China’s Slow Economic Rebound from the Coronavirus
Points to an Extended U.S. Slump
https://www.newyorker.com/news/our-columnists/chinas-slow-economic-rebound-from-the-coronavirus-points-to-an-extended-us-slump?utm_source=nl&utm_brand=tny&utm_mailing=TNY_ Daily_051420&utm_campaign=aud-dev&utm_medium=email&bxid=5bd6795524c17c1048022fcc &cndid=43758549&hasha=992d608214b505003aa04bf10a59 5031&hashb=542eb31d958e85ddd5a4c3ccf3faae18526a77b d&hashc=54b3612ab970ce13a64a16665b1987080ca5b72e2e e762b722fbba6ab378f2f5&esrc=bounceX&utm_term=TNY_D aily
Those charts that just show base percentage rates are such crap. There were a million ways back then to shelter income and deduct expenses. Nobody really paid those tax rates.
Time is running out:
Small businesses and households are burning through what’s left of their cash
Low-wage workers who had little in savings to begin with have been some of the hardest hit by shutdowns at hotels, restaurants, stadiums, gyms, bars and many other businesses,
As a result, many are struggling to pay their bills, even with government aid.
for small businesses. About half will be out of cash within a month,
many owners have told The Washington Post the grants came with too many strings attached.
Others say they worry about taking on loans when they do not know how long they will be closed or operating at half-capacity.
Nearly 40 percent of low-income Americans lost a job in March.
Over a third of people who were laid off couldn’t pay their bills in April
Fewer than 1 in 5 businesses could hold out for even three months
Nearly half of laid-off Americans are barely “getting by”
Supply-chain problems hit two in three retailers
Falling revenue hits three in four businesses
Three quarters of businesses sought PPP help
Puerto Rico has been hit harder than anywhere else
https://www.washingtonpost.com/business/2020/05/14/federal-reserve-census-data-coronavirus-survey/?pwapi_token=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9. eyJjb29raWVuYW1lIjoid3BfY3J0aWQiLCJpc3MiOiJDYXJ0YS IsImNvb2tpZXZhbHVlIjoiNTk3NDBkYjNhZGU0ZTIxYTg0OTNm ZGFlIiwidGFnIjoiNWViZGFiZmZmZTFmZjY1NGMyZGQxYTY5Ii widXJsIjoiaHR0cHM6Ly93d3cud2FzaGluZ3RvbnBvc3QuY29t L2J1c2luZXNzLzIwMjAvMDUvMTQvZmVkZXJhbC1yZXNlcnZlLW NlbnN1cy1kYXRhLWNvcm9uYXZpcnVzLXN1cnZleS8_dXRtX2Nh bXBhaWduPXdwX3RvX3lvdXJ VhbHRoJnV0bV9tZWRpdW09ZW 1haWwmdXRtX3NvdXJjZT1uZXdzbGV0dGVyJndwaXNyYz1ubF90 eWgmd3Btaz0xIn0.QmyMxR2mViTQ4t5R4CFjNN53vtKFHQD33j a0r6F5Se4&utm_campaign=wp_to_your_health&utm_mediu m=email&utm_source=newsletter&wpisrc=nl_tyh&wpmk=1
Then Congress goes on vacay, how long will that be? One month or two?
Seems this is end of the spending for now.
Lazy bums have been on paid vacation for a month. They need to skip their summer break.
Last edited by CosmicCowboy; 05-14-2020 at 06:08 PM.
The Repugs have hosed $100Bs to their donors, $70B to 43,000 millionaires, so Their Work is Done.
Repugs now tell lower 90%, 10Ks of SMBs (who thought they chasing the American dream) to go themselves.
Boo, you need to get out of that smokey single wide and take a deep breath. It's probably time to change your moms oxygen bottle anyway. That nicotine stained laptop screen makes you crazier every day.
Ridiculous
Tell us why this upsets you.
Ridiculous
I'm surprised at the small number, less than $1B?
Ridiculous
$70B is what Mnuchin gave 43,000 millionaires, then there's the $500B helicoptered in total secrecy, we cannot know who got it, nor how much.
Why did Mnuchin give $1B to non-SMBs in the first place?
Now Mnuchin threatens them to give it back, they won't, so does he carry out his threat? Tough talk from a wimp
Many of the “temporary” store closures from Covid-19 are going to be permanent
Nordstrom announced it would close its stores in the US, Canada, and Puerto Rico to help slow the outbreak. Those stores included all 116 full-line Nordstrom department stores in those regions. Sixteen of those shops, or nearly 14%, will never reopen,
“If they’re taking that sort of reflective look at their physical footprint, I suspect others will as well.”
Some stores might reopen only to close for good shortly after, as it becomes clear they won’t last.
Stephens predicted at least 20% of brick-and-mortar stores in places such as North America and Western Europe could close due to the pandemic.
Coresight Research, a research and advisory firm, estimates 15,000 US retail stores might shutter this year alone as many closed stores never reopen.
Investment firm UBS thinks by 2025 as many as 100,000 stores could close in the US.
roughly 500 small-business owners found 43% believed they wouldn’t survive another six months of shutdowns.
The pandemic has forced consumers to do more of their shopping online. For many it could become a long-term habit.
https://qz.com/1855489/temporary-sto...ing-permanent/
Trash and his mafiya are ing black hole of a disastrous MISgovenment, sucking in, sucking down lives, businesses, colleges, all so Trash can be re-elected.
It's still a loan that they have to pay back assuming they don't meet the guidelines..
Ridiculous
Not the point, genius
Could have been more given out to private companies. The chart shows public companies
Fed Warns of Financial Risks as Coronavirus Downturn Persistsno
The central bank said the financial system “amplified” the shock in March, and warned that vulnerabilities remain heightened.
highly indebted businesses remained a vulnerability that could hurt the broader economy.
the annual report to sound a warning bell on
persistent weaknesses that have the potential to worsen the fallout in markets —
which could then spill back into the rest of the economy —
as coronavirus lockdowns slow growth, spurring job losses and causing consumers to pull back spending.
Businesses went into the crisis highly indebted
As they miss out on sales and income, they may default on their debts.
That could have knock-on effects:
Credit losses could pair with low interest rates to hurt profitability at banks,
which entered the crisis well capitalized and are, at least for now, holding up and lending steadily.
Hedge funds may have worsened turmoil.
https://www.nytimes.com/2020/05/15/b...ronavirus.html
the ing markets, Capitalists, and Capitalism
Fact Sheet:
Private Equity Industry Poised to Profit from the Federal Reserve’s New Lending Programs
The private equity (PE) industry is known for a business model that involves
purchasing companies,
loading them with debt, and
laying off employees,
all while paying themselves large sums of money in dividends.
This business strategy rests on using the shield of corporate immunity to avoid liability of the parent private equity fund for obligations of the portfolio companies they own,
so that the private equity firm can impose debt upon or remove assets from its portfolio firm and
face no accountability to creditors or stakeholders of the portfolio company.
This private equity business model is dangerous in normal times,
but it is especially perilous during an economic crisis when large amounts of government financial aid is available.
Private equity funds could access government assistance for their portfolio companies
while avoiding any responsibility to repay any debt or obligations to the public purse.
Private equity firms could also tap government aid to finance leveraged buyout purchases of additional companies,
using taxpayer money to load target companies with debt and drain their assets
while avoiding any responsibility for paying that debt back.
Private equity owned businesses were mostly ineligible for the Paycheck Protection Program (PPP) run by the Small Business Administration (SBA)
due to the “affiliation rule” that excludes parent firms that control a company employing more than 500 employees across all its businesses.
On the other hand, it seems clear that unless the rules are changed substantially,
private equity will be able to draw large benefits from most or all of the Federal Reserve’s lending facilities launched as part of the CARES Act.
The multiple, combined Federal Reserve credit facilities that provide loans and other financial support to companies are much larger than the PPP program.
The Federal Reserve credit facilities have few limitations on size or type of companies that can access the financial assistance program,
making it possible for private equity firms and private PE-owned companies to get taxpayer-backed aid.
Although the programs were supposed to target viable but struggling firms,
the Federal Reserve has expanded the eligibility criteria of some of the programs in ways that would allow more highly indebted companies owned by private equity firms to access them.
https://ourfinancialsecurity.org/2020/05/fact-sheet-private-equity-industry-poised-to-profit-from-the-federal-reserves-new-lending-programs/
Last edited by boutons_deux; 05-16-2020 at 05:15 AM.
So what's the point cuckadoodle?
This ppp loan was intended for small businesses, not Taco Cabana, adoodle.
"The Federal Reserve’s Nowcast, a statistical model based on economic indicators, forecasts a31% contraction in GDP,
while economists at JPMorgan estimate the economy could shrink as much as 40%."
-- Quartz email
https://www.newyorkfed.org/research/policy/nowcast
https://www.cnbc.com/2020/04/09/jpmo...20percent.html
... while Repugs block anymore "Keynesian counter-cyclical" govt spending (unless, no doubt, they can extort the Dems for $100Bs more for their BigDonor and $100Bs less for Labor)
The Nonprofit Grifters Who Want a Cut of the Coronavirus Bailout
After years of undermining health policy to aid their Big Pharma patrons, patient advocacy groups are making claims to federal pandemic relief.
American Diabetes Association and the Juvenile Diabetes Research Foundation.
the ADA takes in millions of dollars of funding from insulin manufacturers.
Both the ADA and the JDRF, which also partners with pharmaceutical companies, have been criticized for their
lackluster response to the insulin crisis and,
in JDRF’s case, for prioritizing technological research
at a time when one in four diabetics have admitted to cost-related skipping or underdosing.
underneath the familiar public face of such groups,
these kinds of conflicts and controversies are par for the course.
In recent years, such groups have raked in more in donations from drugmakers
than lobbyists have earned representing the industry,
all while touting controversial treatments and stifling efforts to reform the drug industry.
as “nonprofits,” these groups pay no taxes.
While their CEOs earn seven figures, many of their cons uents struggle to afford basic treatments.
these groups have harmed the interests of patients, their families, and wider society.
That mission seems all the more imperative now, as
these organizations join the long line of suitors seeking a coronavirus bailout from the federal government.
https://newrepublic.com/article/157686/nonprofit-grifters-want-cut-coronavirus-bailout
The corruption is wide and deep is ed and un able America.
for laughs, remember the American Red Cross raised $500M for the Haiti earthquake disaster and built only a handful of houses.
Just give everyone $10K and call it a day. These lil $1200 checks aren't moving the needle.
$600 week / 40 hours = $15/hour
Make the Federal minimum equal to the pandemic pay so stopping the pandemic pay won't be painful for 10Ms of Americans.
Another private jet company owned by a Trump donor got a bailout — this one for $20 million
https://www.rawstory.com/2020/05/another-private-jet-company-owned-by-a-trump-donor-got-a-bailout-this-one-for-20-million/?utm_source=&utm_medium=email&utm_campaign=4542&re cip_id=298460&list_id=1
Small businesses bad now. If you're not eating porridge and watching povertyball on a black and white CRT TV, you're part of the problem.
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