Disaster Capitalism:”For banks to take over the oil and gas companies, economic journalist Doug Henwood told Common Dreams Friday, they will be using assurances of funding from the Federal Reserve included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March to combat the COVID-19 outbreak. Henwood said he found it “appalling” that public money from the CARES Act could be used for bailing out oil and gas companies.”
Critics Decry ‘Massive Step in Wrong Direction’ as Big Banks Move to Buy Up Fracking Industry Assets With Coronavirus Bailout Funds
Common Dreams:
“Taxpayers shouldn’t be required to backstop oil and gas companies that were already in trouble prior to the pandemic.”