing to those without health insurance increases Medicaid and food security assistance and expands access to paid sick. Leave so the big questions now are what Congress will pass in terms of phase three. And how soon doing nothing or not doing much is no longer an option in twenty seconds. We'll go deeper and try to get answers from axios political reporter Elena train but I this bridge bank believes in the risk takers. The Game Changers and the disrupters those committed to leveraging innovation to make the world a better place that's why. Bridge Bank has been dedicated to providing financial solutions to sponsor back emerging technology and growth companies for nearly two decades through its national network of banking teams and offices Bridge Bank Division of Western Alliance Bank Bridge Bank be bold venture wisely. We're joined now by activist political reporter. Elena trine let's start here with phase three phase one and two of this economic stimulus plan already passed by Congress signed by President Trump. But this phase three this trillion dollar proposal yesterday big picture. Is there a lot of appetite in Congress for passing this? If not exactly the way it's proposed at least pretty close yes the reason that is because the White House particularly Treasury Secretary Steven Mnuchin has been working hand in glove with people on Capitol Hill. He's been there every single day meeting with key leaders including or Senate majority leader Mitch McConnell. And so there's been a lot of discussion negotiation between the two and. I think that it's actually really remarkable. I think that any other president probably would have a lot of trouble trying to get a massive stimulus package. Oh around one trillion dollars through especially a Republican Republican Senate but this president has had a tight grip on his party basically his entire administration. It doesn't look like that's changing right now. During this corona virus response speaking of that in relationships this also seems from the outside looking in like the first time. Yeah the first time I can remember at least that it appears that the administration at least Treasury Secretary Mnuchin Nancy Pelosi the Democratic House leader Mitch. Mcconnell due to a certain extent seem to be working together hand in glove in my wrong about that. No they are. There's definitely different says and I think that we have seen some sparring definitely behind the scenes but even publicly. I mean we've seen Senate Minority Leader Chuck. Schumer has his own phase three deal that he wants to put forward or going to most likely see Senate majority leader. Mitch McConnell's phase three version. Come out today as well and so there's been some sparring on a lower level about this but generally speaking you're right. They have been working very well together. I think that no one's really trying to play partisan politics right now. I think that there's just no appetite for any of that normally see on Capitol Hill. It's very hard of course to get things done. Normally but right now everyone recognizes. The emergency need here to get money to businesses more supplies to hospitals and to communities across the country. Eliminate Your Wilson the White House. I'm curious the official line coming from the president on down his. Of course been you know. We've we've handled this very well. We were on top of it from the beginning but we all know. That's not actually true. They were very late to the game. Here I'm curious privately. They acknowledge that or even privately. Did they think they were on top of this from day one depends he speak without the White House? Like normally I'd say in this in this administration definitely people within the health and Human Services Department in people within the White House privately will acknowledge yes. They were very slow to this response. I've spoken with a lot of people at the White House about this. You know people like Joe Rogan. Who does a ton of work inside the White House on this issue's been paying more of a backseat role? He's not technically on the current Ivars Task Force. But he's been ring the alarm on this since January. We've the president really as late as last week. A still calling this not a very serious issue saying that things will get better soon clearly. His language in his rhetoric has changed this week on that. We really start to see him in past days. Be More in line with what public health officials are saying on this but no there people will recognize that we were slated. As we've seen this problem persisted in Asia for several months now. Obviously Italy hit with it a lot harder before we did in Marin that same track now a huge thing with a lot of people are criticizing. This White House out is if you look at the way that South Korea has responded to the virus and getting the number of testing out and trying reduce the number of cases and the community spread. Their America has been a lot slower in that respect and really a lot inferior a lot. More fear in that respect as well. That's definitely something. People within the White House in the administration recognized the plan of came out of the White House yesterday. Trillion DOLLAR STIMULUS PLAN BUT CHUCK. Schumer's got his own plan. Mitch McConnell will come from with something outside of dollars of dollars. Are there any tangible. Kinda sticking points or differences right now that need to get hammered out yes so something that. Republicans on when we seen Senator Tom. Cotton take a very active leading role in this. Some of the second points definitely are small businesses in. How much money end? Assistance is going to corporations across the country. A Classic Difference Between Democrats and Republicans of course as bailing out some of these bigger corporations that are really struggling on a big scale right now. Is it about giving them the money or is it about the strings would get attached to that money? I think it's a mixture. I think that a lot of people especially Democrats some of the concerns that I've heard from them just speaking with them on the hill this week. Is they think why should be throwing money at them when these are big issues that we have with them in the past? They're worried about kind of the precedent that will set for future crises. Wendy bail out. Big corporations banks things along those lines in those are things that Republicans of course are saying. Need to keep the economy afloat right now and it's time to worry about. I guess the nature of the precedent that could set. There were a handful of senators Republican senators. Who voted yesterday against the? What did pass when I look at? How much of that do you think is philosophical? And how much of that is in part geographical in other words it seems that not exclusively but a bunch of the folks who voted against are in areas where it has not been as the outbreak has not been as bad. We're all schools not be closed where the restaurants bars aren't all closed. It's a good question I think yes. I think some of almost all of the nose on this vote were from Republican senators. People Senator Marsha Bachman in Tennessee Rand Paul in Kentucky. Yes maybe the impact in their communities has a big as big in that something that we've seen across the board with voters in general people who are not taking this seriously tend to be. Republicans intend to be trump voters. I also think a lot of this was there. Were some sticking points in the phase two dealer criticisms of the face to deal that a lot of Republicans had raised the alarm on. They didn't do enough for small businesses they didn't think it did enough for industries. Hit hardest by the virus and basically Mitch. Mcconnell had told them on Tuesday you should gagging vote for it anyway because we need to get on with this and get emergency funding past living. That's why we didn't see as many no votes actually as there could have been on that yesterday but it's a mixture of things. I think with anything in Congress. There's always everyone y'all had us? A lot of people have big egos. They want to get what they think is best for their communities these bells as well and so there's a lot of infighting over it will see a lot more of that over this phase three deal though the phase one. I think the the phrase Gag Vote for it anyway is probably GonNa be on Mitch McConnell's tombstone wintering thank you so much for joining us. My final two right after this with offices in tech hubs throughout the country including San Francisco Boston and Atlanta and new offices in Seattle Denver in Chicago Bridge Bank continues to meet the innovation ecosystem wherever it thrives and through its teams focused on technology and life sciences companies and the equity investors. Who THEM BRIDGE? Bank delivers a responsive. High Touch Client Experience Bridge Bank Division of Western Alliance Bank Bridge Bank be bold venture wisely. Now it's time for my final two and I love his zoom. The video conferencing tool. That's become ubiquitous. In our new work from home world actresses Keokuk reports today that the services now being used for political fundraising including this past Tuesday when the Democratic National Committee used it for its first ever virtual fundraising event. The original plans were this was going to be a small in person event but like everything else things had to change around seventy five people tuned in with the hosts including a link within the Zoom Dashboard for contributions with co host. Roy Hot telling axios that it was actually easier to collect the money this way than it is in his living room. The bottom line expect us to become the two thousand twenty election cycles new normal and finally Minnesota Governor Tim. Walls has officially declared food distribution workers as tier two emergency workers that means store clerk shelf stalkers butchers etc and the classification provides these folks with child care so they can continue to work even at schools and daycares are closed its reminded the first responders and healthcare professionals aren't our only essential workers right now and we're done. Thanks for listening to my producers. Tim Show Naomi. Shaven have a great first day of spring. Yeah that's today even though it doesn't feel like it and we'll be back on Monday with another pro rata podcast.