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The Forthcoming Recession is Here. Rejoice, the Unemployment Rate is *Only* 11.1%!

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Wow, I recognize back to Tandem.  Does that mean I am as old as dirt or a little older?

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59 minutes ago, gbear said:

Wow, I recognize back to Tandem.  Does that mean I am as old as dirt or a little older?

 

More like zircon old.

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3 minutes ago, techboy said:

79a.gif


Pfft ... I was being asked for hot tech stock picks long before I was making as much money as a senior HS teacher.

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7 minutes ago, Corcaigh said:

Pfft ... I was being asked for hot tech stock picks long before I was making as much money as a senior HS teacher.

 

One of my students is collecting residuals for an app he helped write and I think he already IS making more money than me. 😀

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Posted (edited)
3 hours ago, techboy said:

 

One of my students is collecting residuals for an app he helped write and I think he already IS making more money than me. 😀


ALL students should drop out and create an app.

 

Or be a day trader or speculate in FX.

Edited by Corcaigh

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17 hours ago, Corcaigh said:


ALL students should drop out and create an app.

 

Or be a day trader or speculate in FX.

 

Just invest in penny stocks!!

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20 hours ago, Corcaigh said:

 

Because I'm a software technologist there have been times in booming markets where my doctor or dentist or someone at a barbecue will ask for tech company stock tips and be unconvinced when I say there are no individual bets I would make.

 

This graphic from industry pundit Geoffrey Moore lists companies that all crushed it for many years and subsequently went out of business, were acquired for a fraction of the worth they had been trading at, or missed an enormous opportunity that a smaller and less well-funded competitor seized. Every single one of them was a 'sure bet' at a time in their history. You can tell your age by working up from the bottom of the list and when you no longer recognize names is when you entered the industry, or started following technology companies.

I must be older than dirt - I don't see NCR in that list. I worked on their mainframe & with their software. And with most of those old crappy databases. 

Some real POS's listed there. 😂

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4 hours ago, EmirOfShmo said:

I must be older than dirt - I don't see NCR in that list. I worked on their mainframe & with their software. And with most of those old crappy databases. 

 


I left off the top line of companies with ACME Stone Wheel Company; Fire Inc, Mr Babbages Difference Engine and NCR

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The V shape recovery has been put out and talked about for a while by a lot of people. Essentially the idea is that the underlying economics are not the problem here (even if they weren’t great)

 

best quarter ever and such seems like maybe blowing smoke. Compared to what? Growth since the bottom of the V? Seems like a useless measurement. I’d rather see how it all fits in line with the overall trend. Best quarter ever feels like being proud of climbing out of the hole you just dug. 
 

 

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Social Security recipients most likely won't receive a COLA in 2021 because of the weak economy. Too bad real costs are increasing like rent. Mine is increasing in July.

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14 minutes ago, Cooked Crack said:

 

 

 

Hopefully, many of those jobs are simply on hold for a few months.  

 

But yeah, a lot of them are gonna take years to come back.  

 

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39 minutes ago, Larry said:

 

Hopefully, many of those jobs are simply on hold for a few months.  

 

But yeah, a lot of them are gonna take years to come back.  

 

 

Last analysis I read was that 40% of these jobs are not expected to come back. I'll try to find the source.

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Posted (edited)

Yeah...color me surprised...

 

Breaking precedent, White House won’t release formal economic projections this summer that would forecast extent of downturn

 

Quote

White House officials have decided not to release updated economic projections this summer, opting against publishing forecasts that would almost certainly codify an administration assessment that the coronavirus pandemic has led to a severe economic downturn, according to three people with knowledge of the decision.

The White House is supposed to unveil a federal budget proposal every February and then typically provides a “mid-session review” in July or August with updated projections on economic trends such as unemployment, inflation and economic growth.

Budget experts said they were not aware of any previous White House opting against providing forecasts in this “mid-session review” document in any other year since at least the 1970s.

Edited by mistertim

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Posted (edited)

^^^^ Another Trump and minion failure. You know this direction came directly from Trump because electioneering. Dick!

 

 

 

I want to see some brave souls with backbone release the data to the media, like Rachel Maddow or Lawrence O'Donnell. Probably Lawrence because Rachel is focused on Covid-19reporting.

Edited by LadySkinsFan
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They trying to get ahead of the V-shaped recovery dialog by reducing the amount of official documents proving they full of crap.

 

The actual number of dead is fake news.  The actual drop in GDP is fake news. Deny, Deny, Deny.

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I’m starting to think that what we are seeing here is a money grab and upward transfer of wealth for the top 10% that is going to make the tax cuts pale in comparison.

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6 minutes ago, Sacks 'n' Stuff said:

I’m starting to think that what we are seeing here is a money grab and upward transfer of wealth for the top 10% that is going to make the tax cuts pale in comparison.


 

certainly companies like amazon aren’t hurt by the shutdown. It just closes there competition down...

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2 hours ago, No Excuses said:

 

Last analysis I read was that 40% of these jobs are not expected to come back. I'll try to find the source.

 

And many still employed have had pay cuts enforced, or CoL increases frozen.

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2 hours ago, CousinsCowgirl84 said:

certainly companies like amazon aren’t hurt by the shutdown. It just closes there competition down...

What’s happening right now is that the Fed is loaning unlimited amounts of money to corporations who are using it to prop up the stock market. They’ll eventually cash out, pay off their loans with no interest, keep the profits, and leave us average Joe’s holding the bags when the market crashes.

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U.S. firms shield CEO pay as pandemic hits workers, investors

 

NEW YORK/BOSTON (Reuters) - Sonic Automotive Inc (SAH.N), which operates 95 U.S. car dealerships, started laying off and furloughing about a third of its workforce as the coronavirus pandemic crushed its sales. Then it changed its executives’ pay packages - handing them a multimillion-dollar windfall.

 

On April 10, Sonic’s board gave its top executives stock options to replace performance-based share awards, regulatory filings show. The options it gave Chief Executive David Smith, whose family controls the company, are now worth about $5.16 million - more than four times the value of the performance-based stock awards he got last year.

 

Some of Sonic’s terminated employees, meanwhile, face hard times. After a decade of buying and selling cars, Allan Nadohl, 74, said he was laid off in March and now relies on U.S. government retirement payments that don’t fully cover his bills in Los Angeles.

 

“Be a mensch,” Nadohl said, referring to Sonic executives with a Yiddish word meaning honorable person. “Take a 50% cut for six months.”

 

Sonic said in one of the filings that the changes were made in response to the pandemic, without elaborating. Neither the company nor Smith responded to requests for comment from Reuters.

 

Sonic is one of six U.S. companies identified in a Reuters review of regulatory filings that have moved to shield their executives’ compensation from the pandemic’s economic fallout as they laid off or furloughed workers. The others include plush toy seller Build-A-Bear Workshop Inc (BBW.N), restaurant operator Red Robin Gourmet Burgers Inc (RRGB.O), retailer Signet Jewelers Ltd (SIG.N), fashion brand DKNY owner G-III Apparel Group Ltd (GIII.O) and fracking sand producer Covia Holdings Corp (CVIA.N).

 

Reuters found 75 other companies that disclosed they are considering changes to executive pay plans in light of the pandemic’s impact on their businesses. Among them are ridesharing giant Uber Technologies Inc (UBER.N), hotel operator Hilton Worldwide Holdings Inc (HLT.N), carrier Delta Air Lines Inc (DAL.N), satellite radio company Sirius XM Holdings Inc (SIRI.O) and Thomson Reuters Corp (TRI.TO), the parent company of Reuters News.

 

Click on the link for the full article

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17 hours ago, Sacks 'n' Stuff said:

What’s happening right now is that the Fed is loaning unlimited amounts of money to corporations who are using it to prop up the stock market. They’ll eventually cash out, pay off their loans with no interest, keep the profits, and leave us average Joe’s holding the bags when the market crashes.

 

The only positive I see of this strategy is people's retirements are less affected...for now. it's just holding it up for a short time before the loans backfire. 

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