COVID Economy

[MU82]

The rest of your response is somewhere between "yes, profits are more important than people", and "I'm a pretentious condescending prick who has travelled many places where the LARGE majority of patrons don't understand anything and love to see them genuinely surprised and appreciative". You should a) really reassess how important you are and b) know your audience.

Completely unnecessary attack on a reasonable Scooper. Shameful, really.

[Skatastrophy]

Completely unnecessary attack on a reasonable Scooper. Shameful, really.

Your father smells of elderberries

[The Hippie Satan of Hyperbole]

Stimulus checks had tremendous benefits on those who needed it most. Great work.

https://www.nytimes.com/2021/06/02/us/politics/stimulus-checks-economic-hardship.html

[Billy Hoyle]

Stimulus checks had tremendous benefits on those who needed it most. Great work.

https://www.nytimes.com/2021/06/02/us/politics/stimulus-checks-economic-hardship.html

we used ours to buy a stock that we sold for $101 above the purchase price. So yeah, it helped.   

It will be interesting to see what happens with rent. One friend who is an apartment manager said over 80% of her tenants are well past due and many are refusing the pay and legally don't have to pay until February 2022. Our governor extended the eviction moratorium to the end of June. What happens between now and then is going to have a significant impact on the economy; one estimate in OR is around $1.4 billion in unpaid back rent.

[Hards Alumni]

we used ours to buy a stock that we sold for $101 above the purchase price. So yeah, it helped.   

It will be interesting to see what happens with rent. One friend who is an apartment manager said over 80% of her tenants are well past due and many are refusing the pay and legally don't have to pay until February 2022. Our governor extended the eviction moratorium to the end of June. What happens between now and then is going to have a significant impact on the economy; one estimate in OR is around $1.4 billion in unpaid back rent.

Welcome to the next bailout.  And no, I'm not joking.

[jesmu84]

Welcome to the next bailout.  And no, I'm not joking.

The Kochs definitely will embrace that bailout

[ZiggysFryBoy]

The Kochs definitely will embrace that bailout

Booooooooooogie men.

You know one of the died, right?

[Hards Alumni]

Booooooooooogie men.

You know one of the died, right?

Boogie men my ass, zig.

[Billy Hoyle]

Welcome to the next bailout.  And no, I'm not joking.

no doubt about it. 

I know it's just one case but I wouldn't be surprised if others are taking the same approach. One of the tenants in my friend's building just bought a $2 million house. They put in their notice but needed extra time because they are doing "major renovations." They haven't paid their rent since April 2020. These types of tenants will be angling for a bailout.

In Oregon, we do have a bailout program that was poorly written. Only those currently residing in their same unit are eligible for an 80% "bailout." So, those who moved to cut costs (cheaper apartment, back with their parents, etc.) are ineligible even if they owe back rent. Crazy stuff, eh?

I wonder if back rent is going to be like student loans: people not paying because they are waiting for the government to provide relief.

[MU82]

One of the tenants in my friend's building just bought a $2 million house.

And he paid cash, using only the $$$ he got from unemployment benefits!

[jesmu84]

Booooooooooogie men.

You know one of the died, right?

Educate yourself.

https://www.wsj.com/articles/a-koch-brother-is-betting-big-on-distressed-real-estate-11614690003

https://fortune.com/2021/03/02/koch-real-estate-industries-pandemic/

https://www.theguardian.com/us-news/2021/may/21/charles-koch-foundation-eviction-real-estate

[ZiggysFryBoy]

Educate yourself.

https://www.wsj.com/articles/a-koch-brother-is-betting-big-on-distressed-real-estate-11614690003

https://fortune.com/2021/03/02/koch-real-estate-industries-pandemic/

https://www.theguardian.com/us-news/2021/may/21/charles-koch-foundation-eviction-real-estate

The evil Koch Brothers, dead or alive, are somewhere below the texture of your daily shît in things that I give a fuq about.

[jesmu84]

The evil Koch Brothers, dead or alive, are somewhere below the texture of your daily shît in things that I give a fuq about.

"I commented on OP without knowing what I was talking about. I'm now doubling down on that viewpoint and am also making it clear I refuse to educate myself on the current climate of housing and real estate"

Thanks Zig. Glad genuine discussion is alive and well.

[Billy Hoyle]

Educate yourself.

https://www.wsj.com/articles/a-koch-brother-is-betting-big-on-distressed-real-estate-11614690003

https://fortune.com/2021/03/02/koch-real-estate-industries-pandemic/

https://www.theguardian.com/us-news/2021/may/21/charles-koch-foundation-eviction-real-estate

the Koch's are to the far left what George Soros is to the far right.

[MU Fan in Connecticut]

the Koch's are to the far left what George Soros is to the far right.

Except the Koch's donate a far more significant $ sum to conservative causes.

[jesmu84]

the Koch's are to the far left what George Soros is to the far right.

The truth or untruth behind this statement has little to do with the topic at hand.

The commodification/financialization of basic human needs like healthcare or housing by Kochs/large financial institutions/hedge funds/etc is literally ruining our country.

[jesmu84]

https://www.youtube.com/watch?v=b1JlYZQG3lI

Very interesting video for someone like me not versed in supply chain/logistics.

Explains current shortages across the globe.

[MU82]

From the NYT:

American employers had 9.3 million jobs available at the end of April, the most in at least two decades, according to the latest stats released yesterday. Hiring rose, too, but not by nearly as much; workers have been emboldened to seek new opportunities, and nearly four million voluntarily quit their jobs in April, the most on record.

Those 4 million didn't quit to receive unemployment benefits. You don't get those when you quit. States are rapidly ending the program, which will go away nationwide in 3 months.

No, as the NYT goes on to say:

In short, workers have the upper hand as employers struggle to hire and retain them while the economy recovers from the pandemic. That is leading to higher pay for employees who have kept their jobs. It has also brought more generous offers for job seekers in sectors that are hiring rapidly to match pent-up demand unleashed after lockdowns.

If all that sounds bad for business ... in a new Goldman Sachs survey of 10,000 business owners, 67 percent said they think things are "moving in the right direction."

[shoothoops]

Chipotle says its raising prices again another 4% to cover modest wage increases to pay workers a living wage ($13k/yr)

Meanwhile they did $1 Billion in stock buy backs the past 5 years. CEO pay was $38 Million this past year. Executive pay increased $65 Million.

[JWags85]

Chipotle says its raising prices again another 4% to cover modest wage increases to pay workers a living wage ($13k/yr)

Meanwhile they did $1 Billion in stock buy backs the past 5 years. CEO pay was $38 Million this past year. Executive pay increased $65 Million.

That $65MM was a one time pay out for performance.  For a C suite that has returned nearly double digit revenue and profit growth annually the last 5 years for a behemoth of a company.

And even a modest raise of $3-4 across 60K+ hourly workers adds up into the $100-200MM range rather quickly.  Which is substantial for a company that has net income of around $300MM annually. Raising wages is good, but people can’t expect everything to stay dirt cheap if they do.  Even if the execs worked for $50K a year, they would still need those price hikes to keep the company growing and in the black.  Public companies aren’t run to break even. Especially ones with massive overhead, employee size, and high COGS.

[The Lens]

That $65MM was a one time pay out for performance.  For a C suite that has returned nearly double digit revenue and profit growth annually the last 5 years for a behemoth of a company.

And even a modest raise of $3-4 across 60K+ hourly workers adds up into the $100-200MM range rather quickly.  Which is substantial for a company that has net income of around $300MM annually. Raising wages is good, but people can’t expect everything to stay dirt cheap if they do.  Even if the execs worked for $50K a year, they would still need those price hikes to keep the company growing and in the black.  Public companies aren’t run to break even. Especially ones with massive overhead, employee size, and high COGS.

CMG also spent $100MM to relo their HQ from Denver to the OC bc their new CEO (from Taco Bell) didn't want to move.  Additionally I would speculate that their new format: traditional kitchen + digital kitchen (for online orders) has forced them to increase their labor force as well.

[lawdog77]

Chipotle says its raising prices again another 4% to cover modest wage increases to pay workers a living wage ($13k/yr)

Meanwhile they did $1 Billion in stock buy backs the past 5 years. CEO pay was $38 Million this past year. Executive pay increased $65 Million.

Simple solution: Don't eat there. Make your Mexican food fresh, at home. It tastes better, or at least mine does.

[pacearrow02]

Another tick up in inflation.  Worst levels in almost 3 decades, buckle up.

[ZiggysFryBoy]

Simple solution: Don't eat there. Make your Mexican food fresh, at home. It tastes better, or at least mine does.

E coli free at home too, hey.

[MU Fan in Connecticut]

CMG also spent $100MM to relo their HQ from Denver to the OC bc their new CEO (from Taco Bell) didn't want to move.  Additionally I would speculate that their new format: traditional kitchen + digital kitchen (for online orders) has forced them to increase their labor force as well.

Fits a pattern.  A year or two ago, Subway hired a Burger King executive to run the company.
Earlier this year they announced a "new office" in Miami and several jobs were moving from Milford, CT to Miami and the only reason was the new President didn't want to leave Miami.