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2020-04-15 6:20 AM

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Champion
10154
500050001002525
Alabama
Subject: Stimulating
I’ve been stimulated! Checked my bank this morning and was pleasantly surprised to see $2400 deposit pending.

I kinda feel guilty. My wife and I are both retired and continue to receive our pensions. In fact, I think 70% or so people have not lost their job. Not sure hading out money to everyone was a great idea.

In other financial news...I bought stock in two vaccine companies yesterday.


2020-04-15 8:12 AM
in reply to: Rogillio

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Champion
10668
500050005001002525
Tacoma, Washington
Subject: RE: Stimulating

I just checked mine as well. Deposit from the IRS... No plans for it on my part, but I'm sure my wife has it already earmarked.

2020-04-15 9:06 AM
in reply to: briderdt

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Champion
10154
500050001002525
Alabama
Subject: RE: Stimulating
Originally posted by briderdt

I just checked mine as well. Deposit from the IRS... No plans for it on my part, but I'm sure my wife has it already earmarked.





I think we are all supposed to use it to buy a gun.
2020-04-16 3:00 PM
in reply to: Rogillio

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1731
100050010010025
Denver, Colorado
Subject: RE: Stimulating
I think the way to speed up the recovery is to use that money, spend them... That's why it makes sense to send them to everyone. Of course, some folks will just deposit them into savings, just like in 2009, but a lot of folks who still work will have many ideas on spending this many as soon as we can (travel, dining, etc...)
A lot of people lost their job, but a lot are on unemployemnt, so they do have some income.

I still cannot see a full comparison to the 2008/2009 recession, when people did not have jobs for more than a year, housing market crashed. Current situation is awful, but these are months comparing to 2008/2009 years. I have had many, many friends in construction business (this is where majority of business is in Chicago for Polish and European immigrants), and almost all of them were out of jobs during 2008-2010. None of them qualified for unemployment. Right now construction field is stil on, only with few exceptions.Real estate is still on.

I think the biggest difference between now and 2008/09 is the social media... I remember in 2008 I walked Belmont Ave in Chicago and 90% of small, local, family businesses were closed... But you did not know, because Facebook and Instagram were not a thing then. Right now media will present every single family restaurant closing, along with a dramatic story. I am not judging the stories itself, but I truly believe the media are creating the way we perceive things. And we perceive them as much worse than 2008/09, and Great Depression (those had no social media at all......)
2020-04-16 5:14 PM
in reply to: marysia83

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Pro
15655
5000500050005001002525
Subject: RE: Stimulating

We were not eligible......my family can't have anything.

2020-04-17 6:21 AM
in reply to: Left Brain

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Extreme Veteran
5722
5000500100100
Subject: RE: Stimulating
Originally posted by Left Brain

We were not eligible......my family can't have anything.




We don't get any. We aren't a socialist country

I kid, I kid...


2020-04-17 9:11 AM
in reply to: marcag

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Pro
15655
5000500050005001002525
Subject: RE: Stimulating

Originally posted by marcag
Originally posted by Left Brain

We were not eligible......my family can't have anything.

We don't get any. We aren't a socialist country I kid, I kid...

 

I was going to ask if your govt. is giving away free money.  I've never seen anything like this, and if they pass some of the relief bills that are being put forward then yeah......call us socialists. 

2000.00/month for 8 months for everyone over 16 who earned less than 130,000 per year.  That's just stupid. 

I'm starting to believe that our Conservative politicians are actually Democrats, and the Democrats have jumped off a cliff.  I have no idea how that happened.

2020-04-17 9:35 AM
in reply to: 0

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Expert
852
5001001001002525
Evergreen, Colorado
Bronze member
Subject: RE: Stimulating

I don't think we qualify for any either.

My husband did get approved for the payroll protection program for his business. He applied at multiple banks the minute the application went live. Only heard back from one after a few weeks, but that's enough. Glad he did the legwork right away and applied to multiple banks rather than just our bank (who never responded), since apparently they're out of money for that program already. We're fine financially ourselves, but he would have had to lay off at least one of his salespeople without the payroll protection (he builds homes). This would normally be a great excuse for a business like his to get rid of dead weight, but in his case, he's finally got a staff of really competent people - he didn't want to lay any of them off!!



Edited by Stacers 2020-04-17 9:37 AM
2020-04-17 10:20 AM
in reply to: Left Brain

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Champion
10154
500050001002525
Alabama
Subject: RE: Stimulating
Originally posted by Left Brain

Originally posted by marcag
Originally posted by Left Brain

We were not eligible......my family can't have anything.

We don't get any. We aren't a socialist country I kid, I kid...

 

I was going to ask if your govt. is giving away free money.  I've never seen anything like this, and if they pass some of the relief bills that are being put forward then yeah......call us socialists. 

2000.00/month for 8 months for everyone over 16 who earned less than 130,000 per year.  That's just stupid. 

I'm starting to believe that our Conservative politicians are actually Democrats, and the Democrats have jumped off a cliff.  I have no idea how that happened.




2k / month? I haven’t heard that one. Fortunately now that I’m retired and took an 75% cut in pay I qualify. I really would wish they’d figure out how to base on need and not just pass out money to everyone. 70% of the country is still employed. Why do these people need money? What financial hardship has the coronavirus caused them? Did they have to pay more for toilet paper? On the other hand how do we decide who is in need?

Here’s a thought. We could default on our China debt!

2020-04-17 10:44 AM
in reply to: Rogillio

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Pro
15655
5000500050005001002525
Subject: RE: Stimulating
2020-04-17 11:06 AM
in reply to: 0

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Extreme Veteran
5722
5000500100100
Subject: RE: Stimulating
Originally posted by Left Brain
I was going to ask if your govt. is giving away free money. 


So far they have only been upping employment insurance and loans to small business.

Yesterday they showed massive lines of cars waiting in line for food handouts in Texas. My wife made a comment : " wow, those are some really nice cars for people who can't go 3 weeks without a paycheque".

This "greatest economy in the world" is a joke. People are living way beyond their means and as soon as there is a bump in the road, the wheels come flying off.

How many bankruptcies has Trump gone through ? I think his next one will be his biggest.



Edited by marcag 2020-04-17 11:07 AM


2020-04-17 11:59 AM
in reply to: 0

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Pro
15655
5000500050005001002525
Subject: RE: Stimulating

Originally posted by marcag
Originally posted by Left Brain I was going to ask if your govt. is giving away free money. 
So far they have only been upping employment insurance and loans to small business. Yesterday they showed massive lines of cars waiting in line for food handouts in Texas. My wife made a comment : " wow, those are some really nice cars for people who can't go 3 weeks without a paycheque". This "greatest economy in the world" is a joke. People are living way beyond their means and as soon as there is a bump in the road, the wheels come flying off. How many bankruptcies has Trump gone through ? I think his next one will be his biggest.

Meh.....the stupid way some folks live doesn't have that much to do with the economy being good or bad.  The fact is, everyone was working, the markets were booming, we are energy self-sufficient,  the housing market was on fire.  No, none of that was a joke.....and we'll likely be back there again if these idiots don't give the whole farm away.



Edited by Left Brain 2020-04-17 12:00 PM
2020-04-17 12:37 PM
in reply to: marcag

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Champion
10154
500050001002525
Alabama
Subject: RE: Stimulating
Originally posted by marcag

Originally posted by Left Brain
I was going to ask if your govt. is giving away free money. 


So far they have only been upping employment insurance and loans to small business.

Yesterday they showed massive lines of cars waiting in line for food handouts in Texas. My wife made a comment : " wow, those are some really nice cars for people who can't go 3 weeks without a paycheque".

This "greatest economy in the world" is a joke. People are living way beyond their means and as soon as there is a bump in the road, the wheels come flying off.

How many bankruptcies has Trump gone through ? I think his next one will be his biggest.




Financial advisors suggest you keep 6 months worth of savings to cover all your bill. Virtually no one I know does that. They also advise putting xx into a retirement savings account. Most do t do this either. We live in a society of excess. We live in too much house and we drive cars we can barely afford. This was/is a once in a lifetime event (I hope). Maybe this will cause people to stop and think before buying a house so expensive they can barely afford to make ends meet.

I have a peer that, 25 years ago bought a beautiful home in a very upscale neighborhood. While my wife and I bought a modest place that meets our needs. 25 years later and he still has a mortgage payment. We paid ours off in 16 years and haven’t had a mortgage since 2001. We bought our home in 1990 when interest rates were at 12%. A few years later interest rates were at 7%. Many people decided they could now afford a bigger house. We stayed put, refinanced and continue to make the higher payments.

I retired last year at age 56. My buddy who bought the big house and is a few years older than me and cannot afford to retire.

Bottom line. Most people suck at money management.
2020-04-17 12:49 PM
in reply to: Rogillio

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Pro
15655
5000500050005001002525
Subject: RE: Stimulating

We make enough money to not qualify for stimulus checks.  I live in a 1900 square foot home, drive a 9 year old pickup truck, and fish and hunt from a 14 ft. boat that I've had for 17 years.  We could go a very long time with no income.  We have no house payment, and the only vehicle payment we have  is one of the kid's jeeps. 

I hope they are stupid enough to give my family $60,000 in stimulus if the 2k/month deal passes.  I'll put every penny in the stock market.

People are dumb with money.....they deserve to be broke as far as I'm concerned.

2020-04-17 1:00 PM
in reply to: 0

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Extreme Veteran
5722
5000500100100
Subject: RE: Stimulating
Originally posted by Left Brain
The fact is, everyone was working

Granted. And this created incredible potential.

Originally posted by Left Brain
the markets were booming,

I loved that term "irrational exuberance".

Originally posted by Left Brain
we are energy self-sufficient, 

Except you can't produce that oil at a competitive cost. Canada knows something about this :-)

Originally posted by Left Brain
the housing market was on fire.

Was in 2007 as well.

There are parts of the economy that were doing really well. Like really really really well. But there were parts we like to ignore (like debt and deficits) that point to not so nice stuff under that thin veneer.

This is not a US issue but like many things your influence throughout the world is undeniable.



Edited by marcag 2020-04-17 1:01 PM
2020-04-17 1:33 PM
in reply to: marcag

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Pro
15655
5000500050005001002525
Subject: RE: Stimulating

Geez, marcag, the markets are nearly back to where they were before this thing started.  I'm only down about 8% at this point....and I'm getting some of that back today.

The fact that you can point to one thing or another as not up to some perceived standard is just ridiculous.  Here's a fact.....unless you were just dumb as a sack of hammers, or lazy as hell, there was all kinds of opportunity to make all the money you wanted. The economy was THAT good.

And dude....this country does not need your country's oil....in any way.  The simple fact is, we don't need anything from anyone....this country is that rich in resources....and you know that.

If the USA ever really does tell the world to pizz up a rope there will be only one country that doesn't suffer in some way from it....and I'm sitting in it.



2020-04-17 4:29 PM
in reply to: 0

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Extreme Veteran
5722
5000500100100
Subject: RE: Stimulating
Originally posted by Left Brain

Geez, marcag, the markets are nearly back to where they were before this thing started.  I'm only down about 8% at this point....and I'm getting some of that back today.

The fact that you can point to one thing or another as not up to some perceived standard is just ridiculous.  Here's a fact.....unless you were just dumb as a sack of hammers, or lazy as hell, there was all kinds of opportunity to make all the money you wanted. The economy was THAT good.

And dude....this country does not need your country's oil....in any way.  The simple fact is, we don't need anything from anyone....this country is that rich in resources....and you know that.

If the USA ever really does tell the world to pizz up a rope there will be only one country that doesn't suffer in some way from it....and I'm sitting in it.




I never said you need Canadian oil. I said that you, like Canada, cannot produce cheap oil. Self sufficiency is a good thing if for some reason Saudi oil stopped, but with oil where it is right now your oil industry, like ours is struggling big time.

Like you, the stock market has been good to me over the last few years. I am not complaining, for sure.

What I am saying there are really good numbers, like unemployment, but there are some really concerning numbers, like debt. We are living high on 0% interest, high debt and a lot of rah-rah-rah. It is not sustainable

People for the last X years are just so obsessed with the current level of the Dow that there are not fixing some of the fundamental issues that will bite our collective a$$es

Debt is probably the biggest. Personal and government.

Feels like 2000 all over again.....


Edited by marcag 2020-04-17 4:37 PM
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