COVID Economy

[MU82]

Two things make America incapable of dealing with this virus without getting bailed out by a vaccine.  One is that we define freedom as the absence of any element of collectivism whatsoever. The other is that we'd rather die than just give people money, even if it is the economically rational thing to do.

Yep.

Shut things down and pay people.

Or open everything.

Keeping only some things open (largest corporations/organizations) funnels more money to the top.

And yep.

[The Hippie Satan of Hyperbole]

The only thing I can think of, is they aren't being held to "the same rules" though. The film companies are required to regularly test all staff/crew/etc for COVID-19 and have plans in place to mitigate any spread.

The restaurant does not. So in theory, the film company can stop any infected people from being present, the restaurant has no idea on whether staff, or patrons are infected.

Extremely terrible optics, but I do understand a bit key differences. I bet if she proposed to the mayor, that all patrons would be given a rapid 15-minute test prior to being seated, they would be allowed to stay open (obviously ridiculous, but that is essentially what the film companies are having to do).

Right. If you want to say that movie studios shouldn’t be essential, that’s fine. But since they have that designation, setting up an outdoor dining area is responsible.

[forgetful]

Shut things down and pay people.

Or open everything.

Keeping only some things open (largest corporations/organizations) funnels more money to the top.

I agree with this. Personally, I prefer the shut things down and pay people.

[GooooMarquette]

The only thing I can think of, is they aren't being held to "the same rules" though. The film companies are required to regularly test all staff/crew/etc for COVID-19 and have plans in place to mitigate any spread.

The restaurant does not. So in theory, the film company can stop any infected people from being present, the restaurant has no idea on whether staff, or patrons are infected.

Extremely terrible optics, but I do understand a bit key differences. I bet if she proposed to the mayor, that all patrons would be given a rapid 15-minute test prior to being seated, they would be allowed to stay open (obviously ridiculous, but that is essentially what the film companies are having to do).

Perhaps. But once again, this just highlights the advantages of the ‘haves’ over the ‘have nots.’ They are given opportunities that others aren’t given, and they have the resources to take advantage of those opportunities.

[GooooMarquette]

I agree with this. Personally, I prefer the shut things down and pay people.

Agreed. This is the model that many European countries used, and even though they have had outbreaks, they have been able to tamp them down much more effectively than we have.

[Frenns Liquor Depot]

I support paying people for a few reasons-it’s good for the economy to give money to people who spend it and second people need support right now. 

I don’t think though we are in a place where the black/white or binary makes sense.  Europe’s lockdown was far less restrictive than last time, France kept elementary schools open, etc.  There is no social will for a complete shutdown.

We just need to accept there are pandemic losers and we need to help them get by until next year. 

[GooooMarquette]

I support paying people for a few reasons-it’s good for the economy to give money to people who spend it and second people need support right now. 

I don’t think though we are in a place where the black/white or binary makes sense.  Europe’s lockdown was far less restrictive than last time, France kept elementary schools open, etc.  There is no social will for a complete shutdown.

We just need to accept there are pandemic losers and we need to help them get by until next year.

France was able to keep schools open because they completely shut down bars and restaurants. If we had the political will to do that, schools could likely remain open.

[Frenns Liquor Depot]

France was able to keep schools open because they completely shut down bars and restaurants. If we had the political will to do that, schools could likely remain open.

I’m with you on bars and restaurants.  But industry was much more liberal this time around.  Much more people were working during this shutdown. 

[jesmu84]

Never thought I would agree with Kevin o'leary

https://finance.yahoo.com/news/a-second-stimulus-check-should-be-in-the-next-aid-package-shark-tanks-kevin-o-leary-131545624.html

[jesmu84]

https://youtu.be/3kt7QAiEUhA

Idiots. All of them.

Let's hope that somehow AOC/Hawley wield their populist power for good.

[jesmu84]

Percent of wages currently subsidized by governments due to COVID:

Japan: 100% for small businesses; 80% for large firms

Netherlands: Up to 90%

Norway: Up to 90%

Germany: Up to 87%

France: Up to 84%

Italy: 80%

United Kingdom: Up to 80%

Canada: Up to 75%

United States: 0%

https://twitter.com/Public_Citizen/status/1333443931648917504?s=20

[jesmu84]

https://twitter.com/JStein_WaPo/status/1336478192916459522?s=19

Someone smarter than me. Please. Explain to me how an individual or family is supposed to survive on $1200 or potentially $1800 in 9 months + unemployment (if eligible)

We are watching our own government be intentionally cruel to the working class.

[Jockey]

As I have stated numerous times:

Cruelty IS the point.

[jesmu84]

There are those who are months behind in rent or mortgage payments and facing evictions with the end of the moratorium.

So what's gonna happen with $600? Nothing.

But that also leaves landlords and mortgage companies in a tough spot.

I wonder which group will get bailed out assuming this all goes south?

[MU82]

There are those who are months behind in rent or mortgage payments and facing evictions with the end of the moratorium.

So what's gonna happen with $600? Nothing.

But that also leaves landlords and mortgage companies in a tough spot.

I wonder which group will get bailed out assuming this all goes south?

Both should, of course.

[Frenns Liquor Depot]

There are those who are months behind in rent or mortgage payments and facing evictions with the end of the moratorium.

So what's gonna happen with $600? Nothing.

But that also leaves landlords and mortgage companies in a tough spot.

I wonder which group will get bailed out assuming this all goes south?

Actually you could do it once. Application for government funded rent forgiveness.  To participate the landlord needs to reset the clock prior to pursuing a future eviction.   

[GooooMarquette]

Actually you could do it once. Application for government funded rent forgiveness.  To participate the landlord needs to reset the clock prior to pursuing a future eviction.

Yep. Essentially, the landlord agrees to forgive any outstanding rent in exchange for a payment of a certain percentage of the rent owed. The landlords get their money (maybe not 100%, but a heck of a lot better than evicting the tenant and probably getting nothing), and the tenants get off the hook.

[jesmu84]

https://youtu.be/-tq_SlY_lJs

2nd housing collapse coming?

[Uncle Rico]

https://youtu.be/-tq_SlY_lJs

2nd housing collapse coming?

This has been bubbling for awhile, even pre-Covid

[Hards Alumni]

This has been bubbling for awhile, even pre-Covid

Agreed.  Some places will be more insulated than others.  I advised my coworkers to not purchase a house, but they got sick of living in an apartment in August.  I imagine that they will be underwater sometime in the next couple of years.  Then again, I have been waiting for the bottom to fall out on housing for years, and have been wrong every time I've said, "soon".  So what the hell do I know.

[tower912]

Glad mine is paid for and I am not moving for a couple decades.   

[MU82]

https://youtu.be/-tq_SlY_lJs

2nd housing collapse coming?

We are talking about moving to the Seattle area in the next year or two to be closer to our daughter and new grandson. It's outrageously expensive there.

Ideally, we would sell our Charlotte house just before the housing collapse and then swoop in to buy one in Seattle after the collapse.

But that kind of luck hardly ever happens.

[jesmu84]

This has been bubbling for awhile, even pre-Covid

Truth. But obviously accelerated now.

And if it comes to be, corporate landlords will buy up mom and pop rentals. And wall street will buy up tons of homes. More movement to the top.

How anyone can look at the current economics (not even considering covid) of the US and think we're in a good/safe place is ridiculous

[JWags85]

We are talking about moving to the Seattle area in the next year or two to be closer to our daughter and new grandson. It's outrageously expensive there.

Ideally, we would sell our Charlotte house just before the housing collapse and then swoop in to buy one in Seattle after the collapse.

But that kind of luck hardly ever happens.

If the WFH revolution that everyone is frothing over comes to fruition, Seattle would likely have a major bubble pop. All those software and tech firms that brought people to the city and sent housing prices SOARING would suddenly no longer be tied to the city.  Everyone talks about Manhattan, but I would think the exodus out of Silicon Valley and Seattle would be profound given then types of jobs there.

[MU82]

If the WFH revolution that everyone is frothing over comes to fruition, Seattle would likely have a major bubble pop. All those software and tech firms that brought people to the city and sent housing prices SOARING would suddenly no longer be tied to the city.  Everyone talks about Manhattan, but I would think the exodus out of Silicon Valley and Seattle would be profound given then types of jobs there.

Frankly, I wouldn't wish suffering on others just so I could save some money on a house. When the time comes, we'll see what's what.