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Short of infusing repayment free cash into every business this was inevitable. Knowing what we did at the time the mandates to close down and maintain distance made sense. Just as it now makes sense to start reopening phases.
But just like the 2008 finance crash taught us everything bounces back.
This is far worse than 2008. Hertz just filed for bankruptcy. It's been in business for a little over 100 years. A lot of the major companies are going under as well. A lot of business is going to disappear and not come back unfortunately. And unlike 2008, there will be far fewer jobs, even greater unemployment and fewer ways for the middle class and poor to work their way up. Also there's the threat of even greater automation now.
This is far worse than 2008. Hertz just filed for bankruptcy. It's been in business for a little over 100 years. A lot of the major companies are going under as well. A lot of business is going to disappear and not come back unfortunately. And unlike 2008, there will be far fewer jobs, even greater unemployment and fewer ways for the middle class and poor to work their way up. Also there's the threat of even greater automation now.
You have that and also other companies buying them out. Amazon is rumored at buying AMC Theathers.
This is far worse than 2008. Hertz just filed for bankruptcy. It's been in business for a little over 100 years. A lot of the major companies are going under as well. A lot of business is going to disappear and not come back unfortunately. And unlike 2008, there will be far fewer jobs, even greater unemployment and fewer ways for the middle class and poor to work their way up. Also there's the threat of even greater automation now.
Doesn't mean they are gone, it means they need to stop the debt from piling up and end the bleeding. That is what many states need to do like NYC. File bankruptcy and get ride of the double dipping and countless union concessions that cost the state billions in unfunded expenses.
If Corona didn't happen places like NJ and NYC just keep borrowing to pay instead of paying down debts so no more interest payments. Businesses can file bankrupsy as obligated to slow the bleeding and reorganized their debts and expenses but cities and states need to do so too.
Interesting. They are also rumored to be tryin to buy J.C. Penney's. I have little doubt that would be to run them online only.
I believe Amazon wants physical store presence to beat Wal-Mart. (Wal-Mart is doing the oppoosite - trying to build their online empire to compete with Amazon)
Cuomo and deBlasio couldn't be happier. deBlasio in particular has been wanting to wipe out NYC small businesses since he was first elected. NYS and NYC were the epicenter of the virus due to Cuomo and deBlasio's politically correct incompetence.
May I ask why you are making this statement? What policies have been enacted that support what you're saying?
Quote:
Originally Posted by antinimby
With the city and state heading towards socialism, it was heading that way anyway but the virus just sped it up.
They're nowhere near socialism. Just a reminder that with socialism, the workers own the means of production (the masses would share the profits that their labor produced) versus just a handful of people in the state.
Quote:
Originally Posted by Foamposite
I hate how liberals tend to be so pro lockdown, that they're totally fine with all these small businesses dying forever.
Just imagine the idea of Amazon and Google owned bars and restaurants, that sounds terrible. Hopefully Cuomo has at least an ounce of respect for businsess in him so he can start opening up bars and dine in restaurants by next month.
I try not to make this a republican versus democrat thing. Most are in agreement with the quarantining no matter what the mainstream media would have you think. People are pro keeping themselves and their families safe. They did it also to help not overwhelm hospitals. As for small businesses dying, there was literally one person in all of Congress who voted against a bill that went mostly towards corporation. THAT was a economic package to be ashamed of. That did not help small businesses the way it should have. You had churches that pay no taxes get bailout money and corporations get money that was supposed to go towards small businesses. There was/is very little oversight to who is getting funds.
The money towards small businesses was also laughable. I heard it ran out after about 2 weeks with most small businesses not seeing a dime.
Well if you aren't smart enough to realize a lockdown of 3 plus months will kill small businesses, then heck I don't now what to say.
And yes I do believe as Bob said above, a month may have been sustainable for many small businesses. Clearly not ideal but do able.
Though I'll say at this point everywhere should be open (because people can't afford to support themselves with businesses closed and lack of more govt. support), can you imagine what would have happened if there were no quarantine? Even before quarantines were enacted in certain states, people stopped traveling, going to restaurants, etc. The problem would have ballooned into a much bigger issue anyway. Look at what happened when Cuomo decided to lock down the state later than he should have.
Though I'll say at this point everywhere should be open (because people can't afford to support themselves with businesses closed and lack of more govt. support), can you imagine what would have happened if there were no quarantine? Even before quarantines were enacted in certain states, people stopped traveling, going to restaurants, etc. The problem would have ballooned into a much bigger issue anyway. Look at what happened when Cuomo decided to lock down the state later than he should have.
Sure some people would've but not everyone would have.
Also people were lead to believe this would last a few weeks, maybe a month. Then it became two months then three months. And we don't know when it will end.
This ruined some many peoples businesses and lives. For example, I will be out of work until at least spring of 2021 in my industry. So I'm gonna be stuck finding a new career once the city opens.
They're nowhere near socialism. Just a reminder that with socialism, the workers own the means of production (the masses would share the profits that their labor produced) versus just a handful of people in the state.
Just a reminder that socialism has various forms, one of which is called social democracy:
Quote:
Social democracy is a political, social and economic philosophy within socialism[1] that supports political and economic democracy.[2] As a policy regime, it is described by academics as advocating economic and social interventions to promote social justice within the framework of a liberal democratic polity and a capitalist-oriented mixed economy. The protocols and norms used to accomplish this involve a commitment to representative and participatory democracy, measures for income redistribution, regulation of the economy in the general interest and social-welfare provisions...
...While having socialism as a long-term goal,[7] social democracy seeks to humanize capitalism and create the conditions for it to lead to greater democratic, egalitarian and solidaristic outcomes.[8] It is characterized by a commitment to policies aimed at curbing inequality, eliminating oppression of underprivileged groups and eradicating poverty[9] as well as support for universally accessible public services like care for the elderly, child care, education, health care and workers' compensation.
That is exactly what Democrat Progressives like deBlasio is.
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