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Thread: Economic impact of Covid-19

  1. #71
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    This is dangerous because we are already the govs biggest competitor. How can the gov legally do this I thought we had protections against this.....
    Don't bring skittles to a gun fight.

  2. #72
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    Does everyone here realize the financial impact the virus will have to all levels of gov?
    I have no doubts that the federal gov will have to bailout cities, counties, and likely even some or all of the states.
    The US debt will likely easily top 30 trillion before it is all said-and-done.

  3. #73
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    Quote Originally Posted by hiwall View Post
    Does everyone here realize the financial impact the virus will have to all levels of gov?
    I have no doubts that the federal gov will have to bailout cities, counties, and likely even some or all of the states.
    The US debt will likely easily top 30 trillion before it is all said-and-done.
    Or we will finally stop bailing out areas that have adopted unsupportable policies and procedures...

    I think it's highly likely that those with publicly funded cadillac pensions might see some pain. I think, too, that most major cities will go bankrupt and you'll see jobs distribute themselves a little more broadly around the country, but that's assuming the adults stay in charge. If the current admin is ousted this november, all bets are off and I think we see the US fragment into 3-4 smaller nations along ideological lines.

  4. #74
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    Does everyone here realize the financial impact the virus will have to all levels of gov?
    I have no doubts that the federal gov will have to bailout cities, counties, and likely even some or all of the states.
    The US debt will likely easily top 30 trillion before it is all said-and-done.
    Or we will finally stop bailing out areas that have adopted unsupportable policies and procedures...
    Well said.
    States and cities depend on sales tax revenue which is drying up and most states (not mine ) levy payroll / income taxes - which will really take a dive.
    I don't think Trump wants to bail out Chicago, or Taxachuttects

  5. #75
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    Quote Originally Posted by explo72 View Post
    Well said.
    States and cities depend on sales tax revenue which is drying up and most states (not mine ) levy payroll / income taxes - which will really take a dive.
    I don't think Trump wants to bail out Chicago, or Taxachuttects
    I really don't see the workability of bailing everyone out... Because by the time we print enough money for that to happen, a pack of chewing gum will cost $500...

  6. #76
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    Quote Originally Posted by neutrino View Post
    I really don't see the workability of bailing everyone out... Because by the time we print enough money for that to happen, a pack of chewing gum will cost $500...
    The only reason for a bailout is to try and keep things "normal" for a longer period of time.
    Just look at how much money all levels of gov are spending right now because of this virus. And obviously this spending is going to ramp up for at least another month and then, hopefully, slowly decrease.
    Now think of all the lost revenue to government entities with this revenue loss continuing for another two months+ at least. Then if we are all lucky there will be a slow build back but obviously the return will be slow and very gradual.
    Other than at the federal level, all others must have balanced budgets. Most have already used up all their accounting gimmicks so their only option will be to make extreme cutbacks on services. This will make for more problems.

  7. #77
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    Market still showing a lot of volatility. DOW is down -788.97 since this morning's open. (ETA: ended down 973.65 for the day)

    As the president observed recently, the next two weeks are apt to be mighty painful. With the news I'm expecting to see (really bad footage of the escalating situation in hospitals and morgues) I do believe it's going to have an impact on the market. Also as we're now starting to actually feel the impact of the stoppage of trans-Pacific imports as warehouse supplies dwindle, that's going to pinch the flow of goods and services more. I'll be surprised of we don't get down to the previous low marker (or lower) before month's end. This situation COULD be moderated partly by getting the HCQ medications out to the hospitals in significant volumes in time to meet the wave of infections that are expected. It's too soon for me to see if that's going to be likely to happen, but it's a possibility, I guarantee someone is working on it.

    The stimulus package was a mixed blessing. There was a paradoxical effect of killing the housing market by virtue of pinching the mortgage brokers to the point of virtual bankruptcy. I think it will be a while before we figure out all the various unanticipated impacts of that multi-trillion dollar "rescue" effort. One thing that has me edgy is how it might affect the bond market, which is typically a safe haven and is where I've got my retirement savings presently, waiting for the stock market to stabilize from the corona-shocks and the bailout blips. More than one analyst has suggested that the rescue package - among other things - could serve as a mechanism to transfer the Federal Reserve's money-issuing capacity back to the Treasury department, and that by virtue of using a legal entity such as a SPV (Special Purchase Vehicle) the Fed could be manipulated into acquiring (buying) debt back - in essence, the Federal Reserve becomes a "sin eater" who is then dissolved in bankruptcy, eliminating the debt. This would have unprecedented and unpredictable results on the entire financial fabric of our nation. President Trump has had hung in the Oval office a portrait of former president Andrew Jackson whose great claim to fame was that he eliminated the Rothchild's-owned central bank, and President Trump has been vocally critical of the Federal Reserve - might he have been itching all along for just such an opportunity?

    It's definitely an exciting (and sometimes terrifying) time to be alive.

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    https://en.wikipedia.org/wiki/Sin-eater

    The Worst Freelance Gig in History: Being the Village Sin Eater
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    Last edited by bruss01; 04-01-2020 at 06:40 PM.
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  8. #78
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    I am certainly not a financial expert by any means, and I could be completely wrong, but I have a different take on this. I believe Pres. Trump is purposefully running up our national debt, draining the Fed dry, Spending Fed money faster than they can print it, getting the money back to the people , out of the hands of the cabal and deep state, at the same time money being seized from those arrested when the indictments are unsealed, then BOOM........... Fed is finished, Treasury takes over .

  9. #79
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    I am leaning that way myself Bambam. Thats sure the way thing are looking right now. Fed is taking on a huge amount of debt right now, that is typically paid to them. That can't go on for long.
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  10. #80
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    Quote Originally Posted by bambam View Post
    I am certainly not a financial expert by any means, and I could be completely wrong, but I have a different take on this. I believe Pres. Trump is purposefully running up our national debt, draining the Fed dry, Spending Fed money faster than they can print it, getting the money back to the people , out of the hands of the cabal and deep state, at the same time money being seized from those arrested when the indictments are unsealed, then BOOM........... Fed is finished, Treasury takes over .
    I agree with part of that.
    Then BOOM........ the dollar is toast and worthless. All the debt is in dollars and those dollars are worthless so all that debt is worthless. Then the USA starts over with a clean slate and not $26 trillion in debt(or whatever our debt is at that time). And our gov prints "new" currency called "Trump Notes" or whatever they decide. Life goes on, la de da.

    But from the time the dollar dies until the "new" is printed and is accepted is very very bad times. This could be months or years, who knows.
    But

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