We, the people
This morning I opened my Facebook page and saw a post that said Democrats were rejecting the Corona Virus stimulus bill that would give each taxpayer some money to help them get through this lockdown.
The post then explained why the bill was rejected by Democrats; because it wasn’t about helping the person that wasn’t working. The hangup on the Senate floor was the $500 billion dollar slush fund bailout that was at the discretion of the treasury, which could allow large corporations to have stock buyback and CEO bonuses.
Let me make it abundantly clear. If you are a CEO making $20 million and you have not built up a savings to tide your company over for 90 days then you have not exercised an ongoing long-term fiduciary commitment to the company that you are in charge of and don’t deserve to be bailed out or have bonuses.
Should Corporations get a bailout?
America went through a bailout in 2008, and the companies have been thriving. CEO salaries are exponentially more than the people in the manufacturing plants. Companies have bought back stock and given dividends. Some companies have put money away for a rainy day, knowing full well that there is always another storm. Others have not.
One such company that came out full-throttle as a leader that other companies should aspire to be is Marriott and the CEO, Arne Sorenson. In a video on Twitter, Sorenson acknowledged that this lockdown stemming from the Corona Virus pandemic could be greater than 9/11 and the 2009 financial crisis combined.
The 92-year-old company saw a 90% decline in business in China in January. They knew this was going to be bad. Currently, Marriot’s business is running 75% below the normal level. But this CEO isn’t talking about bailout from the government; they are talking about suspending any expenses they can, including all advertising. This company is doing what everyone at home is doing; how do we make ends meet?
The video is a love letter, a lesson in leadership, to the Marriott employees; Sorenson and Mr. Marriot have committed to forgoing a salary for the remainder of the year and cutting his executive team’s pay by 50 percent. His voice got tight as he had to tell his employees they would have to wait to work, “there is simply nothing worse than telling highly valued associates, people who are the very heart of this company, that their roles are being impacted by events completely outside of their control.”
A message to Marriott International associates from President and CEO Arne Sorenson. pic.twitter.com/OwsF14TZgb
— Marriott International (@MarriottIntl) March 19, 2020
Should the quarantine be lifted?
To the people that think the quarantine should be lifted – The problem with your assumption is that you think people will go back to work for $10 an hour. You aren’t taking into account that these people have families that they have to be alive for in the long-term. Yes, the people who have money in the stock market are going to be hurt, but the people who don’t have a stock market account shouldn’t go to work so that your stock market or president survives.
People who have nothing have nothing to lose. They will work in the barter underground system that is thriving neighbor to neighbor right now. The appropriate thing to do is hunker down so that you have a working-class that is alive when this pandemic is over.
I am neither woefully arrogant about this virus or so in need of making a buck that I would ask someone to risk their life to do so for me. If you are asking people to go back to work now, you are asking people to disregard what the best scientists in the world are saying so that your portfolio doesn’t take a hit. Think about that.
Should the taxpayers get a bailout?
My family has roots back to the 1700s in America. Americans have a strong sense of freedom, but they are also not stupid. They know when to rally with each other, to come together as a country. There are more posts now talking about how people got through the hard times of the other pandemics. We know how to do this. We have the ability to get through this, and we will bounce back. This is when the very true nature of our country shines the best. We are the salt of the earth. We will spend the money locally and keep our cities going.
So if there is going to be a stimulus package, make it for the people that are diligently locking down to save not just themselves, but others.
Should the stockholders get a bailout?
If you’re a daytrader, you are a gambler, pure, and simple. You are playing the market. On February 28, 2020, on Fox News, Charles Gasparino told people to take 30% cash, “no one knows how much this will hit GDP.” If you have invested in those companies without making sure that those companies are an ongoing concern, then you don’t deserve to have a profit either.
If you didn’t act soon enough or do your homework to know which companies could weather the storm financially, I’m not bailing your ass out. When this is over, there is a $10 an hour job waiting for you.