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WASHINGTON—The Federal Reserve made an emergency half-percentage-point rate cut on Tuesday, reflecting concern that the spreading coronavirus epidemic will hit U.S. and global growth in the months ahead.
The Central Bank is all ready taking action in the US to try and avoid the Coronasession
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NinthMusketeer wrote: I think coronavirus will get real nasty in the US because of how strong our go-to-work-while-sick culture is, even/especially in service industries. To say nothing about the number of people who cannot afford to miss three weeks of work.
It's less 'strong go-to-work-while-sick culture', and more ' a strong desire to not get fired' culture. Case in point: at Wal-Mart, if you miss five days of work you are fired period. If you're a full-timer you get five days of 'protected' time per year... which means if you miss ten days of work you are fired period. While you can get a 'leave of absence', you don't get paid for it and you have to go through the separate company that Wal-Mart uses to track such things, and you have to jump through ALL their hoops to do it. This is not easy; a friend of mine had a collapsed lung and missed two weeks work. After spending the first week fighting this other company and getting exactly nowhere, he just quit Wal-Mart and went to work at a restaurant when he recovered.
When corona virus lasts THREE weeks, well, you're going to see lots of Wal-Mart workers get fired through no fault of their own. Since Wal-Mart is America's biggest employer... well, that'll get really ugly for the economy pretty quickly.
This message was edited 1 time. Last update was at 2020/03/04 01:39:52
NinthMusketeer wrote: I think coronavirus will get real nasty in the US because of how strong our go-to-work-while-sick culture is, even/especially in service industries. To say nothing about the number of people who cannot afford to miss three weeks of work.
The other issue is HHS being really slow to move on the costs of quarantine and treatment. Most everywhere else* testing is free and any subsequent treatment/quarantine is paid for government. Because they want people putting their hand up if they think they might have it. In the US people are being forced in to quarantine and then made to pay for it themselves. This will produce a situation where people might suspect they have it, but will not say anything and just hope because they cannot afford to be forced in to quarantine.
* I know of a few countries, and have no reason to think anyone else is doing it differently, but there might be situations I don't know about.
“We may observe that the government in a civilized country is much more expensive than in a barbarous one; and when we say that one government is more expensive than another, it is the same as if we said that that one country is farther advanced in improvement than another. To say that the government is expensive and the people not oppressed is to say that the people are rich.”
Adam Smith, who must have been some kind of leftie or something.
There's been a run on toilet paper here in Australia. Apparently in China it ran out so people here started panic buying it. Which led some other people to panic buy it just in response to that, which led more people to buy and so on. People are finding out when new deliveries are arriving and forming these mobs to grab the paper as it comes off the truck. It is totally nuts. There's a toilet paper factory in Adelaide that's running 24 hours a day now just to get paper out there.
Thing is, once there's idiots panicking and buying up 100s of rolls at a time, it makes sense for the other people to panic buy just to make sure they get a normal supply. But why did the idiots decide toilet paper was the thing to start hoarding? There's no run on canned food or bottled water. Just canned food.
I heard the economist Justin Wolfers on the radio this morning, joking about setting up a strategic toilet paper reserve and admitting half way through his joke was beginning to sound more sensible the more he talked about.
I mean we had some of the worst bushfires in the country's history just a month ago and people just got help to the people affected and raised millions and no-one went about panic buying plastic plates or anything like that. But now coronavirus hits and people just went from ignoring it entirely to being completely stupid about it overnight.
“We may observe that the government in a civilized country is much more expensive than in a barbarous one; and when we say that one government is more expensive than another, it is the same as if we said that that one country is farther advanced in improvement than another. To say that the government is expensive and the people not oppressed is to say that the people are rich.”
Adam Smith, who must have been some kind of leftie or something.
I usually see people writing it as "tomahto tomayto" in text.
'Tomayto' 'tomahto'
"-Nonsense, the Inquisitor and his retinue are our hounoured guests, of course we should invite them to celebrate Four-armed Emperor-day with us..." Thought for the Day - Never use the powerfist hand to wipe.
Its a classic bank run, except with toilet paper Because some idiots panic and buy up loads of toilet paper, other people start making the sensible decision to stock up before they run out entirely, which means everyone's best decision is to get it while there's still some left.
“We may observe that the government in a civilized country is much more expensive than in a barbarous one; and when we say that one government is more expensive than another, it is the same as if we said that that one country is farther advanced in improvement than another. To say that the government is expensive and the people not oppressed is to say that the people are rich.”
Adam Smith, who must have been some kind of leftie or something.
That is a lot of money. Now to add a force multiplier that so many local economies are funded by tourism nowadays and things look kind of grim for main street.
On the bright side, the last Jobs Report was pretty strong.
Road traffic incidents down thanks to quarantines, seasonal flu down due to mindfulness of personal hygiene, fossil fuel emissions down due to reluctance to travel internationally... corona virus definitely saving lives on net at this point!
Its a classic bank run, except with toilet paper Because some idiots panic and buy up loads of toilet paper, other people start making the sensible decision to stock up before they run out entirely, which means everyone's best decision is to get it while there's still some left.
Precisely: a PERSON is relatively smart and capable of making reasonable decisions, but PEOPLE are very very dumb.
Its a classic bank run, except with toilet paper Because some idiots panic and buy up loads of toilet paper, other people start making the sensible decision to stock up before they run out entirely, which means everyone's best decision is to get it while there's still some left.
Precisely: a PERSON is relatively smart and capable of making reasonable decisions, but PEOPLE are very very dumb.
The Laws of Thermodynamics:
1) You cannot win. 2) You cannot break even. 3) You cannot stop playing the game.
Colonel Flagg wrote:You think you're real smart. But you're not smart; you're dumb. Very dumb. But you've met your match in me.
sebster wrote: There's been a run on toilet paper here in Australia. Apparently in China it ran out so people here started panic buying it. Which led some other people to panic buy it just in response to that, which led more people to buy and so on. People are finding out when new deliveries are arriving and forming these mobs to grab the paper as it comes off the truck. It is totally nuts. There's a toilet paper factory in Adelaide that's running 24 hours a day now just to get paper out there.
Thing is, once there's idiots panicking and buying up 100s of rolls at a time, it makes sense for the other people to panic buy just to make sure they get a normal supply. But why did the idiots decide toilet paper was the thing to start hoarding? There's no run on canned food or bottled water. Just canned food.
I heard the economist Justin Wolfers on the radio this morning, joking about setting up a strategic toilet paper reserve and admitting half way through his joke was beginning to sound more sensible the more he talked about.
I mean we had some of the worst bushfires in the country's history just a month ago and people just got help to the people affected and raised millions and no-one went about panic buying plastic plates or anything like that. But now coronavirus hits and people just went from ignoring it entirely to being completely stupid about it overnight.
I literally bought toilet paper off ebay yesterday for about 300% retail value.
I couldn't get any and was just about out. My local Woolworths told me he couldn't hold any for me, and that it disappears from the shelves entirely after about an hour. I'd had enough.
Did they not have baby wipes or something? Or cloths? I'd rather use a wet cloth than buy toilet roll from ebay.
Automatically Appended Next Post: Stock markets tanked yesterday. Nows the time to buy. I would do it if I could be bothered with the hassle of getting on to my financial advisor.
This message was edited 1 time. Last update was at 2020/03/10 23:25:33
queen_annes_revenge wrote: Stock markets tanked yesterday. Nows the time to buy. I would do it if I could be bothered with the hassle of getting on to my financial advisor.
If you have on-line banking then you should have access to on-line brokerage. I can't speak for the US situation but here it had only a couple more hurdles than regular banking, and it costs about $20 a trade.
Automatically Appended Next Post:
Roberts84 wrote: I literally bought toilet paper off ebay yesterday for about 300% retail value.
I couldn't get any and was just about out. My local Woolworths told me he couldn't hold any for me, and that it disappears from the shelves entirely after about an hour. I'd had enough.
My wife got pretty frantic over a couple of days as she went to a bunch of shops that didn't have any paper, but eventually an IGA got some in at just the moment she showed up. She got a pack of 48 rolls, which should hopefully last until people stop being stupid.
This message was edited 1 time. Last update was at 2020/03/11 07:34:08
“We may observe that the government in a civilized country is much more expensive than in a barbarous one; and when we say that one government is more expensive than another, it is the same as if we said that that one country is farther advanced in improvement than another. To say that the government is expensive and the people not oppressed is to say that the people are rich.”
Adam Smith, who must have been some kind of leftie or something.
I'm looking at 6 toilet rolls stacked in my work toilet right now, so if worse cameto worse I'd just take those home with me. The quality is terrible though.
I recall when I was working with an employer in a Caribbean nation. Part of the worker's pay was two rolls of toilet paper that was handed out on payday.
Edit:
Trump is considering slashing the Payroll tax that funds Social Security to give workers who are working extra money to spend on the current economy.
I imagine this is a terrible idea for a number of different reasons, and won't do much to help and Supply and Demand Shock recession like this one.
This message was edited 1 time. Last update was at 2020/03/11 16:37:51
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Easy E wrote: I recall when I was working with an employer in a Caribbean nation. Part of the worker's pay was two rolls of toilet paper that was handed out on payday.
Edit:
Trump is considering slashing the Payroll tax that funds Social Security to give workers who are working extra money to spend on the current economy.
I imagine this is a terrible idea for a number of different reasons, and won't do much to help and Supply and Demand Shock recession like this one.
Actually he is killing Off demand in Base necessities.
Assuming that the Rise of working peoples is not significant enough to push them to more luxurious goods.
So basically he lowers demand and generates probably alot more crime via those now Off of Benefits.
This message was edited 1 time. Last update was at 2020/03/16 10:37:20
https://www.dakkadakka.com/dakkaforum/posts/list/0/766717.page A Mostly Renegades and Heretics blog.
GW:"Space marines got too many options to balance, therefore we decided to legends HH units." Players: "why?!? Now we finally got decent plastic kits and you cut them?" Chaos marines players: "Since when are Daemonengines 30k models and why do i have NO droppods now?" GW" MONEY.... erm i meant TOO MANY OPTIONS (to resell your army to you again by disalowing former units)! Do you want specific tyranid fighiting Primaris? Even a new sabotage lieutnant!" Chaos players: Guess i stop playing or go to HH.
Trump is considering slashing the Payroll tax that funds Social Security to give workers who are working extra money to spend on the current economy.
I imagine this is a terrible idea for a number of different reasons, and won't do much to help and Supply and Demand Shock recession like this one.
Who actually pays that tax? Because if it is paid by the employer rather than the employee then there is probably a less than one percent chance that the extra money ends up in the hands of the workers rather than the bosses bonuses and dividends for stockholders.
The Laws of Thermodynamics:
1) You cannot win. 2) You cannot break even. 3) You cannot stop playing the game.
Colonel Flagg wrote:You think you're real smart. But you're not smart; you're dumb. Very dumb. But you've met your match in me.
I'm a bit concerned as to how the government is supposed to run when it keeps cutting its income and increasing its spending, let alone manage a recession. But that is edging into politics.
NinthMusketeer wrote: I'm a bit concerned as to how the government is supposed to run when it keeps cutting its income and increasing its spending, let alone manage a recession. But that is edging into politics.
Ultimately? It doesn't. But any problem that isn't coming home to roost before the next election can safely be ignored. For certain definitions of 'safely', anyway.
Easy E wrote: Small businesses, local retail based businesses are getting hammered by this "Coronacession".
Has anyone heard any proposals to help these entities survive?
No, but I'm really interested to hear of any. Small business here (San Francisco) that aren't tech startups were already getting smashed before coronacession. I fear if nothing's done this thing is going to clear many parts of the city out.
Heresy World Eaters/Emperors Children 
