Critical Next Step in Avoiding Economic Meltdown
Guest: Economist Jack Hanney available by Zoom/Skype from Los Angeles/Pacific Time
Intro: Senator Mitch McConnel, Majority Leader, is set to negotiate a second round of stimulus payments as the Coronavirus pandemic continues to impact the economy. Not wanting to take up the House passed 3-trillion dollar HEROES Act, containing too many Democrat initiatives unrelated to economic stimulus, McConnell and GOP Senators are looking for another round of one-time stimulus payments, possible unemployment extension payments and liability protection for companies. Other key variables to be decided are the income level for the one-time payments and aid to state and local governments for re-opening schools.
Wanting to keep economic momentum moving forward, McConnel said on Tuesday he is keen to help American families fighting to stay afloat.
Q & A:
- Can the House and Senate put aside their differences and get something done before the next recess in two weeks? House Leader Nancy Pelosi said the HEROES Act was a gift to Trump, a bit of rhetoric he wouldn’t buy on his worst day.
Answer: Yes they can get it done, but with the election hanging fire over the proceedings, one could easily see a Senate bill getting rejected by the House and nothing getting done before August. Should that happen many Democratic House members might find themselves vulnerable in November election.
- Anytime a crisis vote like this takes place, all kinds of pork barrel spending is being slipped into Congressional bills that often run into thousands of pages. Explain the two sides of the political equation?
Answer: On one side you have the Trump administration seeking to save lives, help families and get the economy back up and running pre-pandemic…on the other side the same goal is front and center, but just as much they want to defeat Trump. Always lurking in the background right now is the election are ways to discredit the administration.
- Schools are major issue; the President pushing for them to reopen and state and local leaders resisting that policy. Senate leaders would like to aid state and local governments for the cost of retrofitting to open in the fall, but state leaders are resisting. Explain this dynamic?
Answer: This comes down the big question which plagued the Founding Fathers; state’s rights versus how deep the federal government can go in terms of calling the shots. Even if the federal government wants schools to open and provides money to help that cause, state and local leaders can easily reject that course of action.
- Liability protection for companies in the post virus phase will be a key part of any Senate bill, the powerful lobby of trial lawyers will resist as they smell big payoffs in targeting companies of all sizes. This one issue could easily derail any second round stimulus action?
- Absolutely, big money is involved and the plaintiff’s bar hands out big donations to many members of Congress. McConnel won’t pass anything without those protections and the vocal far left in the House will raise the roof in opposition. Pelosi has a big decision to make on this issue. Companies are already stretched very thin because of the lockdowns and then if they have to face a wave of lawsuits many more could move into bankruptcy protection.
- Where may we get more information on your company, Patriot Gold Group, investments and the economy?
Jack Hanney has been in the financial markets for 20+ years and is widely heralded as an expert in his field.
Born and growing up in Westchester County, NY where his father was a successful politician and owner of an Insurance Brokerage Firm. Jack began subscribing to The Wall Street Journal at the age of 14 and moved to California in his early 20’s to study under William O’Neill, arguably the single most successful investor in the history of the markets and founder of Investor’s Business Daily and author of How to Make Money in stocks.
Jack Hanney went on to be the General Manager and Director of Sales at several algorithmic automated trading companies trading the futures and commodities markets working with Introducing Brokers out of Chicago, Geneva and NYC. Jack was recruited by several tech startups and made a name for himself at Infosearch Media, Virtumundo and The Design People before returning to Finance. Jack passed on Morgan Stanley and other reputable, prestigious Brokerage firms to be a CFP in their Wealth Management Divisions and opted for a position as Senior Executive Trader with MG Private Client Services where he spent 4 years 2010-2014.
Jack Hanney had spent two years as Director of Trading, Executive Vice President of WDM overseeing the Retail Division before collaborating with two other prominent experts in his field and opening Patriot Gold Group a collective of Industry-Leading Experts bringing their clients Investor Direct Pricing and superior customer service.
Jack has written over 200M in business and trades maintaining outstanding relationships with his clients at Patriot Gold Group (PGG), where he is a senior partner, who he refers to as dear friends and family and now … welcoming them to the PGG family of investors. Jack resides in Los Angeles, California and is the proud father of his two daughters, Kate age 10 and Luna age 18.
CONTACT: Rachel Ford rford.specialguests.com or Jerry McGlothlin 919-437-0001 jerry@specialguests.com
