161–170 of 240 posts
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Aren’t they also freed from servicing their debts as well? Why does pausing the debt cycle affect them disproportionately?
A portion of their debts are to consumers, in checking and saving accounts. Consumers still need to buy food.
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I'm able to pay my rent. If me paying mine means the newly unemployed people don't have to during this thing then I would prefer the situation that's unfair toward me. We really kick the lowest people into the dirt here and the place we do it the most is housing. It makes our economy extremely unstable, not to mention it's pretty unpleasant to know that you're only a couple mistakes away from being in a similar situa…
Americans live in relatively huge houses, with tons of stuff that we don't need, use, or even get any sentimental value out of. I'm not saying we need to transform into Japan - it was truly nice to be able to visit wealthier family and their big houses with their "f k you" foyers and finished basements bigger than any apartment I've ever lived in - but the average American nuclear family does not need more then 2000…
“The court system is just going to get flooded with a million of these disputes between tenants and landlords,” I'm absolutely not a big fan of collectivism, but sometimes, individualism just doesn't work. Sometimes, you have to step in and solve problems collectively. No, it won't be fair, yes it will be one-size-fits-all, no you can't please everyone. Suck it up, buttercup. Whether you like it or not, we're in this…
The metric needs to be, equally miserable. The innovation needed, is a misery metric. Once most everyone is equally pissed, that's the solution - doesn't matter how bizarre or ideological is seems. But of course, the track record suggests the actual solution we get will look more like neo-feudalism.
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You ask them. If they say no, then they can't pay rent. "OMG everyone is going to totally take advantage of this!" Not everyone, but yes, plenty of people and business will. "OMG that's unfair." Yes, I acknowledged that from the start. The whole point of my argument is that this might still be preferable to the alternative, it might still be better than sticking to what's 100% fair, because collectively we might emer…
Ok. Im a (small) landlord. None of my tennants claim to be able to pay rent. How am I buying groceries this month?
You've bought an asset which is not returning as expected for the time being, but has for the past n years. What do you expect now, a bailout?
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If a huge amount of small and large businesses go bankrupt at the same time, stop paying salaries and fire all their employees, making a huge amount of people unemployed, and stop paying rent, making a huge amount of real estate companies go bankrupt, don't you think we're already in the largest financial crisis in human history? If we can pause the economy, preserving all employment contracts, lease agreements, loan…
So, for starters, total personal monthly income is $1.4 trillion dollars. Most people need their monthly salary to survive. We already need several hundred billion dollars just to shore up unemployment insurance funds, which just pay for a fraction of people’s salary. This has nothing to do with “the poor bankers”. Mostly it had to do with small businesses which make up the backbone of the American economy and which…
Beyond that, you have discretionary spending, which can be cut.
And finally, you have essentials: food, medicine, and similar. That's a tiny, tiny fraction. That's what we need to bail out.
Yes, there will be long-term consequences of lost production, which will shrink our economy a little bit. But that's fundamentally different from debt defaults, bankruptcies, and evictions. Hitting a pause button avoids all of that.
Real estate is next to fall. The bailout will need to be like 10 trillion there. Too much leverage out there on a useless resource (congested land) in a world of remote knowledge work and people scared of physical contact due to ubiquitous viruses. Let all the leverage / bags go to the fed and let it slowly deleverage itself over 10 years.
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This simply doesn't work at all. First, the situation is not that dire to start with, most people and businesses can meet their obligations. We don't have anything remotely close to a financial crisis. It makes no sense to effectively turn the entire economy into a command economy and effectively declare a default to save what appears to be a fairly small part of the economy that will have trouble. You can have targe…
> First, the situation is not that dire to start with, most people and businesses can meet their obligations. 76% of americans live paycheck-to-paycheck. Regardless of if you like it or not, a time will come when massive amounts of rents aren't paid. It can either fully immiserate the economy (most likely course of action), or it can be paused. > the markets simply won't function at all even on a purely basic level C…
I am very thankful to still be working.
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If it goes on for any length of time there will be an explosion in organized crime as people seek out the black market. This is how you get a failed state.
Normally yes, but criminals are just as vulnerable to viral infection as anyone else. The basic question needs to be answered - is this virus bad enough to shut down an economy? If the answer is yes, then renaming the economy from "state sanctioned" to "black market" does nothing - the black market is just as crushed by the pandemic as any other. What people are arguing for when they argue for a shutdown is that the…
They are also vulnerable to bullets.
It doesn't make any difference.
They keep doing criminal stuff.
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You ask them. If they say no, then they can't pay rent. "OMG everyone is going to totally take advantage of this!" Not everyone, but yes, plenty of people and business will. "OMG that's unfair." Yes, I acknowledged that from the start. The whole point of my argument is that this might still be preferable to the alternative, it might still be better than sticking to what's 100% fair, because collectively we might emer…
Ok. Im a (small) landlord. None of my tennants claim to be able to pay rent. How am I buying groceries this month?