The State of the Economy Thread - “Falling inflation, rising growth give U.S. the world’s best recovery”

[skinsmarydu]

6 hours ago, CousinsCowgirl84 said:

 

What if a vaccine can’t be made, re some of the recent reports that people are getting reinfected?

Then the Earth will shake us off like a bad case of fleas, just like George Carlin predicted. 

BOOM.

Edited April 15, 2020 by skinsmarydu

[Cooked Crack]

 

 

[skinfan2k]

thats 22M who were able to file.  probably another 5-10M more that can't get through or not eligible yet like alot of the GIG workers. 

[No Excuses]

29 minutes ago, skinfan2k said:

thats 22M who were able to file.  probably another 5-10M more that can't get through or not eligible yet like alot of the GIG workers. 

 

I believe they added support for gig economy workers in the UI expansion.

 

There's probably millions of people whose hours have been cut or salaries reduced though. The next relief package needs to pump a lot more money directly into the hands of individuals.

[FanboyOf91]

 

[EmirOfShmo]

4 hours ago, No Excuses said:

 

I believe they added support for gig economy workers in the UI expansion.

 

There's probably millions of people whose hours have been cut or salaries reduced though. The next relief package needs to pump a lot more money directly into the hands of individuals.

What's the "UI expansion"? 

[Larry]

4 minutes ago, EmirOfShmo said:

What's the "UI expansion"? 

 

Unemployment Insurance.  (I assume).  

[No Excuses]

5 minutes ago, EmirOfShmo said:

What's the "UI expansion"? 

Expansion of unemployment insurance benefits.

[Isifhan]

The problem with that expansion, though inacted by the cares act, doesn't mean that states have the infrastructure to handle those people who would normally not qualify for unemploymenthe like gig workers or small business owners. Here they are automatically kicking those requests out of the system so even if you're supposed to get benefits you cant.

[EmirOfShmo]

9 hours ago, Isifhan said:

The problem with that expansion, though inacted by the cares act, doesn't mean that states have the infrastructure to handle those people who would normally not qualify for unemploymenthe like gig workers or small business owners. Here they are automatically kicking those requests out of the system so even if you're supposed to get benefits you cant.

I can attest to that for Virginia. I started filling out the online forms & got to the Employer page. There's no info on how to fill this out for sole-proprietor. I clicked the "Live Chat" icon yesterday & I was 192 in line. I waited 2 hours & nothing. I think they closed at 4:30pm. I tried today from 7:30am - nobody available until 8:30am. I'm now 175th in line. LOL

 

Edit: NVM...Just got kicked out of the system so now I'm not in line at all. What a ****show...

Edited April 17, 2020 by EmirOfShmo

[CousinsCowgirl84]

SBA loans out of cash before I got mine... pfffft...

[Hersh]

The stock market is doing fine, big companies will be bailed out and the wealth gap will increase substantially. In other words, everything is status quo in the US. Might as well close this thread. 

[redskins59]

This stock market bullish run is really stupid.  Granted, I would like my 401k to go up, but why is it going up?  CNBC says because remdevisir may work.  I believe it will prove to be effective as well, unlike hydroxychloroquine, but how quickly will they be able to manufacture the product?  Meaning, if they have to manufacture a 100,000 product, how long will it take.  That right there is the problem.  Gilead is not giving a big number either.  A million or so in  a year(2021?).  

The other reason may be because they are trying to open up the country.  That will take some time.  

This thing is going to fizzle once people realize that it will not be a V-shaped recession.

[skinfan2k]

37 minutes ago, redskins59 said:

This stock market bullish run is really stupid.  Granted, I would like my 401k to go up, but why is it going up?  CNBC says because remdevisir may work.  I believe it will prove to be effective as well, unlike hydroxychloroquine, but how quickly will they be able to manufacture the product?  Meaning, if they have to manufacture a 100,000 product, how long will it take.  That right there is the problem.  Gilead is not giving a big number either.  A million or so in  a year(2021?).  

The other reason may be because they are trying to open up the country.  That will take some time.  

This thing is going to fizzle once people realize that it will not be a V-shaped recession.

i invested in Moderna that got approved as well.  they got 400M from the USgovt and hoping moving to phase 2 of their trails.  

Edited April 17, 2020 by skinfan2k

[Larry]

2 hours ago, Hersh said:

The stock market is doing fine, big companies will be bailed out and the wealth gap will increase substantially. In other words, everything is status quo in the US. Might as well close this thread. 

 

Don't forget "And employers will use the crisis to push wages down, which will take the next 10-15 years to get back up."  

 

2 hours ago, redskins59 said:

This stock market bullish run is really stupid.

 

Yeah, I don;t get it.  I don;t see this economy getting back to "normal" for at least a couple of years.  The disease is gonna be affecting things, a year from now.  And the economy will take years, beyond that.  

Edited April 17, 2020 by Larry

[techboy]

"Markets can stay irrational longer than you can stay solvent"- Keynes

 

This is an excellent reminder that while the stock market is related to the economy (obviously), they are not at all the same.

[No Excuses]

People like Elizabeth Warren have been correct about the fundamental flaws of our economy for the past twenty years, yet they remain out of influential power and the ghouls who support this very flawed system keep finding themselves in control of economic policy again and again. Larry Kudlow is still somehow a thing after he wasn't completed disgraced in 2007 for laughably wrong statements. Larry Kudlow is still somehow a thing after he wasn't completed disgraced in 2020 for more laughably wrong statements.

Edited April 17, 2020 by No Excuses

[Renegade7]

Had troubling epiphany today:

 

Got a newsletter in my company email saying as of now no employees have reported testing positive for Covid-19.

 

My immediate reaction is "they wouldn't report it even if they did".  

 

We have to get accurate testing because no one is going to admit to having this if it affects their income and ability to take care of their families. 

 

This is extremely important if we are serious about passing a test before you can come back to work, and continue passing to stay at work.

Edited April 17, 2020 by Renegade7

[FanboyOf91]

 

[Hooper]

Stock market will tank once it settles in that there is no real end in sight, just starts and stops. Definitely closer to a depression than a recession. Here’s to hoping hot weather, humidity, and modern medicine pulls off something no one is currently predicting. 

[twa]

19 minutes ago, Hooper said:

Stock market will tank once it settles in that there is no real end in sight, just starts and stops. Definitely closer to a depression than a recession. Here’s to hoping hot weather, humidity, and modern medicine pulls off something no one is currently predicting. 

 

the stock market reacted to mass funding manipulation and anticipated spending.

 

the stock market doesn't care about much besides profit.

[LD0506]

[Califan007 The Constipated]

On 4/16/2020 at 8:18 PM, Isifhan said:

The problem with that expansion, though inacted by the cares act, doesn't mean that states have the infrastructure to handle those people who would normally not qualify for unemploymenthe like gig workers or small business owners. Here they are automatically kicking those requests out of the system so even if you're supposed to get benefits you cant.

 

In Ohio, the state government has let those who don't normally qualify for unemployment benefits that there will be a portal in place in May for those people specifically to apply for UI, and to not use the current UI portal to apply.  The federal government guidelines were not adequately in place for them to open one earlier. They also said that the benefits are retroactive so they will start as early as Feb 2020 9I'm guessing if you can show that the pandemic affected you as early as February).

[twa]

no wonder he went the comedy route. 🙄

 

 

[Isifhan]

47 minutes ago, Califan007 said:

 

In Ohio, the state government has let those who don't normally qualify for unemployment benefits that there will be a portal in place in May for those people specifically to apply for UI, and to not use the current UI portal to apply.  The federal government guidelines were not adequately in place for them to open one earlier. They also said that the benefits are retroactive so they will start as early as Feb 2020 9I'm guessing if you can show that the pandemic affected you as early as February).

Delaware announced on Friday that it will be 3-6 weeks before self employed and 1099s can expect the software to be in place to even apply, no mention that it would be retroactive.