Coronavirus - All things economically related

bub

I'm not a finance guy. I'm throwing this out to you finance guys.   If we get great new on the medical front in the near term, how much will it short circuit the economic disaster, if at all?  We re not suddenly going to be back to January, I know.  A lot of damage has been done. 

But Americans today do not have a depression mentality.  Their mentality is to spend money and get stuff.  I assume that big institutional money will come flying off the side lines, individuals with money will spend, and those that don't have will borrow to spend.  I plan to at least double my dining out just to support the restaurant industry.


cramer

bub said:

I'm not a finance guy. I'm throwing this out to you finance guys.   If we get great new on the medical front in the near term, how much will it short circuit the economic disaster, if at all?  We re not suddenly going to be back to January, I know.  A lot of damage has been done. 

But Americans today do not have a depression mentality.  Their mentality is to spend money and get stuff.  I assume that big institutional money will come flying off the side lines, individuals with money will spend, and those that don't have will borrow to spend.  I plan to at least double my dining out just to support the restaurant industry.

 I think after this more Americans are going to have a depression mentality. They're going to become super-savers (even with 0% interest rates) and paranoid about debt. Much more so than in 2008. More akin to the Great Depression mentality. 


yahooyahoo

cramer said:

bub said:

I'm not a finance guy. I'm throwing this out to you finance guys.   If we get great new on the medical front in the near term, how much will it short circuit the economic disaster, if at all?  We re not suddenly going to be back to January, I know.  A lot of damage has been done. 

But Americans today do not have a depression mentality.  Their mentality is to spend money and get stuff.  I assume that big institutional money will come flying off the side lines, individuals with money will spend, and those that don't have will borrow to spend.  I plan to at least double my dining out just to support the restaurant industry.

 I think after this more Americans are going to have a depression mentality. They're going to become super-savers (even with 0% interest rates) and paranoid about debt. Much more so than in 2008. More akin to the Great Depression mentality. 

I'm more with bub.  I think a lot of people will go overboard on spending, at least in the short-term.  People with some cash will pump some portion of that into the market.  They will be thinking about the tremendous run the market had after the 2008 crash.


cramer

I hope that Trump is listening to David Tepper who is on CNBC right now. 


mrincredible

Sign of how crazy things have gotten.

I just looked at today's Dow closing and thought "Well, that's not so horrible."


Klinker

I seriously doubt people are going to be flooding those restaurants that survive any time soon.  This epidemic is going to change the way people socialize for a generation.


terp

Klinker said:

I seriously doubt people are going to be flooding those restaurants that survive any time soon.  This epidemic is going to change the way people socialize for a generation.

 


mrincredible

Not to turn this political, but Donald Trump doesn’t listen to anyone if his own instinct disagrees with what even the most expert person says.  I think that’s a fairly objective observation.  

I thought about writing « has a hard time listening » but I think that’s honestly pulling my punch.


tomcat

mrincredible said:

Not to turn this political, but Donald Trump doesn’t listen to anyone if his own instinct disagrees with what even the most expert person says.  I think that’s a fairly objective observation.  

I thought about writing « has a hard time listening » but I think that’s honestly pulling my punch.

And that is why the battle against this virus:

A.  Was delayed initially.

B.  Is doomed to fail, once our 'Wartime Commander in Chief' starts changing the direction & directives.


yahooyahoo

tomcat said:

mrincredible said:

Not to turn this political, but Donald Trump doesn’t listen to anyone if his own instinct disagrees with what even the most expert person says.  I think that’s a fairly objective observation.  

I thought about writing « has a hard time listening » but I think that’s honestly pulling my punch.

And that is why the battle against this virus:

A.  Was delayed initially.

B.  Is doomed to fail, once our 'Wartime Commander in Chief' starts changing the direction & directives.

Trump will lift any restrictions on Monday and America will be business as usual.  The number of cases will increase significantly, but he is more concerned about his economic record and the stock market.


cramer

yahooyahoo said:

tomcat said:

mrincredible said:

Trump will lift any restrictions on Monday and America will be business as usual.  The number of cases will increase significantly, but he is more concerned about his economic record and the stock market.

 What restrictions can Trump really lift?  Most of the restrictions have been imposed by Governors and Mayors.

I guess one scenario is that he lifts the guidelines for businesses and people going back to work, and if a state, say N.J., doesn't lift the restriction, Trump could withhold funding or needed supplies. 


cramer

"Trump said Tuesday that he would like to have the government restrictions on travel and social gatherings eased by Easter, which comes on Sunday, April 12.

“We’re going to be opening relatively soon,” Trump said during a Fox News town hall Tuesday. “I'd love to have it open by Easter ... It's such an important day for other reasons but I'll make an important date for this too. I would love to have the country, opened up and just raring to go by Easter.”

.......

"Shortly after Trump’s remarks, three major U.S. health organizations – representing the nation’s doctors, nurses and hospitals – issued a public plea to Americans to stay home.

“Staying at home in this urgent moment is our best defense to turn the tide against COVID-19,” wrote the American Medical Association, American Hospital Association, and American Nurses Association in an open letter.

“Physicians, nurses and health care workers are staying at work for you. Please stay at home for us.”

https://www.usatoday.com/story/news/politics/2020/03/24/coronavirus-stimulus-government-response/2905878001/


flatbush

From the NY Times@2:17 P.M. TODAY:

BREAKING NEWS

President Trump said he wanted the U.S. opened up and “raring to go by Easter” on April 12, defying the warnings of most health experts.



PREVIOUSLY ADDED:

What everybody is posting about the economy may turn out to be irrelevant based upon what our president has done, may do or failed to do.

He sent the State of NY all of 400 respirators-that isn't nearly enough for NJ; Mario Cuomo requested 30,000.

He may remove Dr. Fauci from the circle. Fauci has been virtually the only voice of reason AND truthful information form the presidents circle.

Still, the president has resisted portraying the virus as the kind of
threat described by Fauci and other public health experts. In his effort
to create a positive vision of a future where the virus is less of a
danger, critics have accused Trump of giving false hope.

And, concerning the state of the economy:

Donald Trump and Mitch McConnell are trying to ram through an economic bailout package that includes a $500 billion slush fund for corporations. That’s right. No conditions. No oversight.

Under the terms of the bill Republicans want to pass, corporations would be required only to keep workers on the payroll “to the extent possible,” which means if businesses wanted, they could take billions in bailout money, then fire their workers anyway.

The Trump Administration would get to choose which corporations get it and which don't and then keep the identity of the companies receiving assistance secret for six months.

Why keep it a secret? Well, is there any question in your mind whether or not Trump will bail out his friends and business he likes, while holding money from businesses he doesn't like?

Oh and let's be 100% clear, there's no chance that the same administration that tried last year to give a Trump property the multi-million dollar federal contract to host the Group of Seven meeting, wouldn't also funnel tens of millions of dollars to Trump-owned businesses!



terp

Seriously, he should have snapped his fingers harder to conjure up 30,000 respirators.  


flatbush

how about these song lines to sum up our national financial and health crises:

"..it's all over now baby blue...." Dylan

"...it's the end of the world as we know it...."    R.E.M.


PVW

cramer said:

yahooyahoo said:

tomcat said:

mrincredible said:

Trump will lift any restrictions on Monday and America will be business as usual.  The number of cases will increase significantly, but he is more concerned about his economic record and the stock market.

 What restrictions can Trump really lift?  Most of the restrictions have been imposed by Governors and Mayors.

I guess one scenario is that he lifts the guidelines for businesses and people going back to work, and if a state, say N.J., doesn't lift the restriction, Trump could withhold funding or needed supplies. 

 He's already withholding needed supplies.


cramer

PVW said:

cramer said:

yahooyahoo said:

tomcat said:

mrincredible said:

Trump will lift any restrictions on Monday and America will be business as usual.  The number of cases will increase significantly, but he is more concerned about his economic record and the stock market.

 What restrictions can Trump really lift?  Most of the restrictions have been imposed by Governors and Mayors.

I guess one scenario is that he lifts the guidelines for businesses and people going back to work, and if a state, say N.J., doesn't lift the restriction, Trump could withhold funding or needed supplies. 

 He's already withholding needed supplies.

He's given NY a big F---you. It's pretty clear that he's playing to his base that says screw NY. Let them take care of themselves.

https://www.nytimes.com/2020/03/24/opinion/trump-nyc-coronavirus.html?action=click&module=Opinion&pgtype=Homepage 


mrincredible

Late in the day profit taking?  Maybe some people were trying to ride the rebound and jumped off at the end of the day.


kthnry

Klinker said:

Bluexit.

 That would be great if only the red states weren't so full of blue cities.


jmitw

i feel sorry for people working from home if they have a neighbor like mine....blasting music daily even until 2 am....my floor vibrates and i can make out the lyrics....cackling loudly a lot...kids screaming...mother has no idea how to keep kids entertained (oldest is 7-8)...without the school to do it for her, doesn't even have many toys....except the tablet.  mother is out of work --paid fully salary for 2 weeks, works in a professional field...so not stupid..older kid keeps running in and out/slamming the door each time....if I was working from home it would be a real problem....but she mentioned she is moving soon....so I just don't want to start a fight....unless this goes on for weeks...i'm guessing she will have to go back to work soon...once people start calling out sick, she will have to go in.


Formerlyjerseyjack

You have a legal complaint after 11 p.m. Possibly, even before then, depending on the volume.


jmitw

Formerlyjerseyjack said:

You have a legal complaint after 11 p.m. Possibly, even before then, depending on the volume.

 not worth causing a feud.  some people are impossible to reason with.  lucky for her my normal routine is to get to sleep around 2am and I am not working from her...but if it were someone else trying to earn their paycheck from home...or had sleeping hours...it would be an issue....it's shocking people can even think being that disruptive is okay.  we are on the end,1 other unit that would be affected is vacant and the other tenant works nights so is not disturbed.....she doesn't really know my situation, i would like to get to sleep earlier/get up earlier, just enjoy my own music as a normal level...even if she thinks her self entitlement is compatible with my schedule, doesn't make it right.   its split custody, but she has had essentially full custody since this started since she is off from work....and since the kids don't have to get up for school...they are allowed to stay up late partying..she should be moving by September at the latest...might have been earlier if it weren't for COVID.....i know she started looking for another place.

It would  be understandable if it were no more than 2x the normal noise under the circumstances, but it is a lot more.


basil

cramer said:

He's given NY a big F---you. It's pretty clear that he's playing to his base that says screw NY. Let them take care of themselves.

https://www.nytimes.com/2020/03/24/opinion/trump-nyc-coronavirus.html?action=click&module=Opinion&pgtype=Homepage 

The virus is not going to stop at New York though (or at major cities for that matter). And once it does, they even have fewer resources to deal with it.


susan1014

basil said:

cramer said:

He's given NY a big F---you. It's pretty clear that he's playing to his base that says screw NY. Let them take care of themselves.

https://www.nytimes.com/2020/03/24/opinion/trump-nyc-coronavirus.html?action=click&module=Opinion&pgtype=Homepage 

The virus is not going to stop at New York though (or at major cities for that matter). And once it does, they even have fewer resources to deal with it.

Sadly, once it does, I fear there will be an inaccurate and unfair storyline that blames NY for US infections.


Dennis_Seelbach

Pregnant women should demand a $500 stimulus check. You either get it, or force a Repub has to acknowledge that a fetus is not a child ! 


steel

Re: Stimulus "checks": I have seen written elsewhere that the IRS has posted some guidelines including this from a FAQ: 

The IRS does not have my direct deposit information. What can I do?

As Mnuchin said, the Department of Treasury “plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.”

So far this seems unclear as to whether it means that they plan on NO actual physical checks going out? Somehow this "portal plan" seems fraught with potential FUBAR and frustration especially for folks who need it the most.


basil

steel said:

Re: Stimulus "checks": I have seen written elsewhere that the IRS has posted some guidelines including this from a FAQ: 

The IRS does not have my direct deposit information. What can I do?

As Mnuchin said, the Department of Treasury “plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.”

So far this seems unclear as to whether it means that they plan on NO actual physical checks going out? Somehow this "portal plan" seems fraught with potential FUBAR and frustration especially for folks who need it the most.

This sounds like a giant phishing scam


steel

As I said, -FUBAR!

Now I've read that in order to receive a check, persons needed to have filed a tax return or will have to file a "simple return" (some new form yet to come). This will likely only be able to be done online or face additional delays and snafus.

-These requirements put additional burdens on millions of citizens who do not have enough income to normally require them to file, -people such as many, veterans, seniors, and people with disabilities. Ya know, -the very people who need it the most and will have run out of money way before this one-time feeble life preserver arrives. These are also the very same people most likely to have to really struggle to fulfill these requirements at a time when they are already severely stressed and feeling alone. Jeezez.

-Also, HELLO lawmakers, -there are still many folks who do not have access to the internet especially now that libraries are closed. These legislators truly live in a weird blinding bubble. Meanwhile, hackers be waiting in the wings.


BG9

FUBAR seems right.

I've read they'll use the checking account info that you entered on your the filed tax return to direct deposit it into your account. But, normally the bank account info is only entered in the return if you request an electronic direct deposit transaction. 

What about social security seniors who don't get refunds? Shouldn't the feds be able use their bank info from their social security accounts?

What about people who don't use their tax returns to do electronic payment transfers? I use the federal EFTPS system to pay near the due date, separate from my filing date. Will they use the EFTPS bank info that treasury has on file?

Why rely only on IRS info. Why not also use social security and EFTPS info?



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