‘Morning Joe’ Sounds the Alarm on the Economy: ‘The Poor Get Crushed’ Like ‘2008 All Over Again’
MSNBC’s Joe Scarborough and Stephanie Ruhle struck a somber note on the economy and any potential recovery on Thursday. The Morning Joe host spoke to the NBC anchor on his show about Congress’ economic relief measures, which include paycheck protection and business loans.
“Stephanie, it’s a huge issue,” Scarborough said. “You’ve talked to us about this. But I’ve got friends in Pensacola, Florida. I’ve got friends in south Florida. They have businesses that depend on a lot of people coming in this time of year. People that have restaurants around spring training facilities. And they’re not getting any money. They’re not getting help.”
“And yet, you told us stories, like, if somebody has a yacht, owns a yacht, and decides they’re going to charter a yacht five, six, seven times a year, those people can get money. Small business owners are having trouble getting money themselves. Sounds like 2008 all over again, where the rich get richer and the poor get crushed.”
“Well, Joe, that’s the exact risk here,” Ruhle said. “And remember in 2008, when things were put in place, they were put in place with bad intentions.”
“After the sub-prime crisis, when rescues came in, and suddenly we said, ‘Hold on a second, the banks, it all worked out for them in the end but people lost their homes.’ Remember how angry people were? They were saying, ‘How come none of the bankers went to jail?'”
Ruhle warned that Congress’ small business lending program would need more restrictions if it is to be fair and not open to abuse. She said that the rich could benefit from the program while small business could end up not receiving the help they needed.
“We really have to put strings attached to this, to make sure this isn’t 2008 all over again,” Scarborough said.