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Washington governor announces shutdown of restaurants, bars

governor.wa.gov

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Re: Washington governor announces shutdown of restaurants, bars

#281

Post by DoreenMichele »

code_duck wrote: post #262
DoreenMichele wrote: post #186

Earlier quoted context omitted.

I hesitate to ask about the size of the space you have available Thank you for both your concern and for being respectful. I don't wish to get into the details of my living space in this discussion.

You just started your comment by listing details of your living situation, however.

This is true. That doesn't make it an invitation for the entire world to grill me about the specifics of my life.

Previous opinion piece by me if people really want to know what I think about how I'm allowed to mention a thing about my life and then decline to answer invasive personal questions:

https://witnesstodestruction.blogspot.com/p/a-pragmatic-appr...

Re: Washington governor announces shutdown of restaurants, bars

#282

Post by sitkack »

wpietri wrote: post #53
jlj wrote: post #34

Earlier quoted context omitted.

This is acknowledged in the announcement. "These are very difficult decisions, but hours count here and very strong measures are necessary to slow the spread of the disease. I know there will be significant economic impacts to all our communities and we are looking at steps to help address those challenges."

Glad to see it. It's tricky, because restaurants are often marginal businesses. But I think we should create some sort of low interest loan program for small businesses, and maybe offer outright subsidies. Workers will need to get paid regardless, so that will lessen impacts on unemployment. And letting a bunch of businesses go under could substantially deepen a recession, which is bad on its own and will also reduce…

You should be in government, we need you.

Re: Washington governor announces shutdown of restaurants, bars

#283

Post by briandear »

anigbrowl wrote: post #168
mc3 wrote: post #127

Earlier quoted context omitted.

What about solvency, and the knock on effect to creditors. They can't pay the booze supplier and they go out of business etc. This could go on for months. Most businesses don't make those sweet SaaS margins. Same for airlines.

Creditors can experience some of the pain that they normally inflict on others. They are not sacrosanct and are the least important parties in economic relations during an emergency. As normality is restored, they will have new opportunities during the ensuing large scale financial restructuring.

Bob’s Drywall Supply has net 60 for a delivery of drywall.

Constructor Bill now can’t pay. Bob’s Drywall is a creditor and is on the hook for a product he already shipped. Now Bob’s Drywall Supply can’t pay the company that provided him with Net 90 terms.

So Bob and Bill are now insolvent. And they fire their employees.

Suggesting that creditors somehow deserve “pain,” is just cruel. Creditors don’t “inflict pain” on people — they provide capital to people with a reasonable expectation of getting paid back. Of course I don’t care much about the Payday Lender/predatory lenders so much, but suggesting that creditors deserve some sort of payback is ridiculous. The vast majority of businesses rely on credit, without credit, you would have an economic collapse. And they aren’t the “least important” parties — they are the most important because they’re the ones providing the capital for businesses to operate.

Re: Washington governor announces shutdown of restaurants, bars

#284

Post by petre »

boznz wrote: post #88

My Daughter was working as a temp between jobs and the work has now been stopped, she had two second interviews planned in Sydney this week now both positions have been retracted and nobody hiring or interviewing, she has about 7 weeks of cash savings and 4 months lease on a rental. Oh and no unemployment benefit or subsidies as she is New Zealander working in Australia. Young People at the lowest risk from this viru…

The UK's response is irresponsible IMHO. But we'll see.

Re: Washington governor announces shutdown of restaurants, bars

#285

Post by chrisco255 »

icelancer wrote: post #238
chrisco255 wrote: post #236

Earlier quoted context omitted.

I haven't read about the QE4 plans. How will it work? This is just tip of the iceberg, now that this is declared national emergency, FEMA money and other sources are unlocked. Meanwhile, it's just the first week of things heating up to the point of these shut downs. Give the government time.

>> Give the government time. They have time enough to shut down businesses in a snap of their fingers. I don't think it's too much to expect at least a basic outline of a remuneration plan at the same time. I do not see why we should give them time on one issue but not the other.

Well you're talking state government vs federal government. Different departments.

Re: Washington governor announces shutdown of restaurants, bars

#286

Post by pbourke »

A4ET8a8uTh0 wrote: post #178
philwelch wrote: post #115

Earlier quoted context omitted.

The FED’s job is monetary policy. It isn’t to bail out businesses.

Yes and no. Its mandate is to keep the stability of the financial system, price stability, full employment.. As you can see, bailing out businesses, as you framed it, could be helpful in avoiding full fledged system collapse, which just happens to be their mandate. edit: corrected opening sentence

Anything the fed does affects large and perhaps medium sized businesses directly. A couple of percent lower interest rate on their line of credit matters fuck all for small business facing a total collapse in demand.

Same with SBA loans - how much paperwork will it take to owe a huge sum to the government with an uncertain business environment in a few months? A lot of small places will just close.

Fiscal stimulus is the only approach to keep these businesses afloat. Honestly at this point it might be better to skip the middle man and cut checks to individuals.

Re: Washington governor announces shutdown of restaurants, bars

#288

Post by cmurf »

grecy wrote: post #29
icelancer wrote: post #12

As usual, these announcements never come with any promise or a plan of economic relief (or at least reference to plans already made) for businesses force closed, creating more panic. I don't understand why it's so hard to just say: "We will take care of the businesses affected by this policy and more details are forthcoming." Shutting them down is the right move. Taking care of small businessowners running on thin ma…

In the same way that many Americans are living pay check to pay check, I think it's clearer than ever that states are doing the same thing. People literally don't have enough money if they don't go to work, and states literally don't have enough money to pay people (or businesses) not to go to work.

Counties, cities, can issue bonds and go into debt. It might even be a good investment for everyone involved. They'd probably pay more than the federal government, seeing as short term treasuries are now 0%, and thus while not free to finance it would be almost free.

Re: Washington governor announces shutdown of restaurants, bars

#289

Post by hawaiianbrah »

ncallaway wrote: post #108
eyegor wrote: post #42

This is going to be an economic catastrophe unless there's somehow a nationwide bailout to literally all brick and mortar businesses. I know of several local bar/restaurants that are considering shutting down for good, and a colleague near Melbourne told me of 4 that already have (I'm eastern US). Even if this all blows over in 3 months, we'll have a huge surge in homelessness and folks needing social assistance acro…

Several restaurants in downtown Seattle have already closed. More will probably come over the next few weeks. As I expect this to largely continue to be a problem through summer the tourism industry in downtown is going to be hit very hard. The economic side of this is going to hit like a ton-of-bricks. It's going to be very painful, and we should do everything we can as a society to take care of those that are hit h…

Over 50 restaurants in Seattle have announced temporary or permanent closure (as of a couple days ago)

Re: Washington governor announces shutdown of restaurants, bars

#290

Post by rocha »

Data_Junkie wrote: post #274
rocha wrote: post #241

Earlier quoted context omitted.

Probably means 4M assuming that no containment measures are taken. Like someone said on twitter, “In the end, it will be impossible to know if we overreacted or did too much, but it will be QUITE apparent if we under reacted or did too little.”

Right, the rich have nothing to lose, the poorer capitalists pay for the over reaction. That's why we see an over reacting, panicking society, because the rich benefit from it. It is the only reason they do anything, I hate to break it to you.

If nothing is done, the least privileged will suffer the most due lack of access to health services and a financial safety net.
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