Massdriver Posted March 18, 2020 Share Posted March 18, 2020 The language is changing around this entire ordeal. It used to be that we would have a bit of a dip and then a "turbo charged recovery". Now the narrative is this thing could be worse than the Great Recession. 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted March 18, 2020 Share Posted March 18, 2020 8 minutes ago, b_m_b_m_b_m said: @Keyser_Soze - are you a Marriott employee? Quote Link to comment Share on other sites More sharing options...
CayceG Posted March 18, 2020 Share Posted March 18, 2020 4 minutes ago, Massdriver said: The language is changing around this entire ordeal. It used to be that we would have a bit of a dip and then a "turbo charged recovery". Now the narrative is this thing could be worse than the Great Recession. This will send us into a depression. By the numbers at least. What will this mean for people? That all depends on the government response. Quote Link to comment Share on other sites More sharing options...
Firewithin Posted March 18, 2020 Share Posted March 18, 2020 Just now, CayceG said: This will send us into a depression. By the numbers at least. What will this mean for people? That all depends on the government response. were fucked then 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted March 18, 2020 Share Posted March 18, 2020 5 minutes ago, Massdriver said: The language is changing around this entire ordeal. It used to be that we would have a bit of a dip and then a "turbo charged recovery". Now the narrative is this thing could be worse than the Great Recession. Quote Link to comment Share on other sites More sharing options...
Chairslinger Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, b_m_b_m_b_m said: *Breaks out calculator* *Crunches the numbers* *Carry the 1* So by my estimation, that sounds bad. Quote Link to comment Share on other sites More sharing options...
Reputator Posted March 18, 2020 Share Posted March 18, 2020 11 minutes ago, Massdriver said: The language is changing around this entire ordeal. It used to be that we would have a bit of a dip and then a "turbo charged recovery". Now the narrative is this thing could be worse than the Great Recession. I think anyone watching this with open eyes can already see it's worse. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted March 18, 2020 Share Posted March 18, 2020 3 minutes ago, Reputator said: I think anyone watching this with open eyes can already see it's worse. Well...I actually do take some issue with that (at this stage). At this point, there is no significant systemic risk to the global financial system as there was in 2008 where there was a real fear that it would simply seize up or collapse. Now, should there be a prolonged period of uncertainty as to the disease's course, that could certainly change. Quote Link to comment Share on other sites More sharing options...
Reputator Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, SFLUFAN said: Well...I actually do take some issue with that (at this stage). At this point, there is no significant systemic risk to the global financial system as there was in 2008 where there was a real fear that it would simply seize up or collapse. Now, should there be a prolonged period of uncertainty as to the disease's course, that could certainly change. I have no reason to doubt you, but I believe you're looking at this from a much higher-up perspective than I am. On a ground level this seems to have immediate major effects on businesses and employment numbers, and to the working class this sorta seems worse, or at least nearly so. Granted people aren't losing their homes at an astronomical rate. Yet. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted March 18, 2020 Share Posted March 18, 2020 2 minutes ago, Reputator said: I have no reason to doubt you, but I believe you're looking at this from a much higher-up perspective than I am. On a ground level this seems to have immediate major effects on businesses and employment numbers, and to the working class this sorta seems worse, or at least nearly so. Granted people aren't losing their homes at an astronomical rate. Yet. Right - there is definitely more of an immediate impact in this situation because the closures and layoffs are happening now in real-time However, had the nightmare scenario occurred in 2008, what you are seeing now would have happened as well with the added bonus of potentially not being able to withdraw money from banks, no access to liquid capital to pay employees and vendors, and many other factors that I'd rather not consider. 1 1 Quote Link to comment Share on other sites More sharing options...
Ghost_MH Posted March 18, 2020 Share Posted March 18, 2020 5 minutes ago, Reputator said: I have no reason to doubt you, but I believe you're looking at this from a much higher-up perspective than I am. On a ground level this seems to have immediate major effects on businesses and employment numbers, and to the working class this sorta seems worse, or at least nearly so. Granted people aren't losing their homes at an astronomical rate. Yet. Just wait until the US refuses to give folks rent and mortgage holidays and issue an eviction moratorium that get lifted later this year. One that happens THAT'S when people will start losing their homes and businesses. Quote Link to comment Share on other sites More sharing options...
Reputator Posted March 18, 2020 Share Posted March 18, 2020 4 minutes ago, Ghost_MH said: Just wait until the US refuses to give folks rent and mortgage holidays and issue an eviction moratorium that get lifted later this year. One that happens THAT'S when people will start losing their homes and businesses. That will only affect those without jobs or enough hours. Which is still significant but we're not talking housing bubble crisis levels. Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted March 18, 2020 Share Posted March 18, 2020 35 minutes ago, SFLUFAN said: @Keyser_Soze - are you a Marriott employee? Technically no, but I work at a Marriott. As that fellow described it was like that two days ago, but now the hotel is closing so I'm not quite sure what the pay situation is or anything like that. I know one of the employees doesn't have health insurance because they said even getting it through the company it was too expensive. Quote Link to comment Share on other sites More sharing options...
Firewithin Posted March 18, 2020 Share Posted March 18, 2020 wow holy shit. so the morning radio show ive listened to since middle school (Kevin and Bean here on KROQ) had the whole staff fired yesterday 2 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted March 18, 2020 Share Posted March 18, 2020 Oof. The unemployment issue is going to bring out the Quote Link to comment Share on other sites More sharing options...
MarSolo Posted March 18, 2020 Share Posted March 18, 2020 10 minutes ago, Firewithin said: wow holy shit. so the morning radio show ive listened to since middle school (Kevin and Bean here on KROQ) had the whole staff fired yesterday So Kevin and Bean themselves are gone? They fired Ralph Garman two years ago in a similar way. Quote Link to comment Share on other sites More sharing options...
Firewithin Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, MarSolo said: So Kevin and Bean themselves are gone? They fired Ralph Garman two years ago in a similar way. yes the on-air people are gone Quote Link to comment Share on other sites More sharing options...
osxmatt Posted March 18, 2020 Share Posted March 18, 2020 Dow currently 19,707. Dow closed at 19,732 on 1/20/17. 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted March 18, 2020 Share Posted March 18, 2020 Quote Link to comment Share on other sites More sharing options...
Chadatog Posted March 18, 2020 Share Posted March 18, 2020 What Trump givith, Obama takith away 7 minutes ago, osxmatt said: Dow currently 19,707. Dow closed at 19,732 on 1/20/17. 1 Quote Link to comment Share on other sites More sharing options...
osxmatt Posted March 18, 2020 Share Posted March 18, 2020 Oil is down -18% to $22 a barrel. Third biggest one day loss in history. Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted March 18, 2020 Share Posted March 18, 2020 The first depression had FDR. The second will have Trump or Biden. Let that sink in. Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted March 18, 2020 Share Posted March 18, 2020 10 minutes ago, b_m_b_m_b_m said: Damn socialist! Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted March 18, 2020 Share Posted March 18, 2020 1 hour ago, b_m_b_m_b_m said: Wouldn't that be considered a material change and effective unemployment? Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted March 18, 2020 Share Posted March 18, 2020 2 minutes ago, CitizenVectron said: Wouldn't that be considered a material change and effective unemployment? You think we have laws here? Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted March 18, 2020 Share Posted March 18, 2020 Very late, but welcome development. Quote Link to comment Share on other sites More sharing options...
chakoo Posted March 18, 2020 Share Posted March 18, 2020 I agree with SFLUFAN. Liquidity has not seized up and many big companies/organizations are sitting on piles of cash. This recession will heavily impact on the consumer side in the short term but there will at least be cash available to infuse and re-jump start the economy once the effects of the virus wear off over the next 4-6 months. 23 minutes ago, osxmatt said: Oil is down -18% to $22 a barrel. Third biggest one day loss in history. Yep. I've been pointing to this a lot recently. It's really bad. It's completely tanked the canadian dollar and still going. Quote Link to comment Share on other sites More sharing options...
Firewithin Posted March 18, 2020 Share Posted March 18, 2020 24 minutes ago, osxmatt said: Oil is down -18% to $22 a barrel. Third biggest one day loss in history. and yet gas is barely gone down. granted im in CA so its higher than most places still. this morning when i drove by it was just finally under $3 Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted March 18, 2020 Share Posted March 18, 2020 3 minutes ago, Firewithin said: and yet gas is barely gone down. granted im in CA so its higher than most places still. this morning when i drove by it was just finally under $3 I think I saw it at 3.43 or something which was like 10 cents less than last week. Woo! Quote Link to comment Share on other sites More sharing options...
marioandsonic Posted March 18, 2020 Share Posted March 18, 2020 5 minutes ago, Firewithin said: and yet gas is barely gone down. granted im in CA so its higher than most places still. this morning when i drove by it was just finally under $3 Gas where I live is down to 2.19, and possibly 2.09 in certain stations. Quote Link to comment Share on other sites More sharing options...
osxmatt Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, Keyser_Soze said: I think I saw it at 3.43 or something which was like 10 cents less than last week. Woo! 1. Get barrel for lowest price in 18 years 2. Sell gas for same price 3. ?????? 4. Profit Quote Link to comment Share on other sites More sharing options...
Scott Posted March 18, 2020 Share Posted March 18, 2020 It's $1.74 in my hometown in southern Missouri. Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted March 18, 2020 Share Posted March 18, 2020 5 minutes ago, osxmatt said: 1. Get barrel for lowest price in 18 years 2. Sell gas for same price 3. ?????? 4. Profit I saw a thing on the news a couple months ago about why gas is so high here and the gas station guy said something along the lines of, "Minimum wage is higher here and they have to pay the employees" But yeah you're a gas station you make a gajillion dollars a day. Quote Link to comment Share on other sites More sharing options...
MarSolo Posted March 18, 2020 Share Posted March 18, 2020 36 minutes ago, CitizenVectron said: The first depression had FDR. The second will have Trump or Biden. Let that sink in. Technically it had Hoover, America had to rise up and elect FDR. Quote Link to comment Share on other sites More sharing options...
Joe Posted March 18, 2020 Share Posted March 18, 2020 Just now, MarSolo said: Technically it had Hoover, America had to rise up and elect FDR. I was just thinking, we have our Hoover right now. Quote Link to comment Share on other sites More sharing options...
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