Millions of working class Americans have been economically wiped out. They can’t pay their rent or mortgage and don’t know how they will put food on the table. But according to Social Capital CEO, Chamath Palihapitiya:

On Main Street today people are getting wiped out. And right now rich CEO’s are not, boards that had horrible governance are not, hedge funds are not

Palihapitiya advocates for a policy to let big businesses fail, without layoffs, and let the rich stakeholders and speculators absorb the pain. These “sophisticated” investors took on the risk and should now take the loss.

The Fed is funneling $Trillions to protect the irresponsible, over-leveraged toxic investments of billionaires and throwing crumbs to workers and small business. When a small business can’t pay the rent. It’s over. The business is closed and the workers lose their jobs. More than half of Americans work for small businesses. When a mega-corporation goes bankrupt, it does not shut down, workers do not immediately lose their jobs, it goes through a bankruptcy process.

x The U.S. shouldnÃ¢ÂÂt bail out billionaires and hedge funds during the coronavirus pandemic, Social Capital CEO Chamath Palihapitiya says. Ã¢ÂÂWho cares? Let them get wiped out.Ã¢ÂÂ https://t.co/dIbizumtqG pic.twitter.com/u8BSVvr0B1 Ã¢ÂÂ CNBC (@CNBC) April 9, 2020

This is a lie that's been propagated by Wall Street. When a company fails, it does not fire its employees...it goes through a packaged bankruptcy...if anything, what happens is the employees end up owning more of the company. The people who get wiped out are the people who own the unsecured debt and the equity...but the employees don't get wiped out and the pensions don't get wiped out.

And if a bunch of hedge funds get wiped out - what's the big deal? Let them fail. So they don't get the summer in the Hamptons - who cares.

The bailout that passed was a replay of 2008 - Socialism for the rich and savage capitalism for the rest of us. While Wall Street gets a blank check to protect them from the consequences of a decade of idiotic high-risk behavior, those who did nothing but work hard to build businesses that serve their communities and earn a paycheck get the shaft.

The $Trillions the Fed is committing to the bailout are not to preserve jobs, it’s to make sure the wealthiest don’t have to take a loss for their up until now very lucrative sociopathic behavior. Meanwhile the relative pittance reserved for small business is already mired in delays and red tape. The billionaires built up a toxic corporate debt bubble that is even larger than the toxic mortgage bubble they created pre 2008. Let them take the loss for their irresponsible actions. Let the billionaires get wiped out and redirect the bailout to Main Street.