241–250 of 342 posts
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> the government sector is usually less efficient than private sector Statements like this require proof.
I don't have a proof, it's a belief based on anecdotal evidence and just thinking about it.
I'd like to see a version of this article and headline that figures out the effort required by the banks to administer a program like this. Quick read looks like 2.8% off the top, for 0 risk (10/349). Total businesses receiving loans was 1.6M ( https://www.pymnts.com/loans/2020/sba-lenders-approval-ppp-l... ) Average money a bank made per loan was 10,000,000,000/1,600,000 (assuming all banks made an equal distributio…
I’ve seen stories of small business owners talking about how difficult it was to get the loan through due to having to go back and forth with documents etc. although I’m sure it varied per bank.
2.8% doesn’t seem like that much for me, especially considering the goal was to get the money out the door as fast as possible due to the emergency, and setting up and hiring a government bureaucracy to administer and give the loans would have cost far more in time than the solution of giving it through the banks.
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Nothing. It got privatized and is currently owned by Deutsche Bank.
It's not nothing if it was privatized. Either something went wrong to drive privatization, or nothing was going wrong to begin with and then privatization was what went wrong.
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The banks have a preexisting relationship with these businesses and know what they would need / qualify for. Plus provide boots on the ground for vetting. The best the government could do was send a paltry check to pretty much EVERY american. I'm sure you'd object if they decided to send 1 million dollars to EVERY small business. That's the best a fed government run program could accomplish with only a couple of week…
> The banks have a preexisting relationship with these businesses and know what they would need / qualify for. Plus provide boots on the ground for vetting. Seems to me that the government has a comparable relationship with business. Companies report to the IRS same as individuals, and corporations are required to file annual reports with their state. You’re telling me they cant maybe slice up the market due to highe…
Banks have thousands if not millions of employees capable of performing basic due diligence before sending out money. A fed task force tasked with processing applications from millions of businesses would be capable of handing out money maybe summer 2021
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There will be plenty reporting about corruption and nothing will happen. This is just a continuation of 2008. People have accepted this corruption as normal.
Every decade this will playout now. If recessions actually helped reduce income inequality and directly triggered UBI or some other system, more like the types of policies that were enacted after the Great Depression, you can bet there would be many less recessions. As of right now, it is an every decade, or maybe less now, wealth extraction market raider party. Why wouldn't there be as nothing in the market or polic…
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Where do you see the upvote/downvote counts on HN?
Greyed out means zero or below.
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The best analogy I use for logical errors such as this is - If you have a dependent - ie a child - whom you are a primary source of care. Should you qualify for a bigger helping hand than say, the 25 year old with no children? If you agree - then now imagine you have 500 dependents. Or in the case of some corps 500,000. You have half a million dependents who rely on you every other week for a paycheck. Do you qualify…
I'm not saying bailout is wrong, but taxpayers should be handsomely rewarded for those bailouts (at least 20% APR) as those bailout companies were making a lot of money on taxpayers and never shared any profits with them (they even avoid paying taxes though various financial means).
And I only support money given as loans which must be paid back. Any kind of grant money must be exclusively used for payroll or other qualifying operating expenses.
The current stimulus is not perfect but its pretty good and FAR better than 2008
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Can someone who downvoted this explain why you did so?
It's a duplicate of this comment: https://news.ycombinator.com/item?id=22946155
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The best analogy I use for logical errors such as this is - If you have a dependent - ie a child - whom you are a primary source of care. Should you qualify for a bigger helping hand than say, the 25 year old with no children? If you agree - then now imagine you have 500 dependents. Or in the case of some corps 500,000. You have half a million dependents who rely on you every other week for a paycheck. Do you qualify…
It's not a "logical error," it's an "ideological error," at least from your perspective. Banks are not parents, and small businesses are not "dependent children," so I'd say you're making a bigger logical fallacy called a false equivalence. > Do you qualify for a larger helping hand than the 25 year old who lives alone? No, because the "helping hand" you're getting is not helping the "children" eat in this situation.…
I am simply reminding him that airline companies who did nothing wrong have people depending on them for their paychecks. Exactly the same as a child depends on their parent.
And in this case the money given to AIRLINES helps a lot of parents feed their children
I'd like to see a version of this article and headline that figures out the effort required by the banks to administer a program like this. Quick read looks like 2.8% off the top, for 0 risk (10/349). Total businesses receiving loans was 1.6M ( https://www.pymnts.com/loans/2020/sba-lenders-approval-ppp-l... ) Average money a bank made per loan was 10,000,000,000/1,600,000 (assuming all banks made an equal distributio…