CORONA CASH COMETH Big Businesses and Average Joes are lining up for corona cash. But who’ll get what? This week, Subway and Mattress Firm announced plans to stop paying rent in the coming months due to corona-closures. Millions of workers who recently lost their restaurant and retail jobs would ALSO love to cancel their rent... but they’re even less likely to get away with it. It’s clear that businesses and employees are hurting. In this uncertain time, they’re turning to the same place for relief: Uncle Sam’s checkbook. And yesterday, the Senate approved a $2T stimulus bill In total, the new stimulus package is more than twice as much as Congress coughed up after the 2008 financial crisis. Here’s how the corona-cash is expected to be divvied up: 1. Individuals and families will get $301Bin direct assistance: Individuals who earn <$75k/year will get a $1.2k check. Families will receive an additional $500 per child. Assistance decreases for people who earn >$75k/year and stops for those who earn $99k+. 2. ~$350Bin loans are earmarked for small businesses: They’ll be available through June 30, and forgiven for businesses that keep paying their employees. Companies with <500 employees can access loans of up to $10m to pay their staff. But many small businesses say they’re already running into problems getting financial assistance, and say they could go under before the new rescue money is doled out. 3. Unemployed workers will get $250B in benefits: Unemployment assistance will increase by $600 for the next 4 months. Benefits will extend for an additional 13 weeks and will apply to non-traditional employees like gig workers. 4.~$500Bin loans and other aid will be set aside for corporations, states, and local governments: $454B of the money will be available through a fund controlled by the Federal Reserve. The rest will be set aside for specific industries (including $29B for passenger and cargo airlines). State and local governments will get $150B. When news of the deal broke yesterday, the Dow Jones rose more than 11%. But critics still worry it’s not enough Some critics told The New York Times that the government should be prepared to lend up to 5x more than this bill’s $2T to prevent further closures and layoffs. The House is expected to vote on the measure on Friday. from Hustle
Granted, it's socialism. (And I'm a 40-year Republican, though not of the current ilk. ) But I'm going to take full advantage of it. I've got some fiscal lumpiness for probably calendar 2020, and I cannot stomach taking from trading capital, and less from home equity -- but an SBA loan would tide me over nicely, at a cheap rate, *and* put people to work. WTH?? It's not like I'd be stealing it. It'd be for a profit-making enterprise, sure -- but just sooner than otherwise. AND it'd put people to work. (Did I mention that?) I collected unemployment $$ once, and that felt really creepy. This does not. I'm going to pursue it.
Dunno. It *should* be for established businesses losing expected revenue, but I'm not going to let *my* view of fiscal sense stop me from inquiring. I can build a case whichever way things fall -- it just might be a *stronger* case were the requirements more {lax} flexible.
For the most part, it's not socialism, it's low interest loans (that have to be repaid). I'm no socialist, but you can't have the entire economy collapse. 25% unemployment, and extreme commercial vacancy rates would not be good for anyone. I would recommend anyone hold at least 10% of their long term monies in Gold however, in order to protect against inflation getting away from the CB's.
Ok well a good trader should be able to benefit from the price inflation then. Also, for the record it’s $2T
And whose capital? "Society's." That's socialism. Textbook stuff. Take a nice, slow, non-partisan tour sometime. I used to teach an Economic Systems Analysis course once -- right as the Berlin Wall was coming down and the Soviets were crumbling themselves. Heady times. (FUN times.) It was for graduating Business seniors and I was kinda shocked at the eye-popping and shocked comments, when we got around to health care and schooling and yes -- governmental use of taxpayer-derived capital. But anyway,..... It's only *not* socialism in the world of Faux News, who probably label it.... I dunno: "Patriot Dollars" or something. And then sell you another ad for Rupurt.
Trump really is doing what he promised -- in that he is willing to destroy the US if it means he'll stay popular with voters. Leaders like that destroy countries. Anyone want to exchange my USD for toilet paper? 1:1.