Dumbfuck in charge

[sdoyel]

I am an architect in the hospitality sector. New work is non-existent right now. Our company as a whole has laid off approx. 15% of the work force. Those lucky to still have their jobs have moved to other sectors temporarily (Healthcare as an example).

Business hotels? Done. Tourist resorts? Few and far between.

Covid will leave a LASTING imprint on the hospitality industry. Both operationally and from a guest/traveller standpoint.

[ousdahl]

you’ve still got a job

As do many other people. A relatively high unemployment rate is not the same as "the economy has collapsed". That's just overdramatized nonsense to scare voters.

The issue is that the economic fallout has (to this point, and obviously as a gross generalization) spared homeowners/homebuyers and people who have material investments in the market.

The economy has absolutely collapsed for hourly workers in the travel, hospitality and leisure industries. The effects of that have not yet manifested on a broader basis.

Has it?

I dont doubt it in many places and for many industries.

But at least on CO, most resort towns reported record numbers this summer

[jfish26]

I am an architect in the hospitality sector. New work is non-existent right now. Our company as a whole has laid off approx. 15% of the work force. Those lucky to still have their jobs have moved to other sectors temporarily (Healthcare as an example).

Business hotels? Done. Tourist resorts? Few and far between.

Covid will leave a LASTING imprint on the hospitality industry. Both operationally and from a guest/traveller standpoint.

Hard to imagine what the business travel (and even Class A office space) environment is going to look like after this, with everyone having figured out how to do without.

[twocoach]

What about all those great trade deals?

"The U.S. trade deficit surged in August to the largest in 14 years, with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.

The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006."

https://www.foxbusiness.com/economy/tra ... n-14-years

[sdoyel]

[twocoach]

you’ve still got a job

As do many other people. A relatively high unemployment rate is not the same as "the economy has collapsed". That's just overdramatized nonsense to scare voters.

The issue is that the economic fallout has (to this point, and obviously as a gross generalization) spared homeowners/homebuyers and people who have material investments in the market.

The economy has absolutely collapsed for hourly workers in the travel, hospitality and leisure industries. The effects of that have not yet manifested on a broader basis.

I agree that those industries have collapsed but they are not "the economy". And yes, I agree that the negative impacts to those industries is not over yet. I fully expect them to return to a "new normal" at some point in the not too distant future. Cruises will happen again. Vacations will happen again. Travel will happen again. Companies will adjust or they will be passed by the companies who adjust. Such is the cycle of things.

There have been countless industries wiped out by disasters, unprecedented events, technological innovations or simply the passage of time and our economy has survived them all. This is no different.

[twocoach]

I think this might just put the nail in the coffin of his reelection campaign.

[NewtonHawk11]

What a buffoon.

[NewtonHawk11]

Stock market is dropping big time now.

[Deleted User 318]

I think this might just put the nail in the coffin of his reelection campaign.

He'd rather make sure to get an employed well-off lady a better job than help 50 million people. He's just so dumb.

[Deleted User 318]

Stock market is dropping big time now.

Eh, dow only down 500 points from the session high, 300 points for the day. That's a marginal swing. Traders don't care.

[NewtonHawk11]

True. But it did drop somewhat quickly. Nasdaq dropped 200 points in about 20 minutes.

[Deleted User 89]

the health and security of the american public means shit to him

[Walrus]

Stock market is dropping big time now.

The fact that the market tanks because of "no stimulus", what does that tell you? Stimulus is the only reason the market is still so high.

[jfish26]

Stock market is dropping big time now.

The fact that the market tanks because of "no stimulus", what does that tell you? Stimulus is the only reason the market is still so high.

https://www.cnn.com/2020/10/06/economy/ ... index.html

Here is the noted...umm...radical leftist, Federal Reserve chair Jerome Powell:

A second wave of coronavirus could "more significantly limit economic activity, not to mention the tragic effects on lives and well-being," Powell said. "Managing this risk as the expansion continues will require following medical experts' guidance, including using masks and social-distancing measures."

In addition to gaining control of the pandemic, Powell reiterated his calls for more fiscal stimulus aimed at supporting America's most vulnerable.

[...]

Powell said Tuesday that the risks of Congress pouring too much stimulus into the economy are far lower than the risk of not doing enough. Although government spending is adding to an already sky-high federal budget, lawmakers should act, Powell argued.

"The US federal budget is on an unsustainable path, has been for some time," Powell said. But "this is not the time to give priority to those concerns."

[...]

A prolonged slowing of the recovery is bad news, Powell said, "as weakness feeds on weakness."

The Fed chairman also stressed once again that the burdens of the crisis haven't been evenly distributed and that women, minorities and low-income workers are in a much worse position in this downturn than others.

Unemployment and bankruptcies will always be part of the economy, he acknowledged. But having an "inappropriate" amount of either is bad for the longer term outlook. For example, the number of permanent layoffs has been rising after a large number of workers were initially classified has having temporarily lost their jobs.

"Once you're permanently laid off it's just difficult to get back into the workforce," Powell said.

[Walrus]

Powell, ugh.. where do I start? The guy was arguing that we need more inflation a few weeks ago, as if it's something good for society. If it were up to me, some stimulus for the low income / middle class people to buy food, pay rent, etc is much better than giving it to the stock market. We could have paid off all the student loans with the money we have injected into Wall Street. But if we're okay with any kind of stimulus (for any reason), we have to accept that our currency is going to buy less and less every year. That means, those older people who saved money will suffer the most.

[jfish26]

[Deleted User 318]

Mr. Big Brain Stable Genius is getting sent into overdrive

[jfish26]

This is a presidency in free-fall.

[Walrus]

This is a presidency in free-fall.

Yet he'll still not lose because the other option is even worse.