On this vote the ayes are 96 the nays are zero. The 60 vote threshold having been achieved. The bill is passed right. Welcome back, everybody. My name’s Austin. In a vote of 96 to zero late last night a unanimous vote. The two trillion dollar stimulus package for the United States of America got passed by the Senate. And what this legislation does specifically it does three things it creates a loan program for small businesses. It establishes a lending fund for industries like the airline industry also a lending fund for cities and states. And number three in this affects you. It gives a check to every single American unless you make too much money. Now keep in mind this just passed in the Senate. That was the hard part. It’s expected to follow suit in the house. That should happen this Friday. And in Donald Trump‘s own words assuming that it passed in the Senate which he just did he will sign it into existence immediately. Listen to Steve Newton break down exactly what this legislation entails. The president has outlined many of these but let me just quickly go through them again. Small business retention loans. This will cover roughly 50 percent of the private payroll in small businesses where we will immediately make loans that will supply 8 weeks of salaries as long as they keep workers employed and those loans will be forgiven. At the end of the period as long as they keep workers employed so this will be a very simple system to get money into small business hands for companies that don’t qualify that. We have an economic program of tax incentives to retain workers. And as the president said we have enhanced unemployment insurance for people don’t fit into these two programs that will be administered through the states. We also have economic imp Inc. Impact payments. These will be within the next three weeks. Direct payments into most people’s deposit accounts. And for those that don’t have it, we will be having the checks in the mail. Treasury will have additional authority as we have 500 billion dollars that we can use to work with the Federal Reserve for emergency programs that will create up to an additional four trillion dollars if needed to support American business and American workers in an unprecedented way. And then finally the president mentioned one hundred billion dollars to hospitals. And one hundred and fifty billion dollars to states that have specific. Virus expenses as well as many additional things. OK. Make no mistake about it this is a massive amount of money coming into this economy. And I’m going, to be honest, it doesn’t really favour the little guy. I mean yes we’re going to get some money. But honestly, the majority of that two trillion dollars is going to companies. But if you own a small business you also benefit. The bill would expand the eligibility for small businesses defined as businesses under 500 employees which there is a lot of to receive a loan of up to 10 million dollars under the Small Business Act. And also if you qualify loans are eligible for forgiveness if they meet specific criteria. Now just how long is all this going to last. How long will our economy be stimulated? We think to say through it would be the anticipated three months. Hopefully, we won’t need this for three months. Hopefully, this war will be won quicker but we expect that this is a significant amount of money if needed to cover the economy. And don’t forget a lot of this is going to be to keep companies that are very strong triple-A-rated companies previously. To keep them going. And it’s going to be in the form of loans so the money is going to come back. This money has got a lot of this money is coming Super. OK, so three months max they’re hoping this pandemic. They’re hoping people can get back to work before that but if not two trillion dollars is meant to last us three months. Now on a macroeconomic scale, I do want to talk about what this means for bitcoin holders but first, let’s talk turkey. When this passes in the house how much money are you going to get in a check? But first how soon can we expect this check. Now we are hearing you are pushing for April 6 to have direct payments issued to taxpayers. Is that the target date. I think that’s again every month. I would say our expectation is within three weeks we will have direct payments out where we have depository information and we’re looking to get a lot more information and we have procedures to do that. So three weeks for that and I would say the end of next week. We want all the banks to be able to originate loans same day. OK. So if you want a loan from the bank you only have to wait a week. But if you want your check it’s going to be about three weeks. And this is what this legislation gives you. It gives direct payments of up to twelve hundred dollars for individuals 24 hundred for pulls in five hundred dollars added for children. I will point out that this channel broke this information to you six days ago. This is just when this was rumoured. Now we have confirmation this past 96 to 0 in the United States Senate last night. It’s projected to pass in the house. The Senate was the hard part. And if it does this is pumping massive amounts of money into the economy. Corporations are getting most of that but the individual is getting some of that. And it’s meant to stimulate. Now. I’m not a financial adviser but in my opinion, while this yes it might pump the economy in the short term if we’re expecting the economy to pump back up to where it was at the projections at the pace of where we were in January and really for the last 10 years we’ve been overdue for a correction right. We saw the dot.com bubble we burst the 2008 housing crisis we burst and look at this. We’ve been overdue for a while. The two things to consider is number one the U.S. economy is now on pace to have the worst pandemic outbreak anywhere. Ten days ago we passed Spain a few days ago we passed China. So to think that the American economy is just going to pump back to what it was I think is wishful thinking. This is going to last a while. And to think that we’re going to the spending power that we may have from individuals I don’t think that a person getting twelve hundred dollars is going to be spending that all in the economy I bet they spend what they need to and they save some. This correction if we base it on other corrections and my last between two to eight months which they typically do it is for that exact reason I’m stacking SATs more than ever in nineteen hundred. We had 200 million dollars USD in circulation 1935. We had 10 billion. 1970 we had 70 billion and in 2020 we have over four trillion dollars in circulation. Well, that escalated quickly. But how are the companies feeling about this two trillion dollar injection? I mean if they feel confident then the economy will probably be fine. But I liked this perspective from Mark Cuban. Why this recession is probably just starting or this economic slowdown is probably just starting. Well, how do you think about this very question when is it safe to send people back to work. You know what you when you deal with imperfect information you make imperfect decisions and there’s no reason to rush this. I’d rather error on the side of caution. I’m not going to tell people to go to work when I’m uncertain and you know not only is it a safety issue it’s a business issue. How companies respond to that very question is going to default define their brand for decades. If you rushed in and somebody got sick you were that company. If you didn’t take care of your company your employees or stakeholders and put them first you or that company and particularly with the Gen Zia millennial generations that are going to be unforgivable. So not only is it smart to take care of your employees but it’s also good business and that’s the way I’m looking. Hey, a great perspective from Mark Cuban. If you agree if you disagree. Sound off below in the comments. I really would be interested to hear if you think this stimulus package is going to help pay. And as a bitcoin Holder thinks about this the S&P traditional markets they are down 25 percent in price year to date since January 1st. But Bitcoin is only down 8 percent year to date. Now both of these assets fell and fell hard but Bitcoin recovered first recovered faster just like gold. We are watching Bitcoin slowly decouple from traditional assets. I know it doesn’t feel like it guys but we’re making progress. Neo has just released 11 million dollars worth of their coins their tokens from cold storage to fund itself through 2020. So they’re taking the old ripple approach and presumably they’re going to sell these coins. That’s the only way they could fund themselves. The Neal Foundation announced on March 25th that they had released the necessary funds to continue operating for the 2020 fiscal year. They released a total of over one million six hundred thousand. Neal the coin worth approximately eleven million dollars was released with over 27 million Nio over 190 million still remaining. So presumably they have this to use to fund themselves for the rest of their existence. But if you hold Neo. Right now the price is about six dollars it’s still ranked twenty third in overall market cap. I would expect this to drop a little as they sell to fund them for the year. That is the video for today. My name’s Austin. See you tomorrow.