Official Coronavirus Thread (any other threads made about coronavirus will be closed) (debt, invest)
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Why do we seem to keep trying to reinvent the wheel?
This is exactly what Italy dis at first. Tried to quarantine only the northern area where the spread was out of control. Then a bit later they widened the quarantine zone and then after that they finally realized that the only way it would work was to issue a kind of stay at home order for the whole country . Then finally they had to do a hard lockdown of the whole country with an $8,000 fine for leaving your house for a specified reason.
We watched them go through this series baby steps of half measures that didn't work and wasted precious time.
Locking down NYC and the immediate area will play well in certain areas of the country and make people feel better but unfortunately it will be another period of lost time lulling most of the country into a false sense of security.
It is already clear that vicious outbreaks are brewing in Louisiana, Florida, Michigan,Georgia and other places.
All because of total incompetence,zero leadership on the federal level and no plan. Just knee jerk reactions to what happens.
Nothing is going to work until the whole country is on the same page.
We are in a situation of "the blind leading the blind", and those who could see better were either muted or silenced...
that birx lady is a bore and needs to go from the task force...she acts on hind sights and sings praises of the admin to stay employed...
I agree. It's understandable. What I fear is how people, some react to this illness. Under periods of pre corona abundance this board was saturated by fear and hate mongering. Now all we can do know is think with a cool head and focus on what matters now. People are afraid that is evident but keep our cool and we will be all better off.
Yea, I think there are ways to dealing with ****ty situations without yourself being a ****ty person. Hey, maybe this will bring out the best in a few people!
"You need to be smart and learn how to dodge this damn chinavirus...forgot about hanging out for a while...
be a responsible citizen and stay in and hold your breath until it burns itself out..."
ok, Dr. Vinnygoombatz...
...i'm leary about THAT....(until MY forever).
just as people sneeze and cough since 1 B.C. - this is a different kind of germ 'strain' - it's going to be around a looooooong time.
if not forever ( like the 'common cold'). The common cold and the new human ailment of our lifetime: "TCV"/ The Corona Virus (Covid-19).
It was recommended by health professionals, so do you know better then them?
Others states should not suffer due to the bad actions by NY politicians either.
NY should not receive all the limited supply of respirators or other health supplies
in the USA. Cuomo and De Blasio have proven themselves to be part of the problem, not the solution.
The people of New York brought this upon themselves be electing these fools.
They could've save million $ by simply distributing face mask to the people and making all the NYPD and customer facing workers wear masks. The infection rate is so low in Asia compared to Western countries that do not adopt such simple strategy. These respirators are about $5k a piece. You don't hear China having a short supply because they actually didn't need as many as we do. Once they implemented Wuhan locked down they had 20k people infected and then cured and they are back to normal after just 3 months. Wuhan has a population of 11 mil about the same as the tristate area. And they got it done in just 2 months to prevent a massive outbreak. China has almost 5x the population of the US and they got it under control and there's no face mask shortage for over 1 billion people.
Because of the terrible leadership of all those in charge we are now dealing with possible 500k infection in the East coast before flu season is over. America will definitely blow away China's deaths before end of April. Thanks in part to not locking down the city ASAP and not providing face gear to every citizen.
It would be nice to have a competent and democratic system though. There seems to be countries out there that do pretty well with having both. The world definitely isn’t just dog-eat-dog USA or totalitarian China.
While I don't disagree with that completely, I say the US system works exactly like it was set up to work. But perhaps that's the problem Definitely arguments on both sides for that one.
Anything due 4/1 (rent, mortgages, utilities, etc.) and likely even a few months down the line is likely irrelevant. Any of the negative consequences of nonpayment are likely suspended until the economy is turned back on. LL can't evict, banks can't foreclose, utilities can't turn off service. So for a few months at least, the harshest effects are being blocked. How this gets unwound down the line is TBD.
As much printed up money the feds are dumping into the system now to keep things alive, they're going to have to dump in even more when the pandemic winds down to defibrillate the economy. But given how much of a deflationary insult this event is, they should be able to get away with it.
When people can't afford to buy food it will get real. I hear this is happening in Italy But the government money should help with that.
The problem is the ticking time bomb. Those who survive the virus unscathed will be met with bankruptcy in early 2021. The moratorium doesn't mean that the rent won't be due in full at the end of 90 days meaning they must pay all $6,000 immediately in order for eviction proceedings not to move forward.
As it is Cuomo is saying NY State is broke. Most help is coming from the Fed and what they already signed is all people will get. It is not enough money for most people to pay 3 months unpaid rent in a lump sum.
Unless statutes are passed which mandates Amortization of both commercial and residential mortgages and consequently rent owed, we are headed towards a financial catastrophe. And if small businesses don't reopen, it won't matter either way. Record Unemployment driven by small medium businesses (SMB) Chapter 7s will kill the economy dead.
SMB Closures > Unemployment > Low Consumption and evictions > Real Estate Commercial Defaults > Big Companies Laying Off > UE > Even Lower Consumption > More evictions and Bankruptcy > More Real Estate Commercial Defaults > REITs go under > Big Companies Go Underwater > More UE > Until All Economic Activity Ends.
I’m devastated right now. Just found out that one of my best shooting buddies passed away this morning from the virus. He was legitimately one of the best, nicest guys you could ever meet. Only 50 years old and the father of two early 20’s daughters.
this is sad...hope the family stay strong and well... afraid that their pain awaits millions NYers ahead...everyone needs to learn to protect themselves from this point on
and mr airborne, to help your day a bit, i will throw a life philosophy at you in the context of this tragedy and your ammo obsession: guns only give people false sense of safety because there are always smart enemies out there waiting to get you by surprise. A better way to stay safe is make friends not enemies...
Its amazing how many tings people were bickering about back in December dont matter anymore now there is something wiping out everyone.
Quote:
Originally Posted by dfc99
The city has published a map showing the percent of patients testing positive for the China virus. It's broken down by neighborhoods. A zip code breakdown would be more helpful.
I find those Manhattan numbers to be oddly low for such a dense area or they are telling us what we already know The light shaded areas in manhattan are the areas where people fled from to other states taking the virus with them and the dark shaded areas are where the working class/poor lives who could not afford to flee the city.
Quote:
Originally Posted by BugsyPal
Moving onto another subject; things are going to get real next week when 1 April rolls around.
Plenty of people didn't have March rent paid because of being laid off/furloughed or whatever by middle of that month, and now another month's rent is due.
Then there are all the various other bills we all pay each month; CC, cable, phone, etc....
Those getting unemployment and full enhanced bennies *might* be ok; but others are going to face some dire choices longer city remains on lock down.
Tons of gig, service workers, self employed and others are getting slammed hard economically. Ditto small business owners who also have rent and other bills due starting 1 April.
People are going to be in a hole that grows deeper and deeper longer they are out of work. Then consider a good number of jobs may never come back even after PAUSE is lifted in whole or part. If a business was struggling financially before Covid-19 they may not be able to earn enough to dig out of that hole.
The large illegal population that many seem to hate (except when they need their labor or services) are probably worse off of anyone. DT and Congress just told them to go pound salt by specifically excluding them from receiving stimulus funds/bennies. They cannot get unemployment (usually), so what's going to happen there?
Probably largest worry for many again is rent. AC and Albany took care of homeowners, but NYC is largely a place of renters. Many already paying > 1/2 or 3/4 of their monthly income towards housing.
Speaking of this i have to reach out to my Coop Management to see if this means shareholders can skip this months maintenance payment. I haven't gotten the auto pay reminder email yet to show when the amount will be deducted so ill have to look into this.
After this is over, there's going to be a big work out of all the accumulated debt. In the most left wing, anti-landlord state in the country, do your really think they're going to let the LLs kick out what will be tens of thousands (or more) of tenants. It'll get stuck to the LL, and then by extension to the banks, who will then be propped up by the Feds, with money printed up out of nothing. And, again, because of the deflationary nature of this economic event, that will work.
As far as small businesses, the same. LL will not be allowed to evict them, collections on other bills that may be outstanding will be retarded. Big bunches of printed up money will be infused into them to defibrilate the economy. The danger is they'll dump in too much money too quick and light off inflation. But if the fed does this with some level of discretion, it will likely work.
Quote:
Originally Posted by Tencent
The problem is the ticking time bomb. Those who survive the virus unscathed will be met with bankruptcy in early 2021. The moratorium doesn't mean that the rent won't be due in full at the end of 90 days meaning they must pay all $6,000 immediately in order for eviction proceedings not to move forward.
As it is Cuomo is saying NY State is broke. Most help is coming from the Fed and what they already signed is all people will get. It is not enough money for most people to pay 3 months unpaid rent in a lump sum.
Unless statutes are passed which mandates Amortization of both commercial and residential mortgages and consequently rent owed, we are headed towards a financial catastrophe. And if small businesses don't reopen, it won't matter either way. Record Unemployment driven by small medium businesses (SMB) Chapter 7s will kill the economy dead.
SMB Closures > Unemployment > Low Consumption and evictions > Real Estate Commercial Defaults > Big Companies Laying Off > UE > Even Lower Consumption > More evictions and Bankruptcy > More Real Estate Commercial Defaults > REITs go under > Big Companies Go Underwater > More UE > Until All Economic Activity Ends.
I don't recall saying that. I just said what I thought would happen. It was Tencent who was saying there'd be evictions.
Quote:
Originally Posted by bxlover
I don't understand, would you want all those tenants and businesses to be evicted ?
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Definitely arguments on both sides for that one.
