Spooooooky!!! Anyone else feel like we're in eerily similar times today as we were in 2007-2008. Only top 20% have more savings than pre Covid

[GnauzBookOfRhymes]

bank margins shrink when the Fed cuts. This is not disputable but ill let you continue with your talking points. It's well documented that central bank policy over the last decade has been very bad for banks.

You're too deep into the weeds, your argument too esoteric. The only reason interest income/profits fall when fed cuts is presumably bc many loans have flexible rates based on the prime, right? But more importantly this isn't about whether a 50 basis point reduction in interest rates means a resulting rise/drop in bank profits. This is about the entire ecosystem. These are structural questions. Who will be allowed to fail/suffer vs who will the gov't ride to the rescue and protect?

It is well documented that central bank policy BLAH BLAH BLAH BLAH BLAH....banks have done very well over the last 10 yrs, no matter what the fed has done. Look at the nasdaq bank index. Look at individual bank stocks like JP Morgan. In fact the industry itself disagrees with you bc they love to tell us how much more well capitalized they are and will be able to withstand shocks to the system. The first year after the tax cuts implemented, the industry made an extra $28,000,000,000 in PROFITS AND then started cutting jobs breh.

 

[FAH1223]

 

[acri1]

Recession looking all but inevitable

The one silver lining is that at least it happened before the election.

 

[Skooby]

What about those of us who make more than that but live in high cost of living areas?

 

[Mook]

What about those of us who make more than that but live in high cost of living areas?

You make 65k+. Go fukk yourself while u work from home.

 

[GnauzBookOfRhymes]

Treasury Secretary warns US could see 20% unemployment rate due to coronavirus, source says

20%

 

[FAH1223]

Treasury Secretary warns US could see 20% unemployment rate due to coronavirus, source says

20%

So many of those job losses is going to be in the service industry.

Fukking crazy

I need to hit up my barber

 

[GnauzBookOfRhymes]

So many of those job losses is going to be in the service industry.

Fukking crazy

I need to hit up my barber

Yup

Mentioned this in the UBI thread but I think this will be the event that gives companies the space to really push automation into overdrive.

Many of these jobs will never come back.

In fact, while odds are low, I think there’s maybe a 10-25% chance that whatever “UBI” lite bill ends up passing will be continued even after the Covid pandemic subsides. Not universally but maybe for those who lost their jobs and are voluntarily outside of the job market.

Strange times ahead.

Been thinking about doing something during this down time - either writing or maybe a podcast (I know I know lol) - on this and some of the other big issues we’re living through.

 

[Futuristic Eskimo]

You're too deep into the weeds, your argument too esoteric. The only reason interest income/profits fall when fed cuts is presumably bc many loans have flexible rates based on the prime, right? But more importantly this isn't about whether a 50 basis point reduction in interest rates means a resulting rise/drop in bank profits. This is about the entire ecosystem. These are structural questions. Who will be allowed to fail/suffer vs who will the gov't ride to the rescue and protect?

It is well documented that central bank policy BLAH BLAH BLAH BLAH BLAH....banks have done very well over the last 10 yrs, no matter what the fed has done. Look at the nasdaq bank index. Look at individual bank stocks like JP Morgan. In fact the industry itself disagrees with you bc they love to tell us how much more well capitalized they are and will be able to withstand shocks to the system. The first year after the tax cuts implemented, the industry made an extra $28,000,000,000 in PROFITS AND then started cutting jobs breh.

Not sure what you're argument is even is though. You sound like an old man yelling at a cloud. Banks are safe, they are well capitalized through healthy profits and bank employees and shareholders have not been reaping the massive rewards like they were before 2008. Jp Morgan is doing well but the bank index has been trash compared to the rest of the market for ten years and euro banks have been even worse. You're stuck on the wrong problem.

 

[NZA]

feels more like 9/11

and automation is overblown. cheap human labor is by far the biggest problem for workers in developed nations and will be that way for the foreseeable future. futhermore, you better be really careful with UBI - they are probably going to try to undermine the rest of the social safety net for $1k a month. medium-wage labor who only need an extra $1k could be pit politically against very low wage or unemployed workers who need other benefits in the future.

 

[FAH1223]

Scaramucci saying we need a $3.2 trillion stimulus

 

[GnauzBookOfRhymes]

Scaramucci saying we need a $3.2 trillion stimulus

if it was spent in the right places

deficits don’t matter in the long run

we’ve spent far more on dumb shyt that doesn’t drive up demand or lift ppl out of poverty

forgive a big chunk of outstanding student loans, free community college for anyone going into various trade programs

fund some expanded child care program

we’re at an inflection point - whether trump is gone or gets another 4 yrs is going to determine the general contours of the next century.

 

[re'up]

Whatever is needed to be done, needs to be, right now, to stabilize the economy.

 

[Hawaiian Punch]

Kinda crazy how the roaring 20s ended with a crash and began with another.

 

[Red Shield]

Kinda crazy how the roaring 20s ended with a crash and began with another.

on the brightside it means no ww3 until the 2030s