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NY Gov Calls McConnell’s State Bankruptcy Bill a Dumb Idea

Angered by Republican Senator Mitch McConnell’s move to pass a bill for states to declare bankruptcy, NY Gov. Cuomo called it the dumbest idea ever.

Actually, McConnell made his remarks in connection with his and other Republican allies’ refusal in giving financial aid to Democratic States. Rather than receive bailouts coming from the $2.2 trillon coronavirus relief fund approved by Congress, McConnell wants states with steep shortfalls consider declaring bankruptcy while facing the Covid-19 crisis.

The Republican Senate leader referred to Democrats, who after pushing to spend tens of billions of dollars in helping residents in their states, namely in California, New York and Illinois, are now banking on financial aid coming from the stimulus fund in addressing their shortfalls. His statement appeared under a press release captioned as “Stopping Blue State Bailouts.”

McConnell, who apart from being senator of Kentucky is also the senate majority leader, whilst branding himself as the grim reaper of Congress. He stated the controversial remarks in response to an interview conducted by radio host Hugh Hewitt.

According to news sources, McConnell’s statements have fueled bipartisan backlash from several state governors.

NY Governor Lashes Back

In his Friday briefings about the present state of the Covid-19 crisis in New York, Gov. Andrew Cuomo (D) berated McConnell’s support of a bill that will force states to declare bankruptcy during the ongoing pandemic crisis. Apart from calling the passing of the bill as a “really dumb idea,” the NY Governor dared McConnell to pass the law, saying

“Your suggestion, Sen. McConnell, pass the law, I dare you to do that.” “Then go to the president and ‘say sign this bill that allows states to declare bankruptcy.’ …”I dare you to do that if you want to send a signal to the markets as well as send an international message that the U.S. economy is in turmoil.”

NY Republican Representative Peter T. King came out with a tweet last Wednesday, calling McConnell’s suggestions and remarks “shameful and indefensible,” whilst branding McConnel as the Marie Antoinette of the U.S. Senate.”

Republican New Hampshire Governor Chris Sununu came out with a press statement in which he called McConneell’s statements ridiculous because it means allowing a state to go bankrupt, and forego all the programs and benefits that a state has to institute, manage and operationalize for citizens.

How American Billionaires Put Their Political Agenda On The Country

In January 2015, brothers Charles and David Koch announced that they would donate nearly $ 900 million, or about € 760 million, to the 2016 US election campaign, a small injection of money for Republican Party candidates. However generous – the Koch brothers are not fans of the Republicans. On American television, older brother Charles defined his relationship with the party as follows:

“I see it this way: the Democrats drive 160 things over the financial cliff into a broken society, the Republicans only drive 110.”

Charles Koch on the millions spent on politics, influence

The Kochs’ political ideas can also be summarized as follows; The state should stay out of it. They don’t believe in general health insurance or a minimum wage, they want less taxes and no environmental protection requirements – because they only disrupt their business. The Kansas brothers own Koch Industries, the second largest privately held company in the United States. The group includes chemical factories and cattle farms, oil refineries and thousands of kilometers of pipelines; Around 120,000 employees manufacture a myriad of products, from asphalt and fertilizer to toilet paper.

With an estimated net worth of over 41 billion euros each, Charles and David Koch are among the richest people in the world. And they use their money to shape the United States according to their libertarian agenda – not just with generous campaign donations. Since the 1970s, the Kochs have built up a huge network that disseminates their market-radical ideas. Critics call the confusing network of lobby groups, think tanks, sponsored chairs, foundations, and associations the “cooking top”, ie an octopus. One tentacle builds political activists – the Kochs have pumped millions into the right-wing tea party movement – the other tentacle produces research results that benefit them. The Kochs not only managed to sow doubts about the existence of man-made climate change but also ultimately contributed to the United States withdrawing from the Paris climate protection agreement. Over the years, the Republican Party and the Koch brothers have come closer and closer together.

They are by no means the only Americans who exert political influence with their wealth. But the dimensions of the Koch brothers’ influence are unique; there is no comparable organization on the part of the Democrats. In general, most multimillionaires and billionaires tend to support the Republicans. However, the Democrats also have extremely wealthy large donors, such as the investor George Soros.

How much power people with a lot of money have in American politics is also evident from who actually holds the important offices. President Donald Trump has gathered a cabinet of millionaires and billionaires around him: bankers, investors, hedge fund managers. When Trump named the first 17 candidates for his government in December 2016, an American online magazine calculated that the elect would total $ 9.5 billion in assets. That is more than the poorest 43 million US households put together who desperately take out loans from private companies like Loose Lending (https://looselending.com/). The Center for Responsive Politics also showed three years ago that members of Congress have long been much wealthier than the average American, and in 2013 more than half of them were millionaires for the first time.

The Real Picture Behind Trump’s Claims of Being the Greatest President in the History of the U.S.

President Trump often basks in the glory of boasting about job growth during his presidency, which his supporters readily believe.

Yet time again, economists and analysts point out that economic and job growth did not start during Trump’s presidency. His showing was only a continuance of the progress made by the Obama administration, after pulling the U.S. economy out of the “Great Recession” that lasted between December 2007 and June 2009.

Fortunately, it was President Obama who was at the helm of the government’s efforts to bring the country on the road to recovery. The financial crises of the Great Recession were wrought by toxic mortgages, breakdowns in corporate governance and excessive credit card borrowings. All of which stemmed from poor financial regulations and ineptitude by those handling the Federal Reserves.

Upon Trump’s assumption of office in the year 2017, the country was already well on its way to economic recovery. Yet even if job growth was sustained, the rate of job growth in America has not actually made an impressive change during Trump’s presidency.

Although Trump promised a GDP growth of 4%, his administration managed to post an increase of only 2.9% during the years 2017 and 2018, coming from an average GDP growth rate of 2.07% linked to economic recovery initiatives under Obama.

At the end of 2019, the rate of GDP growth plummeted to 2.00% – 2.01%; even lower than the GDP growth rate before Trumped assumed office.

The drop was largely expected in light of the trade wars that Trump initiated with other countries, particularly vs. EU-member countries and China. Many businesses, particularly the manufacturing sector were largely affected by the tariff increases imposed on raw materials being imported from China and other countries. Apparently, Trump did not have a clear idea of how tariffs actually work, since the burden of paying the costs of importing the raw materials eventually falls on the American end-users or consumers.

The Real Picture about the Economic Growth During Trump’s 3-Year Presidency

A substantial portion of the tariff collected from Chinese goods imported by U.S. manufacturers and resellers, estimated at around tens of billions of dollars were paid by American consumers. Most of the funds collected from the increased tariff collections went to subsidies aimed at supporting U.S. farmers, being the hardest hit by the U.S.-China trade war.

 

Mainly because China suspended all importation of agricultural products being supplied by American farmers, instead of caving in to Trump’s trade demands and threats.

Legitimate Ways that will Help You make Money Online

It doesn’t matter if you are seeking to make quick cash or after a long-term and sustainable income. There are many ways that can be done these days to make this goal a reality. One of it is by trading bitcoins or other cryptocurrency and integrating trading bots from https://gladage.com/bitcoin/trading/best-crypto-trading-bots/.

Well fact is, making money using the internet is not as hard as what most think it is. Though it will demand discipline on your end to become successful. But the question is, how are you supposed to get this done? Well in that case, I encourage you to read the entire content of this article.

Number 1. Leveraging the App Economy

Are you searching to deal with urgent financial problems? If so, then taking advantage of the app economy may just be the thing for you. There are many options that you can actually take here like the ones below:

  • Lyft or Uber – in the event that you are in a local area where you could book these ridesharing platforms, it can give you with flexible hours and you could work anyway you see it fit. This is perfect especially if you are employed full-time but want to have sidelines.
  • Postmates – you do not necessarily have to be in the car and be in different locations to make money. In some big metro areas, riding a bike suffices.

Number 2. Utilize Existing Webpage

If you like to, you may opt using existing sites to generate money.

These one will include passive as well as active income methods.

To give you an example, you may sell some of your used items or you can try investing it to be able to make digital designs that you may then sell on merchandise.

Once again, allocate a part of your time to achieving passive income so by that, you can build up your earnings slowly but surely. There will come a time that it’ll reaches autopilot without exerting additional efforts. Here are few examples you can take advantage of:

  • Craigslist – this website has been the go-to page for long years now by folks who want to make extra cash. You can sell used items easily here.
  • Upwork – in this site, it is the perfect place for those who want to sell themselves to companies and land a job. Here, all you have to do is deliver high-quality service at a price that is reasonable for them. Though, take into mind that there are others who are competing for the same position. So give clients the reason why they should pick you.

Pre-Settlement Funding Facts

Pre-Settlement Funding includes car accident loans and personal injury loans among others. This means a company offers you with needed money today against a portion of your future settlement proceeds

Conducting a civil lawsuit is a long and tedious process that can take months or years to make a decision. While waiting for the pending case to progress, it is certain that billing and living expenses will rise quickly. Even if you are sure that you can get the payment you want, the time between the two will put a heavy burden on your bank account. While lawyers are not able to give out loans to their clients, there are certain companies that can extend what’s called pre-settlement funding to help you get by while waiting for payment.

Litigation Loan or Settlement Loan

Although it can be called a “litigation loan” or “settlement loan”, the pre-settlement funds are not loans. Instead, it is considered a non-recourse advance payment, because if you lose the case, you are not responsible for repaying the money. This is the risk that funding providers will have to face when entering into this type of commitment. Most of the cases being granted these types of funding include car accident loans and personal injury loans, although there is a consideration in other types of legal civil cases depending on the circumstance.

To apply for a settlement loan, you must submit an application after filing a qualifying lawsuit. The litigation lender will assess your case, assess the likelihood of winning a lawsuit or settlement, and estimate the amount you can receive. This information can help you get a cash advance. Also, if your payment fee is less than the amount you have agreed to repay (principal, interest, and expenses), the lender will not charge you the difference. You can only claim the remaining money after paying other priority fees (lawyer fees and court fees).

Pros and Cons of Pre-Settlement Funding

The most obvious advantage of Pre-Settlement Funding can offer necessary breathing space if you are struggling to cope with living expenses, home loan payments, car loan obligations, and medical expenses within your litigation. This type of loan can reduce your financial stress. Another advantage of this type of loan is that you are not required to pay if you lose the case.

While Pre-Settlement Funding can help you get by while pursuing the case, the loan could be very expensive. At the time you pay the lending company from the profits of your settlement, you are going to repay the principal borrowed and the funding fee which could be sometimes three times the amount of what you originally borrowed. Take note though that you are not obliged to pay more than what your settlement is.

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