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The Economy (2020/21)

Sandro

Sandro

Terrified of Cucumbers
Nov 12, 2006
3,228
2,541
The old world
So even before Corona I’d come across reports warning about the possibility of widespread defaults on auto- and student loans every once in a while and how either of those industries imploding has the potential to cause a major recession on it’s own.

Can somebody enlighten me on the current situation? Is something being done to mitigate this danger in light of dwindling household liquidity or are these nonissues relative to the general economic doom and gloom and just one of many corporate bailouts to come?
 
Toshi

Toshi

butthole powerwashing evangelist
Oct 23, 2001
40,212
9,106
Latest I read is 7.5% of auto loans in forbearance. That will surely rise.
 
kidwoo

kidwoo

Artisanal Tweet Curator
Aug 25, 2003
42,149
13,358
Squirtin ketchup n' mustard on charred flesh
DaveW said:
Gonna need an enduro bike for that shit woo. ;)
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18" rear wheel and gummy tires in the mail as of this morning. Not much difference other than that. I'll probably mess with the suspension at some point but I'm still learning how to ride fast enough to actually use travel at the moment.


will not be stopping to pick up rideit






See? you can talk about 'enduro' with motorcycles and not be a moron. Can't do THAT with mountainbikes!
 
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Westy

Westy

the teste
Nov 22, 2002
56,392
22,471
Sleazattle
Sandro said:
So even before Corona I’d come across reports warning about the possibility of widespread defaults on auto- and student loans every once in a while and how either of those industries imploding has the potential to cause a major recession on it’s own.

Can somebody enlighten me on the current situation? Is something being done to mitigate this danger in light of dwindling household liquidity or are these nonissues relative to the general economic doom and gloom and just one of many corporate bailouts to come?
Click to expand...

It is fine, look at the stock market.
 
stevew

stevew

resident influencer
Sep 21, 2001
41,343
10,266
kidwoo said:
I bought a 150 for a reason.

It's basically a chainsaw motor in a bike frame.
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i prefer the argo of my youth....

argo.JPG


or that 4 wheeler...

the 2 months i spent fucking around in breckenridge....pretending i was putting together snowmobiles....
 
stevew

stevew

resident influencer
Sep 21, 2001
41,343
10,266
kidwoo said:
yeah.........

that's pretty much how I pictured you








;)



Are those argos the ones that will go in water too?
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i never got that in anything deep....that pile of shit just stayed around the garage...
 
Brian HCM#1

Brian HCM#1

Don’t feed the troll
Sep 7, 2001
32,276
396
Bay Area, California
Pesqueeb said:
Petroleum industry is having a heyday too, recently. Good times in that household, I'm sure.
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Wife is working from home and my job is considered essential so we both have been very fortunate and working full time. However yes, petroleum has been hit extremely hard and a reorg is coming down the pipeline.
 
Nick

Nick

My name is Nick
Sep 21, 2001
25,090
16,924
where the trails are
I'm working full time as well, really no impact to normal work life. Since I locked down in late Feb I've spent an average of $600 a month less on incidental, entertainment, alcohol, etc.

The economy of my smallish community is probably terrible, as the town is both tourist-centric and has a university, with no students in town spending money. I bet a lot of the restaurants and shops are struggling.
 
Westy

Westy

the teste
Nov 22, 2002
56,392
22,471
Sleazattle
Toshi said:
fivethirtyeight.com

The Terrible Jobs Report Gets Worse The More You Read It

Remember last month, when the jobs report was bad but not apocalyptic? Those were the days. The most recent jobs report is a stunning picture of how the pandemi…
fivethirtyeight.com fivethirtyeight.com
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No worries, the Market is up 1.4% today and the fed is printing $500 billion today and another $8 billion of treasury notes. The unemployed aren't getting that money but those people can live off of the capital they have in the financial markets.
 
kidwoo

kidwoo

Artisanal Tweet Curator
Aug 25, 2003
42,149
13,358
Squirtin ketchup n' mustard on charred flesh
Toshi said:
www.counterpunch.org

Congress Sets Up Taxpayers to Eat $454 Billion of Wall Street’s Losses, Where is the Outrage?

Beginning on March 24 of this year, Larry Kudlow, the White House Economic Advisor, began to roll out the most deviously designed bailout of Wall Street
www.counterpunch.org www.counterpunch.org
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Section 4009 of the CARES Act suspends the Freedom of Information Act for the Fed and allows it to conduct its meetings in secret until the President says the coronavirus national emergency is over.

Whelp. That about does it for me. Anyone else changing their deductions on federal this year?
 
Westy

Westy

the teste
Nov 22, 2002
56,392
22,471
Sleazattle
So about 1/3 of americans able to work are unemployed. Stock market doing great. At least the Republicans have vowed to not extend unemployement benefits. This economy can't have freeloaders.

 
Westy

Westy

the teste
Nov 22, 2002
56,392
22,471
Sleazattle
The stock market is so overinflated right now it isn't funny. And of course it is the stock market Trump is bragging about. The stock market is not the economy.
 
mykel

mykel

closer to Periwinkle
Apr 19, 2013
5,604
4,308
sw ontario canada
Toshi said:
Without data on what proportion of that is via forbearance programs that's a bit misleading.
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It doesn't really matter. The point is that that many people could not make their payment, whether they are protected by a forbearance clause or not. They did not have the funds to pay, it makes no difference if they are allowed to make it up at the end.

Now, in a few months we can talk about missed payments and foreclosure rates and do a little data parsing when there is relevant data.
 
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