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Old 03-16-2020, 02:33 PM   #101
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Originally Posted by mario View Post
The problem is that I haven't seen anyone say anything more direct than talking about Unemployment Benefits.


But many, many of us aren't eligible for unemployment benefits. I don't know about mja's dad, but many small businesses are sole proprietors and don't have payroll, hence no unemployment withholdings. That makes us ineligible to apply for unemployment.


Edit: Multiquote didn't work, was responding to MJA and to dmb2much40 saying "I hope congress can get their shit together for once and pass a bill to help small businesses- low interest short term loans, lease forbearance, etc."
They're going to have to find someway to suspend mortgage payments for families and businesses. That way landlords can then provide free rent to families and small businesses during this. I believe Italy is doing this.
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Old 03-16-2020, 02:41 PM   #102
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They're going to have to find someway to suspend mortgage payments for families and businesses. That way landlords can then provide free rent to families and small businesses during this. I believe Italy is doing this.
I'm not trying to be anecdotal, but I AM the landlord. There are a few lawyers in my office and we all own the building together and rent a one bedroom apartment, an engineer's office (no employees) and a small constrution company (3 people).


I'm relying on the rent money to just cover my personal bills.


Many small businesses are like that, little storefronts with apartments upstairs to supplement income. So waiving rents may make it even worse.
Just to use me as an example, I pay $400 a month for health insurance. I pay $100 a month for car insurance. I have a couple hundred bucks a month for utilities. And I need food. So I need about $1,000 a month in income if rent and mortgages are suspended.


I've got savings and I'll be able to continue working some and all, not trying to get a kickstarter or anything, just trying to be an example of the real economic pain this country is in for, because I'm still in a pretty enviable situation, and it's pretty bad.
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I saw that healthcare workers in CO are blocking the cars from protesting.

I really didn’t want to go there but: fuck these people. Nurses make $100k/year with full benefits. I don’t feel sorry for them at all that they might catch a flu that’s not going to do anything to them. Such a stupid opportunity that they’re fully exploiting to jerk themselves off.
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The fact that they came outside in their scrubs - which they’re supposed to be keeping as clean and “uncompromised” as possible - tells you it was virtue signaling in an attempt to go viral. Just like all of the dumb TikTok videos that bored nurses in empty hospitals have been putting together across the country the last few weeks
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Old 03-16-2020, 03:18 PM   #103
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How about what Romney's pushing for....$1k/mo universal basic income for every 18+ American (Yang's plan?)
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Old 03-16-2020, 03:30 PM   #104
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How about what Romney's pushing for....$1k/mo universal basic income for every 18+ American (Yang's plan?)
Yeah, something like that is probably the best sort of stimulus package that could be put together.


Any stimulus is going to generate economic inflation, the key to this is whether you stimulate corporate bank accounts or real people?

Why is the Fed dumping money into banks instead of dumping that money into city and state governments?
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Originally Posted by Tambourine Man View Post
I saw that healthcare workers in CO are blocking the cars from protesting.

I really didn’t want to go there but: fuck these people. Nurses make $100k/year with full benefits. I don’t feel sorry for them at all that they might catch a flu that’s not going to do anything to them. Such a stupid opportunity that they’re fully exploiting to jerk themselves off.
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Originally Posted by Josh.0 View Post
The fact that they came outside in their scrubs - which they’re supposed to be keeping as clean and “uncompromised” as possible - tells you it was virtue signaling in an attempt to go viral. Just like all of the dumb TikTok videos that bored nurses in empty hospitals have been putting together across the country the last few weeks
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Old 03-16-2020, 03:32 PM   #105
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I'm not trying to be anecdotal, but I AM the landlord. There are a few lawyers in my office and we all own the building together and rent a one bedroom apartment, an engineer's office (no employees) and a small constrution company (3 people).


I'm relying on the rent money to just cover my personal bills.


Many small businesses are like that, little storefronts with apartments upstairs to supplement income. So waiving rents may make it even worse.
Just to use me as an example, I pay $400 a month for health insurance. I pay $100 a month for car insurance. I have a couple hundred bucks a month for utilities. And I need food. So I need about $1,000 a month in income if rent and mortgages are suspended.


I've got savings and I'll be able to continue working some and all, not trying to get a kickstarter or anything, just trying to be an example of the real economic pain this country is in for, because I'm still in a pretty enviable situation, and it's pretty bad.
Oh I understand. I’m in the same boat as you. I have commercial tenants and I’m guessing most won’t be able (or theoretically willing) to pay rent in April. If this goes on long enough, eventually I won’t be able to pay the bank, and if there are no safeguards in place then that is that for everything I’ve banked the future of my family on.
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Old 03-16-2020, 03:33 PM   #106
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Also, I'm posting this here since I know there's a lot of overlap in the audience...


After 10 years of saying "craft beer can't get any bigger" I think we're finally going to see that bubble burst. Seems to me a whole lot of craft brewers won't be reopening when this blows over.
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I saw that healthcare workers in CO are blocking the cars from protesting.

I really didn’t want to go there but: fuck these people. Nurses make $100k/year with full benefits. I don’t feel sorry for them at all that they might catch a flu that’s not going to do anything to them. Such a stupid opportunity that they’re fully exploiting to jerk themselves off.
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The fact that they came outside in their scrubs - which they’re supposed to be keeping as clean and “uncompromised” as possible - tells you it was virtue signaling in an attempt to go viral. Just like all of the dumb TikTok videos that bored nurses in empty hospitals have been putting together across the country the last few weeks
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Old 03-16-2020, 03:38 PM   #107
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Also, I'm posting this here since I know there's a lot of overlap in the audience...


After 10 years of saying "craft beer can't get any bigger" I think we're finally going to see that bubble burst. Seems to me a whole lot of craft brewers won't be reopening when this blows over.
Oh yea big time. The herd has been due for a thinning and this will be the catalyst.
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Old 03-16-2020, 03:42 PM   #108
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Originally Posted by mario View Post
Also, I'm posting this here since I know there's a lot of overlap in the audience...


After 10 years of saying "craft beer can't get any bigger" I think we're finally going to see that bubble burst. Seems to me a whole lot of craft brewers won't be reopening when this blows over.
Man, 8 years ago I would've been crushed by this.....but beer just gives me heartburn anymore.
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Old 03-16-2020, 03:46 PM   #109
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Man, 8 years ago I would've been crushed by this.....but beer just gives me heartburn anymore.
Funny, it's the only thing that's relieved my heartburn the last three years....
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Originally Posted by Tambourine Man View Post
I saw that healthcare workers in CO are blocking the cars from protesting.

I really didn’t want to go there but: fuck these people. Nurses make $100k/year with full benefits. I don’t feel sorry for them at all that they might catch a flu that’s not going to do anything to them. Such a stupid opportunity that they’re fully exploiting to jerk themselves off.
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Originally Posted by Josh.0 View Post
The fact that they came outside in their scrubs - which they’re supposed to be keeping as clean and “uncompromised” as possible - tells you it was virtue signaling in an attempt to go viral. Just like all of the dumb TikTok videos that bored nurses in empty hospitals have been putting together across the country the last few weeks
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Old 03-16-2020, 03:58 PM   #110
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Yeah, something like that is probably the best sort of stimulus package that could be put together.


Any stimulus is going to generate economic inflation, the key to this is whether you stimulate corporate bank accounts or real people?

Why is the Fed dumping money into banks instead of dumping that money into city and state governments?
You’re taking about two different things. Congress can choose to bailout airlines/hotels/cruise lines or mail checks to real people. Last proposal I heard was anyone making under $65k gets a direct check (sliding scale based on income tiers). I agree this is most important as the money would be directed at the people who need it most and it will be spent immediately. However this will not produce inflation, it will simply prevent deflation. Unfortunately our inept congress still has not passed anything. The federal reserve has no ability to do this, only congress can choose where to direct federal funds.

Why the fed injected so much stimulus was because overnight bank lending was starting to seize up, meaning the banks didn’t want to lend to each other let alone real people. That would cause a liquidity crunch ala 2008. The fed is just trying to keep money flowing. Stocks are tanking because 1) economy is grinding to a halt and earnings will be a disaster 2) no relief in sight because no fiscal stimulus and no federal leadership 3) people freaking out and selling their ira/401k holdings 4) many margin calls going to levered hedge funds who need to produce cash now.
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Old 03-16-2020, 03:59 PM   #111
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I hope my industry continues to hold steady. Lots of cancellations coming out today though. I'm in the horse racing industry and if the horses don't run, it will get interesting. Summer is primetime for us.
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Old 03-16-2020, 04:03 PM   #112
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How about what Romney's pushing for....$1k/mo universal basic income for every 18+ American (Yang's plan?)
While I welcome such a policy I think the amount should be closer to 2k.

Ontario had a pilot program for a little over a year going in a few cities before the new Conservative government lead by Doug Ford canceled it. I think folks were getting $1,900/month.
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Old 03-16-2020, 04:07 PM   #113
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However this will not produce inflation, it will simply prevent deflation. Unfortunately our inept congress still has not passed anything.
I don't think we disagree. I'm saying it's like adding hot water to ice cubes. You may still end up with chilled water, but you generated warmer water.


I don't know whether it would be enough to merely reduce deflation, stave it off, or overcorrect into inflation. Just that it's going to have an inflating effect.



Quote:
Originally Posted by dmb2much40 View Post
Why the fed injected so much stimulus was because overnight bank lending was starting to seize up, meaning the banks didn’t want to lend to each other let alone real people. That would cause a liquidity crunch ala 2008. The fed is just trying to keep money flowing. Stocks are tanking because 1) economy is grinding to a halt and earnings will be a disaster 2) no relief in sight because no fiscal stimulus and no federal leadership 3) people freaking out and selling their ira/401k holdings 4) many margin calls going to levered hedge funds who need to produce cash now.



The banking industry is about fourth on the my priority list right now. I'd rather dump that money straight to individuals so they can keep paying bills and buying food. Second, I'd dump that money straight into cities and states to help provide services like preparing quarantine areas. Third, dump it into hospitals to prepare for the medical demands that are coming. Then, maybe, give a fuck about stabilizing banks.
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I saw that healthcare workers in CO are blocking the cars from protesting.

I really didn’t want to go there but: fuck these people. Nurses make $100k/year with full benefits. I don’t feel sorry for them at all that they might catch a flu that’s not going to do anything to them. Such a stupid opportunity that they’re fully exploiting to jerk themselves off.
Quote:
Originally Posted by Josh.0 View Post
The fact that they came outside in their scrubs - which they’re supposed to be keeping as clean and “uncompromised” as possible - tells you it was virtue signaling in an attempt to go viral. Just like all of the dumb TikTok videos that bored nurses in empty hospitals have been putting together across the country the last few weeks
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Old 03-16-2020, 04:16 PM   #114
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Just thinking about baseball. If the season is postponed until September (which is basically over by then) that is a HUGE # of folks not working. Unemployment only takes one so far (and many hours folks won't even qualify)
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Old 03-16-2020, 04:17 PM   #115
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The federal reserve has no ability to do this, only congress can choose where to direct federal funds.

But this is not correct. The Fed has the authority to direct funds to cities and states under [Only registered users can see links.] , authorizing the Fed to
“…buy and sell, at home or abroad, bonds and notes of the United States, bonds issued under the provisions of subsection (c) of section 4 of the Home Owners’ Loan Act of 1933, as amended, and having maturities from date of purchase of not exceeding six months…”



It could buy municipal bonds to inject money into cities and states.
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I saw that healthcare workers in CO are blocking the cars from protesting.

I really didn’t want to go there but: fuck these people. Nurses make $100k/year with full benefits. I don’t feel sorry for them at all that they might catch a flu that’s not going to do anything to them. Such a stupid opportunity that they’re fully exploiting to jerk themselves off.
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Originally Posted by Josh.0 View Post
The fact that they came outside in their scrubs - which they’re supposed to be keeping as clean and “uncompromised” as possible - tells you it was virtue signaling in an attempt to go viral. Just like all of the dumb TikTok videos that bored nurses in empty hospitals have been putting together across the country the last few weeks
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Old 03-16-2020, 04:45 PM   #116
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Wait, has anyone made the joke yet that stock certificates have more value on the black market as toilet paper than they do on the stock market?
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Originally Posted by Tambourine Man View Post
I saw that healthcare workers in CO are blocking the cars from protesting.

I really didn’t want to go there but: fuck these people. Nurses make $100k/year with full benefits. I don’t feel sorry for them at all that they might catch a flu that’s not going to do anything to them. Such a stupid opportunity that they’re fully exploiting to jerk themselves off.
Quote:
Originally Posted by Josh.0 View Post
The fact that they came outside in their scrubs - which they’re supposed to be keeping as clean and “uncompromised” as possible - tells you it was virtue signaling in an attempt to go viral. Just like all of the dumb TikTok videos that bored nurses in empty hospitals have been putting together across the country the last few weeks
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Old 03-16-2020, 06:17 PM   #117
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I don't think we disagree. I'm saying it's like adding hot water to ice cubes. You may still end up with chilled water, but you generated warmer water.


I don't know whether it would be enough to merely reduce deflation, stave it off, or overcorrect into inflation. Just that it's going to have an inflating effect.








The banking industry is about fourth on the my priority list right now. I'd rather dump that money straight to individuals so they can keep paying bills and buying food. Second, I'd dump that money straight into cities and states to help provide services like preparing quarantine areas. Third, dump it into hospitals to prepare for the medical demands that are coming. Then, maybe, give a fuck about stabilizing banks.
I don’t disagree with the order of your priorities. And I’m not familiar with the specific law you referred to regarding muni bonds. I do know that historically the fed has only purchased treasuries and mortgages. The precedence for stimulus aimed at individuals has always come from congress and signed by the president (Obama did this in 2009, bush a few year earlier). Not saying this couldn’t or shouldn’t change, but that would be something that’s never happened before. The fed has actually done something, congress has done nothing. That’s where the frustration should be directed imo. The dysfunctional British government passed a fiscal stimulus package last week but we're still waiting.
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Old 03-16-2020, 06:52 PM   #118
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I mean, it's not fair to say Congress did nothing. One chamber put a whole package together, negotiated it with the executive branch, and passed it.

It's Mitch McConnell who doesn't think it's important enough to cancel his vacation or bring it to a vote anytime soon.
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I saw that healthcare workers in CO are blocking the cars from protesting.

I really didn’t want to go there but: fuck these people. Nurses make $100k/year with full benefits. I don’t feel sorry for them at all that they might catch a flu that’s not going to do anything to them. Such a stupid opportunity that they’re fully exploiting to jerk themselves off.
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Originally Posted by Josh.0 View Post
The fact that they came outside in their scrubs - which they’re supposed to be keeping as clean and “uncompromised” as possible - tells you it was virtue signaling in an attempt to go viral. Just like all of the dumb TikTok videos that bored nurses in empty hospitals have been putting together across the country the last few weeks
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Old 03-16-2020, 08:13 PM   #119
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Kentucky shut down all bars and restaurants today. A lot of my friends are now unemployed. Luckily the governor also opened up unemployment benefits to them with no waiting periods. Still sucks.
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Old 03-16-2020, 08:14 PM   #120
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It's Mitch McConnell who doesn't think it's important enough to cancel his vacation or bring it to a vote anytime soon.
He'll still win again in November. The people that support here pretty much say "Yeah he's terrible but he has so much power!"
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