MASSIVE LAYOFFS COMING

It's really hard to understand why the Republicans want to cut additional unemployment benefits from $600 to $200 in an election year. Other than that they're evil, of course.

I was nearly laid off from a job I have detested for years. But I swallowed my pride and fell in line with efforts to save my job. It worked, dignity be damned. I didn't want to join 40 million others on unemployment insurance. It's going to be ugly for the next year or two before we get a vaccine.

Fake News!!

What other industries are going under?

Fashion?

No.

Fashion Cares.

MGM Resorts Stock Is Falling

Shares of MGM Resorts (NYSE: MGM) were falling over 6% in afternoon trading Monday after Las Vegas casinos notified their staff that if they weren't recalled from furlough by August 31, they would subsequently be fired.

Major employers are required under the federal Worker Adjustment and Retraining Notification Act (WARN Act) to notify their workers when there are expected to be mass firings. MGM Resorts, Wynn Resorts, Tropicana, and other casino operators sent out such notifications.

MGM told its employees that it had originally hoped the casino closures would be brief and full operations could be restored. But the pandemic has progressed, and based on currently available data, it doesn't look like "it will be safe to restart shows prior to August 31, 2020."

That means the "large majority" of employees in the entertainment and sports division will be fired on that date. Health benefits will also be terminated on that date, though employees who are let go will be able to still apply for emergency grants from the casino through Nov. 29, 2020.

Shares of Las Vegas Sands, MGM, and Wynn were all down today, though MGM was hardest hit.

Can actors be laid off?

Or will Hollywood just stop making movies and tv shows?

R7 Actors are contract labor. What's probably gonna happen is a good chunk of filming will be handled overseas, with actors and crew quarantining before/after shoots. They can't navigate shooting in the states for now, it's just not possible. I bet we'll see a lot of new animated series in the next few years.

'Devastated': As Layoffs Keep Coming, Hopes Fade That Jobs Will Return Quickly

From airlines to paper mills, the job news is grim, and there are growing signs it won't be getting better anytime soon. On Thursday, the Labor Department reported nearly 2.4 million new applications for state and federal unemployment benefits last week.

And United Airlines is warning that it may have to furlough as many as 36,000 employees this fall. Demand for air travel has collapsed as a result of the coronavirus pandemic.

The president of the flight attendants union called the warning a "gut punch" but also "the most honest assessment we've seen on the state of the industry — and our entire economy."

Union President Sara Nelson tweeted that demand for air travel had recovered a small fraction of its pre-pandemic levels this summer and "even those minimal gains evaporated over the last week due to surging COVID-19 cases across the country."

Jobs in other industries are facing similar threats as the coronavirus tightens its stubborn grip on the country.

Derse Inc. in Wisconsin builds exhibits for trade shows — a business that's been decimated by the pandemic. Last month, the company notified state officials it was cutting 87 jobs in Milwaukee. The last of those layoffs come next week.

"They're devastated," said Dean Wanty, who represents some of the affected workers in the International Union of Painters and Allied Trades, Local 770. "This is something I hope I never have to see again in my lifetime."

Wanty said that when trade shows started getting canceled this spring, he thought it would be a short-term problem — certainly not one that would drag into the summer. But while other countries have managed to flatten the curve, the pandemic is accelerating in the United States, with daily infections now topping 60,000.

"Week after week, stuff just keeps getting canceled, further and further and further out," Wanty said.

Derse's letter described the situation as unpredictable but warned that some of the layoffs may last more than six months.

"To me, it's not a matter of if our industry comes back. It's a matter of when," CEO Brett Haney said. "Unfortunately, it probably won't happen until some point next year."

To be sure, many bars, restaurants and retail shops have reopened, and millions of workers who were furloughed in March and April have now gone back to work. But two out of three jobs cut during the pandemic have not returned. And week after week, millions of new people apply for unemployment.

Last week's jobless claims were down only slightly from the week before. While state claims dipped by 99,000, claims under a special federal program rose by 42,000.

"I think that's a really distressing and concerning sign for the labor market," said economist Nick Bunker of the Indeed Hiring Lab, the research arm of the job search website.

While weekly unemployment applications have fallen sharply from their springtime peak, they're still high by historical standards. And the longer the recession drags on, the more lasting the damage may be.

"Earlier in the crisis there was some optimism that people would return to their job fairly quickly," Bunker said. "What we're seeing now is more indication that lots more people who are unemployed are going to be unemployed for a longer period of time."

What's more, there are few openings for people seeking new jobs. Bunker said listings on the Indeed website are down about 25% from this time last year. That's an improvement from the springtime when listings were down nearly 40%. But Bunker said listings for higher-paid jobs have been slow to recover, likely reflecting employers' uncertainty about where the economy might be six months to a year from now.

United has already laid off employees; they let them know that their jobs are being eliminated on October 1, so they could comply with the letter of the CARES act. I’m sure more are coming but they’ve put themselves in good enough shape to get more government money and survive

While it sucks for everyone who will be laid off, it will hurt Trump

[quote] it will hurt Trump

I think it's going to hurt everyone, in more ways than we can imagine.

At this point (to me, at least), Trump is an afterthought. I couldn't care less about him.

I care about what's going to happen when tens of millions more are out of work this Fall.

The only thing employees at cruise lines are doing is selling ships and handling lawsuits.

Cruises can't even happen yet, R13.

I read an article that many of them (and their foreign crews) are stuck at sea, waiting to be repatriated to their home countries:

"MIAMI -- More than 40,000 cruise ship workers are still stuck at sea because of concerns about the coronavirus.

The Miami Herald reports that at least 42,000 workers remain trapped on cruise ships without paychecks, and some still are suffering from COVID-19, three months after the industry shut down.

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Cruise lines stopped sailing in mid-March after several high-profile outbreaks at sea. More than 600 people fell ill aboard Carnival Corp.’s Diamond Princess while it was quarantined off Japan, for example. Fourteen passengers died.

The U.S. Centers for Disease Control has prohibited cruises in U.S. waters through July 24.

Some cruise ship workers have started being repatriated to their home countries.

About 3,000 Carnival Cruise Line workers got off in Croatia earlier this month to catch rides and flights home across Europe. MSC Cruises has flown more than 1,000 Indian crew members home on charter flights from Europe and South America. Royal Caribbean also flew more than 1,200 Filipino crew members home last week from Greece, Dubai, the United States and Barbados, according to the Herald.

Several Caribbean countries haven't allowed cruise ships to dock in their ports out of concerns that they would cause spikes in the number of virus cases. Only Barbados has allowed for crew repatriation flights from its airports.

For most people, the coronavirus causes mild or moderate symptoms that clear up within weeks. But for others, especially older adults and people with existing health problems, the virus can cause severe symptoms and be fatal."

r8 one thing I read about the film industry is that they are worried that A-List stars won't want to film overseas out of fear they'll get sick there and have to be treated for covid there. So if big box office stars (who don't need to work) are turning down films the films just won't get made.

[quote] one thing I read about the film industry is that they are worried that A-List stars won't want to film overseas out of fear they'll get sick there and have to be treated for covid there

It happened to Tom Hanks, so it's a legitimate complaint.

Summer is disguising the coming bad years.

In a way, it would be fun to watch Trump grapple with his (Obama's) disintegrating "incredible" economy for four more years. But if he goes out now he'll be all, "I tried to make America great again but the sick Democrats wouldn't let me. Though I still did more than any other President in history, and built the most beautiful economy ever!".

Hopefully though, he'll be dumping everything on Biden to sort out.

Jeffrey Epstein's buttbuddy Les Wexner is in trouble.

OP

Imagine your worst case scenario, and then amplify it by 10. That is how bad things will get before November.

Completely agree R12

Its about millions of people being financially devastated. 4 people in my extended family have already been laid off. The first thing out of their mouths isn't "but it will hurt Trump" They are focused on paying their bills and keeping food on the table. That is their focus.

"Hopefully though, he'll be dumping everything on Biden to sort out"

Why, so it can take another 10 years for the economy to recover? People aren't looking for that to happen either They are looking for a swift recovery.

I think the bank industry is going to collapse when millions of laid off people can't afford their mortgages.

Very possible r22. Ive been contemplating withdrawing a lot of cash from my savings. My issue is, a lot of stores are not accepting cash where I am. There is some National Coin Shortage going on.

Well, I think I'm screwed. I was laid off about a year ago. Rather than jump at the first job I could find, I decided to take a year-long break from work and live off my savings while going to school full-time to complete my masters degree. I finished the degree a couple of months ago, but companies aren't in a rush to hire right now. After applying for several jobs, I won just one interview (about two weeks ago), but I haven't heard back from them.

I doubt I qualify for unemployment now, but I have enough money to go another year if I have to.

R2 You made right decision. One day this will end and you can look for other opportunities. Hang in there.

Tomorrow’s unemployment numbers will be interesting and sad to see. Millions will continue to live out of money to pay bills etc. Republicans will have lots to explain because of their plan to cut benefits radically.. Hopefully they will lose big time. But there are voters who deny pandemia like WH and want to keep cities and states open and cut benefits. I don’t understand them.

[quote] I think the bank industry is going to collapse when millions of laid off people can't afford their mortgages.

This could be the "global economic collapse" that people were worried would happen in 2008-2009.

Fortunately, Obama stepped in and fixed the mess.

I don't think we'll be so lucky this time, because it's the pandemic that has to be fixed, as well. And we still don't have a solution to that.

R22 I agree like R23.

R24 Don’t be too hard on yourself. A year ago none of us could have imagine something like this would happen. You made you decision based on the facts you had back then. I know this is easy to say. Bad timing

I just read today, can’t remember where that it will take to 2024 until the airline industry will recover from this.

R28, that's only IF the pandemic is dealt with.

If not, then it could go way beyond 2024.

CAA fired almost 100 agents this week. These people make a shitload of money. I wonder how they will survive without their Ferraris, Hollywood Hills mansions and $500 lunches. What a tragedy!

Is this also an indicator that there won't be much original content on TV, Netflix and the cinema the next couple of years or can international productions make up for it?

r30 I thought they moved some productions out of the US because of corona?

We're not going to be able to recover the economy until we get control of the virus. I don't know why everyone from Trump to the mayor of Podunk Alaska can't see this fact. Even after failing at containing the virus in China, and then failing to keep it out of the US (his travel ban was meaningless because he exempted 40,000 people who brought the virus home with them), he then had the chance to react appropriately and manage the supply chain, set up testing and contact tracing everywhere, and tell the American people to stay home and wear masks. The American people were there and made the sacrifice for naught. Trump didn't do anything but divide, rile up the masses, and create a mess so big it's going to take years to clean up. We've wasted 3 months, $trillions, and 150,000 American lives on nothing. And we haven't even begun to see the economic devastation Trump's response to this pandemic will bring.

There isn't going to be a vaccine this year. Probably not next year, and it's 50/50 at best for 2022. The fastest we've ever created a vaccine in human history is 4 years and that was for the mumps, a disease that we knew about and were aware of a lot longer than coronavirus. The only way forward is shutdown, testing, tracing and wearing masks when in groups until the virus is suppressed to the point that we only have flareups and rapid-response mitigation.

Our only hope at this point is the election of Joe Biden, who has already laid out a plan to recover. If we do what he says, we should be getting back to normal in about a year. We might even have a baseball season in 2021.

If, God forbid, Trump wins, we're rightly and duly fucked.

What do you guys think Biden will do when he wins in Nov and the pandemic is still raging? A total lockdown for 6 weeks and a national mask mandate? What else could he do?

Numbers in Europe are climbing again and it seems travel is an issue. Should he close all borders and travel for 12 months?

R32, I'll just say it: if the economy continues this free for all, I have no confidence in Biden. Obama had one of the longest recoveries in history after the 2008 mortgage mess. Biden is attached to that. If things are as grim as everyone is predicting they will be by November with the economy, I'm not voting for Biden. There I said it.

R26 Sure, if you mean "fixing the mess" by giving wall street crooks a trillion dollar bailout - who were the ones ultimatly at fault for the crisis by approving "no doc liar loans" - yeah he sure fixed it.....for the rest of us. We are the ones still paying for that.

[Quote] I'm not voting for Biden. There I said it.

You're now officially cancelled and an asshole.

The hospital industry may also take a hit. There are several hiring freezes (including the largest chain in my area) and several are forcing people to use their vacation days. Most, if not all, the workers at one of the hospitals I work at who were furloughed were just laid off, including the manager of my department.If (when) another wave hits, there go elective surgeries again at the time of year that people have them. No elective surgeries=no money. More lockdowns =less people on roads=less accidents/patients. People drop dead at home because they are afraid to go to the hospital/doctor.

R35 officially cancelled?

Do you not see how ridiculous that shoulnds?

Excuse me, miss, I have a virus and bills to worry about.

DL cancellation for voicing my opinion, is the least of my worries.

^You're now also "unofficially" cancelled dumbass Trump voter.

[quote] The hospital industry may also take a hit

I was going to ask how are hospitals suffering, when they're probably the busiest of anyone?

Then I read the rest of your post.

I had no idea that elective surgeries made so much money for hospitals. Wow.

Also surgeries for non life fhreatening conditions are put off, R39. Nips, kness, backs.

Thank God, I'm old!

Good luck, kids.

R25 Maybe that will pave the way for lesser known, more talented actors to make those movies.

Well that settles it. I’m voting for Trump!! Enough of this Biden sham that we are all suppose to play along with. I could be facing eviction by November and a disaster FICO score.

No thanks. Sorry guys this game of pretend we have nominated a real candidate has been fun. I can’t do this long haul, tho. I’m out. I’m overwhelmed with financial anxiety. It’s been debilitating.. I’d rather be dead of this virus then homeless come New Years.

I’ll pop back over here after the election. People aren’t gonna play along come game time. You’ll see.

Sorry. Too much has already been lost.

Peace out.

'financial anxiety'

Oh, Lord! She's worried about her FICO score.

By the time this is over, Experian may be bankrupt, too.

If you think Trump cares whether you're alive, dead or homeless, or is willing to do anything to help you or your FICO score, you may as well pack it in now, R43, because you're too stupid to live.

[Quote]Well that settles it. I’m voting for Trump!! Enough of this Biden sham that we are all suppose to play along with.

You do realize that Trump is currently the president and put you into this mess, not Biden, dumbass? But he will surely save you like he did with his casinos and every other business he ruined in the past. You are not the 1% he cares about you moron.

R43 has full-blown AIDS dementia

R43– Go ahead vote for Comrade Trump. See if he cares about your financial anxiety and Fico score while you lay dying under a bridge

Hollywood basically only makes movies that make Chinese government happy now, anyway. They can't go bankrupt fast enough for me.

Agreed, R50.

And R43 is posting from Moscow.

Remember, a vote for Biden is basically a vote for whichever Black Woman they pick to be his running mate.

[Quote] It's really hard to understand why the Republicans want to cut additional unemployment benefits from $600 to $200 in an election year.

It's because they control the narrative. I would like to see this change from an issue of "handouts" to one of "equity". So, minimum wage could be pegged to a percentage of executive salary or to average rents in different cities. So the minimum wage in SF or NYC would be higher than in Tulsa Oklahoma.

As for current unemployment benefits, one might consider pegging it to 10% of McConnell's salary. If he wants to reduce the benefits, reduce his pay accordingly for instance.

Forgot about gyms losing business.

Even the sports industry is taking a huge hit.

After Major League Baseball's failure to control an outbreak, the NFL might not even have a season.

Yet despite the fact that people should be aware that hard times are coming, I don't see much evidence of people economizing and making better choices about how to spend their money. Too many people are still eating out or having restaurant food delivered, buying unnecessary items, etc. They may think it's OK since they're probably saving money in other areas (driving less, no vacation travel, etc.) but how many of them have enough savings to last if they're unemployed for long periods of time?

Everybody has to plan now to VOTE.

Register to VOTE NOW.

Find out how to vote in your area, How are you going to deal with Voter Suppression, via Democratic Party, ACLU, etc?

Republicans are going to gut unemployment. Shit it going to get worse.

We need you to Vote in November.

Vote all Republicans out of office for this.

[quote] There is some National Coin Shortage going on.

Which is partially because you can’t cash in your coins without someone taking a cut. My bank used to have free change counters. They removed them.

Now the only place to cash in your coins is at the supermarket and they take 3%. Fuck that, I’ll keep em.

[quote] Also surgeries for non life fhreatening conditions are put off, R39. Nips, kness, backs.

If I can’t have surgery on my nipples, I’m gonna be pissed.

Poor fucking you r58.

My kness are killing me.

[quote] Too many people are still eating out or having restaurant food delivered,

I think a lot of that has to do with some people not only not wanting to go to the store and risk it, but if they do go it’s a get in and get out mentality as opposed to the days where one would “shop” and pick up what they need.

Speaking for myself, I shop for my mother so she doesn’t have to go. I call her and get what she needs, go to the store and go just for those items, get out and bring them to her house. I’m not looking for which brand is on sale to save a few cents or thinking, “hey, I didn’t think of making (x) tonight. Let me see if they have (y) on sale.” I want to GTFO of that cesspool quick.

Bless your heart, r59.

No, really. Bless it.

[quote] I’d rather be dead of this virus then homeless

If you’re dead, you’ll have a nice home in the ground.

32.9% drop in the GDP.

Worst in history and it will take years to recover.

[quote]Worst in history and it will take years to recover.

And when something like this collapse happens, what does it even mean to recover? Aaargh.

Is America great again yet?

R63 Rough years ahead

[quote]The entertainment, travel, and hospitality industries are going to be devastated.

idiots. all of the devastation happened in march already. didn't you get the memo, broadway closed down! the Metropolitan opera had to furlough all musicians, those are just the BIGGEST institutions. Airlines are barely functioning. restaurants closing right and left. it's not like something special happened today. all of those industries were down for five months ago

r60 I don't go into stores at all. Everything is either curbside pickup or delivery. And even if you don't find the least expensive options for everything, it's still far less expensive than eating out or ordering prepared food.

No, R67. All of the devastation did not happen in March.

All those institutions shut down, but had this passed more quickly, they would be in much stronger positions to re-open. Each month that passes weakens them. Cash reserves are spent down. Bills continue to mount.

We are in grave danger of losing Broadway as we know it. The theater owners can carry one empty theater for a while without actually endangering anything. The larger owners could carry two. But all of them? Where does the money come from to pay the next property tax bill on all those privately held theaters? And the next insurance bill? And Con Ed? Each day and week and month they are closed the devastation grows. And there is no end in sight, no way to budget, or plan effectively. It's not like they can lower ticket prices drastically and produce shows that fit that lower revenue and try to muddle through, until there is a vaccine or cure, the theaters are not safe to operate.

Most business could close for a short time, if forced to do so. But this keeps getting worse and ensnaring more businesses and institutions and people. The devastation grows and grows. And it looks like the GOP controlled Senate is willing to have the growth of that devastation increase.

Devastation? You ain't seen nothin' yet.

r57 3% would be lovely. My local supermarket(Acme, damn their eyes) has a CoinStar machine, and that takes 8.9%. I see people lining up to use it, I guess they don't realize they're losing almost one-tenth of their money. I never understood why people save coins. An easy way to get rid of them is to use the self-checkout in stores, that way you don't lose anything.

R63 that graphic is terrifying.

Unprecedented? That 2nd quarter drop in 2020 is like nothing this country (or world) has ever seen before.

As is just happened, we are not feeling the effects. Yet.

The pain is going to come in a few months down the road. Maybe even a year. But it's going to come.

People are pretending as though life is still normal. It's not. And instead of spending as usual, they should be saving for the coming years. Maybe even hoarding.

The supply shortage that we felt back in April and May is going to be nothing compared to when big businesses start shuttering, and more people get laid off.

In the short term, mainly small businesses were being affected, so only small business owners and their employees were impacted.

As larger businesses AND entire industries start to lay off, money dries up, rents and mortgages aren't paid, bills aren't paid, and no one is hiring, THAT is when people are going to see the big picture.

That's also when the shit is going to hit the fan.

R70, for a while, I used to feed coins into the CVS self-checkout. It was a good way to get some milk or gum. I’d go in when it wasn’t busy, so I wasn’t tying up a machine. Then they took away the pay-with-cash option. Now they’ve got one machine that takes it again.

Twice in the last week, I’ve had a cashier ask me for coins if possible. Since I’m an old-fashioned auntie, I had them. I thought nobody else used coins. Guess they do.

r72 There is a nation-wide coin shortage, I see signs in some store windows asking people to pay with coins if possible.

Time to empty out my Harry Potter piggy bank!

I have a feeling that this is the point where things are going to start ramping up.

34% drop in GDP.

Coronavirus cases rising and hot spots popping up all over the country.

Trump declaring that the election should be cancelled.

It's starting.

the end is nigh

[quote] the end is nigh —isn't that what I'm supposed to write?

You don't have to write it.

It's being written for you.

Genentech, Uber, and Dartan if SF Bay Area teach filed their WARN notices too.

Rough, rough times.

For those who don't know, WARN stands for:

[quote] Worker Adjustment and Retraining Notification Act (WARN) (29 USC 2100 et. seq.) - Protects workers, their families and communities by requiring most employers with 100 or more employees to provide notification 60 calendar days in advance of plant closings and mass layoffs.

Thanks, Columbo.

It’s absolutely bonkers that we couldn’t contain this virus when other countries did. What a disgrace.

A lot of Broadway dancers, choreographers and directors are moving to small towns across America looking for work with small regional theater groups and high school drama departments.

But MASKS is against my Constitutional right.

But quarantines is against my Constitutional right.

Amerika is the land of FREEDUMB.

MAGA!!!

I go into the store with my little coin purse and the cashiers love it!

"Fortunately, Obama stepped in and fixed the mess."

Then he'll have no problem assisting Joe with recovery. Git 'er done, fellas!

I'm glad Joe will preserve and improve on 'Obamacare'. I don't use it but I'm glad it's there. Tired of our healthcare being tied to a freaking job.

But those countries who were doing great with the virus are seeing more infections now...maybe it's the 2nd wave or whatever...

Like Iceland, Australia, New Zealand (i think), south Korea etc etc.

there is no hope for USA

You need to vote early - very early. The Post Office is in trouble. They are closing some Post Offices and slowing things down. Lack of funding?

Get your absentee and vote as soon as it lets you.

Always remember that you sign your application and actual vote - with exactly how you filled it out up above. If you fill out James E Smith -- sign it that way. Not Jimmy Smith. So many ballots are thrown out because of this.

We will all rise from the ashes

No, not all.

My company's biggest client was an European airline which cancelled all work orders in March. We can survive until October and then we are broke. I am applying for other jobs every day but no one is hiring.

However, when I talk to friends, their biggest concerns seems to be where to go on vacation this year and which houses to buy. Sometimes I have the feeling that I live in bizarro world where I am the only one with financial worries. Everyone else seems to be doing fine (for now).

So when is the world going to switch over to global currency because of this mess? How long will the restructuring take and how will we get fucked over?

That is where we are headed and the billionaire overlords will pick and choose who gets to come out on top.

Wonder which country that will be?

R91 that’s why I tried to get you eldergays to buy bitcoin and with your low t crabbiness you just shook your canes at me and told me to get off your lawn.

R90 Here in Europe airlines opened many of their routes. People started to travel. Result is rising number of covid cases. Hotspots are Barcelona area, Croatia and its neighbours and Luxemburg. Now airlines are closing some of their routes. Where I live our national airline is closing its routes to Croatia Barcelona and Madrid but will continue to fly to Malaga. People couldn’t stay at home this summer. Full airplanes bars clubs etc.

This was never just about a virus.

This is a Global reset.

Plannedemic.

Wake up!

I'm going to just cancel my membership when my gym opens again. I have grown accustomed in these past 4 months or so, that I don't need the gym, I am motivated enough to walk, hike, do yoga and ride a new bike I bought. I don't trust people visiting the gym to not have an active case of Covid-19 or being an asymptomatic super spreader.

So I can see lots more layoffs coming in the healthclub and spa industries.

I follow a subgroup on Reddit for my fitness classes and agree with R97. Everyone seems to have a "won't happen to me" and "not because of me" mindset. Even though gyms are required to follow certain mandates for masks, cleaning distancing, they are quickly overlooked and most just say they're "unreasonable."

People are told they were in classes with infected folks and apparently contact tracing ends there with no efforts to have them not come back until 10 or 14 days later.

If anything, I've learned not to expect anyone - the government, businesses, or my neighbors to look for my health. They won't even do it for themselves.

We're in California and can exercise outdoors throughout the year, fortunately. Here in SF I don't see gyms opening until mid 2021. The outlying areas tried to reopen them but all have basically landed back on the state's watchlist and they have since reclosed, and the one holdout, San Mateo County just south of SF is on its way to the same result by this weekend.

Regarding dining out - there are two mom and pop restaurants that I have been patronizing more since the spring.

I always order carry out and leave a tip as if I were dining in. I pay cash.

I have a steady job and a little extra disposable income since many of my normal activities have been cancelled. I want these restaurants to survive so I spend money at each of them once a week.

It's not nearly enough but I've seen other people doing the same so I hope they can make it.

It's a scary time. Most of us are terrified. I don't have any sage advice. My dad was born at the beginning of the depression and he always lived like it could still happen at any time.

People may have to learn a bit more cooperation and thrift but so many are unbelievably selfish, I don't know if it's possible.

[quote] Remember, a vote for Biden is basically a vote for whichever Black Woman they pick to be his running mate.

All the more reason to vote for Biden

[quote] This was never just about a virus. This is a Global reset. Plannedemic. Wake up!

Ahh, remember when people voted from Trump to "shake up the system"?

Well, here we are.

[quote]Remember, a vote for Biden is basically a vote for whichever Black Woman they pick to be his running mate.

Just about any Black woman alive would do a better job at managing this pandemic than Trump.

With the recent news that US GDP fell over 30%, we're in a depression.

CAA was in trouble before the pandemic. A lot of these agents will take their clients and start up boutique firms.

I wonder if this will be the end of movie theaters.

[quote] remember when people voted from Trump to "shake up the system"?

Who knew the "system" was so fragile?

[quote] "Fortunately, Obama stepped in and fixed the mess."

[quote] Then he'll have no problem assisting Joe with recovery. Git 'er done, fellas!

This is not a problem that is easily fixed.

Why do people keep forgetting that this is not a typical economic collapse. This is an economic collapse caused by a pandemic.

In order to fix the economy, you have to "fix" the pandemic.

And so far, we've got nothing.

Joe Biden can't magically cure Covid-19, can he? Therefore, the economy cannot recover, and is not fixable yet.

We're really fucked.

Masks are required at my mall.

You’re somewhat correct, r107, but a Biden administration will at least create and execute actual, non-deadly plans for dealing with the economy, rather than just screaming that states need to open up now and schools must open in the fall.

Nobody knew presidenting was so hard!

I'm not familiar with CAA other than thru a quick scan of wikipedia, but they only appear to have a few hundred employees. There are companies with many more than that so why are they a big deal?

R111 probably because those few people represent the majority of the big names in Hollywood.

Not sure how this will affect the actors, if their agents get laid off.

[quote]Who knew the "system" was so fragile?

Oh, Gentle R106, those of us who were around for the crashes in '87 and again in '89 and the Savings and Loan debacle, and then the collapse in 2008... we knew. It's all entirely ephemeral.

Next time around, you will know, too.

This thread is terrifying.

R113

The “papering over” the cracks exposed by 2008 is over.

Financialization has allowed the government to transfer wealth from the bottom 99.9% to the top 0.1% via the Federal Reserve policies of (after inflation) negative interest rates.

To dollar, euro, yen, franc, won, pound, etc. are tied to “nothing”. They exist as proxies, valuable only in relation to the others, with nothing to keep them tethered to reality.

In just 2 weeks it will be the anniversary of the death of the dollar exchange gold standard. It would be fitting for it to die the same day it was announced.

Until money is tied to reality again, the massive transfer of wealth to the top 0.1% will continue unabated.

R115 is Ron Paul.

Now Faucii is warning everybody they need GOGGLES to protect from Covid-19 (84)

While that bitch barely wears a mask, and will never be seen wearing goggles.

R117, just wait. After the pandemic passes, an army of corporate Karen's will be out there demanding that people where masks all the time to prevent the spread of flu and the common cold.

This is how liberty slips away, a little bit at a time.

[quote]This is how liberty slips away, a little bit at a time.

You can always move to Russia.

No, R118. Wearing face masks to secure the public health during a pandemic has nothing to do with legitimate liberty interests. You are either a troll or you are too stupid to live.

"Q2 GDP: US economy contracted by worst-ever 32.9% in Q2, crushed by coronavirus lockdowns"

The US economy contracted at the sharpest rate on record in the second quarter this year, affirming fears that the coronavirus pandemic and measures to contain it drove a historic plunge in consumer and business activity.

Here were the main metrics from the Bureau of Economic Analysis’ (BEA) advance Q2 GDP report, compared to consensus estimates compiled by Bloomberg:

Q2 GDP annualized, quarter over quarter: -32.9% vs. -34.5% expected vs. -5.0% in Q1

Q2 Personal consumption: -34.6% vs. -34.5% expected vs. -6.8% in Q1

Core Personal consumption expenditures, quarter over quarter: -1.1% vs. -0.9% expected vs. 1.7% in Q1

Market participants were bracing for an ugly second-quarter print, with the coronavirus pandemic forcing business closures and disrupting daily life for much of the April through June period.

“The decline in second-quarter GDP reflected the response to COVID-19, as ‘stay-at-home’ orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses,” The BEA said in its statement. “This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending.”

“The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified,” it added.

At 32.9%, the second-quarter annualized contraction marked by far the worst plunge ever recorded, based on Bureau of Economic Analysis data spanning back to 1947. Before the pandemic, the worst GDP print on record was in the first quarter of 1958, when GDP fell 10.0% on an annualized basis.

US economic activity contracted by 5.0% in the first quarter of 2020, which captured only the start of the coronavirus pandemic and business shutdowns in March.

Estimates for the margin of decline in second-quarter GDP spanned a relatively wide range. On the low end, several economists expected GDP sank as much as 40%. On the high end, Mizuho Securities economists estimated GDP declined by 25% in the second quarter. The Atlanta Federal Reserve’s closely watched GDPNow tool forecast a 32.1% decline in second-quarter GDP.

The second-quarter cliff in economic activity was driven by a drop-off in consumer spending, which appeared as a 34.6% drop in the personal consumption metric in Thursday’s report, or slightly worse than had been expected. Consumer spending comprises about two-thirds of the US economy, and prior to the pandemic had been the main engine of economic growth.

But spending sputtered during the second quarter, with businesses forced to close from mid-March onward to accommodate social distancing due to the coronavirus outbreak. Spending at retailers sank by a record 14.7% in April, according to the Commerce Department, before rebounding in each of May and June.

In the second-quarter GDP report, declines across the components were broad-based. In addition to the decline in personal consumption, domestic investment fell by 49%, with subcomponents in structures, equipment and IP each tumbling. Gross private domestic investment subtracted 9.36 percentage points from headline GDP.

Government spending rose 2.7%, with a 39.7% jump in non-defense spending encompassing some of the fiscal stimulus from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and outweighing a 5.6% decline in state and local government expenditures.

“In contrast to prior recessions, where plunging investment and inventories have usually been the biggest drivers, the coronavirus downturn has been mainly the result of an unprecedented collapse in consumption as lockdown measures imposed in late March forced consumers to stay at home,” Ian Shepherdson, chief economist for Pantheon Macroeconomics, said July 24.

With July coming to a close, and with many states having struggled to contain a resurgence in coronavirus cases, a number of economists noted that the pace of recovery coming out of the second quarter may be slower than the quick bounce some had anticipated. The second-quarter GDP report was released at the same time Thursday morning as the Labor Department’s report on weekly unemployment claims, which showed jobless claims rose for a second-straight week during the period ended July 25 following months of improvement.

“A collapse in household spending, which was already weak in the first quarter, led the plunge reflecting record job losses and closures. Shutdowns and weak demand also weighed on business and residential investment,” Rubeela Farooqi, chief US economist for High Frequency Economics, said in an email Thursday morning.

“A third-quarter bounce in GDP is looking more muted as of now, given a resurgence in virus cases that is weighing on economic activity,” Farooqi added. “Virus containment is key. Without it a more complete reopening of the economy, which is crucial for recovery, will remain out of reach.”

[quote]Joe Biden can't magically cure Covid-19, can he? Therefore, the economy cannot recover, and is not fixable yet.

No, R107, Biden has no magic wand. What he does have is scientists, professionals, competent advisors, and people with experience and know-how around him. We must shut down for 3 hard months, and the critical part is that the Federal Government gets a testing and tracing regime up and running, and only then slowly reopen the economy based on facts on the ground. In other words, pretty much the polar opposite of what Trump did.

I'm hoping when Biden wins, he announces formation of a task force big enough to handle this, releases a detailed plan for how we're going to do it on a national scale, and puts the new Democratic majorities to work on a basic guaranteed income to get everyone through the crisis. There should be a stack of bills on his desk waiting when he returns to the White House on inauguration day because every day we delay comes with a price: American lives and continued economic crisis.

You'd think Trump would realize capitalism is on the line, but he's too stupid to see even that. The numbers today should be a wakeup call, but instead all he can talk about is imaginary voter fraud.

DSW 1,000 jobs

R123

Your faith in government rivals the most dedicated Mohammedan.

Please tell me one thing the government has accomplished.

I'm curious how many aid packages congress and Dump can add to the national debt before the whole system collapses. The national debt was already out of control before Corona and now they just add trillion after trillion. Where does that money come from? Who will pay it back? We're still in the middle of the pandemic and there is no end in sight.

R126 the government inflates their way out of the problem and we become Venezuela.

Buy Bitcoin!

Bitcoin?

Gold.

People who can’t understand that the creation of trillions of dollars out of thin air simultaneously destroys the value of the dollars already in their bank account are too stupid to debate!

Just further on R124's post: The flow on effect. Terminating 1000 jobs by DWS means they will no longer need or need as much of things like: inventory, deliveries, the food/catering and vending machines, printing, maintenance call outs, staff training/training materials, cleaners, rent for smaller premises, office furniture/factory machinery etc. Those services will be drastically reduced or terminated.

And the flow on effect from the terminated services to other businesses they purchase from in order to service DSW.

As the larger businesses lay off and shut down - lots of other smaller business will be quietly starting to close up with no press releases like DSW has gotten.

If you think about how far reaching a 32.9% dip in GDP and mass layoffs coming are then it's very worrying. And it's only just beginning now. Plus the 1.4 million signing up for unemployment on a weekly basis.

I wonder whether morons like r118 concern themselves with assaults on liberty such as sending unidentified and unsolicited federal troops to cities to haul away moms and grannies engaged in peaceful protest or is just the requirement to wear a piece of cloth over your mouth and nose that really gets them?

R130 gets a gold star for being outraged by what the news said to be outraged by today.

I think I’d go on a cruise if it were just me on the ship, and the crew.

Id want a discount though becsuse it would be lonely.

Register to VOTE now.

Plan how you are going to vote now. How are you are going to deal with voter suppression?

It is going to get WORSE.

Vote ALL Republicans OUT of office for this.

You need a PLAN NOW!

R90 - [bold]you are not alone![/bold] Not by a long shot.

I am in the exactly same position as you are. My main corporate client cancelled all my work for the rest of the year in June as they are writing off millions and starting large staff lay offs in selected areas. Unfortunately my business is in one of the areas they are laying off staff - Learning & Development.

I have zero work. Nobody is hiring. Everybody is cutting staff and costs. Any jobs advertised are attracting hundreds of applicants. All my contacts are looking at the writing on the wall about their own jobs and worried about their own situations. I have decided to wind up my small business now before it hits the wall in December when all the money will be gone. I am 50 and terrified I will not be able to get another job. The job market is going to turn into Mad Max Beyond Thunderdome before too long.

So you are not alone. (I don't have the same kind of friends you do though planning vacations/house purchases)!

What the fuck happened to R43? What a crazy post!

R135. That was a Russian Troll ...

R131 gets a brown star for deciding that what flies out the asses is the source of info on what to be outraged about.

^ the asses of deplorables, that is

Those of you dabbling in investing, would you reckon crypto assets will go up again?

Amazing how much these titans of industry need us peasants to even survive. Turns out we don’t have to eat the rich, the COVID is.

And the US will soon be the shithole country MAGA always promised we’d be. Nice job TRUMPEES. FYA.

I’m a total millennial rube. Should I be concerned about my money in the bank? Is it safe even in checking? This thread is freaking me the fuck out.

R123, I hate to break it to you, but if the country does a hard shutdown for three months, IT WILL NEVER COME BACK. The economy is not like a car - you can't just jump in in the morning and drive away at 60 MPH.

During the great depression, the economy contracted by just 30%. It took 18 years and a World War to get it back to where it was. Those of you who are advocating a hard shutdown are actually advocating that we kill 10's of millions of people through hunger and hopelessness, because that is what will happen if economic activity stops.

Trump may not be a nice guy, but he understands economics 10x better than you.

No, he doesn’t

What a slobbering bunch of horseshit, r143

r143's post reeks of desperation in it's empty, pseudo-historical, false analogy.

What a tell that even they know it's over.

R145, you know you have terminal TDS when you would rather 100 million people lose their jobs and homes than see Trump re-elected.

Those are not the two available choices, you evil piece of shit

Trusting dumps knowledge of economics has already gotten our economy trashed. And you want him to have the chance to do more damage?

You are sick.

Repugs are all murderers. They put this bullshit up to try to convince people of their evil so they can kill as many of us as possible.

They’ve been doing a good job so far. They’ve killed 150,000 of us.

But, they’re bloodthirsty. They want more. So they post outrageous lies, like r143

R70, I have accounts with two banks in Massachusetts, both with coin machines.

If you have an account with them, there is no charge and you receive full value.

"Please tell me one thing the government has accomplished."

When functioning properly, governments act as a policeman against scumbags like Trump and R125, who think they have a divine right to the destroy the environment, create whatever toxic waste mess they want, abandon it and expect somebody else to clean it up, who think other human beings are merely cogs in their money making machinery to be used and abused in whatever fashion they see as acceptable, and who thinks laws are for the little people. In other words, somebody has to guard against rampant, mutant capitalists less they destroy the world.

Also, National Parks, Infrastructure, and in civilized countries, access to Health Care

R149, well Trump has a graduate degree from an Ivy League University. That beats your Diploma from the Las Vegas School of Cosmetology.

You mean the MBA from Wharton that Daddy Trump bought and paid for, R154? The degree from the university that Trump has ordered his academic records permanently sealed, under threat of a law suit?

The same invaluable MBA degree from that prestigious institution that caused Trump to filed bankruptcy not once, not twice, but three times? The prestigious degree that made Trump flee from Atlantic City with his tail between his legs because he couldn't make a dime owning a casino. If Trump couldn't make money operating a casino in AC, how come a place like the Borgata in AC, which opened 10+ years after Trump's Taj Mahal, has been making huge profits since the day it opened in 2003 and 17 years later is still the most profitable casino in AC. Seems to me that cosmetology diploma from the Vegas School of Cosmetology is a lot more valuable than Trumps worthless piece of paper from that "Ivy League" university.

Care to explain, R154.

[quote][R149], well Trump has a graduate degree from an Ivy League University. That beats your Diploma from the Las Vegas School of Cosmetology.

you're a fucking troll

Also for the record, Trump does not have a graduate degree, Ivy or otherwise. He went to Penn for two years of undergrad after failing to get accepted into an Ivy as a freshman.

[quote][R149], well Trump has a graduate degree from an Ivy League University.

THAT. Gotcha!

You couldn't have made the case any stronger. The president does NOT have a graduate degree from any college or university, whether or not an Ivy. He has a Bachelor's degree and that was the end of his education. He lies about his education all the time, and you fell for it. He could not get into UPenn from his stint in a military academy that was basically a reform school. He went to Fordham for two years and then, with assistance from his father's connections, transferred to UPenn. He spent two years there and graduated with a Bachelor's Degree in Economics. But that's his only connection to the fabled Wharton. But he waves it around as if it was much, much more.

Your guy is a liar. You are a fool.

R154 You silly, silly little bitch boy. lol

R154 Keep posting. I urge you to. I BEG of you to post more. Defend yourself more. Please! PLEASE do it. You stupid fuck. lol

I'mma Dumb Cunt!

The US could have done something like this, we're a rich country and it's your tax money after all.

About this coin thing.

I get email ads from casinos on a regular basis, because I have a few Vegas casino frequent player memberships.

One of their ads (which is something totally new) said, "For a limited time, we are offering FREE coin exchange. Cash your coins in for dollars!"

I thought it was so weird, because if there really is a coin shortage, why would casinos actually CHARGE you to trade in your coins?

Then I remembered. IT'S VEGAS!

They trick you into thinking they don't need something, when they really do need something.

So this ploy to charge you for exchanging your coins, is really an attempt by the casinos to GET coins from customers. Because they need those coins for their cashiers.

Vegas is fucking dirty. They really twist things around, don't they? They need something from YOU, and they have the nerve to charge you for it! Then they play it off like they're doing YOU the favor.

The economic collapse has already occurred. It's not COMING, it's already here. Get that through your thick skulls.

The economic collapse has already occurred. It's not COMING, it's already here. Get that through your thick skulls.

[quote] I think the bank industry is going to collapse when millions of laid off people can't afford their mortgages.

Since the last recession, the great majority of mortgages are backed or insured by the Federal Government through VA, HUD, Fannie Mae and Freddie Mac. Banks get paid by the government if a mortgage defaults. So when your neighbor defaults YOU pay for it with your tax dollars.

[quote] [R145], you know you have terminal TDS when you would rather 100 million people lose their jobs and homes than see Trump re-elected.

Trump’s not going to save anyone’s job or home, let alone 10 million. Trump does not know shit about the economy. Trump wanted to run for re-election on the strength of the economy (to which he owed a lot more to Obama’s legacy than his own “genius.”) So when the plague came along, Trump decided there was a choice to made between maintaining a robust economy and protecting public health.

He chose the economy but that doesn’t mean he knew shit about how to handle it. No, he just kept pretending Covid was largely a hoax while squawking at governors to open their states against scientific advice and data. So here we are with nearly 150,000 dead AND an economy in the toilet. Gosh, who wouldn’t want to sign up for four more years?

R142 - me too.

This thread went off the rails with the fighting. Can the smart people come back and educate us more?

R142 and R168. Go read about FDIC. The money you have in a financial institution insured by the FDIC is insured by the federal government up to certain (generous) limits.

Make sure that you have your money in a qualifying institution. Make sure that you do not have amounts in accounts in excess of the insured amounts. If you do, a bank officer should be able to assist you in making arrangements to protect your money.

But you have to learn this. Go read about it. No one here needs to lay it out. It's already there. Go find it, read it, and learn it.

R168, here is my advice. If you can find a job - any job - do whatever you have to in order to keep it. If you don't have a job, do whatever you can, including moving across the country to find one.

No one, least of all drooling Joe Biden (D - Dimentia) is coming to save you.

These are things that we potentially can live without...it’s sad I know but in times like these...

The cruise ship industry is really getting reamed...ships being sent prematurely to the scrapyards, or being sold. Several smaller European lines have already shut down. The larger ones are surviving, but they’re getting rid of their older tonnage. And Carnival might sell two of their prestigious subsidiaries, Cunard and Seabourn. Awful. Mainly for the workers...at present they’re rumors, but where there’s smoke...

Review your monthly expenses and cut, cut, cut, cut, cut. Start with the $135 monthly cable bill. Go from there.

Hold on to your cash. Every time it is possible to do so, choose the option that takes the least of your cash.

[quote] Several smaller European lines have already shut down. The larger ones are surviving, but they’re getting rid of their older tonnage

I hope that Chrissy Metz will be okay!

[quote]No one, least of all drooling Joe Biden (D - [bold]Dimentia[/bold]

Tells me all I need to know about you.

Same here, R174.

First thing that crossed my mind was either Russian troll, or right-wing cunt.

I took a voluntary leave severance package from my airline in fear of being laid off.

[quote]Please tell me one thing the government has accomplished.

Well, if I had to pick one thing, it would be the social safety net that FDR and the Democrats created as part of the New Deal, which resulted in a thriving middle class, the greatest economy in history, and put the United States in the preeminent position among nations (until the Reagan and the Republicans sold us down the river).

But that's not one thing, that's many things that government has done well, except the Reagan/selling us out part. That's pure evil at work.

This depression — and we can safely call it that now that the numbers are coming out — is not like the Great Depression. It's not even like the great recession of 2008. We can recover. A great leader could marshal the resources, intelligence, and American know-how necessary. No, it's not going to be like it was prior to the pandemic, and getting back to a growing, thriving economy is going to take a long time. But our only hope is electing people with America's interests at heart... and that precludes the entire Republican party.

Read between the lines, R125. I know you can when you use religious references as an insult.

[quote]If you don't have a job, do whatever you can, including moving across the country to find one.

Even sexual favors?

r163 When was the last time you were in a casino? They don't use coins anymore.

R143 if Dump understood economics we wouldn't be in the position. He has failed and failed to fully understand that the pandemic and the economy are completely intertwined. You my dear are a moron.

R180, you sir, are an uncouth pig.

[quote] I’m a total millennial rube. Should I be concerned about my money in the bank? Is it safe even in checking? This thread is freaking me the fuck out.It

Deposit accounts (checking, savings, CDs) are covered by the FDIC up to $250k. Money invested in brokerage or investment accounts are not covered and could be subject to loss.

And the republicans left Washington for August recess?

[quote] And the republicans left Washington for August recess?

Who's going to stop us?

Bwahahahahahaha!!!!

Dunkin' Donuts closing 800 locations.

R172: Cable and internet must stay. TV and internet are the only things making WFH and zero social life tolerable!

R43 - while you are, as you say, “peace-ing out”, don’t forget to kill yourself. You’re a fucking lunatic.

Register to VOTE.

Make plan, on how you are going to vote November 3, 2020. Is there voter suppression laws in your state/district, PLAN NOW how you are going to deal with it? Have ID. Know where to vote all options and rights. Join ACLU.

Vote ALL Republicans OUT of office for this!!!

Voting Rights and Voter Suppression Laws 2020. This is by the ACLU.

On social media, follow them.

Thank you r169 and r170.

R169

If more than one percent of the banks in the United States fail then the FDIC is bankrupt.

Deposit banking means you are an unsecured creditor.

Keeping liquid funds over $250,000 is wasteful. Unfortunately, every investment has counterparty risk.

Guns produced in small quantities are more attractive than precious metals at this moment. Anything fairly liquid, durable, with collectible value (first edition books, pre-1970 comics, sports memorabilia, classic cars) has exploded in price. Farmland is far less liquid but still holds value.

R191, are you saying people shouldn’t save money in banks? Anything under 250K should be fine. Don’t scare people from saving when that is exactly what they need to doing now - as long as it is with FDIC secured banks. BTW, I just found out my company was deducting 6% of my pretax income for 401K and matching it. Long story (direct deposit, paystubs online that I didn’t bother checking until now). Turns out there is over 20K saved. Thanks company!🥰

I have over $700K in deposit accounts spread over three banks. Where else would I keep it if I wanted it to be safe?

Nyet!

R193 #Bitcoin

R191, the limit is $2,000,000 until further notice.

And, why are you depending on the government to save you?

Okay, this may sound crazy.

But sometimes I wonder if other countries might be trying to sow discord in America.

And, what countries would benefit from discord in America?

[quote] If more than one percent of the banks in the United States fail then the FDIC is bankrupt.

If the FDIC ran out of its reserves, Congress would authorize the US Treasury to release more money to it.

They did this as a precaution (that turned out to be unnecessary) during the 2008 recession.

If you want to know more about how the FDIC operates during a recession, read Bair's Bull By the Horns.

Your money is safe (up to 250k per institution).

Stop scaring people.

**By the way, banks don't just run out of money and leave their customers flat. The FDIC tracks their deposits and cash, and as soon as they see a bank is in danger, the FDIC IMMEDIATELY begins finding a buyer (another bank) for that troubled bank. They negotiate a price on assets and sometimes will go into a liability-sharing agreement. It takes the FDIC resolution team less than 24hours to get the old management out, and the new bank owners in. You won't even notice a difference if this happens.

R198 they can’t keep passing trillion dollar spending bills without eventually triggering hyperinflation.

Venezuela here we come! Or maybe Weimar Germany. They had hyperinflation. I’ve been saying for a while the libertine cultural movement/PC culture/wokeness/queertrans reminds me of Weimar.

R199

More reminiscent of Russia circa 1917. The insane Bolsheviks have the upper hand, and believe that they can impose their vision of society without murdering millions of people.

[quote] they can’t keep passing trillion dollar spending bills

In the unlikely case that the FDIC exhausts its reserves and has to have additional funding from the Treasury, it would not be considered spending. The FDIC, as the name implies, operates an insurance fund. Subsequent years' premiums from the bank industry would pay off any money temporarily borrowed from the Treasury. Also, the FDIC usually doesn't have to dip deep into its reserves because even poorly run banks (obviously) have assets. What usually has happened is they have a liquidity problem ie they've run out of cash. (Though in the case of the 2008 recession, it was caused by a bubble in housing, so many mortgages were underwater.) This is not the problem we have right now. We don't have valuations on mortgages that just disappeared. The assets that the banks hold (outstanding mortgages on homes and commercial real estate) have not dropped like they did in the last recession.

When a bank goes under (because it has run out of cash), another bank will be eager to buy its loan portfolio at a discount. (At enough of a discount, and you get the private equity people.) The FDIC facilitates these auctions.

None of this is considered spending--certainly not from the government. It is the shareholders from the bad bank that take the loss.

Your money is safely deposited in a bank (up to 250k).

R198, abortion has ruined two generations. There will never be inflation again.

As much as I would enjoy hearing the crackpot logic behind your claim, R203, I think it's best for everyone if you just kill yourself immediately.

Crackpot Legend is my porn name.

There are not enough people in the world to cause inflation. Deflation is the best we can hope for.

Isn't inflation too many people chasing too few goods?

Crackpot Theory is my porn name.

[quote] You my dear are a moron.

Oh, the irony!

That's why the price of gold is so fucking high right now.

Is anyone shifting their investments to cash or bonds?

for r125:

Yes, government investment has been a massive failure.

The TVA was an example of massive government failure.

The MANHATTAN PROJECT was another example of massive government failure.

The INTERNET was developed at government funded universities and labs, and it too was a massive government failure. Three men were instrumental in its creation -- Tim Berners-Lee, Vint Cerf, and Robert Kahn -- supported along the way by working for government organizations like CERN and ARPANET now called DARPA (Defense Advanced Research Projects Agency, an agency of the United States Defense Department).

The INTERSTATE HIGHWAY SYSTEM, funded and started by the Eisenhower (GOP) administration - another massive government failure.

HOOVER DAM (and many other dams in the West) - also a massive government failure.

The GI BILL, which allowed millions of young men to get an education and be productive employees, was another massive government failure.

The CHRYSLER BAILOUT was another massive government failure. Chrysler survived and paid back the loan with interest--the GOVERNMENT made a profit AND avoided paying unemployment insurance.

The SEC was another massive government failure. How many investors would have confidence in the financial markets without the SEC?

APOLLO 11 was another massive government failure. And all the research conducted in space over the past 50 years - again a massive government failure. And the emerging space tourism and industrial space industries that have resulted from the space program - these are also massive government failures.

**shakes head somberly** I tell ya, I just don't know what the world is coming to, what with all this LIBERAL big-gubmint spending!

"The CHRYSLER BAILOUT was another massive government failure. Chrysler survived and paid back the loan with interest--the GOVERNMENT made a profit AND avoided paying unemployment insurance."

Chrysler has received TWO government bailouts, the 1st in in the early 1980's, the second one in 2009, along with GM.

Unfortunately, the mother fuckers in the UAW have conveniently gotten amnesia over the second bailout and now are rabid Trump supporters because they're more interested in preventing blacks and browns from getting their jobs and moving into their neighborhoods than they are about economic issues.

Fuck them all up their old, white, entitled baby boomer asses.

oh that's fine. this whole economy needs a do-over. it was a crashing bore before. now it's just a crash.

r213 Do you really think that the majority of UAW members are baby boomers?

"The economic collapse has already occurred. It's not COMING, it's already here. Get that through your thick skulls."

True, but it can collapse further. And, the effects of the collapse will worsen over time. Like losing your job is personal economic collapse - but it could be "fine" for a few months because you have savings; the huge negative consequence doesn't come until later.

the really weird problem is imagining that we were all doing great before Covid, that the economy was the best option ever. it was kind of shit.

R212

You’re obviously unfamiliar with Bastiat’s phrase “Ce qu'on voit et ce qu'on ne voit pas”.

“That Which Is Seen and That Which Is Unseen”

Central planning always fails dumbass. Look at the spectacular failure of the government during COVID.

Lays bare the extent that the economy relies on consumption and growth - which is fine when things are good. But things never stay good.

R45

Experian ain't going no where.

[quote] Is anyone shifting their investments to cash or bonds?

Interest earned on cash and bonds is taxed each year as ordinary income. Gains on stocks are not taxed until you sell/liquidate them. This recession will not last forever. We should be on the other side of these losses in 5 years. If you can live that long without touching your money leave it alone.

[quote] This recession will not last forever. We should be on the other side of these losses in 5 years.

Do you honestly believe that, R222?

If so, then boy you're delusional.

There might not even be a vaccine in five years, let alone be out of this current economic DEPRESSION.

And if Trump is re-elected, then we're all REALLY fucked.

There will be a vaccine. My buddy is working the Moderna trials now, phase 3 at GW. He said it is 60% effective so far. That's good enough for me. And even if vaccinated if you get it you will get it mildly at the worst.

[quote] phase 3 at GW.

What does this mean?

Combined with climate change and overpopulation and depletion of resources like gas, food and new diseases, the world economy is in for a serious ride. All of us may not survive it.

[quote] All of us may not survive it.

In the U.S., there are about 8,000 deaths per day, each day, through the entire year, for close to 3 million deaths per year. So, not. All of us are not likely to survive the crazy trip we are all taking of late.

Add NBC Universal to that list...

Bye bye Vaughn Hillyard!

I'm not going anywhere, Steve/R229!

I was reporting live all afternoon — where was your fat ass?

The whores are attacking my local station's reporters.

Young man-on-the-street Steve Rogers is there, reporting live from the scene.

Remember that voting is just like marching with John Lewis across the Edmund Pettis.

Only the pole workers at my voting site are hot little tiwnks.

[quote] Only the pole workers at my voting site are hot little tiwnks.

Pun?

[quote] There might not even be a vaccine in five years, let alone be out of this current economic DEPRESSION. And if Trump is re-elected, then we're all REALLY fucked.

MARY!!!

If the Earth is struck by an asteroid, destroyed in a nuclear holocaust or invaded by a race of alien predators we are really fucked too. Those possibilities are no less likely than 4 more years of Trump with no vaccine.

r232 apparently votes at a strip club.

R224 = total delusion.