“…I mean, there’s only 40 million rental, uh, units, uh, and…this is nothing close to what was the mortgage and housing crisis that we had…”
(by Half Dollar) Steve Mnuchin’s playing Tee-ball with Congress this Tuesday afternoon.
He’s testifying on the Trump Administration’s response to Covid-19.
Today, among other things, Mnuchin is doing some math on-the-fly.
Spoiler Alert: Here’s what the US Treasury Secretary just said when asked some questions regarding the potential for upcoming mass evictions with the possibility of 30 to 40 million at risk of eviction (bold and bold added for emphasis):
“…I think the 30 to 40 million people is just absurdly high. I, I mean, there’s, there’s only 40 million rental, uh, units, uh, and, I would also add, depending on what we do with enhanced unemployment, has a relationship with what you need to spend on rental assistance. If you are giving people enhanced unemployment who are out of work, they can use some of that money to pay their rent…but no, I, I, I think the 30 to 40 million is grossly high in terms of estimates, and I think this is nothing close to what was the mortgage and housing crisis that we had during the recession.”
I’m glad our Treasury Secretary is so good at math!
It’s kind of important you know you’re the Treasury Secretary, you know!
OK, “Hey Half Dollar, his math assumes there is only one person living in every single rental property!”.
Well, everybody knows ‘Ol Half Dollar ain’t no dang Mathematician, much less a Demographer!
Here’s the just ended live-stream from Yahoo Finance, if you can stomach it (video will begin auto-playing at the correct timestamp that is in reference to the title of this post, beginning with Representative Kim’s question):
It is quite the Dog-n-Pony Show.
Shameless plug time: I wrote some analysis yesterday on why the riots and the looting will continue, regardless of the next round of the Cares Act:
For now, there is no way to stop the rioting or the looting.
Shameless Plug II: John Rubino and I discussed fiscal stimulus in general, and bail-outs specifically, among other things, last Thursday afternoon:
We’ve got a great guest lined-up for this Thursday too, so do subscribe to our You Tube Channel and click the bell notification icon to be notified when that video goes live on Thursday!