Tiberius Posted March 17, 2020 Author Share Posted March 17, 2020 2 hours ago, RochesterRob said: That industry has had problems since I was old enough to remember which is a long time. But yes they should sell some shares but perhaps the fear is given their history that the shares will not be worth much especially at present. Who knows if that is enough or not. It would keep US households solvent short term (month) but at this point we do not know what the long term damage is with businesses among other factors. When the stock market hit the wall in October of 1929 it took over 2 1/2 years for the DJIA to bottom out where it lost over 90 percent of its pre-crash value. I suspect it will take years to know the true extent of the damage as the economy is much more complicated than it was in 1929. I think it took stocks (in general) until the 1950’s to reach 1929 levels again! No doubt some of the people that lose their jobs won’t be hired back, as companies innovate to do with less workers. But on the other side, Amazon is hiring 100,000 new workers, so maybe this whole thing just accelerates a process to online stuff faster. The economy was in such good shape, I bet it bounces back pretty quickly Link to comment Share on other sites More sharing options...
3rdnlng Posted March 17, 2020 Share Posted March 17, 2020 3 minutes ago, Tiberius said: I think it took stocks (in general) until the 1950’s to reach 1929 levels again! No doubt some of the people that lose their jobs won’t be hired back, as companies innovate to do with less workers. But on the other side, Amazon is hiring 100,000 new workers, so maybe this whole thing just accelerates a process to online stuff faster. The economy was in such good shape, I bet it bounces back pretty quickly All thanks to Obama I presume. Link to comment Share on other sites More sharing options...
Foxx Posted March 17, 2020 Share Posted March 17, 2020 (edited) 11 minutes ago, Tiberius said: I think it took stocks (in general) until the 1950’s to reach 1929 levels again! No doubt some of the people that lose their jobs won’t be hired back, as companies innovate to do with less workers. But on the other side, Amazon is hiring 100,000 new workers, so maybe this whole thing just accelerates a process to online stuff faster. The economy was in such good shape, I bet it bounces back pretty quickly are you feeling alright? whether you know it or not, you just gave Trump big time credit here. Edited March 17, 2020 by Foxx Link to comment Share on other sites More sharing options...
RochesterRob Posted March 17, 2020 Share Posted March 17, 2020 21 minutes ago, Tiberius said: I think it took stocks (in general) until the 1950’s to reach 1929 levels again! No doubt some of the people that lose their jobs won’t be hired back, as companies innovate to do with less workers. But on the other side, Amazon is hiring 100,000 new workers, so maybe this whole thing just accelerates a process to online stuff faster. The economy was in such good shape, I bet it bounces back pretty quickly I predict a net loss of jobs because of this event. A lot of industries will be looking to reduce the human impact on their business in a repeat of this outbreak. Agriculture was unstable before this and if commodities stay down so will spending by farmers and most likely the balance sheet erodes. Agriculture still has a very large impact on the WNY economy. Link to comment Share on other sites More sharing options...
Tiberius Posted March 17, 2020 Author Share Posted March 17, 2020 13 minutes ago, Foxx said: are you feeling alright? whether you know it or not, you just gave Trump big time credit here. No, not even close Link to comment Share on other sites More sharing options...
Tiberius Posted March 17, 2020 Author Share Posted March 17, 2020 Here’s a neat idea: Allow unlimited withdrawals from individual retirement accounts at a flat tax of 10 percent, and open that window for all of 2020. Many won’t use the opportunity to withdraw from tax-advantaged accounts, but most will immediately begin to calculate how to maximize their net economic benefit. Some will simply pay off mortgages of homes they intend to retire in, trading one retirement asset for another. The hard-pressed will simply take the money to live on — as they might be forced to do anyway. It will be a salve and an enormous boost to liquidity to know the option exists. If the coming recession is too deep or too enduring, many won’t ever be able to retire, so let Americans judge how best to use their own money. Link to comment Share on other sites More sharing options...
Tiberius Posted March 17, 2020 Author Share Posted March 17, 2020 Asked what the Senate would do when it officially receives the House bill, Senate Majority Leader Mitch McConnell told CNN bluntly: "Pass it." Link to comment Share on other sites More sharing options...
Foxx Posted March 17, 2020 Share Posted March 17, 2020 2 hours ago, Tiberius said: No, not even close that market loss is killin' you, huh? are you still touching your face? Link to comment Share on other sites More sharing options...
Tiberius Posted March 17, 2020 Author Share Posted March 17, 2020 47 minutes ago, Foxx said: that market loss is killin' you, huh? are you still touching your face? It will come back, no worries. And yes, I try not to, but, not always successful Link to comment Share on other sites More sharing options...
CoudyBills Posted March 17, 2020 Share Posted March 17, 2020 1 hour ago, Foxx said: that market loss is killin' you, huh? are you still touching your face? Foxx, that question is insensitive. Everyone knows bums eat with their grubby fingers. 27 minutes ago, Tiberius said: It will come back, no worries. And yes, I try not to, but, not always successful Yes, why don't people understand this? Losses aren't losses until you cash them out. Leave it in and you will eventually make it back. Try to time the market and end up losing your butt. Link to comment Share on other sites More sharing options...
RochesterRob Posted March 17, 2020 Share Posted March 17, 2020 4 minutes ago, CoudyBills said: Foxx, that question is insensitive. Everyone knows bums eat with their grubby fingers. Yes, why don't people understand this? Losses aren't losses until you cash them out. Leave it in and you will eventually make it back. Try to time the market and end up losing your butt. Leaving investments alone should be the decision unless there is a financial emergency involved and even then depending on the amount a loan may be the more prudent way to go if possible. 1 Link to comment Share on other sites More sharing options...
Tiberius Posted March 17, 2020 Author Share Posted March 17, 2020 16 minutes ago, CoudyBills said: Foxx, that question is insensitive. Everyone knows bums eat with their grubby fingers. Yes, why don't people understand this? Losses aren't losses until you cash them out. Leave it in and you will eventually make it back. Try to time the market and end up losing your butt. I was thinking of using my free money from Trump to paint the dumpster.. And yes, stock market will recover, eventually. I mean it was up so much, that most long term investors are, or should, be doing fine. 12 minutes ago, RochesterRob said: Leaving investments alone should be the decision unless there is a financial emergency involved and even then depending on the amount a loan may be the more prudent way to go if possible. Save a lot of money that way. Cashing out stock down by 30% or a low interest loan. Loan is much better option. Heck, just toss some excess cash into the market ? Link to comment Share on other sites More sharing options...
OldTimeAFLGuy Posted March 17, 2020 Share Posted March 17, 2020 1 hour ago, Foxx said: that market loss is killin' you, huh? are you still touching your face? ...location....location....location.......depends on where YOU think his head is located....and I'll leave it there............ 1 Link to comment Share on other sites More sharing options...
CoudyBills Posted March 18, 2020 Share Posted March 18, 2020 3 hours ago, Tiberius said: I was thinking of using my free money from Trump to paint the dumpster.. And yes, stock market will recover, eventually. I mean it was up so much, that most long term investors are, or should, be doing fine. Save a lot of money that way. Cashing out stock down by 30% or a low interest loan. Loan is much better option. Heck, just toss some excess cash into the market ? Agreed. Dumpster painting sounds exciting, red? That crap aint free though, just tack another 850 billion on the credit slip, we're freaking doomed. Link to comment Share on other sites More sharing options...
OldTimeAFLGuy Posted March 21, 2020 Share Posted March 21, 2020 ....I AM bailing the SOB's out........was supposed to leave for Aruba tomorrow, spending $2,500 in airfare......Delta offered $984 in credits which must be used one year from booking date rounded to nearest end of month which would be 2/28/20.....credits are useless to me because I cannot travel in February do to work commitments......why the hell do you think I booked my trip for March?......so I have cash flowed them $2,500 and they want a bailout?......I have travel protection insurance and thankfully the NYS Department of Insurance is pretty stringent as to what insurers must cover in order to solicit NYS business.....I applied for a full refund but will not know for 10-15 business days regarding my claim.....stay tuned... Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted March 21, 2020 Share Posted March 21, 2020 15 minutes ago, B-Man said: WHEN INDUSTRIES LOSE SYMPATHY: . I'm with this. Consumer bailouts, not business bailouts. Link to comment Share on other sites More sharing options...
TH3 Posted March 21, 2020 Share Posted March 21, 2020 Bailouts?...You wish ...the economy and how people and businesses go about their lives is going to have to be completely restructured then rebuilt in the next 6-12 months...the ability to contain gone...get ready for the Tsunami Link to comment Share on other sites More sharing options...
Tiberius Posted March 21, 2020 Author Share Posted March 21, 2020 1 minute ago, TH3 said: Bailouts?...You wish ...the economy and how people and businesses go about their lives is going to have to be completely restructured then rebuilt in the next 6-12 months...the ability to contain gone...get ready for the Tsunami A peaceful revolution Link to comment Share on other sites More sharing options...
OldTimeAFLGuy Posted March 21, 2020 Share Posted March 21, 2020 13 minutes ago, Joe in Winslow said: I'm with this. Consumer bailouts, not business bailouts. ......I will get Federal assistance for sick pay leave but Big Fredo totally ignored NYS employers......NO bailout for our industry....as businesses shut down, there goes their Accounts Payable Depts issuing checks in certain instances....even if customers pay us electronically........as a crusty old fart in year 44 of business, I have had a significant "rainy day fund" as well as substantial credit instruments in place for years as CFO to guide our company through these unparalleled times..... Our electrical contracting company has been designated an ESSENTIAL SERVICE under Governor Cuomo’s Executive Order (confirmed and verified with our corporate attorneys). We have 200+ electricians deployed in the field throughout NY, PA and NJ. Services are provided to all major hospitals in Rochester, including all University of Rochester medically related facilities. With schools closed, our school work continues unabated as directed by individual districts. We provide service, maintenance and construction services to 50+ Wegmans stores throughout the region as well as their production facilities here in Rochester. Production has been ramped up to keep up with unprecedented demand. Thus we are in emergency preparedness mode 24/7. Our corporate office remains open to provide the necessary support services to our workers. We have an extensive IT network that provides remote access to our employees. We have given them the option to work from home remotely. At the same time, I’m working through all legislative mandates as to paid sick leave requirements. The New York State mandate is effective immediately with no relief for the employer. The Federal mandate goes into effect April 3, 2020 and does provide dollar for dollar tax relief for the employer. Fortunately, we have only one administrative employee in 14 day quarantine per her doctor’s advice, cut who has thankfully tested negative for COVID-19. These are unparalleled and unprecedented times we have never seen before. 1 Link to comment Share on other sites More sharing options...
CoudyBills Posted March 21, 2020 Share Posted March 21, 2020 6 hours ago, OldTimeAFLGuy said: ....I AM bailing the SOB's out........was supposed to leave for Aruba tomorrow, spending $2,500 in airfare......Delta offered $984 in credits which must be used one year from booking date rounded to nearest end of month which would be 2/28/20.....credits are useless to me because I cannot travel in February do to work commitments......why the hell do you think I booked my trip for March?......so I have cash flowed them $2,500 and they want a bailout?......I have travel protection insurance and thankfully the NYS Department of Insurance is pretty stringent as to what insurers must cover in order to solicit NYS business.....I applied for a full refund but will not know for 10-15 business days regarding my claim.....stay tuned... Totally agree. Piss poor corporate management isn't the problem on the American people. These bailouts really cripple entrepreneurial and capitalist efforts. Let them fail, another company will come along with better ideas. Link to comment Share on other sites More sharing options...
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