Earlier quoted context omitted.
And this post is why I get so infuriated when I see all the blue-checkmarks on Twitter, calling people who want to go back to work "Selfish, stupid, idiot, etc". People don't want lockdown to stop because they need to go to their hairdresser, or because they need to go hangout at the pub, or whatever idiotic reason these privilege a-holes put in their tweets. People want to get back to work , because they need money…
Think for a second the absolute nightmare the economy would be going through if we _hadn't_ locked down.
U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
791–800 of 877 posts
Re: U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
#792This is anecdotal and it might come across as bitter and tonedeaf as someone who is not in a STEM job and cant see the bigger picture very well. Im a diesel engine tech who repairs those big trucks carrying food and shit tickets to grocery stores. the fact that ANY market is completely detached from whats actually happening to Americans is frustrating. My job just cut benefits and hours but we're "essential." Remembe…
Please don't apologize for thinking this was tonedeaf. It's possibly the most real thing anybody has ever posted on HN. Thanks for sharing.
Re: U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
#793Earlier quoted context omitted.
What does it imply? If any school district cares, all the kids will essentially end up repeating a grade. This is not the end of the world. If anything, it might improve student achievement. (Students who are born right after the cutoff for a particular elementary school class, in aggregate, outperform the ones born just before, the youngest in the class.) Outside of college-bound seniors — a special case — the main…
> If any school district cares, all the kids will essentially end up repeating a grade. It sounds more like you haven't thought this through.
voted +1 touché
Re: U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
#794They are destructive, painful, cause loss of property, kill things and generally are undesirable. But (to an extent) they are also necessary.
In the Western US fire used to be a regular occurrence. Natives would start fires, lighting would start fires, they would burn until they ran out of fuel and burn out. But this kept forests healthy. There used to be more bigger stronger pine trees and less undergrowth. Somewhere along the line it was decided fire was bad and we were going to set up fire towers and stop fires with maximum effort.
Which was all good, until it doesn't work and we simply can't because there is too much built up fuel and the fire rages out of control completely destroying the forest. The previous fires, while more regular, were smaller because the amount of fuel never accumulated to the levels it does with modern fire suppression methods.
In this analogy we've somehow decided that we are going to stop people from experiencing economic pain at all costs. This is humanistic. And we want things to keep growing and we don't want to see destruction. But what happens is a lot of trash builds up. Malinvestment. Corruption. Paper profits over actual production. Unlimited credit spent on consumer items. No personal savings. No problem, firemen Uncle Sam and the Federal Reserve are here to save the day! And no one can argue with this happening because who wants to see anyone get burned through no fault of their own?
But (just to torture the analogy) what I suspect will eventually happen is enough malinvestment, corruption and lack of responsible behavior will build up they won't be able to put the fire out. No one will. And it will burn the system flat to the ground instead of just clearing out a little brush and giving space to strong trees.
This isn't to suggest the government shouldn't help in this case. It's an unusual situation obviously. Just allowing little fires to burn prevents big fires later. Everything can't be free to everyone all the time. Reality doesn't work that way unfortunately. Failing to behave ethically, productively and responsibly, failing to save and to prepare for rough times, trying to consume and grow unsustainable without regard to risk can't be forever consequence free. That's not a moral statement, just a practical one.
Re: U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
#795This is anecdotal and it might come across as bitter and tonedeaf as someone who is not in a STEM job and cant see the bigger picture very well. Im a diesel engine tech who repairs those big trucks carrying food and shit tickets to grocery stores. the fact that ANY market is completely detached from whats actually happening to Americans is frustrating. My job just cut benefits and hours but we're "essential." Remembe…
> No school means poor kids roam the street like packs of feral dogs asking for money for food around here. I think this is possibly the single biggest long term problem we're going to face as a result of all this. Economic recessions will come and go. But missing 5/8ths of a school year is going to be absolutely devastating for this generation of kids. They will be left permanently behind without a serious concerted…
If only there was a way we could give them access to the entirety of the world's knowledge, a million lifetimes of recorded video, and the world's best teachers for near zero incremental cost, right in their homes. If only.
We're gonna flub this one because "Netflix and chill" is the best this tech generation can muster in the face of the worst crisis in recent history.
Squandered.
I weep almost every day because our entire communications infrastructure and online experience has been tailored for our own. goddamn. greed.
Re: U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
#796Recessions are kind of like forest fires from what I see. They are destructive, painful, cause loss of property, kill things and generally are undesirable. But (to an extent) they are also necessary. In the Western US fire used to be a regular occurrence. Natives would start fires, lighting would start fires, they would burn until they ran out of fuel and burn out. But this kept forests healthy. There used to be more…
In keeping with your analogy, what may be wrong with current economic governance is the lack of letting a recession run its course and, for example, letting big banks who gambled too much fail instead of propping them up.
The revolving door between, say, Goldman Sachs and the Dept of Treasury has something to do with this, I think.
Re: U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
#797Earlier quoted context omitted.
What minority are you even talking about?
What minority are you even talking about Any of them. Some of them, I'm in. Some of them, I'll never be in. The principle is universal: A just society protects the minority. Any of them.
Re: U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
#798Earlier quoted context omitted.
There was also biflation in the market, as many people have somewhat alluded to - tech stocks and specific sectors have exploded while others have collapsed. There has been a significant redistribution of alpha even if the total losses came in under what they expected.
"biflation" now there's a term I need to add to my vocabulary.
https://howmuch.net/articles/price-changes-in-usa-in-past-20...
Re: U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
#799Earlier quoted context omitted.
Isn't covid-19 the #1 cause of death in NYC right now? And not, like, starvation? Saying the cure is worse than the disease shows a frightening lack of both empathy and objective reasoning. I don't want to construct a strawman, but I worry that what "reopen" people are really saying is "I don't care if X% of the US population dies - as long as I'm not one of them - if it means I can try to go back to normal." And try…
I think it's frightening that people like you are missing the bigger point here: X% of the population was going to die anyways, and these numbers are getting skewed out of proportion. Triggering a major recession will cause more deaths and despair over the long term. Start thinking for yourselves rather than believing everything you hear. Hospitals are now FINANCIALLY INCENTIVIZED to lump as many patients as possible…
In case that sounds outlandish, the supposed numbers according to USA Today:[1]
"Jensen said, “Hospital administrators might well want to see COVID-19 attached to a discharge summary or a death certificate. Why? Because if it’s a straightforward, garden-variety pneumonia that a person is admitted to the hospital for – if they’re Medicare – typically, the diagnosis-related group lump sum payment would be $5,000. But if it’s COVID-19 pneumonia, then it’s $13,000, and if that COVID-19 pneumonia patient ends up on a ventilator, it goes up to $39,000.”"
[1]https://www.usatoday.com/story/news/factcheck/2020/04/24/fac...
Re: U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
#800Earlier quoted context omitted.
What minority are you even talking about?
What minority are you even talking about Any of them. Some of them, I'm in. Some of them, I'll never be in. The principle is universal: A just society protects the minority. Any of them.