Millions of Americans skipping payments as wave of defaults and evictions looms • Hacker News Board

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#531

Post by alistairSH » Thu, Jun 04, 2020, 12:49 PM UTC

AlexCoventry wrote: post #373

alistairSH wrote: post #330

Earlier quoted context omitted.

Nope, not large. A friend had an Aston Martin that caught on fire. About a $120k car. It took months of investigations to close that claim. Insurance pointed finger at AM, AM wanted their own investigator, fire inspector involved, etc. And that’s not even large relative to a house or business.

I thought the idea with insurance was that they would pay out and deal with recovering the funds legally, if possible.

In my limited experience with car accidents, they generally do.

This car burst into flames overnight while parked. Turns out it was an electrical short in the dashboard wiring. But, cars don't often self-immolate, so the suspicion of wrong-doing caused a delay.

I also don't know if they paid before the investigation was completely closed. They may have, but even at that, it was a few weeks.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#532

Post by MiroF » Thu, Jun 04, 2020, 12:57 PM UTC

thephyber wrote: post #251

MattGaiser wrote: post #37

Earlier quoted context omitted.

QE has been going on for years since 2008. Still waiting on that inflation. https://www.usinflationcalculator.com/inflation/historical-i... QE contains an easy break on inflation. If it starts surging, the market can just have the assets the fed holds added back to it.

> Still waiting on that inflation. You're waiting on CPI inflation. The inflation that did actually happen was in equities, startup valuations, risk-adjusted debt (interest rates are far lower than the underlying risk would be without QE), fine art, yachts, healthcare, college tuition, etc. None of these are in the CPI because they aren't consumer staples.

That's just.. not what inflation is.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#533

Post by asjw » Thu, Jun 04, 2020, 1:25 PM UTC

spats1990 wrote: post #400

asjw wrote: post #325

Earlier quoted context omitted.

Thanks for the kind words! I just did what it felt right I'm inclined to say that racism in Italy is different from the general notion of it: I mean, there are certainly racists in Italy, no point in denying that, especially towards some ethnicities (Africans, middle Eastern and South Americans in particular, they are considered too loud and unreliable - coming from us it's really something - and often also worse tha…

I only spent a month and a half in Italy, almost all of it in Milan, but I was around italian families a lot. The north south thing really seemed like a big deal, though obviously for some more of a joke than others, as you say. In at least half of the young families (kids aged elementary to high school) I was around in Milan, one or both parents were originally from the south. They spoke of it almost like how immigr…

> In at least half of the young families (kids aged elementary to high school) I was around in Milan, one or both parents were originally from the south. They spoke of it almost like how immigrants do

That's correct.

A lot of families moved from the south to the north in the past 70 years and they lived the same experience you hear from migrants today: discrimination, poverty, segregation etc etc

So many moved to the point that at least half of the north, especially in Lombardy, is made by families with roots in the south (usually grandparents, many are from Sicily)

There are many popular stories about the infamous "we don't rent to people from the south" you could find on the listings all over the north (from Bologna to the Alps)

My parents moved in the late 60s from the country side 100kms south of Rome to the city to find a job as well

My uncles went to Germany, Belgium, Argentina and then have come back only because their parents were becoming old and needed support

I moved from Rome to Milan as well, not in the same conditions of course, I moved for a well payed job, but I still had to move to get it

It is so engrained in our recent history that it's taken for granted that if you are stuck in your homecity in the south the only way to change things is move to the north, that there is even a comic movie from the 80s titled "thanks to Apulia region for giving us the Milanese"

On the other hand people move to the south when looking for a better lifestyle, better climate, better food or just being closer to the sea, and many of those that moved to the north try to go back to where they are from as soon as possible

Including my parents that went back to their city in the country as soon as they retired, especially my father

The north is beautiful, the food is good, but the stereotype says that in the south everything is much better, and I somewhat agree with it. I can't help it, Milan is not Rome, it will never be. A risotto will never beat a carbonara. But that's just my opinion :)

Now that we live almost 800 Kms apart I see my parents rarely, especially my father who really enjoys being alone, away from the crowded city

He went to Rome only to work, he lived there for 50 years, raised two children, but he never really felt part of it, he never lost his accent and never took the Roman one.

So in a way in Italy we are all trying to go back home, one day.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#534

Post by MiroF » Thu, Jun 04, 2020, 1:35 PM UTC

viklove wrote: post #54

MattGaiser wrote: post #37

Earlier quoted context omitted.

QE has been going on for years since 2008. Still waiting on that inflation. https://www.usinflationcalculator.com/inflation/historical-i... QE contains an easy break on inflation. If it starts surging, the market can just have the assets the fed holds added back to it.

You're looking in the wrong place. QE doesn't go to families, so it doesn't increase the cost of milk, apples, or eggs. It went to the wealthiest banks and corporations, and wouldya look at that -- asset prices are inflated, "startups" have absurd valuations, and the wealth gap is larger than ever before. The inflation is there, clear as day. You're just not looking in the right place and you think you're so smart be…

Your claim that Fed policy somehow doesn't have an impact on aggregate demand because it goes "to the wealthiest banks and corporations" is laughable for anyone with an elementary understanding of economics.

We're not seeing inflation because there would have been a huge AD collapse and deflation in the absence of Fed action.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#535

Post by diogenescynic » Thu, Jun 04, 2020, 1:36 PM UTC

kovacs wrote: post #114

diogenescynic wrote: post #29

Earlier quoted context omitted.

Probably someone who actually looked into what QE actually does--it's more deflationary than inflationary. Look at Japan--they've been doing forms of QE for decades. These Fed printing money, inflation trolls are almost never right even though they've been screaming about it for decades.

Trolls? Sounds like YOU need to understand what QE is. From Wikipedia... "Quantitative easing (QE) is a monetary policy whereby a central bank buys government bonds or other financial assets in order to inject money into the economy to expand economic activity." Sounds pretty inflationary to me. Especially when they buy up illiquid mark to fantasy assets that nobody wants and unloads them on the taxpayer to foot the…

Glad you went to wikipedia to get an authoritative source... Go look at what QE did to Japan—it was not inflationary, it was deflationary. Here it is even from a right wing source: https://www.cato.org/cato-journal/winter-2017/japanese-exper...

Wikipedia... lol that isn’t allowed for a high school paper. You really showed me.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#536

Post by diogenescynic » Thu, Jun 04, 2020, 1:38 PM UTC

MiroF wrote: post #305

kovacs wrote: post #114

Earlier quoted context omitted.

Trolls? Sounds like YOU need to understand what QE is. From Wikipedia... "Quantitative easing (QE) is a monetary policy whereby a central bank buys government bonds or other financial assets in order to inject money into the economy to expand economic activity." Sounds pretty inflationary to me. Especially when they buy up illiquid mark to fantasy assets that nobody wants and unloads them on the taxpayer to foot the…

There are so many issues with this comment, it's hard to pin point any exact one. You're right that it's idiotic to describe QE as "deflationary" (don't know where they go that idea) but QE is neither inflationary nor deflationary as either description would be reasoning from a price change [0]. > The fed has effectively destroyed any price discovery on any assets Don't see why this would be the case - price discover…

Why don’t you google it instead of calling me an idiot. It’s not even slightly controversial, so all you jumping on this attack just reveal your actual ignorance on the subject. QE has led to deflation in Japan, not inflation.

Try reading this and you’ll get it: https://www.economyandmarkets.com/economy/central-banks/japa...

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#537

Post by MiroF » Thu, Jun 04, 2020, 1:40 PM UTC

losteric wrote: post #99

viklove wrote: post #54

Earlier quoted context omitted.

You're looking in the wrong place. QE doesn't go to families, so it doesn't increase the cost of milk, apples, or eggs. It went to the wealthiest banks and corporations, and wouldya look at that -- asset prices are inflated, "startups" have absurd valuations, and the wealth gap is larger than ever before. The inflation is there, clear as day. You're just not looking in the right place and you think you're so smart be…

THIS, so much this ... for years people said bottom-up stimulus plans would inevitably cause inflation. Injecting the money on top changes little, now it's just trickle-down inflation. (and if this doesn't hold, I would love to understand why)

It doesn't hold because people get the money via loans at low interest rates and then spend more.

Fed policy has a clear impact on AD.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#538

Post by MiroF » Thu, Jun 04, 2020, 1:43 PM UTC

diogenescynic wrote: post #535

kovacs wrote: post #114

Earlier quoted context omitted.

Trolls? Sounds like YOU need to understand what QE is. From Wikipedia... "Quantitative easing (QE) is a monetary policy whereby a central bank buys government bonds or other financial assets in order to inject money into the economy to expand economic activity." Sounds pretty inflationary to me. Especially when they buy up illiquid mark to fantasy assets that nobody wants and unloads them on the taxpayer to foot the…

Glad you went to wikipedia to get an authoritative source... Go look at what QE did to Japan—it was not inflationary, it was deflationary. Here it is even from a right wing source: https://www.cato.org/cato-journal/winter-2017/japanese-exper... Wikipedia... lol that isn’t allowed for a high school paper. You really showed me.

Your source does not say that QE was deflationary in Japan - just that in the context of a real economic shock to Japan's economy, the central bank's stance was contractionary. Indeed, they argue that more QE would have combatted the deflation.

Why not read the sources you link?

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#539

Post by diogenescynic » Thu, Jun 04, 2020, 1:51 PM UTC

MiroF wrote: post #538

diogenescynic wrote: post #535

Earlier quoted context omitted.

Glad you went to wikipedia to get an authoritative source... Go look at what QE did to Japan—it was not inflationary, it was deflationary. Here it is even from a right wing source: https://www.cato.org/cato-journal/winter-2017/japanese-exper... Wikipedia... lol that isn’t allowed for a high school paper. You really showed me.

Your source does not say that QE was deflationary in Japan - just that in the context of a real economic shock to Japan's economy, the central bank's stance was contractionary. Indeed, they argue that more QE would have combatted the deflation. Why not read the sources you link?

You read all 22 pages already? Bullshit. First pages mentions deflation... if tripling their money supply did nott lead to hyperinflation what will? Page two:

>market peaked in the July􏰑September quarter of 1991. Those peaks were followed by steep declines in asset prices, culminating in contractions of real GDP in several quarters of 1992 and 1993 and deflation as measured by the CPI from July 199

My point was to find a right wing source that should be agreeing with you, but is agreeing with what I said. Or you can google it, there are a number of sources. Here’s another I linked above: https://www.economyandmarkets.com/economy/central-banks/japa...

It’s obvious you’re wasting my time tho. Read it or don’t, I don’t care but you’re clearly wrong and we both know it.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#540

Post by MiroF » Thu, Jun 04, 2020, 1:51 PM UTC

diogenescynic wrote: post #536

MiroF wrote: post #305

Earlier quoted context omitted.

There are so many issues with this comment, it's hard to pin point any exact one. You're right that it's idiotic to describe QE as "deflationary" (don't know where they go that idea) but QE is neither inflationary nor deflationary as either description would be reasoning from a price change [0]. > The fed has effectively destroyed any price discovery on any assets Don't see why this would be the case - price discover…

Why don’t you google it instead of calling me an idiot. It’s not even slightly controversial, so all you jumping on this attack just reveal your actual ignorance on the subject. QE has led to deflation in Japan, not inflation. Try reading this and you’ll get it: https://www.economyandmarkets.com/economy/central-banks/japa...

> It’s not even slightly controversial, so all you jumping on this attack just reveal your actual ignorance on the subject.

It's not even slightly controversial that QE causes deflation? That's just laughable, honestly. Look, mainstream economists disagree with you [0].

QE usually occurs in the context of a real shock that induces deflationary pressure, but the fact that QE and deflation sometimes co-occur is correlation, not causation.

[0]: https://www.themoneyillusion.com/how-strong-is-the-case-for-...