Support the Arctic Sea Ice Forum and Blog

Author Topic: Global recession, supply issues and other COVID-19 consequences  (Read 90917 times)

wili

  • Young ice
  • Posts: 3339
    • View Profile
  • Liked: 611
  • Likes Given: 409
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1050 on: December 05, 2020, 11:07:00 PM »
And...it's not silly to equate the stock market with the entire economy, which is what you literally did?

If stock market = economy, which is what you said, then it should follow that if there is no stock market, then there is not economy...

I'm just trying to follow your (il-)logic to its (absurd) conclusion.

Please clarify, if I somehow am misunderstanding what your meaning of 'is' is here
« Last Edit: December 05, 2020, 11:15:21 PM by wili »
"A force de chercher de bonnes raisons, on en trouve; on les dit; et après on y tient, non pas tant parce qu'elles sont bonnes que pour ne pas se démentir." Choderlos de Laclos "You struggle to come up with some valid reasons, then cling to them, not because they're good, but just to not back down."

Shared Humanity

  • Frazil ice
  • Posts: 430
    • View Profile
  • Liked: 191
  • Likes Given: 19
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1051 on: December 05, 2020, 11:57:49 PM »
Rodius, we are wrong.  The stock market is the economy.  Has been since the current market system began.  The economy has never deviated from the market - ever.  There have always been winners and losers, people at the top and bottom, from the beginning of time.  The difference between today and previous systems is that there exist a large portion in the middle.  They will be rich always and the poor will always be with us.  Someone much wiser than me once said that.

Christ almighty! The stupid, it burns. Remind me to not take any investment advice from you.
« Last Edit: December 06, 2020, 04:15:46 PM by Shared Humanity »

Rodius

  • Grease ice
  • Posts: 545
    • View Profile
  • Liked: 322
  • Likes Given: 14
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1052 on: December 06, 2020, 02:02:02 AM »
Rodius, we are wrong.  The stock market is the economy.  Has been since the current market system began.  The economy has never deviated from the market - ever.  There have always been winners and losers, people at the top and bottom, from the beginning of time.  The difference between today and previous systems is that there exist a large portion in the middle.  They will be rich always and the poor will always be with us.  Someone much wiser than me once said that.

Christ almighty! The stupid hurts. Remind me to not take any investment advice from you.

Exactly.

An example of how ridiculous the stock market situation is.

About 10 years ago a whole bunch of companies listed on the stock exchange used financial products so badly that is brought the global economy to its knees.
What exactly did they contribute to the economy?
Well, the contributed debt products that destroyed the ability of people to spend their money. When their financial products, which contributed nothing at all to the true economy, failed, we were told they were too big to fail (this is in spite of the US motto of survival of the fittest... if this were true, they would have been allowed to die their natural and deserved deaths) and they were saved using tax payer money. Tax money that came from workers and small businesses who were left to fail and die.

The economy propped up a bunch of thieves.
And to top it off, they got bonuses and have done it again.
No jail time was to be had, no punishments were made, they got bailed out because of the myth that if they failed, the stock market would truly crash and it would be bad.... for rich people.

So the poor working class bailed them out via the Govt who are meant to represent their interests.

If those companies were left to die their deserved death, the gaps they left would have been filled by companies who didn't make bullshit financial products, tax payer money that was spent propping up thieves could have been given back to tax paying workers who would have spent it in companies in the economy who actually make things and provide serves that employ a lot of people.

And today, with the added complexity of a virus that will ravage its way through people and the economy, the same situation is in place with stock market companies producing more bullshit products that contribute nothing to the actual economy.... and they do it because they believe that when the shit hits the fan again, they will still make money from the situation.
Why wouldn't the stock market go up when they have a govt who is always prepared to save their miserable asses?

Covid is being used as yet another means to gather in power and wealth to even more extreme levels at the expense of peoples life's, shelter, food and well being.
This has happened so many times throughout history as to be cliche.... and when the people get sick of it enough, and I suspect it is getting closer by the week, they will rise up against those in power and reset the balance.

I am sure there are examples of this happening without bloodshed and misery, but they are the exceptions, not the rule.

Covid, while bad enough, is not the biggest problem in the US or the world, but it sure as hell is the spark that will light the firestorm.

The concentration of wealth in 2020 has worsened because of the actions of wealthy and powerful people and Covid is the screen that has been used to do it.
It wont last.
People in the US are getting hungry, shelter is uncertain, and the rich get richer...... seriously, it is cliche and this is yet another thing that baffles me concerning those in power.... surely they know that it is better to give more back and keep their stupid wealth and power intact than to keep taking until there is a revolution?

The stock market is unrelated to the real economy. It is just a wealth creating project for the already rich.


The Walrus

  • Nilas ice
  • Posts: 1005
    • View Profile
  • Liked: 82
  • Likes Given: 116
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1053 on: December 06, 2020, 01:34:31 PM »
And...it's not silly to equate the stock market with the entire economy, which is what you literally did?

If stock market = economy, which is what you said, then it should follow that if there is no stock market, then there is not economy...

I'm just trying to follow your (il-)logic to its (absurd) conclusion.

Please clarify, if I somehow am misunderstanding what your meaning of 'is' is here

You are using false logic (specifically false negation).  To say that there would be no economy without a stock market is equivalent to saying there would be no rule without a legislature.  If either were eliminated today, a brief period of chaos would exist, until a new system was put in place.  Hence, they can be equated at this point in time.  Every since we have the current market system in place, the economy can be directly correlated to the stock market.  The market is where companies raise money to operate.  The cumulative operation of these companies is the economy.  The economy has followed lock step with the market since its inception.  Every recession or expansion has been preceded by a rise or fall in stocks (and bonds).  If the market were to collapse, the economy would be in ruins.  It appears that many people do not understand how this works, and those who do not understand the workings of the market would be wise to not invest therein. 

Nothing silly or absurd.  Just logical and accurate.  Does that help you understand.

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1054 on: December 06, 2020, 03:34:48 PM »
The stock market can double or half in a year or two.
Does the economy actually change by that magnitude that fast, or is it mostly psychology?
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

wili

  • Young ice
  • Posts: 3339
    • View Profile
  • Liked: 611
  • Likes Given: 409
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1055 on: December 06, 2020, 04:06:11 PM »
Good point, Tom. Basically, Walrus is just spouting tautology...'I have defined the economy as the stock market, therefore the economy is the market'

I'll let SH or someone else knowledgeable about the minutia of these things go into the details if they have the stomach for it. I'll admit that morally repugnant games that many market players have engaged in have, indeed, had devastating effects on the larger economy, so the two aren't completely divorced from each other.   :-\

Neither the '08 nor the '20 economic collapse was 'anticipated' by the stock market. The collapse of banks (and their stocks, of course) caused panic which caused economic collapse. Such market panics were the main cause (not 'predictor'--and sometimes such panics were planned for political purposes!) of economic collapse through much of market history.

As for this years calamity:
Quote
As a result of the rapid spread of the pandemic, economies across the world initiated 'lockdowns' to curb the spread of the pandemic. This resulted in the collapse of various industries and consumerism all at once, which put major pressure on banks (interest rates increased) and employment.This caused a stock market crash...

https://en.wikipedia.org/wiki/COVID-19_recession#Causes

Now the rich are doing quite well (and I guess you could say that this is the portion of the 'economy' that is best reflected in the stock market) while things are getting worse for much of the rest of the country.

https://www.businessinsider.com/economic-outlook-kshaped-recovery-low-income-industries-unemployment-crisis-recession-2020-11
« Last Edit: December 06, 2020, 04:17:46 PM by wili »
"A force de chercher de bonnes raisons, on en trouve; on les dit; et après on y tient, non pas tant parce qu'elles sont bonnes que pour ne pas se démentir." Choderlos de Laclos "You struggle to come up with some valid reasons, then cling to them, not because they're good, but just to not back down."

Shared Humanity

  • Frazil ice
  • Posts: 430
    • View Profile
  • Liked: 191
  • Likes Given: 19
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1056 on: December 06, 2020, 04:18:03 PM »
I'll let SH or someone else knowledgeable about the minutia of these things go into the details if they have the stomach for it.

Have an Economics degree and MBA from the University of Chicago and simply do not have the inclination to engage. It is a waste of energy.

Spending time talking to this individual would make me stupider as a result.

« Last Edit: December 06, 2020, 05:10:00 PM by Shared Humanity »

kassy

  • Moderator
  • Young ice
  • Posts: 3145
    • View Profile
  • Liked: 1283
  • Likes Given: 1203
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1057 on: December 07, 2020, 01:28:55 PM »
Lets keep to the Covid related economic stuff.
Þetta minnismerki er til vitnis um að við vitum hvað er að gerast og hvað þarf að gera. Aðeins þú veist hvort við gerðum eitthvað.

The Walrus

  • Nilas ice
  • Posts: 1005
    • View Profile
  • Liked: 82
  • Likes Given: 116
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1058 on: December 07, 2020, 05:19:05 PM »
Fine by me, although I thought that the market's plunge earlier this year in response to government lockdowns would qualify as covid-related.

kassy

  • Moderator
  • Young ice
  • Posts: 3145
    • View Profile
  • Liked: 1283
  • Likes Given: 1203
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1059 on: December 07, 2020, 06:32:22 PM »
Well that was but the debate got off track.
Þetta minnismerki er til vitnis um að við vitum hvað er að gerast og hvað þarf að gera. Aðeins þú veist hvort við gerðum eitthvað.

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1060 on: December 08, 2020, 01:49:07 PM »
US economy at risk of 'double-dip' recession without additional coronavirus relief
https://www.foxbusiness.com/economy/us-economy-faces-threat-of-double-dip-recession-without-additional-covid-aid
Quote
The U.S. economy faces the risk of a double-dip recession if Congress fails to pass another round of emergency aid before the end of the year.
That's according to a new analysis published by S&P economists, which argued that without additional stimulus measures amid a surge in COVID-19 cases, the GDP -- the broadest measures of goods and services produced in the country -- will almost certainly decline for two consecutive quarters, postponing a full recovery until the second half of 2022.

The government wants the recession to be over to justify winding back stimulus measures
https://www.theguardian.com/business/commentisfree/2020/dec/06/the-government-wants-the-recession-to-be-over-to-justify-winding-back-stimulus-measures
Quote
Recessions should be a catalyst for change. But what we are seeing is the government wanting to quickly return to the path it was on prior to the pandemic – one which already had low wages, insecure work, low industrial action and an ever decreasing share of the national income going to workers.
This week the government was very eager to say Australia was no longer in a recession.

THE COMING WAVE OF EVICTIONS WILL SIGNIFICANTLY WORSEN AMERICA’S COVID-19 CRISIS
https://theappeal.org/the-coming-wave-of-evictions-will-significantly-worsen-americas-covid-19-crisis/
Quote
Lost in the pandemic news coverage of risk-laden holiday travel and restaurant dining lies an event that could endanger far more lives: the expiration of the Centers for Disease Control and Prevention’s temporary order to halt evictions. This order, which took effect on Sept. 4 and provided some protections against evictions after the CARES Act temporary moratorium expired, is set to expire on Dec. 31 unless the federal government takes immediate action. We are urging the CDC to immediately extend its emergency order through next spring to give the Biden administration and Congress time to issue a robust moratorium and provide additional emergency rental assistance.

COVID: Tenants Advocates, Lawmakers Trying To Avert ‘Tsunami Of Evictions’ When Moratorium Ends
https://sanfrancisco.cbslocal.com/2020/12/07/covid-tenants-advocates-lawmakers-trying-to-avert-a-tsunami-of-evictions-when-moratorium-ends/
Quote
Almost two-thirds of people living in Oakland are renters and some are predicting a “tsunami of evictions” when the moratoriums finally end and people who owe money are told to pay up.
James Vann founded the Oakland Tenants Union to try to keep people in their homes. But even he can’t imagine what will happen when the government stops protecting the millions of people who owe money to landlords.
“If everybody had to move, where would they go? What would happen?” he said, pointing to the apartment houses on his block. “Nobody can fill up all these vacancies if everybody got evicted.”

Landlords go to court to fight Gov. Walz's eviction moratorium
https://www.startribune.com/landlords-go-to-court-to-fight-walz-s-eviction-moratorium/573324851/
Quote
Michael Kemp, an attorney with Hansen Dordell, represents the two Twin Cities property owners, Heights Apartments and Walnut Trails, who filed for the injunction to stop the moratorium. Kemp said that the executive order’s “temporary moratorium has been an indefinite moratorium” that does not pass “constitutional muster.”
“We have no idea when the end is in sight. My clients and other property owners across the state have no ability to plan about when they’re going to start receiving rents again,” Kemp said. “They have no idea how long they may have to put up with nuisance or in fact illegal conduct from their tenants, so the denial here is a fundamental right ... the right to the only remedy that is available for request for possession of the property.”

A CLOSER LOOK: evictions are expected to worsen amid COVID-19 crisis
https://www.nwahomepage.com/news/a-closer-look/a-closer-look-evictions-are-expected-to-worsen-amid-covid-19-crisis/
Quote
The approaching Centers for Disease Control (CDC) temporary moratorium ending, sluggish job growth in November, and increasing COVID-19 cases, are three reasons more must be done to help tenants during the pandemic, according to retired University of Arkansas Little Rock Law Professor Lynn Foster.
The CDC’s order to halt evictions is set to expire December 31, unless the federal government extends it. It took effect on September 4.
In her November Arkansas Eviction report, she states, “at this point, it’s clear that all the money, which goes directly to landlords, will be spent by the end of this month or soon after,” referring to the state’s legislature $10 million approval for rent assistance.

Protestors call for eviction relief outside Falls district court
https://www.buckscountycouriertimes.com/story/news/2020/12/08/bucks-county-evictions-lower-bucks-4-change/6478539002/
Quote
Carrying signs that read "eviction is murder," "rent relief now" and other phrases, the protestors said — at times through a bullhorn — that no one should be forced from their homes during a pandemic.
"People are losing their housing, it's shameful," said Brit Montoro, of Falls. "There's a pandemic, people are out of work and waiting on benefits. Evictions have to stop."

The looming eviction crisis
https://www.cbsnews.com/news/covid-and-the-looming-eviction-crisis/
Quote
It is deeply ingrained among our most enduring clichés: "There's no place like home." "Home is where the heart is." "A man's home is his castle."
So, what happens when a family is evicted from their home?
"It's catastrophic," said Matthew Desmond, a sociology professor at Princeton University. These days, he is also is principal investigator of the university's Eviction Lab. "Let's put ourselves in the shoes of a family who gets evicted. We lose our neighborhood. Our kid loses their school. Often we lose all our things, our possessions, because they're piled on the sidewalk or taken by movers."

When the COVID-19 pandemic hit, available food assistance doubled — but so did the need
https://www.indystar.com/story/news/local/indianapolis/2020/12/07/hunger-indiana-pandemic-doubled-available-food-assistance-and-need/3793067001/
Quote
The results of two surveys conducted by Indy Hunger Network in February and June reveal how significantly the COVID-19 pandemic has affected hunger across Marion County.
The report, published in late October, found that, while nonprofits and federal aid nearly doubled the number of meals being distributed to food-insecure Hoosiers, the need also doubled.

Garment Workers Are Going Hungry: ‘Egg Is a Luxurious Food for Us Now’
https://sourcingjournal.com/topics/labor/worker-rights-consortium-garment-worker-hunger-food-security-coronavirus-adidas-248857/
Quote
As jobs and wages continue to spiral downward in the wake of the Covid-19 outbreak, garment workers across the supply chains of some of the world’s biggest fashion brands are reporting growing hunger and food insecurity, according to a new report published Friday.

Advocates say hunger, food anxiety grow during pandemic
https://www.washingtontimes.com/news/2020/dec/6/advocates-say-hunger-food-anxiety-grow-during-pand/
Quote
Anti-hunger advocates warn that an unprecedented food crisis awaits the U.S. this winter because COVID-19 has depleted pantries and joblessness remains high entering the colder months.
Most heartbreaking, observers say, is that the nation’s children had faced historically low levels of food anxiety before the pandemic.
“Before COVID hit, we were on a pathway to end childhood hunger,” Lisa Davis, senior vice president of the D.C.-based nonprofit No Kid Hungry, said last week in phone briefing. “All of which was undone in just a matter of months.”

Millions in U.S. struggle with hunger
https://www.toledoblade.com/news/nation/2020/12/07/millions-in-us-struggle-with-hunger/stories/20201208041
Quote
Hunger is a harsh reality in the richest country in the world, even during times of prosperity. Now, with staggering job losses and business closings, millions of Americans are worried about empty refrigerators and barren cupboards.

Meet the Yemeni boy showing the world why we must stop the country from falling into famine
https://www.weforum.org/agenda/2020/12/yemen-hunger-malnutrition-famine-health-aid-un-united-nations
Quote
But malnutrition hangs like a spectre over him and 2 million other Yemeni children as war, economic decline and COVID-19 push Yemen closer to what the United Nations warns could be the worst famine for decades.
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

Sigmetnow

  • Multi-year ice
  • Posts: 19072
    • View Profile
  • Liked: 853
  • Likes Given: 324
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1061 on: December 11, 2020, 02:03:26 PM »
EU Commission chief sees more chance of no Brexit trade deal
Quote
BRUSSELS/LONDON (Reuters) - Britain is more likely to leave the European Union’s orbit on Dec. 31 without a trade deal than with an agreement, an EU official quoted the head of the European Commission as telling the bloc’s 27 national leaders on Friday.

Britain quit the EU in January but remains an informal member until Dec. 31 - the end of a transition period during which it has remained in the EU single market and customs union.


A no-trade deal Brexit would damage the economies of northern Europe, send shockwaves through financial markets, snarl borders and sow chaos through the delicate supply chains which stretch across Europe and beyond. ...
https://www.reuters.com/article/britain-eu/update-5-no-deal-on-brexit-trade-more-likely-than-agreement-eu-commission-chief-idUSL8N2IR1C8
People who say it cannot be done should not interrupt those who are doing it.

Rodius

  • Grease ice
  • Posts: 545
    • View Profile
  • Liked: 322
  • Likes Given: 14
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1062 on: December 11, 2020, 02:17:43 PM »

The government wants the recession to be over to justify winding back stimulus measures
https://www.theguardian.com/business/commentisfree/2020/dec/06/the-government-wants-the-recession-to-be-over-to-justify-winding-back-stimulus-measures
Quote
Recessions should be a catalyst for change. But what we are seeing is the government wanting to quickly return to the path it was on prior to the pandemic – one which already had low wages, insecure work, low industrial action and an ever decreasing share of the national income going to workers.
This week the government was very eager to say Australia was no longer in a recession.


The Australian Govt has already started to reduce emergency payments that brought unemployed people above the poverty line for Australia.
Unemployed people are now back below the poverty line, and it will reduce again in April.

As usual, the rich have done well during this pandemic, but the extra poor people.... not so much.

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1063 on: December 11, 2020, 03:30:38 PM »
John Rubino: Brutal Economy In 2021 (video)


US budget deficit up 25.1% in first 2 months of budget year
https://apnews.com/article/us-news-coronavirus-pandemic-66d0b745de5bf65d6239f80977e9da26
Quote
The U.S. government’s deficit in the first two months of the budget year ran 25.1% higher than the same period a year ago as spending to deal with the COVID pandemic soared while tax revenues fell.
The Treasury Department reported Thursday that with two months gone in the budget year, the deficit totaled $429.3 billion, up from $343.3 billion in last year’s October-November period.

Congress stuck, McConnell resists state aid in COVID-19 deal
https://apnews.com/article/coronavirus-financial-aid-steven-mnuchin-d327eac762f3152899904ad67f442632
Quote
An emerging $900 billion COVID-19 aid package from a bipartisan group of lawmakers all but collapsed Thursday after Senate Majority Leader Mitch McConnell said Republican senators won’t support $160 billion in state and local funds as part of a potential trade-off in the deal.

Lessons from the Great Recession for COVID-19 green recovery
https://www.greenbiz.com/article/lessons-great-recession-covid-19-green-recovery
Quote
Governments can deliver more jobs and stronger, more resilient growth by increasing the shares of their coronavirus economic recovery packages going to climate-friendly measures. Keeping in mind the lessons of a decade ago, governments should focus on projects that can scale up quickly, avoiding untested technologies and more complicated infrastructure projects. They should clearly define what projects are considered to be green and increase transparency. Finally, they should accompany economic stimulus plans with other policy changes, such as phasing out fossil fuel subsidies and use, introducing carbon pricing, and setting emissions targets and standards. Together, these strategies will enhance the effects of green spending and help governments to deliver the jobs and income their economies need.

Economist warns RI on brink of 'double-dip' recession
https://www.providencejournal.com/story/business/2020/12/09/economist-warns-ri-brink-double-dip-recession/3863744001/
Quote
The resurgence of COVID-19 and government restrictions to stop the spread have put Rhode Island and the country in danger of a deep, double-dip recession without a new infusion of federal stimulus funds, said Mark M. Zandi, chief economist at Moody’s Analytics.

Latin America Is Facing A Hunger Pandemic
https://www.npr.org/sections/goatsandsoda/2020/12/09/943906342/latin-america-is-facing-a-hunger-pandemic
Quote
A new report from a consortium of United Nations agencies finds that the number of people experiencing hunger in Latin America has grown steadily over the past five years. The report analyzes data through the end of 2019, prior to the arrival of COVID-19. But the social and economic inequality that were leading to malnutrition in the region, the authors say, have only gotten worse during the pandemic.

Omaha group provides healthful meals to battle pandemic hunger and help local farmers
https://omaha.com/news/local/omaha-group-provides-healthful-meals-to-battle-pandemic-hunger-and-help-local-farmers/article_2dd82190-38d2-11eb-85c9-37dad0b2cb8e.html
Quote
The meals — 1,900 of them — were destined for delivery or curbside pickup for people from across metropolitan Omaha and Council Bluffs. Since early March, No More Empty Pots has provided nearly 50,000 plant-based meals and distributed hundreds of boxes of fresh, locally grown produce. It’s part of helping to make sure that people have healthful food, not just something to eat, during the pandemic, and that local farmers can keep growing.

Legal Aid of NC Files Suit as Evictions Continue Despite Moratorium
https://qcnerve.com/nc-moratorium-evictions-legal-aid/
Quote
“I had a lot of hope for our low-income tenant clients across the state that this order was going to be an extremely significant protection for them,” Sturgill tells Queen City Nerve. Instead, the order’s mission to safeguard tenants’ rights struggled from the start amid confusion and obstruction in North Carolina courts.

Study: Allowing evictions during Covid-19 could have caused nearly 11,000 unnecessary deaths
https://www.vox.com/22160179/study-covid-19-eviction-moratoriums-deaths-cases-coronavirus-rent-stimulus-state-congress
Quote
Over the following months, more than half of these states allowed the protections to expire. Now, a new study says states that let those protections lapse saw an estimated 433,700 excess individuals contract Covid-19, and 10,700 people die from the virus.

New Data Shows Evictions Increasing During Pandemic
https://www.kpbs.org/news/2020/dec/10/new-data-shows-evictions-continue-during-pandemic/
Quote
New numbers obtained by KPBS on Thursday show that evictions are continuing in San Diego County, despite a state bill meant to stop many of them during the pandemic.

Eviction crisis looms as millions rely on federal moratorium expiring this month
https://abcnews.go.com/US/eviction-crisis-looms-millions-rely-federal-moratorium-expiring/story?id=74589282
Quote
Kruckenberg said that once the CDC order ends in December, he expects there to be “a lot of action in housing courts across the country” as a wave of eviction lawsuits hits the system.
By January, there will be an estimated $34 billion in back-owed rent, according to the National Council of State Housing Agencies.
“The likelihood of tenants being able to pay that back to a property owner without federal rent relief is very unlikely … and this is one of the reasons why we need relief from Congress as quickly as possible,” Benfer said.
When the CDC order expires in the new year, Benfer said “millions upon millions of individuals and children will face eviction. They will face the health harms that it causes, they will be threatened with COVID-19 contraction and death, perhaps, and they will also be hard-pressed to recover. Eviction is a jagged slide with no ladder back up, and this is something that our country will be recovering from for generations to come.”

Evictions loom for as many as 20 million Americans who are behind on rent. That's about the population of Florida.
https://www.businessinsider.com/millions-of-americans-are-behind-on-rent-risk-of-eviction-2020-12
Quote
On Monday, Moody's Analytics found millions of Americans are, on average, nearly $6,000 behind on rent payments, according to a Washington Post report.
The figure paints a bleak picture for what could happen come January 1, when eviction moratoriums expire and billions in back rent are due.
Some estimates — like one from advisory firm Stout — puts as many as 20.1 million tenants in the US at risk of eviction. That's equivalent to the population of the state of Florida.
Moody's chief economist said only federal relief can prevent Americans from losing their homes "in the dead of winter during a pandemic," but Congress has yet to agree on another stimulus bill and President-elect Joe Biden doesn't take office until January 20.

Thousands of Pa. families face potential eviction come the new year
https://www.mcall.com/news/pennsylvania/mc-nws-potential-evictions-20201211-xr6ujhg4kngxfkcgc25zp6223y-story.html
Quote
A Centers for Disease Control and Prevention order has kept many eviction cases on hold for tenants across the state who have not been able to afford rent during the pandemic. It is for people like Cheryl Kull, who lives in an apartment in Bucks County with her mother. She owes her landlord more than $8,000, a small chunk of as much as $958 million in back rent owed by as many as 240,000 tenants across the state by January, according to one estimate.
If she, or other tenants, cannot pay and their eviction cases move forward, they will be kicked out.

Frustrated landlords turning to illegal 'self-help' evictions
https://buffalonews.com/news/local/frustrated-landlords-turning-to-illegal-self-help-evictions/article_b85591ac-3979-11eb-a1e1-97f0f9e09967.html
Quote
Frustrated small landlords – particularly those from out of town – are starting to turn to illegal means to evict tenants who aren't paying, by changing locks or making conditions unlivable to force them out, local housing activists alleged Tuesday.
The landlords – often "mom and pop" property owners – have been dealing for months with an inability to evict difficult tenants or tenants who aren't paying their rent, often because they lost their jobs as a result of the Covid-19 pandemic.

Millions of renters face holiday evictions — and long-term debt
https://www.marketplace.org/2020/12/09/millions-renters-face-holiday-evictions-long-term-debt/
Quote
As bad as this pandemic is, the economic consequences are set to get a lot worse, particularly when it comes to housing.
Local eviction moratoriums are winding down all over the country, and the federal one from the Centers for Disease Control and Prevention ends on Dec. 31. According to the Census Bureau’s Household Pulse Survey they’ve been doing during the pandemic, about 33% of people in the U.S. are at risk of eviction or foreclosure. And rental debt is piling up.
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

The Walrus

  • Nilas ice
  • Posts: 1005
    • View Profile
  • Liked: 82
  • Likes Given: 116
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1064 on: December 11, 2020, 05:10:41 PM »

blu_ice

  • Frazil ice
  • Posts: 101
    • View Profile
  • Liked: 28
  • Likes Given: 76
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1065 on: December 11, 2020, 05:41:44 PM »
Meanwhile in the container freight market. Massive demand for Chinese goods are putting the logistics chain on the brink of collapse. Rates are all time high. It really is mad.

https://theloadstar.com/container-freight-rates-from-asia-surge-to-new-highs-its-gone-mad/

Container freight rates from Asia surge to new highs – 'it's gone mad'

By Mike Wackett 11/12/2020
Container freight rates from Asia continued to surge this week, reaching highs far in excess of long-term sustainable levels.

Today’s Shanghai Containerized Freight Index (SCFI) cumulative reading hit a new record of 2,311.71, representing a 162% increase on the same week last year.

After initially lagging behind the massive rate gains seen on the transpacific, spot rates to North Europe now lead the rate race in terms of percentage increase, 230% higher than a year ago.

The North Europe component of the SCFI jumped 24% on the week, to $2,948 per teu, while spot rates to Mediterranean ports put on 29% to breach the $3,000 mark, at $3,073 per teu.


However, reports to The Loadstar this week imply that actual rates paid by shippers to secure containers and the last remaining slots to Europe are significantly higher.

Lars Jensen of SeaIntelligence said anecdotal evidence suggested the exact rates shippers were paying on the Asia-North Europe tradelane could be up to $5,000 per teu.

“In this context, it should be noted that the market is at a point where the SCFI is, in some cases, significantly underestimating the actual rates paid, as there are additional fees related to equipment and space availability,” explained Mr Jensen.

One UK forwarder confirmed to The Loadstar this week that rate quotes had hit the $10,000 per 40ft high-cube on Asia-North Europe.

“It’s gone mad,” he said.

Moreover, the actual rates could be irrelevant if other carriers follow the lead of CMA CGM. The French carrier has advised its Asia-North Europe customers of a “booking freeze” for weeks 49, 50 and 51, “due to the strong demand for containers from Asia and the backlog in recent weeks”.

And another carrier has told Asia-North Europe customers this week it was looking to implement a $1,000 per teu fee if a shipment is cancelled within two weeks of the loading date.

Meanwhile, after several weeks of stable (but high) rates on the transpacific, the SCFI recorded an increase of $104 for spot rates to the US east coast, to $4,804 per 40ft, representing a 91% hike on the same week of last year, while rates to the west coast were flat this week, at $3,984 per 40 ft, which is, nonetheless, a vast 188% increase on the SCFI reading of a year ago.

And there appears no easing in the surge of cargo heading for the US west coast, with the port of Los Angeles’ Signal volume forecaster expecting 48% and 44%, respectively, more containers on ships in the next two weeks.

The pressure on the LA and Long Beach terminals from the enormous leap in throughput is intense – the Signal prediction for total Q4 volume at Los Angeles is up 40% year on year to over 850,000 teu – and vessels are waiting up to six days at anchor in the San Pedro Bay.

Jon Monroe, of Washington state-based Jon Monroe Consulting, said: “This Covid consumer recovery has legs. Retail sales posted strong gains over Black Friday, up 21% over last year, and if you have not already booked merchandise to ship pre-Chinese New Year, you may already be too late.”

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1066 on: December 13, 2020, 04:18:07 PM »
The Roubini Cascade
Are we heading for a Greater Depression?
https://cascadeinstitute.org/wp-content/uploads/2020/12/Lawrence-and-Homer-Dixon-ISC-Brief-7-v1.1-Roubini-Cascade-Dec4.pdf
Quote
This Brief develops a system map of Nouriel Roubini’s argument that the world is heading into a Greater
Depression. It uses this visualization to highlight crucial features of his prediction.

ECONOMY AFTER COVID-19 | Will we have a Covid-19 economic collapse?
https://www.youtube.com/watch?v=fwusVv3PHy4&feature=youtu.be
Quote
How will covid-19 affect the global economy? Will we suffer a new covid-19 recession and economic crash? What will happen to the US economy and will it survive the pandemic? Will the coronavirus vaccine magically put a stop to it? And how will all of this affect the little guy?

This Recession Is Particularly Harmful To Asian Workers
https://www.forbes.com/sites/christianweller/2020/12/12/this-recession-is-particularly-harmful-to-asian-workers/
Quote
This recession has brought a lot of suffering for people looking for a new job. This is especially true for many Asian workers. And things could get much worse for these workers, mainly women, as the labor market is slowing amid the accelerating pandemic.

Amid a hunger crisis, Houston struggles to keep food on people’s tables
https://www.nationalgeographic.com/history/2020/12/hunger-crisis-houston-struggles-keep-food-on-tables/#close
Quote
In a city still recovering from 2017's Hurricane Harvey, community food banks and restaurants rally to feed those in need.
Hunger a constant as region braces for dark winter
https://dailygazette.com/2020/12/13/hunger-a-constant-as-region-braces-for-dark-winter/
Quote
Amid a renewed winter surge of the coronavirus, the Capital Region is facing the highest numbers of infections since the onset of the pandemic in March: Albany County is consistently smashing infection and hospitalization records while Saratoga County acknowledged the 145 percent increase in cases within the past two weeks has overwhelmed its contact-tracing process.
But while some elements are a departure from the spring wave — more patients are surviving hospitalizations and officials are preparing for the first round of vaccine distributions — other aspects remain consistent.
Hunger.
Nationwide, more people are going without food than at any time during the pandemic.
Last year, 3.4 percent of adults were food insecure, said Dr. Colleen Heflin, professor of public administration and international affairs at the Maxwell School at Syracuse University.
By April, the number had tripled.
And as of mid-November, 12 percent of adults reported they didn’t have enough to eat within the past seven days, according to an analysis by the Washington Post.
Locally, 95,000 people in the seven-county area served by the United Way of the Greater Capital Region, or 10 percent of the population, are experiencing hunger or food insecurity.
“The level is rising to Great Depression levels,” Heflin said.

Tenant Advocates Rally Outside Brooklyn Housing Court To Stop Evictions During Pandemic
https://newyork.cbslocal.com/2020/12/11/tenant-advocates-rally-brookly-housing-court-eviction-moratorium/
Quote
Evictions in New York were supposed to be put on hold until the end of the year because of the coronavirus pandemic, but some tenant advocates say that’s not happening.
Demonstrators were outside Brooklyn Housing Court on Friday demanding an extension to the state’s eviction moratorium, CBS2’s Kevin Rincon reported Friday.

People in Dallas Rally to Demand a Stop to Evictions When Federal Moratorium Ends Dec. 31
https://www.nbcdfw.com/news/coronavirus/people-in-dallas-rally-to-demand-a-stop-to-evictions-when-federal-moratorium-ends-december-31/2503170/
Quote
"When people with the COVID-19 pandemic, businesses with spikes and raises in cases, people are out of jobs,” Ahmadian said. “People are out of income which puts them behind on rent.  When they get behind on rent the chances of them ending up here is 90%."

Court report shows evictions are spiking in Southern Nevada
https://www.nevadacurrent.com/2020/12/11/court-report-shows-evictions-are-spiking-in-southern-nevada/
Quote
When Markeshia Brown was served an eviction notice in November after she fell $3,000 behind in rent, she sent her landlord a declaration from the Centers for Disease Control and Prevention because she thought it would protect her.
She was wrong.
The CDC’s order is supposed to protect hard-hit and struggling families from being locked out of their homes during the pandemic, but on Thursday Brown and her family were forced out.
“I got a paper on the door yesterday saying I would be locked out in 24 hours, but I didn’t know I had a court date or anything,” she said. “I gave my CDC paper. I did what I was supposed to do.”
Brown is one of thousands of people who have had their evictions granted by the Las Vegas Justice Court in recent months at a rate that has alarmed lawmakers and service providers.

Landlords Have Filed More Than 150,000 Eviction Notices Already. By January It Will Get Much Worse.
https://www.motherjones.com/politics/2020/12/landlords-have-filed-more-than-150000-eviction-notices-already-by-january-it-will-get-much-worse/
Quote
A nationwide ban on evictions is the only thing standing between millions of jobless Americans and homelessness—and it’s set to expire Dec. 31, weeks before President-Elect Joe Biden takes the oath of office.

From my State Capitol:
Inside Franklin County's evictions court, as 'disaster' looms
https://www.bizjournals.com/columbus/news/2020/12/11/franklin-countys-evictions-court-bracing-for-di.html
Quote
Every morning, Robert Southers takes up a spot at a lectern-turned-information desk at the Greater Columbus Convention Center, now home to evictions court. It's usually 30 minutes or so before he's overwhelmed.

From the Toledo area, where my cousin-guardian lives:
https://www.toledoblade.com/local/city/2020/12/12/photo-gallery-past-due-toledo-lucas-county-evictions-part-2/stories/20201210090

California could allow mass evictions to begin during the worst Covid surge yet
https://www.theguardian.com/us-news/2020/dec/13/california-mass-evictions-renters-covid-19-surge
Quote
Millions of California renters are at risk of eviction as tenant protections soon expire, raising fears of a mass surge in homelessness during the deadliest phase of the pandemic so far.
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

Sigmetnow

  • Multi-year ice
  • Posts: 19072
    • View Profile
  • Liked: 853
  • Likes Given: 324
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1067 on: December 13, 2020, 07:09:20 PM »
Merkel Orders Germany Into Hard Lockdown as Infections Swell
Quote
Germany will enter a hard lockdown from Wednesday, with non-essential stores shuttered, employers urged to close workplaces and school children encouraged to remain at home.

The tighter restrictions -- including a ban on gatherings over the New Year -- will last until at least Jan. 10 after a looser shutdown failed to halt a surge in daily coronavirus infections and deaths. Chancellor Angela Merkel agreed the measures with the heads of Germany’s 16 states in talks Sunday and warned of rising pressure on the nation’s health system.

“There is an urgent need for action,” Merkel told a news conference. “We have seen rising infections and exponential growth in recent days and that means that we have to grieve many dead.”

After comfortably handling the initial wave of the pandemic, the country is lagging behind many of its neighbors, and officials came under increasing pressure to act days before Christmas. Infections and fatalities rose by record amounts on Friday, and almost 22,000 have died from the disease, out of a total of 1.3 million cases.

“The coronavirus is out of control, so we don’t want to do things piecemeal but act decisively,” Bavaria Premier Markus Soeder said alongside Merkel, describing the pandemic as a “catastrophe” and calling for a national effort to tackle it. “If we’re not careful, Germany will quickly become the problem child of Europe,” he warned.

A group of retailers wrote to Merkel warning of “disastrous consequences” if stores are closed during the key shopping month of December, Bild newspaper reported Sunday. “You are also irrevocably sealing the insolvency of thousands of retailers and putting millions into unemployment,” Bild quoted the letter as saying.

Germany’s soft shutdown from early November -- which closed bars, gyms and theaters but allowed most of the economy to continue operating -- failed to bring the virus back under control, putting hospitals under strain and complicating contact tracing.

Officials have said the seven-day incidence needs to come down to 50 per 100,000 and stay there. The measure was at a record 169 on Sunday, according to the RKI public health institute, while the number of coronavirus patients in intensive care rose to 4,527, also the highest since the start of the outbreak.

“The next three months will easily be the toughest of the whole pandemic,” Karl Lauterbach, a health policy spokesman from the ruling Social Democrats, told Die Welt newspaper on Sunday. Germany will likely be able to vaccinate around 5 million people in the first quarter of 2021, which won’t have much impact on the virus, he added.

The government provided emergency relief for businesses in November and December worth around 15 billion euros ($18.2 billion) a month. However, officials have warned that such assistance cannot continue into 2021, with Germany already taking on tens of billions of euros of new debt this year and next.
https://www.bloomberg.com/news/articles/2020-12-13/germany-to-enter-hard-lockdown-on-wednesday-as-infections-swell
People who say it cannot be done should not interrupt those who are doing it.

blu_ice

  • Frazil ice
  • Posts: 101
    • View Profile
  • Liked: 28
  • Likes Given: 76
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1068 on: December 14, 2020, 03:09:33 PM »
Remember how people were hoarding all sorts of things last spring? Waiting for the global supply chains to fail due to the pandemic? Well it didn't happen then but it is happening now. 

UK is the worst hit country thanks to self-inflicted brexit injury. The nation that invented free trade has to learn it's benefits the hard way.

The rest of the world is not far behind, though. Expect shortages.


https://www.theguardian.com/business/2020/dec/12/ikea-latest-firm-to-suffer-shortages-and-delays-due-to-clogged-uk-ports

Ikea latest firm to suffer shortages and delays due to clogged UK ports
Swedish chain says it is struggling to meet demand and apologises to customers

Zoe Wood and Joanna Partridge

Sat 12 Dec 2020 07.00 GMT

Ikea has become the latest victim of the UK’s gridlocked ports, with the retailer blaming delayed orders and stock shortages on the congestion, which is now also derailing food imports.

The Swedish chain said it was experiencing “operational challenges” as shipments of its flatpack furniture are held up at clogged ports. The hold-ups came as Ikea struggled to meet increased demand for home furnishings, which has soared this year as Britons have switched to homeworking.

Ikea’s social media channels have been besieged by angry customers, venting over late and missing furniture deliveries. The situation was made worse for some by long periods spent on hold to its contact centres.

One customer, Kathy Hall, said she had received her wardrobe doors but was told the frame would not be in stock until February. “If you don’t sort yourselves out and concentrate on giving a good customer service you will be out of business soon,” she tweeted.

The problems at Ikea came as Richard Ballantyne, chief executive of the British Ports Association, said the congestion issues were “cascading” beyond the container ports. He added that delays and queues at lorry ports on the east coast were now increasingly common.

Ballantyne said: “We are seeing a big increase in traffic, which is now cascading across the wider ports industry. This is the result of a perfect storm of a global surge in container movements, the traditionally busy pre-Christmas period and people moving more goods before the UK’s Brexit transition ends. This is putting pressure on the logistics and storage sectors both in the UK and abroad.

Dublin port, the gateway to Ireland’s economy, is also bracing for post-Brexit delays that could cause knock-on hold-ups in UK ports. The director of port operations for Stena, which operates Holyhead port in Wales, has expressed concern that congestion at Dublin will disrupt ferry schedules in Welsh ports, where Ireland-bound trucks face pre-clearance to meet Irish regulations.

Ikea told the Guardian it had been faced with “unprecedented” demand for its products, which include bestselling lines such as the Pax wardrobe and Billy bookcase.

However, the strong sales had come at a time when Ikea’s “supply chain, including the ports and goods terminals where our products are received, has been impacted by Covid-19. Our product availability has been affected as a result,” it said.

Ikea declined to say which ports it relied on but the most congested ports are the container ports of Felixstowe, Southampton and London Gateway, according to the supply chain risk advisory firm Resilience360.

Other retailers are also struggling to get stock into stores in time for the critical Christmas period. Toy stores, stores that sell electrical goods and builders’ merchants have all reported shortages and delays in receiving stock. The delays are also affecting other industries, with Honda forced to halt production at its Swindon plant this week due to a shortage of car parts.

In recent weeks the congestion at container ports has prompted vessels to “cut and run” – either partially unloading or skipping UK calls altogether to offload cargo at mainland European ports such as Antwerp, Rotterdam and Zeebrugge.

Until now the delays have not hit businesses bringing food to the UK but that is changing as goods destined for supermarket shelves end up marooned at foreign ports.

The rerouting of cargo has affected produce suppliers such as Minor, Weir and Willis, which said it had two container loads of ginger stuck in Zeebrugge. They could be driven to the UK within 12 hours but the company told the Grocer magazine that the paperwork could take days, a situation the company described as “maddening”.

Ikea said it was working hard to resolve the stock issues and had hired additional staff on its customer helplines: “These continue to be extraordinary times and we apologise unreservedly for the inconvenience caused to our customers. We fully understand their frustration and want to assure them that we are working intensively to resolve these challenges as soon as possible.”

Sigmetnow

  • Multi-year ice
  • Posts: 19072
    • View Profile
  • Liked: 853
  • Likes Given: 324
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1069 on: December 14, 2020, 08:37:38 PM »
Major U.S. movie theater chain
AMC Entertainment Lenders Urge It to Declare Bankruptcy
Quote
Although AMC Entertainment Holdings (NYSE:AMC) got a $100 million lifeline last week, it still needs $750 million more to make it through next year. Some of its lenders are thinking it may not be worth it.

Three of its creditors are urging the theater operator to declare bankruptcy. If it agrees to do so, they will provide AMC with $1 billion of debtor-in-possession (DIP) financing. Such an arrangement allows the lenders to jump to the front of the line of all creditors who now control the company.

It's a dual-edged sword, since filing for bankruptcy protection is supposed to give a business relief from its lenders as it reorganizes, but in AMC's case, it may not have the financial wherewithal to continue operations. DIP financing, on the other hand, gives it the money it needs, but the lenders would call the shots, even if management remains in place. ...
https://www.fool.com/investing/2020/12/14/amc-entertainment-lenders-urge-it-to-declare-bankr/
People who say it cannot be done should not interrupt those who are doing it.

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1070 on: December 15, 2020, 03:24:44 PM »
Germany braced as hard lockdown set to trigger double-dip recession
https://www.ft.com/content/f4ce04eb-ce16-4b7b-8ae2-166149575767
Quote
Germany is heading for a double-dip recession this winter after Berlin imposed a hard lockdown, economists have predicted, denting hopes that Europe’s largest economy will rebound to pre-pandemic levels by the start of 2022.

The Pandemic Recession Is Also A Retirement Crisis Recession
https://www.forbes.com/sites/christianweller/2020/12/14/the-pandemic-recession-is-also-a-retirement-crisis-recession/
Quote
The recession of 2020 is a retirement crisis recession. Millions of older workers quickly lost their jobs, while the pandemic also sharply increased risks to their health. Older workers often confronted the unenviable choice of retiring without enough money or working longer and facing massive financial and physical risks.

Loss of snowbirds due to pandemic another hit to US tourism
https://www.foxbusiness.com/lifestyle/loss-of-snowbirds-due-to-pandemic-another-hit-to-us-tourism
Quote
Snowbirds like the Monks, often retirees who live somewhere warm like Arizona or Florida part time to escape cold weather, won't be flocking south this winter. For Canadians who drive, nonessential border travel is banned until at least Dec. 21. For some, it's fear of the virus.

After the Pandemic, a Pile of IOUs
https://www.bloomberg.com/opinion/articles/2020-12-13/after-coronavirus-pandemic-world-faces-mountain-of-debt
Quote
After the disease, the debt. After the plague, the pile of IOUs. It is a veritable mountain — a reminder that the original public debt in medieval Venice went by the name monte. According to the International Monetary Fund’s October Fiscal Monitor, the Covid-19 pandemic and associated lockdowns have prompted a plethora of fiscal measures amounting to $11.7 trillion, around 12% of global GDP — and that number has probably risen since it was calculated  on Sept. 11. “In 2020,” according to the Fund, “government deficits are set to surge by an average of 9 percent of GDP, and global public debt is projected to approach 100 percent of GDP, a record high.”
In advanced economies, public debt relative to output has increased as much since the late 1970s as it did between 1914 and 1945. Together, the global financial crisis and the pandemic have had roughly the same doubling effect as World War II. While Covid-19 will not kill as many people globally as history’s biggest war, the ultimate U.S. death toll is very likely to be higher. The pandemic’s financial cost also looks similar to that of a world war.

'The most lopsided economic event imaginable': Wave of evictions threatens Black, Latino tenants
https://www.politico.com/news/2020/12/15/the-most-lopsided-economic-event-imaginable-wave-of-evictions-threatens-black-latino-tenants-445387
Quote
As Covid-19 continues to wreak havoc on the nation, it is exacerbating long-existing racial disparities in housing — and those disparities mean that ultimately, even more people could get sick.
The expiration of the federal eviction ban at the end of the month will disproportionately hurt Black and Latino tenants, financially hobbling them for years and ensuring that the United States’ staggering racial wealth gap won’t narrow anytime soon.

An eviction moratorium expires at the end of the month, but thousands of Texans are still not able to afford rent
https://www.texastribune.org/2020/12/15/eviction-moratorium-texas-ends/
Quote
Communities of color are especially struggling to keep their homes. While more than half of white Texans are highly confident in being able to pay rent, only 21% of Black Texans and 14% of Hispanic Texans say the same.

Hunger spikes, demand rises for US food banks
https://www.bbc.com/news/world-us-canada-55307722
Quote
Nearly 26 million adults - 12% of all adults - reported in that their household had food shortages in the past week, according to Household Pulse Survey data collected in November.
Overall, food insecurity has doubled since last year, reaching the highest level since 1998, when data about US household ability to get enough food was first collected.
Hunger study predicts 168,000 pandemic-linked child deaths
https://www.foxnews.com/health/hunger-168000-pandemic-linked-child-deaths
Quote
Economic fallout from the coronavirus pandemic has set back decades of progress against the most severe forms of malnutrition and is likely to kill 168,000 children before any global recovery takes hold, according to a study released Monday by 30 international organizations.
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1071 on: December 17, 2020, 04:37:35 PM »
Looks like the big problem this winter is going to be evictions, so I will focus on that (maybe in the spring I will be focusing on millions of small businesses closing down for good?)

Evictions Feed The Pandemic
https://www.wbur.org/cognoscenti/2020/12/17/evictions-covid-19-charlie-baker-lara-jirmanus
Quote
“My landlord is in my apartment right now, and he is refusing to wear a mask!” said my client, who called in panic last week. “He opened the deadbolt. I called the police and they won’t come. They said it’s a ‘civil issue.’”
Through tears, she told me about her teenage son’s congenital heart condition. A single Latinx mother of two, she read that Black and Latinx children make up nearly 80% of COVID-19 deaths among children in the U.S. She worked two jobs but lost one during the pandemic. When she fell behind on rent, her landlord tried to illegally evict her, first shutting off utilities, then locking an emergency exit and finally entering her home without her permission.
Her story is not unique.

The CDC banned evictions for those affected by Covid. Why are tenants being thrown out on the street?
https://www.nbcnews.com/news/us-news/cdc-banned-evictions-those-affected-covid-why-are-tenants-being-n1251439
Quote
The day before Thanksgiving, Steve Cowley, a beverage salesman, was at home in Pensacola, Florida, when someone started pounding on the front door. It was the county sheriff serving an eviction notice.
Cowley, 36, had nowhere to go. Out of work because of Covid-19 and behind on his rent, he was doing his best to survive on $275-a-week unemployment checks. His car had been repossessed, he said, so he could not live in it, a common refuge for evicted tenants.
The sheriff's visit surprised Cowley because he'd provided the county court with documentation required under the federal eviction moratorium issued in September by the Centers for Disease Control and Prevention. The ban aimed to let renters affected by Covid stay in their homes, even if they couldn’t pay their landlords.
But Patricia Kinsey, the only judge hearing eviction cases in Escambia County, where Pensacola sits, ordered Cowley out of his home, documents show. Kinsey sided with a lawyer for Cowley's landlord, a big Canadian company that owns 19,000 rental units in North America, who’d argued that the CDC order was unconstitutional. Agreeing with the landlord’s lawyer, Kinsey ruled that the CDC moratorium represented an "unlawful taking" by the U.S. government of landlords’ private property — rental income.

Falling Behind on Weekly Rent and Afraid of Being Evicted
https://www.nytimes.com/2020/12/17/business/evictions-covid-pandemic.html
Quote
Residents of weekly rentals worry they will be kicked out if they can’t pay the rent. It’s unclear if the federal moratorium on evictions applies to them.

States grapple with next steps on evictions as crisis grows
https://abcnews.go.com/Health/wireStory/states-grapple-steps-evictions-crisis-grows-74773979
Quote
States and cities that passed eviction moratoriums amid the coronavirus-battered economy are wrestling with what comes next

Millions of Americans face eviction amid COVID-19: 'I have no idea what to do.'
https://www.usatoday.com/story/opinion/2020/12/17/americans-fall-through-eviction-cracks-during-covid-19-crisis-column/6056483002/
Quote
Before the COVID-19 pandemic hit, single mother Alora Manny was working third shift at an Amazon fulfillment center in Phoenix. Though she had a two-hour commute by bus, she was able to support her three children and pay the $1,248 in monthly rent for her one-bedroom apartment near downtown.
Manny, 31, loved her job and earned $1,200 to $1,500 per week, often picking up extra hours. But when Phoenix implemented passenger limits on public transportation to prevent the spread of COVID-19, Manny's two-hour commute turned into a four-hour journey some days. She would wait at the bus stop, only to watch the shuttles drive past her because they were at capacity. After arriving late to work a fifth time, Manny lost her job.
She fell behind on bills and was unable to pay rent in August. Desperate for help, Manny reached out to social services organizations that told her not to panic because a nationwide moratorium on evictions would serve as a lifeline. She submitted a sworn affidavit stating she had lost her income and presented it to her landlord. A few weeks later in September, deputies were at her door. They said: "You have to go."
Millions of Americans could be facing eviction after the holidays. Here's how you can help
https://www.usatoday.com/story/news/nation/2020/12/16/million-could-face-eviction-after-holidays-heres-how-help/3821743001/
Quote
Berg recommended those looking to help contact their local United Way or mayor's office to find direct service organizations that are helping the homeless this holiday season.
"Give them money," he said. "That's the most important thing."
Lt. Jared Martin, a commanding officer of Salvation Army in Winchester, Virginia, agreed that financial donations are best because they contribute to heating bills and staff payroll. Martin helps run a 40-bed shelter for families and individuals.
Martin also suggested making bulk donations of fresh, frozen or canned food to soup kitchens and individual portions to food pantries.
I am on a strict budget and cannot donate money. I did ask to volunteer at the local food bank (I've got plenty of time) but they said they are not taking new volunteers because of the covid (I don't see how that works...the old volunteers working there are as likely to bring covid in).

Arkansas judge declares CDC eviction moratorium unconstitutional
https://arktimes.com/arkansas-blog/2020/12/16/arkansas-judge-declares-cdc-eviction-moratorium-unconstitutional
Quote
Cleburne County Circuit Judge Holly Meyer has declared the CDC moratorium on evictions during the pandemic unconstitutional under both the U.S. and Arkansas Constitutions.

Kicked out after Christmas? Thousands in our area face eviction - what is being done to help?
https://www.click2houston.com/news/local/2020/12/17/kicked-out-after-christmas-thousands-in-our-area-face-eviction-what-is-being-done-to-help/
Quote
Lost jobs and reduced hours mean more Americans than ever are struggling to make ends meet. Many who can’t pay rent have had some protection. A federal ban on evictions has kept a roof over their heads. But that ban expires December 31st and with no real plan from local leaders. Our Investigates team is working to find your answers because tens of thousands of people could be out on the street in just a few weeks.
“It’s been very stressful. Figuring out what I’m going to do,” said Heather Hartman.
Days after this interview single mom Heather Hartman and her four young children were evicted from their Baytown home. Hers is one of 16,618 cases filed in Harris County since late March.

Big Bend area legal services brace for tsunami of evictions
https://www.wtxl.com/rebound/big-bend-area-legal-services-brace-for-tsunami-of-evictions
Quote
Community groups and homeless shelters are bracing for a wave of families who may be forced out of their homes in the coming weeks.
“We’re expecting what everybody has been saying is a tsunami of evictions,” explained Stephanie Johnson, the managing attorney of the Tallahassee office for Legal Services for North Florida. “We’re very worried about it, and we know landlords are worried about it too.”
Calls for eviction advice have increased dramatically since the start of the pandemic.
“In Tallahassee, we probably get five calls a day. Before the pandemic, we got about five a month,” Johnson added.

Listen: How COVID-19 exacerbated evictions in metro Phoenix
https://www.azcentral.com/story/news/local/arizona/2020/12/16/podcast-how-covid-19-exacerbated-evictions-phoenix/6542382002/
Quote
The economic impact of the COVID-19 pandemic has made it difficult for many to pay rent. Various government protections were put in place throughout the year to protect renters against evictions, including rental assistance and eviction moratoriums. 
However, reporting from The Arizona Republic found that hundreds of Arizona renters may have been wrongfully evicted. And more evictions may be on the way.

Guest view: Evictions fuel raging flames of COVID-19
https://dentonrc.com/opinion/guest-view-evictions-fuel-raging-flames-of-covid-19/article_93fdff44-3d38-5156-825f-762cfd3017fc.html
Quote
But the pandemic was never going to magically disappear by tearing a page from the calendar. For most of us, Jan. 1, 2021, will look like Dec. 31, 2020. But not all. Unless Congress takes action, millions of Americans unable to pay rent because of the pandemic and the economic crisis it set off are in danger of losing their homes when New Year’s Eve becomes New Year’s Day.
This matters for our health and economy. Research has shown evictions contribute to the spread of COVID-19, as it’s hard to shelter in place if one lacks shelter, just as it is hard to limit contacts if one has to live with extended family and friends. It’s in our national interest to keep people in their homes.

Small-scale landlords say court rules banning evictions cost them vital income
https://www.bizjournals.com/stlouis/news/2020/12/15/landlords-say-pandemic-rules-hurt-them.html
Quote
The landlords say court rules that often ban evictions amid the pandemic are costing them vital income needed to maintain properties, pay lenders and fulfill obligations like real estate taxes.
Yes, yes, I know it is easy to disparage the Big Bad Landlords. But they are people who have bills to pay and who are part of the economy. They don't have moratoriums on their taxes and bills.
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

Sigmetnow

  • Multi-year ice
  • Posts: 19072
    • View Profile
  • Liked: 853
  • Likes Given: 324
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1072 on: December 17, 2020, 07:58:03 PM »
Nearly 46,000 businesses slashed 401(k) contributions during pandemic
Quote
Though the overall share of firms that made changes is relatively small, it amounts to tens of thousands of 401(k) plans that have reduced the benefit for employees, according to Will Hansen, the group's executive director.

There are about 572,000 401(k) plans in the U.S., according to most recent data available from the Employee Benefits Security Administration.  Extrapolating the survey data would mean more than 46,000 plans cut 401(k) funding to employees, and a further 5,000 are considering it.

They did so in a few ways, according to the survey. The largest share of 401(k) plans — almost 4% — stopped paying a match to workers. Another 1.5% reduced their match. …
https://www.cnbc.com/2020/12/17/covid-pandemic-led-thousands-of-businesses-to-slash-401k-contributions.html
People who say it cannot be done should not interrupt those who are doing it.

sidd

  • First-year ice
  • Posts: 5856
    • View Profile
  • Liked: 815
  • Likes Given: 0
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1073 on: December 19, 2020, 06:34:46 AM »
USA: midwest/midatlantic, tales from the road

I'm seeing bifurcation among spending and exchange habits, K shaped.

The people who can work from home, upper class, are doing good. They walk in the upscale stores, got masks and gloves on, pay with cards, walk out as quick as they can. Meanwhile in the downscale stores i see a lot more cash, lot more uncertainty about purchases, hesitation. The homeless seem to be increasing ,  encampments under freeway ramps seem more crowded. Here's hoping for a mild winter.

And lot of people going into the unseen economy.  Barter is much more common, like cook you dinner tonite, you watch my kids tomorrow, you can have my flatbed for the morning if you come help me load some drywall into it when you're done, drop off a bale of hay for your livestock and you help me restring that fence tomorrow. This was always very common in rural areas, especially among the Amish, but i'm seeing it more in the cities too.

As far as business goes, residential real estate is still goin up away from large city cores, commercial goin down everywhere.  Truckers cant be found for love or money, nor can reefers.  But I hear mostly the same themes, barter deals much more common, i'll lend you my tanker truck and a driver, if you let me have your hazmat licensed driver in exchange kinda thing. And a lot more cash deals.

All barter deals are supposed to be reported to the IRS ...

sidd
« Last Edit: December 19, 2020, 06:40:34 AM by sidd »

Neven

  • Administrator
  • First-year ice
  • Posts: 7821
    • View Profile
    • Arctic Sea Ice Blog
  • Liked: 1139
  • Likes Given: 546
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1074 on: December 19, 2020, 01:06:53 PM »
Looks like "the people who can work from home, upper class" aren't really needed, are they? What have they got to barter?  ;D

Reading an interesting book called 'Why We Can't Afford the Rich'.

I've lost 100-150K EUR due to the lockdowns, and my wife threatened to divorce me last night. But I still consider myself lucky. I think there is going to be a lot of YLL. Who knows, maybe there will be a study researching that one day.
Il faut comparer, comparer, comparer, et cultiver notre jardin

Rodius

  • Grease ice
  • Posts: 545
    • View Profile
  • Liked: 322
  • Likes Given: 14
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1075 on: December 19, 2020, 01:31:13 PM »
Looks like "the people who can work from home, upper class" aren't really needed, are they? What have they got to barter?  ;D

Reading an interesting book called 'Why We Can't Afford the Rich'.

I've lost 100-150K EUR due to the lockdowns, and my wife threatened to divorce me last night. But I still consider myself lucky. I think there is going to be a lot of YLL. Who knows, maybe there will be a study researching that one day.

That is a heavy load, look after yourself and be kind to yourself.
I walked a similar road 15 years ago, my thoughts go out for you.

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1076 on: December 19, 2020, 04:47:54 PM »
For those who didn't know (like me) YLL = Years of Life Lost.

In public housing, a small debt can get poor tenants evicted
https://www.ny1.com/nyc/all-boroughs/ap-top-news/2020/12/18/in-public-housing-a-small-debt-can-get-poor-tenants-evicted
Quote
Public housing is supposed to be a solution to homelessness, not a cause of it.
But in Crisfield, a city of 2,600 on the Chesapeake Bay, the housing authority is one of the leading eviction filers. It files cases against tenants so often that officials hired a contractor to automate the process.
The agency owns just 330 units yet filed 718 times in 2019, all over late rent. In nearly 30% of those cases, records show, tenants owed less than $100.
What’s happening here isn’t an anomaly.

With Evictions Looming, Advocates Urge NYC to Accelerate Universal Right to Counsel
https://www.bkreader.com/2020/12/18/with-evictions-looming-advocates-urge-nyc-to-accelerate-universal-right-to-counsel/
Quote
For months, the COVID-19 pandemic left Brooklyn resident Felix Guzman out of work and unable to keep up with his rent. When he finally secured a job, the pay still wasn’t enough to catch up on the arrears that mounted over seven months.
Then Guzman received a letter from his landlord: pay up or face eviction proceedings.
“The landlord is able to flip these apartments, take good people out of these apartments and then when they are displaced they enter a shelter system that there is no way out of,” Guzman said during a meeting with tenant advocates and local lawmakers Wednesday. “Why is permanent displacement more feasible to the city than actually providing assistance?”

Republicans for Recession
https://newrepublic.com/article/160684/republicans-recession
Quote
How can you tell that the GOP has accepted Biden is the duly elected president? They’re trying to destroy the economy.

Hunger in LA spreads amid pandemic; here is how you can help
https://www.radio.com/wwl/news/local/food-hunger-spreads-amid-pandemic-here-is-how-you-can-help
Quote
When it comes to people in need of food she says Louisiana has the highest rate in the nation and that those numbers are rising by the day.
“I alone am servicing 3,300 households a month on average,” said Thomas. “When the pandemic hit in March I did 13,000 households and that is the average I was on for about four to five months.”
At least I was able to buy a covid T-Shirt for $20 that went to the food bank.

The Decimal Point that Blew Up the World
https://www.aier.org/article/the-decimal-point-that-blew-up-the-world/
Quote
What was the basis of panic that led the lights to darken on civilization? The most important date here might be March 11, 2020. That’s when Congress itself flew into an unwarranted panic, and acquiesced to a lockdown at the urging of the “experts.” State governors followed one by one, with few exceptions, and the rest of the world joined the lockdown frenzy.
Locking down, especially at that time, was a prudential decision. Here is the other side.
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

Sigmetnow

  • Multi-year ice
  • Posts: 19072
    • View Profile
  • Liked: 853
  • Likes Given: 324
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1077 on: December 20, 2020, 04:59:27 PM »
BREAKING: Dutch government bans air travel from the UK due to coronavirus mutation
The World Health Organization (WHO) has said it is in "close contact" with UK officials over the emergence of a new variant of coronavirus.
Quote
The new variant is spreading more rapidly than the original version, but it is not believed to be more deadly.
Along with the UK, the same mutation of the Covid-19 virus has also been detected in the Netherlands, Denmark and Australia, the WHO told the BBC.
There is no evidence to suggest the new variant reacts differently to vaccines.


What is happening around the world?
In the UK, the planned relaxation of Covid rules to allow households to mix over the Christmas period has been scrapped for large parts of south-east England - affecting nearly 18 million people - and cut to just Christmas Day for the rest of England, Scotland and Wales.
"Tier 4 residents must stay at home" as PM announces tighter restrictions
Italy has ordered a nationwide lockdown over much of the Christmas and New Year period. The country will be under "red-zone" restrictions over the public holidays, with non-essential shops, restaurants and bars closed, and Italians only allowed to travel for limited reasons.
The Netherlands and Germany have imposed lockdowns until January. In Germany, Christmas will see a slight easing, with one household allowed to host up to four close family members.
Austria is set to enter its third lockdown after Christmas. From 26 December, non-essential shops will be shut and movement outside homes restricted.
Sweden has recommended wearing face masks on public transport during the rush hour, reversing its earlier guidance.

France's President Emmanuel Macron is in a "stable" condition after testing positive for coronavirus, his office said on Saturday. He is still experiencing symptoms, such as coughing and fatigue, but they are not preventing him from working, it said.
Slovakia's Prime Minister Igor Matovic, who attended an EU summit with Mr Macron last week, said he had tested positive for coronavirus on Friday.
Several other European leaders who were also at the summit said they would self-isolate.
Australia's most populous state, New South Wales, has announced new restrictions on household gatherings and hospitality venues for the Greater Sydney area in an attempt to contain a growing outbreak there. Residents had already been told to stay at home.
In the US, the army general in charge of distributing Covid vaccines, Gen Gustave Perna, has admitted he failed over the initial number of Pfizer/BioNTech doses promised to states. More than a dozen states have expressed alarm at a cut in the expected number.
https://www.bbc.com/news/world-55382212
People who say it cannot be done should not interrupt those who are doing it.

harpy

  • Frazil ice
  • Posts: 395
    • View Profile
  • Liked: 108
  • Likes Given: 25
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1078 on: December 21, 2020, 08:27:21 PM »
They aren't going to let the stock market crash. They just punched in some codes into their algorithm in April and got the stock market back up. 

This is a collapsed and cratered economy, but as long as it "appears" alive, the party will continue.

Weekend at Bernie's was more prophetic than its writers could have ever imagined.



Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1079 on: December 22, 2020, 03:10:51 PM »
Government, Not Coronavirus, Is Killing Small Businesses
http://www.ronpaulinstitute.org/archives/featured-articles/2020/december/21/government-not-coronavirus-is-killing-small-businesses/
Quote
By slowing down the development of herd immunity among the population, the lockdowns could put those truly at risk in greater danger. Lockdowns have also had negative effects such as increases in drug and alcohol abuse and increases in domestic violence. Meanwhile, many schoolchildren are deprived of the opportunity to interact with their teachers and their peers. Instead, these children are subjected to the fraud of “virtual learning.”

South Jersey food bank and its singing ‘ambassador’ fight hunger spawned by COVID-19
https://www.inquirer.com/news/covid-singer-songwriter-cc-miles-hunger-food-insecurity-gloucester-camden-burlington-20201222.html
Quote
Bearing the uncommon title of “Youth Ambassador 2020 for the Food Bank of South Jersey,” Miles has volunteered for six years for the food-distribution agency that serves Camden, Gloucester, Burlington, and Salem Counties. After packaging food in the Food Bank’s Pennsauken warehouse and talking to dozens of clients, she knows that the economic wreckage wrought by COVID-19 has only increased need.
Food Bank distribution has rocketed from 16 million pounds in 2019 to nearly 21 million pounds and climbing so far this year because of the ravages of the coronavirus, agency officials say. Similarly, the agency has distributed 800,000 more meals to children (including school lunches) this year than last.

Suncoast CU Donates $550,000 for Pandemic Hunger & Mental Health Needs
https://www.cutimes.com/2020/12/21/suncoast-cu-donates-550000-for-pandemic-hunger-mental-health-needs/
Quote
Organizations see a 50% increase in food demand while requests for mental health services keep rising during the pandemic’s surge.

Butler County brewery donates 240,000 meals to food bank fight hunger during pandemic
https://www.journal-news.com/news/butler-county-brewery-donates-240000-meals-to-food-bank-fight-hunger-during-pandemic/YGNIYUKUBBFJTNRDT4DWOJW4YE/
Quote
“As the number of people impacted by COVID-19 continues to grow, food insecurity has become a community crisis and food banks are seeing unprecedented demand,” said Gabriela Bozdog, vice president and plant manager of the Trenton brewery. “We’re committed to meeting the needs in the communities where we work and live. It’s important for us to be active in the community.”

Hunger increases in US
https://www.fox19.com/video/2020/12/21/hunger-increases-us/
Quote
As coronavirus rages across the nation, so does food insecurity.

National Eviction Ban Extended, But Tampa Bay Renters are Still Concerned
https://www.baynews9.com/fl/tampa/news/2020/12/21/national-eviction-ban-extended--but-renters-concerned
Quote
What You Need To Know
Rent activists say there are too many loopholes in the eviction moratorium
Evictions are still being filed but not completed
Past-due renters are concerned that an eviction could keep them from finding suitable housing in the future

Evictions continue in Reno-Sparks despite the eviction moratorium
https://mynews4.com/news/local/evictions-continue-in-renosparks-despite-the-eviction-moratorium
Quote
The Washoe County Sheriff's office says their office received 911 lockout orders from the court since March 1. It served 671. Deputies were backed up and couldn't get to them all. 491 were served during the two month period from October 16 through December 14 when the eviction moratorium was not in effect.
"We had a large amount of evictions that had been waiting since March," Sheriff Balaam said.

NY renters face pandemic evictions ahead of Christmas, even with moratorium. What to know.
https://www.lohud.com/story/news/2020/12/21/ny-renters-face-pandemic-eviction/3945132001/
Quote
Florence-Yarde’s woes come as millions of Americans could be at risk of being evicted in the next several months, despite state and federal protections aimed at helping them.
In New York City alone, there have been nearly 30,000 private eviction filings between June 20 and Nov. 29, according to the New York University’s Furman Center.

Why The CDC Eviction Ban Isn't Really A Ban: 'I Have Nowhere To Go'
https://www.npr.org/2020/12/20/947992198/why-the-cdc-eviction-ban-isnt-really-a-ban-i-have-nowhere-to-go
Quote
When Tiffany Robinson heard about an order from the Centers for Disease Control and Prevention to stop evictions, it seemed like the life raft she needed.
"I thought this is going to help," said Robinson, "this is going to protect me."
But Robinson soon found out that what's often referred to as the "CDC eviction ban" is hardly a ban. This year after the coronavirus pandemic hit, Robinson lost her job managing construction sites. She was living in Bridge City, Texas, and was struggling to survive and raise her three kids on unemployment benefits alone. When she started to fall behind on her rent, her landlord filed an eviction case.

Renters facing eviction worry as CDC ban on evictions nears expiration date
https://www.wate.com/news/renters-facing-eviction-worry-as-cdc-ban-on-evictions-nears-expiration-date/
Quote
Benjamin Pekarek lives in Powell and recently received an eviction notice from his landlord. His wife lost her job and he has taken a large pay cut with his job — all due to the pandemic — causing them to fall behind on rent.
“The eviction was filed here in December. We were supposed to have a hearing Dec. 15. The Knox County General Sessions has been put into a moratorium until Feb. 8. I’m very worried about what happens Feb. 8, where we go from there. If nothing has been put in place between now and Feb. 8, people like us, short of an Airbnb or hotel room, there’s no place for us to go,” Pekarek said.

Kelly Evans: We must limit evictions as much as possible
https://www.reporterherald.com/2020/12/21/kelly-evans-we-must-limit-evictions-as-much-as-possible/
Quote
And yet, the challenges remain significant. As we look ahead to 2021, we’re facing expiring eviction  moratoriums on Jan. 1 and federal relief for the people who need it most remains uncertain. This is a difficult time for our renter community — both tenants and landlords. The risk of homelessness puts  immense stress on families, especially during a public health crisis. If tenants can’t make rent, small landlords can’t pay their bills including mortgages, utilities, taxes, and employee wages. This has the potential to ripple through our community in adverse ways including increased evictions and homelessness.

Legal group calls for immediate halt to homeless park evictions
https://krcrtv.com/news/local/legal-groups-calls-for-immediate-halt-to-homeless-evictions
Quote
A legal non-profit group is calling on the City of Chico to immediately halt plans to clear homeless camps out of Bidwell Park.
This comes after Chico Police Department's Target Team began moving campers out of the area of Bidwell Park along Woodland Avenue last week.

Will the new stimulus bill do enough to ameliorate this crisis?
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

SteveMDFP

  • Nilas ice
  • Posts: 1863
    • View Profile
  • Liked: 407
  • Likes Given: 26
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1080 on: December 22, 2020, 04:37:10 PM »
Government, Not Coronavirus, Is Killing Small Businesses
[link deleted in the public interest]
Quote
By slowing down the development of herd immunity among the population, the lockdowns could put those truly at risk in greater danger. Lockdowns have also had negative effects such as increases in drug and alcohol abuse and increases in domestic violence. Meanwhile, many schoolchildren are deprived of the opportunity to interact with their teachers and their peers. Instead, these children are subjected to the fraud of “virtual learning.”

Tom, please don't disseminate such disinformation.  Promoting "herd immunity" by allowing infections to spread has been thoroughly de-bunked.  It's clearly a prescription for death, disability, overwhelmed medical systems, *and* economic disaster.

This is especially true now, when several vaccines are rapidly being distributed and administered.   We're a few months away from this pandemic coming under control with a herd immunity derived from vaccination.  There is no justification for promoting "herd immunity" by letting the infection run wild.

I find it rather bizarre that people who have previously championed home-schooling are now such vocal critics of virtual schooling.

Shared Humanity

  • Frazil ice
  • Posts: 430
    • View Profile
  • Liked: 191
  • Likes Given: 19
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1081 on: December 22, 2020, 06:57:21 PM »


Will the new stimulus bill do enough to ameliorate this crisis?

No.

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1082 on: December 22, 2020, 07:57:12 PM »
SteveMDFP:
I interpreted this as his opinion. I favor lockdowns but am willing to give the other side a voice.
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

longwalks1

  • Frazil ice
  • Posts: 173
    • View Profile
  • Liked: 57
  • Likes Given: 12
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1083 on: December 22, 2020, 11:29:42 PM »
I too immediately thought, why is Dr. Ron Paul MD saying this when he has been such a vocal backer of home schooling. 

   usOfa pacifists and libertarians can often come to quick agreement on some  things as downsizing the military, ending sending usOfa troops on foreign military  killing sprees, and then agree to disagree on other things.  Ex Rep. Paul has been steadfast on his views on serious reductions in the usOfa military and intelligence gathering.

A caveat about the Ron Paul post would have been very helpful.   Most of what he writes about is more influenced by Ayn Rand than Hippocrates.   Although not a "Trumper" ex Rep.Paul' writings on COVID-19 are trumped by his unflagging belief in  the libertarian sanctity of absolute and utter personal individual liberty.  In this case, in my opinion, he is an echo chamber of things emanating from the Koch media blob.   Caveats are very important at times.


Rodius

  • Grease ice
  • Posts: 545
    • View Profile
  • Liked: 322
  • Likes Given: 14
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1084 on: December 23, 2020, 01:29:35 AM »
SteveMDFP:
I interpreted this as his opinion. I favor lockdowns but am willing to give the other side a voice.

I am of the opinion that sharing the opinions of people who are outrageously wrong is a bad idea. Only bad things can come from it.

The Walrus

  • Nilas ice
  • Posts: 1005
    • View Profile
  • Liked: 82
  • Likes Given: 116
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1085 on: December 23, 2020, 02:21:56 PM »
SteveMDFP:
I interpreted this as his opinion. I favor lockdowns but am willing to give the other side a voice.

I am of the opinion that sharing the opinions of people who are outrageously wrong is a bad idea. Only bad things can come from it.

This opinion does not appear to be wrong at all, as the lockdown has negatively affected small businesses disproportionately, and had the other effects mentioned.  You could take issue with his claim that herd immunity would have prevented this.

Rodius

  • Grease ice
  • Posts: 545
    • View Profile
  • Liked: 322
  • Likes Given: 14
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1086 on: December 24, 2020, 12:35:11 AM »
SteveMDFP:
I interpreted this as his opinion. I favor lockdowns but am willing to give the other side a voice.

I am of the opinion that sharing the opinions of people who are outrageously wrong is a bad idea. Only bad things can come from it.

This opinion does not appear to be wrong at all, as the lockdown has negatively affected small businesses disproportionately, and had the other effects mentioned.  You could take issue with his claim that herd immunity would have prevented this.

Small biz has been overly negatively affected because Govts keep handing money over to big biz to help them out.

Australia lockdown, the economy is doing better now than the countries that didn't try hard to stop Covid.
New Zealand is even better off economically because they fought Covid hard.

I am not sure how hard of an argument it would be to say aiming for herd immunity not only kills more of the general public but harms the economy of a country more at the same time while a lockdown that succeeds saves lives and is better for the economy.

The Walrus

  • Nilas ice
  • Posts: 1005
    • View Profile
  • Liked: 82
  • Likes Given: 116
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1087 on: December 24, 2020, 02:26:17 AM »
SteveMDFP:
I interpreted this as his opinion. I favor lockdowns but am willing to give the other side a voice.

I am of the opinion that sharing the opinions of people who are outrageously wrong is a bad idea. Only bad things can come from it.

This opinion does not appear to be wrong at all, as the lockdown has negatively affected small businesses disproportionately, and had the other effects mentioned.  You could take issue with his claim that herd immunity would have prevented this.

Small biz has been overly negatively affected because Govts keep handing money over to big biz to help them out.

Australia lockdown, the economy is doing better now than the countries that didn't try hard to stop Covid.
New Zealand is even better off economically because they fought Covid hard.

I am not sure how hard of an argument it would be to say aiming for herd immunity not only kills more of the general public but harms the economy of a country more at the same time while a lockdown that succeeds saves lives and is better for the economy.

Tough call.  I definitely agree that the lockdown wound save lives, but have a hard time it arguing that is better for the economy.  Unless similar economies try each separate approach, we may never know.

oren

  • First-year ice
  • Posts: 6805
    • View Profile
  • Liked: 2493
  • Likes Given: 2246
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1088 on: December 25, 2020, 02:17:05 AM »
Letting Covid run wild in the idiotic and evil quest for natural herd immunity is the worst thing possible for the economy. When people see the disease raging around tgem they avoid going out shopping, dining and travelling whether it is formally forbidden or not. This is especially true of people who are older (more at risk) and more educated (can read the statistics and understand the disease), both groups correlated with more affluence. The economy sputters when these people lock themselves up, even if it's only half the population. In addition, the health hardship obviously becomes an economic hardship as well. There really is no tough call at all here.

Rodius

  • Grease ice
  • Posts: 545
    • View Profile
  • Liked: 322
  • Likes Given: 14
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1089 on: December 25, 2020, 09:28:16 AM »
SteveMDFP:
I interpreted this as his opinion. I favor lockdowns but am willing to give the other side a voice.

I am of the opinion that sharing the opinions of people who are outrageously wrong is a bad idea. Only bad things can come from it.

This opinion does not appear to be wrong at all, as the lockdown has negatively affected small businesses disproportionately, and had the other effects mentioned.  You could take issue with his claim that herd immunity would have prevented this.

Small biz has been overly negatively affected because Govts keep handing money over to big biz to help them out.

Australia lockdown, the economy is doing better now than the countries that didn't try hard to stop Covid.
New Zealand is even better off economically because they fought Covid hard.

I am not sure how hard of an argument it would be to say aiming for herd immunity not only kills more of the general public but harms the economy of a country more at the same time while a lockdown that succeeds saves lives and is better for the economy.

Tough call.  I definitely agree that the lockdown wound save lives, but have a hard time it arguing that is better for the economy.  Unless similar economies try each separate approach, we may never know.

New Zealand blocked Covid, as is Australia for the most part.
NZ has almost no dead people and a strongly rebounding economy.
Australia got a reasonable hit and more dead people, the economic hit has been harder, but now nobody has died in weeks and the economy is bouncing back up again.

The US and Europe have been incredibly lax with Covid.... thousands are dying (comparisons on a per 1000 basis still looks far worse than NZ or Australia) and their economies are still taking hit after hit because people are losing jobs and being evicted and going hungry and not spending.

How can this clear and obvious comparison be seen as an argument that controlling Covid with hard and strong lockdowns for a few months is worse than what the US and Europe are going through?

Although, the rich in Europe and the US are still getting richer... there is that I suppose.

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1090 on: December 25, 2020, 02:59:26 PM »
UK faces deeper double-dip recession due to Covid mutation
https://www.ft.com/content/be5b1eee-1d83-45a2-a24b-958139eb2611
Quote
Economists warn downturn likely to last longer because of tighter restrictions to contain new virus strain

Pandemic. Recession. Oil bust. How Houston weathered economic collapse under COVID-19
https://www.houstonchronicle.com/business/article/Pandemic-Recession-Oil-bust-How-Houston-15823337.php
Well, they "weathered" it...guess all the news ain't bad!

Struggling renters face avalanche of evictions without federal aid
https://www.washingtonpost.com/business/2020/12/24/renters-emergency-aid-evictions/
Quote
Apartment tenants who have fallen behind on their rent face catastrophe at the end of the year, as Congress and President Trump have yet to approve emergency aid for renters or extend an eviction moratorium beyond Dec. 31, when it is set to expire.
An estimated 11.3 million households in the country are behind on rent or won’t be able to pay next month according to the Census Bureau, creating a backlog in unpaid rent estimated at $70 billion by Moody’s Analytics. Landlords have responded by filing hundreds of thousands of eviction notices at local courthouses around the country, cases that are ready to advance once moratoriums are no longer in place.

The federal eviction moratorium expires in January. It could leave 40 million Americans homeless.
https://www.usatoday.com/story/news/nation/2020/12/24/covid-eviction-moratoriums-could-eventually-leave-americans-homeless/4018226001/
40 million is almost one in eight...

Activists at work to stall evictions
https://www.nwaonline.com/news/2020/dec/25/activists-at-work-to-stall-evictions/
Quote
Some face arrest as they show up to block ouster of families

CDC eviction moratorium expiration nears, renters and landlords in limbo
https://www.fox8live.com/2020/12/24/cdc-eviction-moratorium-expiration-nears-renters-landlords-limbo/
Quote
The Centers for Disease Control and Prevention’s eviction moratorium is expected to expire in one week, if the stimulus bill that would extend it doesn’t become law. The clock is ticking as renters and landlords wait to see what happens while preparing for civil court in the new year.

Silicon Valley's hunger problems grow during a time of record profits
https://www.nbcnews.com/tech/tech-news/silicon-valley-s-hunger-problems-grow-during-time-record-profits-n1251760
Quote
During the Covid-19 era, Silicon Valley is donating millions of dollars more. It's not enough.

Hunger can happen to anyone, anywhere and it’s spiking high in Massachusetts
https://www.bizjournals.com/boston/news/2020/12/23/hunger-can-happen-to-anyone-anywhere.html
Quote
Hunger has skyrocketed in Massachusetts because of the Covid-19 pandemic and its public health and economic impact. Nearly one million people in Massachusetts are at risk of not having enough food for themselves or their families.
According to Feeding America projections, Massachusetts is now expected to have a 59% increase in food insecurity, which is the highest increase for a state in the country. One in seven people are struggling to put food on their tables, and it’s even worse for children: one in five.

Families on brink of eviction, hunger describe nightmare Christmas as $900 billion relief bill hangs in limbo
https://www.washingtonpost.com/business/2020/12/24/trump-congress-stimulus-unemployment-reaction/
Quote
About 14 million Americans will lose unemployment aid on Saturday after President Trump and Congress were unable to reach a deal.

Chicago Is Experiencing The Biggest Hunger Crisis In Decades Because Of Coronavirus — And The Recovery Could Take Years
https://blockclubchicago.org/2020/12/23/chicago-is-experiencing-the-biggest-hunger-crisis-in-decades-because-of-coronavirus-and-the-recovery-could-take-years/
Quote
Hundreds of people lined up for a Christmas meal Tuesday in Little Village, one of the neighborhoods hardest hit by coronavirus. Local food pantries are their lifeline: "It's a big help."

Seasons of need: El Paso food bank faces COVID-19 economic fallout beyond 2021
https://www.elpasotimes.com/story/news/local/el-paso/2020/12/23/el-paso-food-bank-fight-hunger-covid-19-fallout-through-2021/3914517001/
Quote
When this extremely difficult year ends, the food lines and the economic aftershocks of the COVID-19 pandemic are expected to continue in El Paso beyond 2021 as the food bank faces the expiration of some federal funding at the end of 2020.

SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

Shared Humanity

  • Frazil ice
  • Posts: 430
    • View Profile
  • Liked: 191
  • Likes Given: 19
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1091 on: December 25, 2020, 06:50:48 PM »
Letting Covid run wild in the idiotic and evil quest for natural herd immunity is the worst thing possible for the economy. When people see the disease raging around tgem they avoid going out shopping, dining and travelling whether it is formally forbidden or not. This is especially true of people who are older (more at risk) and more educated (can read the statistics and understand the disease), both groups correlated with more affluence. The economy sputters when these people lock themselves up, even if it's only half the population. In addition, the health hardship obviously becomes an economic hardship as well. There really is no tough call at all here.

This should be obvious to everyone but some are more dense than others.

South Korea and the U.S. had their first confirmed case on the exact same day. South Korea responded quickly and effectively with widespread testing, contact tracing and quarantining. They also placed restrictions on businesses but never had to shut down restaurants and bars completely, simply placing capacity constraints.

The results?

U.S.
19,141,356 confirmed cases
337,399 deaths
 
S.K.
54.770 confirmed cases
773 dead

To give you an idea of how difficult it is to control this, South Korea is now seeing the largest spike since the beginning of the pandemic.

Their economy is doing much better than the rest of the developed world.

https://foreignpolicy.com/2020/09/16/coronavirus-covid-economic-impact-recession-south-korea-success/
« Last Edit: December 25, 2020, 07:00:34 PM by Shared Humanity »

Espen

  • Young ice
  • Posts: 3367
    • View Profile
  • Liked: 243
  • Likes Given: 1
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1092 on: December 25, 2020, 11:26:21 PM »
My take is:
Have a ice day!

Tom_Mazanec

  • Young ice
  • Posts: 4376
  • Earth will survive AGW...but will Homo sapiens?
    • View Profile
    • Planet Mazanec
  • Liked: 631
  • Likes Given: 609
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1093 on: December 26, 2020, 12:35:29 AM »
Espen, could you type what that says? I can’t read it.
SHARKS (CROSSED OUT) MONGEESE (SIC) WITH FRICKIN LASER BEAMS ATTACHED TO THEIR HEADS

Espen

  • Young ice
  • Posts: 3367
    • View Profile
  • Liked: 243
  • Likes Given: 1
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1094 on: December 26, 2020, 11:01:44 AM »
Tyrants are like fireflies. They require darkness in ordrer to shine.
Have a ice day!

The Walrus

  • Nilas ice
  • Posts: 1005
    • View Profile
  • Liked: 82
  • Likes Given: 116
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1095 on: December 26, 2020, 02:40:46 PM »
“Policy response. This decisively shapes the recovery path and is a clear silver lining of the Covid recession. The speed, feasibility, and effectiveness of fiscal policy has been demonstrated, above all in the U.S. There remains a common misperception that virus caseloads and Covid deaths are strict determinants of economic performance. In reality, the correlation is weak — precisely because a strong economic policy response effectively bridges some of the economic damage from less successful virus control efforts. Think of how U.S. efforts at virus control largely failed relative to other rich nations —  in Europe, for example — yet U.S. real growth has still come out ahead. The much bolder U.S. policy effort explains that outcome. Yet, the ultimate impact of policy is to prevent a different type of contagion — household and firm bankruptcies and a wobbly banking system — and this is where structural damage comes in.”

hbr.org/amp/2020/11/why-the-global-economy-is-recovering-faster-than-expected
« Last Edit: December 26, 2020, 03:19:08 PM by kassy »

Espen

  • Young ice
  • Posts: 3367
    • View Profile
  • Liked: 243
  • Likes Given: 1
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1096 on: December 26, 2020, 03:39:22 PM »
The day day when the dollar is no more considered a reserve currency, the show is over and the spending (lending) will stop.
Have a ice day!

Rodius

  • Grease ice
  • Posts: 545
    • View Profile
  • Liked: 322
  • Likes Given: 14
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1097 on: December 27, 2020, 01:17:47 AM »
“Policy response. This decisively shapes the recovery path and is a clear silver lining of the Covid recession. The speed, feasibility, and effectiveness of fiscal policy has been demonstrated, above all in the U.S. There remains a common misperception that virus caseloads and Covid deaths are strict determinants of economic performance. In reality, the correlation is weak — precisely because a strong economic policy response effectively bridges some of the economic damage from less successful virus control efforts. Think of how U.S. efforts at virus control largely failed relative to other rich nations —  in Europe, for example — yet U.S. real growth has still come out ahead. The much bolder U.S. policy effort explains that outcome. Yet, the ultimate impact of policy is to prevent a different type of contagion — household and firm bankruptcies and a wobbly banking system — and this is where structural damage comes in.”

hbr.org/amp/2020/11/why-the-global-economy-is-recovering-faster-than-expected

This says to me that if the economy isn't affected by the spread of the virus, then the extra thousands and thousands of dead people arent important.... economy number one.

The Walrus

  • Nilas ice
  • Posts: 1005
    • View Profile
  • Liked: 82
  • Likes Given: 116
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1098 on: December 27, 2020, 02:05:58 AM »
“Policy response. This decisively shapes the recovery path and is a clear silver lining of the Covid recession. The speed, feasibility, and effectiveness of fiscal policy has been demonstrated, above all in the U.S. There remains a common misperception that virus caseloads and Covid deaths are strict determinants of economic performance. In reality, the correlation is weak — precisely because a strong economic policy response effectively bridges some of the economic damage from less successful virus control efforts. Think of how U.S. efforts at virus control largely failed relative to other rich nations —  in Europe, for example — yet U.S. real growth has still come out ahead. The much bolder U.S. policy effort explains that outcome. Yet, the ultimate impact of policy is to prevent a different type of contagion — household and firm bankruptcies and a wobbly banking system — and this is where structural damage comes in.”

hbr.org/amp/2020/11/why-the-global-economy-is-recovering-faster-than-expected

This says to me that if the economy isn't affected by the spread of the virus, then the extra thousands and thousands of dead people arent important.... economy number one.

The additional thousands of deaths amount to 0.07% of the population, (in 2019, 0.87% of the population died, and estimated 2020 totals will reach 0.94%).  Additionally, 75% of the deaths are people over 65.  That is not to say they are not important, but that their numbers are an extremely small percentage of the total population.  The fear of the virus likely has a bigger impact.

Rodius

  • Grease ice
  • Posts: 545
    • View Profile
  • Liked: 322
  • Likes Given: 14
Re: Global recession, supply issues and other COVID-19 consequences
« Reply #1099 on: December 27, 2020, 02:04:29 PM »
“Policy response. This decisively shapes the recovery path and is a clear silver lining of the Covid recession. The speed, feasibility, and effectiveness of fiscal policy has been demonstrated, above all in the U.S. There remains a common misperception that virus caseloads and Covid deaths are strict determinants of economic performance. In reality, the correlation is weak — precisely because a strong economic policy response effectively bridges some of the economic damage from less successful virus control efforts. Think of how U.S. efforts at virus control largely failed relative to other rich nations —  in Europe, for example — yet U.S. real growth has still come out ahead. The much bolder U.S. policy effort explains that outcome. Yet, the ultimate impact of policy is to prevent a different type of contagion — household and firm bankruptcies and a wobbly banking system — and this is where structural damage comes in.”

hbr.org/amp/2020/11/why-the-global-economy-is-recovering-faster-than-expected

This says to me that if the economy isn't affected by the spread of the virus, then the extra thousands and thousands of dead people arent important.... economy number one.

The additional thousands of deaths amount to 0.07% of the population, (in 2019, 0.87% of the population died, and estimated 2020 totals will reach 0.94%).  Additionally, 75% of the deaths are people over 65.  That is not to say they are not important, but that their numbers are an extremely small percentage of the total population.  The fear of the virus likely has a bigger impact.

I am fairly sure all those people that wouldn't have died from Covid would disagree with you. Clearly, you are on the side that the health of the economy is worth killing people without a reason.

What the fuck is wrong with people?