6.6M made jobless claims last week

Discussion in 'Politics' started by Bammer, Apr 2, 2020.

  1. Bammer

    Bammer Serving up sh*t sandwiches
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    I remember hearing that every million in jobless claims is roughly a 1% increase in unemployment. With 10M jobless claims in two weeks, our unemployment rate is now in double digits. I hope that everyone is thrilled with the economic outcome of this sh**.
     
    • URGatorBait

      URGatorBait #TeamDubs
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      Yea it's bad.

      But what is the amount that will be permanent?
      Is there real long term damage being done or is this short lived and most of these return?
       
    • Bammer

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      I work for a client that wasn't immediately thought to be exposed to anything long-term (think financial services, real estate, something along those lines). Short-term, yes. Long-term, thought this was just some turbulence that they had the balance sheet to weather.

      They are in a fight for survival right now. RIFs happened. Furloughs are coming. And honestly, some of those furloughed are never coming back. We are in a dive right now. If we level out in Q3, I'll be pleased. It's bad.
       
      • DaveFla

        DaveFla Well-Known Member
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        If this is anything like previous economic downturns, most will NOT return. With the number of small (and medium) sized businesses that fail, combined with the surviving businesses who realize that they can operate more efficiently with a much smaller staff, it will be a VERY long time before we get unemployment back to where it was before the hysteria that caused this.
         
        • DaveFla

          DaveFla Well-Known Member
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          The democrats have finally succeeded in bringing down Trump. The cost of their selfishness is enormous.
           
          • Bammer

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            100% agree with this.
             
          • Bammer

            Bammer Serving up sh*t sandwiches
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            I read that a good 50% of renters in NYC were contemplating not paying. REITS that hold those properties won't be able to service their debt. Banks holding that debt will run into serious financial challenges. They will have a risk-off mindset for the foreseeable future. No more lending! The credit spigot dries up. The economy is in trouble.

            PE firms have no clue what this looks like on the other side. Ideas that would normally get funded aren't. Companies on the upswing, but still lacking truly solid financials, aren't getting PE funding. Some of this is good, but innovation is the engine that makes America what it is.

            This is honestly about as bad as it can get. I've never seen so much of the economy idled so quickly. Washington will launch more stimulus or none of there will be riots.
             
          • DaveFla

            DaveFla Well-Known Member
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            It’s all part of that “bubble up economics” plan that Nancy Pelosi spoke of after taking 100% credit for the $2T bailout.
             
          • Bammer

            Bammer Serving up sh*t sandwiches
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            Gap, Macys, JC Penney - furloughed 100Ks
            My company and many of our competitors RIFd people.

            This week's number (reported next week) could be 5M+.

            We are talking about unemployment in the 20%s if this doesn't reverse and fast. How the eff does anyone think the economy just wakes up in Q3 and returns to its old self?

            This is complete and utter destruction.
             
          • Detroitgator

            Detroitgator Well-Known Member
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            You're wrong. - GGG
             
            • Bammer

              Bammer Serving up sh*t sandwiches
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              :rotfl:

              What are you seeing? I know you're big on defense, but are you seeing any sectors right now that you think look good. It's a massacre everywhere I'm looking.
               
            • Taco Gratis

              Taco Gratis Clear eyes. Full hearts.

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              No surprise, right now, healthcare appears to be the least bad of the SPDR sectors.

              sectors-4-2-2020.png
               
            • Taco Gratis

              Taco Gratis Clear eyes. Full hearts.

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              XLV still pretty grim.

              health-care--4-2-2020.png
               
            • Bammer

              Bammer Serving up sh*t sandwiches
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              This is 10x the peak in 2008. The economy isn't going to just roar back from this.
               
            • Taco Gratis

              Taco Gratis Clear eyes. Full hearts.

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              • Concrete Helmet

                Concrete Helmet Hook, Line, and Sinker
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                Oh don't try and use reason...he ain't hearing it....over 3/4 in my opinion will be back to work by May1st...the curtain is coming down on this thing quickly as science dispels the myth's....
                 
              • Concrete Helmet

                Concrete Helmet Hook, Line, and Sinker
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                Oh my God....all of those $8.50 part time jobs...what are we going to do...:fear:
                 
              • Bammer

                Bammer Serving up sh*t sandwiches
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                San Francisco just shut down construction sites. A lot of cities / states are following suit. Let's make fun of everyone who doesn't have a college degree!!!! HILARIOUS!!!!
                 
                • Taco Gratis

                  Taco Gratis Clear eyes. Full hearts.

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                  We need to stop thinking in terms of dates, and start looking at the facts on the ground.

                  Right now, the facts say this isn't coming back in a month -- or a year for that matter.

                  This contains elements of 1918, 1929, 1987, and 2008 coming together in a novel way that will lay waste to all our previous assumptions.

                  This is the long march to what could ultimately be a reborn America, if we take up the challenge, both from without and within.

                  But we should have no illusions as to what's in front of us.
                   
                • Concrete Helmet

                  Concrete Helmet Hook, Line, and Sinker
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                  Well I laugh at myself all the time....relax come August Trump will also be able to claim the fastest recovery in history. Yes there will also be some resistance to people being forced out of collapsed industries and business types but humans are also evolving and have relatively short memories...
                   

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