Billionaire Sec Ross: Why are fed workers going to foodbanks instead of taking loans?

[BmorePat87]

https://www.cnn.com/2019/01/24/business/wilbur-ross-loans-food-assistance-government-shutdown/index.html

Completely out of touch billionaire Commerce Secretary Wilbur Ross questioned the logic of furloughed federal workers going to food banks instead of taking out loans.

Quote:"Well, I know they are and I don't really quite understand why, because as I mentioned before, the obligations that they would undertake, say borrowing from a bank or a credit union, are in effect federally guaranteed, so the 30 days of pay that some people will be out is no real reason why they shouldn't be able to get a loan against it."

"The banks and the credit unions should be making credit available to them. When you think about it, these are basically government-guaranteed loans because the government has committed these folks will get their back pay once this whole thing gets settled down," Ross said in the interview.

"So there really is not a good excuse why there really should be a liquidity crisis," Ross said. "Now, true that people might have to pay a little bit of interest, but the idea that it's paycheck or zero is not a really valid idea.

The Trump administration losing the image war for the shutdown in a spectacular fashion.