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~* Make America Great Depression Again -- Official Thread of Corona Virus infected markets *~


Jason

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I was asked earlier ITT about what ETFs are my favorite. For people setting up new portfolios, I now recommend one ETF for global stocks: VT

 

Buy VT, chill, and don't look at it. Simplicity and diversification in one. Avoid the debates and just own the entire global index, market cap weighted.

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This is my 401k

VTSAX Vanguard Total Stock Market Index

VTMGX Vanguard Developed Markets Index

VEMAX Vanguard Emerging Markets Stock Index

VGSLX Vanguard Real Estate Index

VBTLX Vanguard Total Bond Market Index

VTABX Vanguard Total International Bond Index

 

roughly

 

50%

25%

15%

5%

3%

2%

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Best Buy to furlough about 51,000 employees as coronavirus-related sales surge ends

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Starting Sunday, Best Buy will furlough about 51,000 employees, the company said Wednesday. The decision will impact nearly all of its part-time store employees and some of its full-time store employees in the U.S., according to a news release. About 82% of its full-time employees who work in stores or in the field, such as the Geek Squad employees, will continue to be paid.

 

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5 minutes ago, mclumber1 said:

 

Did Best Buy really offer anything that other retailers and e-tailers didn't?  I had to go in there last year to buy an overpriced HDMI cable.  I should've just gone to Walmart or Target. 

 

Curbside pickup for people needing home office gear was probably a lot quicker than waiting for shipments from online merchants who were slammed with toilet paper orders. 

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Just now, Jason said:

 

Curbside pickup for people needing home office gear was probably a lot quicker than waiting for shipments from online merchants who were slammed with toilet paper orders. 

 

Makes sense I suppose.  I guess you don't need 15-20 people on shift in a Best Buy if all you are doing is curbside pickup.  Maybe 4 or 5 tops.

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They should have a law that says that if your net worth is over like a million bucks you are disqualified from working for the government.

 

We also need a maximum wage.

 

Also, every rich ass billionaire motherfucker pushing to reopen the country should be required to have to work a week as a supermarket cashier.

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So my company just sent out a company wide email saying that they will be matching 100% of all donations (maximum contribution pool not mentioned per the email) to the central Virginia Food Bank /FeedMore Virginia through June 5, and other charities. I'll be donating $500 asap. Right now there's a $30,000 matching pool, but that date only goes until May 1, and this email says donations until June 5.

 

So anyway, once I see the internal donations website updated in a day or two, if there's no noted max contribution, I will funnel/solicit donations for either Feeding America, United Way Worldwide, or the CDC Foundation national charities (which also have 100% matching). Or if anyone wants to double their money for a donation let me know and we can try to work something out. There's ~4k employees worldwide and if the existing $30k pool remains there's not much left even if a quarter of the employees give a modest amount.

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https://www.forbes.com/sites/anthonynitti/2020/04/15/ten-things-we-need-to-know-about-paycheck-protection-program-loan-forgiveness/#50914c1e3291
 

This gets into some of the technical minutae of the PPP program and how the SBA really screwed it all up leaving the banks to make decisions they really weren’t supposed to be tasked with. Unclear and often contradictory guidance all over the PPP program.

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https://www.nytimes.com/2020/04/16/business/stock-market-today-coronavirus.html

 

"The coronavirus pandemic’s devastation became more evident Thursday with more than 5.2 million workers added to the tally of the unemployed.

The latest figure from the Labor Department, reflecting last week’s initial unemployment claims, brings the four-week total to about 22 million, roughly the net number of jobs created in a nine-and-a-half-year stretch that began after the last recession and ended with the pandemic’s arrival."

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Small Business Program is out of money.

 

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A new lending program for small businesses maxed out Thursday morning and stopped accepting claims, but a bitterly divided Congress looked unlikely to address that growing problem as the nation plunged into unemployment levels not seen since the Great Depression.

The Small Business Administration said on its website that the agency “is unable to accept new applications...based on available appropriations funding.”

 

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1 hour ago, SaysWho? said:

Senator John Kennedy of Louisiana went on Tucker Carlson's show to argue for reopening the economy earlier. I'm only bringing this up as an excuse to post this picture.

 

EVux-R5XgAIdC29?format=jpg&name=medium

 

 

Am I supposed to look at that and think the long hair looks worse than Tucker's normal hair helmet?

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12 hours ago, b_m_b_m_b_m said:

So my company just sent out a company wide email saying that they will be matching 100% of all donations (maximum contribution pool not mentioned per the email) to the central Virginia Food Bank /FeedMore Virginia through June 5, and other charities. I'll be donating $500 asap. Right now there's a $30,000 matching pool, but that date only goes until May 1, and this email says donations until June 5.

 

So anyway, once I see the internal donations website updated in a day or two, if there's no noted max contribution, I will funnel/solicit donations for either Feeding America, United Way Worldwide, or the CDC Foundation national charities (which also have 100% matching). Or if anyone wants to double their money for a donation let me know and we can try to work something out. There's ~4k employees worldwide and if the existing $30k pool remains there's not much left even if a quarter of the employees give a modest amount.

I'm in for $500 - let me know how to get the funds to you.

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11 minutes ago, mclumber1 said:

 

The federal government can print money, but local and state governments can't.  Some may be able to run an actual deficit or get loans, but probably not all of them.  Shitty situation all around. 

If only the federal government could provide some aid to struggling localities

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Glitches prevent $1,200 stimulus checks from reaching millions of Americans

 

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Several million people who filed their taxes via H&R Block, TurboTax and other popular services were unable to get their payments because the IRS did not have their direct deposit information on file, according to the Treasury, companies and experts.

The IRS launched a “Get My Payment” tool Wednesday for people to track the status of their payment and enter direct deposit information, but many who used it said they received a message saying “Payment Status Not Available,” a frustration that left them without answers.

Some parents told The Washington Post that they received a $1,200 payment for a single head of household or a $2,400 check for a married couple but that the IRS left out the $500-per-child-under-17 payments.

 

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‘Payment Status Not Available’

Frustrated taxpayers also took to Twitter to vent about their inability to track when and how they would be getting their money. Some posted an image of the message they received after entering their information: “Payment Status Not Available.”

There are a number of reasons the tool can’t check the status of a stimulus payment, the IRS said.

  • You aren’t eligible for a payment.
  • Your payment is based on your status as a Social Security, disability, Veterans Administration or Railroad Retirement beneficiary. In this case, the IRS will use your SSA or RRB Form 1099 payment information. Your payment information isn’t available on the Get My Payment tool.
  • You have not filed a 2018 or 2019 federal tax return.
  • You filed your 2019 return, but it hasn’t been fully processed.
  • You used the non-filers tool, but the information you entered is still being processed.
  • There’s a problem verifying your identity when answering the security questions.

Information on the site is updated only once a day, so checking more than once in a 24-hour period won’t yield a different result. The IRS says people who qualify for a payment will receive it by mail if they do not get it from direct deposit.

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People who owed $0 in taxes can’t check their payment status

Others complained about a glitch in the tool that won’t allow them to move forward because they neither owed any money to the IRS nor received a refund for 2018 or 2019. Typing in zero didn’t work.

“I could not give an affirmative answer to any of these questions since I owed no tax and did not receive a refund,” one reader wrote. “Submitting the form returned an error so I tried again and answered ‘yes’ to owing tax and ‘zero’ to the amount. Error again.”

“We are aware of the problem and are checking into it,” IRS spokesman Eric Smith said.

 

The IRS debited my payment on the 10th so this article still doesn't really address my specific situation. :frustrated:

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