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U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

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Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#41

Post by tcbawo »

vanniv wrote: post #38
smacktoward wrote: post #36

Earlier quoted context omitted.

What it does do is shore up demand, which is why all those products got made in the first place. They got made because someone had an expectation that they could sell them. Nobody is going to be making anything to sell if the entire population has no money. This is why it's essential that relief go to directly to people, and that we free those people up enough from expenses that aren't directly economically productiv…

In the short term, these kinds of measures can have an effect, sure. It produces immediate demand at the cost of reduced future investment -- which could potentially keep suppliers afloat temporarily in a crisis. But while the problem today is a demand problem, we are really only days-to-weeks away from a supply catastrophe unlike anything seen in two centuries or more. Basically, no new stuff is being made anywhere…

We have both a supply shock and a demand shock. We can't fix the supply shock while on quarantine. We can mitigate the demand shock (somewhat) through short term stimulus

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#42

Post by jnwatson »

lonelappde wrote: post #31
lordnacho wrote: post #14

Here's something I've been thinking about for a few days. Suppose the government does a massive bailout of everyone. They guarantee jobs, they give everyone money so they don't run out. And it works. In a few months from now, the economy turns out to have just hit a speed bump and everything is back to how it was. What does that say about the economy? I mean if we can stop working and basically just lend ourselves mo…

What we lose are all the innessential luxuries like bars and restaurants and retail therapy that costs resources and create pollution.

Bars and restaurants don’t consume a lot of resources.

The entire economy is built around people doing things and making things for other people. If that stops happening, the whole system falls apart.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#43

Post by dominotw »

nopriorarrests wrote: post #28
vanniv wrote: post #26

Earlier quoted context omitted.

The shortage of money is not the problem. The problem is that we have stopped making stuff. Once the warehouses all empty, there will be no more products. All those nice things you are used to buying to make your life nice and safe and clean and fun will be gone. The infrastructure to even make the stuff will decay and be gone. Printing money doesn't make products. It doesn't repair factories. It doesn't prevent the…

> It doesn't prevent the coming collapse of the prosperity we have enjoyed these last 100 years lots of people are tweeting that they are 3-4 weeks from disaster. that's some very special definintion of prosperity. These are numbers that come to mind when you think about middle age peasant.

people count on being bailed out so why would they save?

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#44

Post by Natsu »

lonelappde wrote: post #37
phillnom wrote: post #16

Earlier quoted context omitted.

Where has Joe Biden been this past week? Bernie Sanders got people to donate over 2 million dollars for coronavirus charities. Joe Biden hasn't show himself to be presidential during this pandemic in the least.

For better or for worse, he's been winning primaries in the past week. There are 1700 Dem delegates remaining. Sanders needs 1000 to win. Biden needs 700. Sanders isn't going to be President.

The sad thing is that you're right--he's focused on winning the nomination.

The bad thing is that the fact that he's this useless does not bode well for any of us.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#45

Post by gexla »

epicureanideal wrote: post #3
Mountain_Skies wrote: post #2

For context, the highest unemployment rate was during the Great Depression, 24.9%. The methodology likely has changed since then but it's still sobering to think we might soon be in that territory. Hopefully this will be shorter lived and not have a great war as a catalyst for ending.

It would be nice if they start a Great War Against Disease, and spend as many trillions as needed so no one ever gets the flu, any cold, or any other disease ever again. People keep saying "that's not possible" but there are already a lot of companies working on it. Show me a place I can make $300,000 working on curing diseases and I'd happily spend my life working on it. At the moment making websites pays better.

With 30% unemployment, making websites might not make much money in the near future.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#46

Post by na85 »

whatsmyusername wrote: post #40
smacktoward wrote: post #36

Earlier quoted context omitted.

What it does do is shore up demand, which is why all those products got made in the first place. They got made because someone had an expectation that they could sell them. Nobody is going to be making anything to sell if the entire population has no money. This is why it's essential that relief go to directly to people, and that we free those people up enough from expenses that aren't directly economically productiv…

Call me a doomer but if the demand for Honey Boo Boo, Keurig Cups, and Tuxedoes for Dogs died off I wouldn't be upset, economic devastation be damned. Climate Change says tick tock tick tock

I'm certain that when you were coming of age your parents' generation rolled its collective eyes just as hard.

Rest assured your pop culture of choice is just as odious to someone as Honey Boo Boo is to you.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#47

Post by zebraflask »

vanniv wrote: post #34
md_ wrote: post #32

Earlier quoted context omitted.

Sorry, but where do you see breadlines?

I live in California. If you want food, there is a 2 hour wait at the market. You will then be permitted to buy one carton of milk, one 2-pound package of chicken or beef, one loaf of bread, and two canned products -- all from an incredibly limited selection, as that's all the food there is to be had. I spent the entire day yesterday acquiring food by visiting every store in town and waiting in every line. I managed…

This is clearly a troll post. Mods, please remove.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#48

Post by [deleted] »

lonelappde wrote: post #37
phillnom wrote: post #16

Earlier quoted context omitted.

Where has Joe Biden been this past week? Bernie Sanders got people to donate over 2 million dollars for coronavirus charities. Joe Biden hasn't show himself to be presidential during this pandemic in the least.

For better or for worse, he's been winning primaries in the past week. There are 1700 Dem delegates remaining. Sanders needs 1000 to win. Biden needs 700. Sanders isn't going to be President.

[deleted]

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#49

Post by TheSpiceIsLife »

lordnacho wrote: post #14

Here's something I've been thinking about for a few days. Suppose the government does a massive bailout of everyone. They guarantee jobs, they give everyone money so they don't run out. And it works. In a few months from now, the economy turns out to have just hit a speed bump and everything is back to how it was. What does that say about the economy? I mean if we can stop working and basically just lend ourselves mo…

Ultimately, "the economy" is just a shared fiction.

We can tell ourselves a different story about what's important..

We certainly haven't been optimising for anyone's well being in a holistic sense, so maybe we should try telling ourselves that is important. You know, basic food, clothing, shelter, medical care for all. Maybe even some serious discussion on where we are and where we want to be 10, 50, 100 years from now.

If everything is pitched as a competition, as it has been, of course there's going to be losers and winners. I'm not convinced it has to be that way.

Re: U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

#50

Post by dang »

vanniv wrote: post #34
md_ wrote: post #32

Earlier quoted context omitted.

Sorry, but where do you see breadlines?

I live in California. If you want food, there is a 2 hour wait at the market. You will then be permitted to buy one carton of milk, one 2-pound package of chicken or beef, one loaf of bread, and two canned products -- all from an incredibly limited selection, as that's all the food there is to be had. I spent the entire day yesterday acquiring food by visiting every store in town and waiting in every line. I managed…

That doesn't remotely resemble either what anyone else is saying or what I've personally observed. Not sure what's going on with these comments (and you've been doing it for a while: https://news.ycombinator.com/item?id=22551409). Please stop.
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