Coronavirus impact

LYTMCQ

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The $500B for big business in the Stiumulus loan is designed for cash flow or Ford, GM, Tesla etc.

"March 24, 2020. General Motors shares were getting a boost Tuesday morning after the car maker said it was pushing hard to conserve cash and drawing down $16 billion from previously existing credit lines as it confronts the financial toll of the coronavirus outbreak.

The company is “aggressively pursuing austerity measures” to preserve cash, CEO Mary Barra said in written comments. GM also said it would suspend its 2020 guidance.

GM stock (ticker: GM) was up 7.5% Tuesday morning, in line with the gain in the. Dow Jones Industrial Average. The stock is down 48.5% over the past three months, compared with a 26.8% drop for the S&P 500 over the same period.

https://www.barrons.com/articles/gm...h-auto-sales-coronavirus-lockdown-51585060833
 

LYTMCQ

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You are posting pix of Trump's kids swimming in other people's money. Not like that for most people. Here's what's happening on the street with clinics I work at. They need that small business loan from the Stimulus package to survive. It is very slow rolling out, our bank has nothing on it yet.

"Two of the biggest names in Oregon health care are downsizing and cutting costs as they struggle to deal with the COVID-19 pandemic.

The Oregon Clinic has furloughed about 820 employees. The Portland Clinic, another physician-owned chain, furloughed 180 employees and cut the pay and hours of 250 others earlier this week.

It’s counterintuitive to think a global public health crisis would financially cripple medical clinics. But for operations like these, which offer relatively simple medical procedures, diagnostic tests and out-patient surgeries, that’s exactly what COVID-19 has done."

https://www.oregonlive.com/coronavi...rily-lay-off-820-another-covid-19-victim.html

The hospitals are getting crushed also, they'll need the bridge loans. Rural hospitals are being forced to close as people need them most.
 

pbojanoski

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Well, the coronavirus impact has hit home. (Thankfully I am not sick!) After over 30 years of working, I will be furloughed starting next week. I will be filing for unemployment compensation for the first time in my life. I will be one of the more than 20 million people to have lost their jobs in an unprecedented short 4 week period as of next week.

I've been harping on the effects on the economy for a while now. Anyone reading this thread surely knows this. Well, me and at least 20 million others know this all to well now and there could be millions more over the coming weeks. Hopefully everyone "gets it" that while we definitely need to keep ourselves safe from the coronavirus, we need to also focus on keeping the economy and our livelihoods from be severely wounded or worse. We need to find prudent ways to get back to work. Our government at all levels has been extremely simplistic and draconian so far in their response. We need smart people with smart solutions. We don't need people who simply say to "stay in your home".

Make no mistake, a failed economy will will cause more deaths and more destroyed lives than this virus ever could. This isn't speculation. Even a quick glance at failed economies throughout history will make this fact painfully obvious.

I am an optimistic guy and officially I am still an employee of the company I have worked for for over 12 years now. I assume, if the economy survives, that I will be able to get back to work in the next couple of months or so. Obviously, there are no guarantees.

Stay safe everyone, but look for ways to get back to work and press your companies and government officials at all levels to come up with prudent ways to get this country back to work. The lives and livelihoods you save may be your own.
 

Ken7

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Pete, so sorry to hear about this. I'm sure once we get back to some semblance of a working economy, you'll be back at work.

I couldn't agree with you more about the incredible ramifications should this shut down continue. It will make what we've been through thus far, as bad as that's been, minor by comparison. Many just don't seem to 'get it'.
 

Sweetwater

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Pete, Stay safe and healthy. No one knows what we will see in the future. We will
survive to learn from our mistakes. You and Ken help make this Forum. Keep it up
as we enjoy and learn from both of you. (few others too).
 

eager2own

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Pete, very sorry to hear that.
Our company is also going through rounds of furloughs and many are being affected.
Hopefully, normalcy will return for all of us soon but, in the interim, do stay safe.
 

LYTMCQ

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We need smart people with smart solutions.
And what are these smart solutions?

PA pays max of $572 wk with Federal addition of $600 per week. An annualized rate of equivalent to $60k per year. The $600k is for 14 months. If Democrats in Congress are successful, that will be extended. If GOP is successful, there will be no extension. Good thing Democrats fought hard to get Unemployment fortified with the $600k plus 13 week extension. GOP was going with the Wall St solution. If PA went with Medicaid expansion under Obama Care you can apply for that also.

Korea is the best model if you want to read some smart solutions.

"How South Korea Reined In The Outbreak Without Shutting Everything Down. "

https://www.npr.org/sections/goatsa...the-outbreak-without-shutting-everything-down
 
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Sweetwater

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And what are these smart solutions?

PA pays max of $572 wk with Federal addition of $600 per week. An annualized rate of equivalent to $60k per year. The $600k is for 14 months. If Democrats in Congress are successful, that will be extended. If GOP is successful, there will be no extension. Good thing Democrats found hard to get Unemployment fortified with the $600k plus 13 week extension. GOP was going with the Wall St solution. If PA went with Medicaid expansion under Obama Care you can apply for that also.

Korea is the best model if you want to read some smart solutions.

"How South Korea Reined In The Outbreak Without Shutting Everything Down. "

https://www.npr.org/sections/goatsa...the-outbreak-without-shutting-everything-down
How rude of you !! There will come a time when this virus is controlled and we will
be driving our MME. Then this Forum slows. You will be forgotten and our lives will
go on with friends and happiness we have. BUT you will go back to very few friends
and become a very very lonely person. This is how it will be.
Pete has great info on this Forum. You do not even have ANY empathy to anyone.
You should be ashamed of yourself to word such a response as you did to a MAN
who has just lost his job and income and possible insurance. Sit your ass down
and type him a nice note. HE DAMN WELL KNOWS WHAT UNEMPLOYMENT IS AVAILABLE !!
For once in your miserable life you have made for yourself show you care about a
Forum Member that could use some uplifting. Start caring now and quit being an ass!!!
 

pbojanoski

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How rude of you !! There will come a time when this virus is controlled and we will
be driving our MME. Then this Forum slows. You will be forgotten and our lives will
go on with friends and happiness we have. BUT you will go back to very few friends
and become a very very lonely person. This is how it will be.
Pete has great info on this Forum. You do not even have ANY empathy to anyone.
You should be ashamed of yourself to word such a response as you did to a MAN
who has just lost his job and income and possible insurance. Sit your ass down
and type him a nice note. HE DAMN WELL KNOWS WHAT UNEMPLOYMENT IS AVAILABLE !!
For once in your miserable life you have made for yourself show you care about a
Forum Member that could use some uplifting. Start caring now and quit being an ass!!!
😌

Thanks @Sweetwater
 

Ken7

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How rude of you !! There will come a time when this virus is controlled and we will
be driving our MME. Then this Forum slows. You will be forgotten and our lives will
go on with friends and happiness we have. BUT you will go back to very few friends
and become a very very lonely person. This is how it will be.
Pete has great info on this Forum. You do not even have ANY empathy to anyone.
You should be ashamed of yourself to word such a response as you did to a MAN
who has just lost his job and income and possible insurance. Sit your ass down
and type him a nice note. HE DAMN WELL KNOWS WHAT UNEMPLOYMENT IS AVAILABLE !!
For once in your miserable life you have made for yourself show you care about a
Forum Member that could use some uplifting. Start caring now and quit being an ass!!!
Sweetwater, put this utterly obnoxious poster on your ignore list. He is among the worst I've ever seen. There are very few forums that would have tolerated him to this degree.
 

Sweetwater

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Sweetwater, put this utterly obnoxious poster on your ignore list. He is among the worst I've ever seen. There are very few forums that would have tolerated him to this degree.
He has been on and off ignore list. His comments are really showing what
an ass he can be. I can't believe he is how he is. But the time will really come
that he becomes a memory and a very lonely person as he was and always
will be. I'll keep watching what an ass he makes of himself. He can't hurt me
or my feelings but don't do it to others at all !! Let's have fun and get new info
on this Forum. I am happy for the friends we all have met.
 

LYTMCQ

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You do not even have ANY empathy to anyone.
I would say your pix of people on Unemployment as rolling in money define lack of empathy. I'm sure @pbojanoski doesn't feel he's rolling in money as you pictured. Maybe tell us what your picture of unemployed people rolling in money was supposed to mean?

I do have a lot of sympathy for people out of work. That's why when Trump/GOP was fighting to stop the Unemployment (UI) boosts that is going pay the mortgage/rent, make the car payment, pay the utilities, put food on the table, I spoke up while you mocked the efforts.

GOP is doing it again right now, fighting against increases in small business help, against the increases in UI extensions, againt extending Medicare to everyone on UI.

We can take comfort in the fact that GOP lost the battle and UI got boosted and @pbojanoski has good safety net.

Imagine if Trump and GOP had gotten their way and no UI boost, no UI extension, no small business loans/grants and it was just all for Wall St like the last GOP Great Recession.
 
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LYTMCQ

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Now here's "lack of empathy", one might call it enemy action.

"In recent days, Labor Secretary Eugene Scalia, who has expressed concerns about unemployment insurance being too generous, has used his department’s authority over new laws enacted by Congress to limit who qualifies for joblessness assistance and to make it easier for small businesses not to pay family leave benefits. The new rules make it more difficult for gig workers such as Uber and Lyft drivers to get benefits, while making it easier for some companies to avoid paying their workers coronavirus-related sick and family leave."

https://www.washingtonpost.com/busi...ails-scope-worker-relief-unemployment-crisis/
 
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