$1T stimulus

[HONDO74]

The Trump administration and Congress hammer out the details of a $1 trillion stimulus package designed to prop up the most harshly pummeled sectors of the U.S. economy and give cash to those out of work.

[Rufus T. Firefly]

The Trump administration and Congress hammer out the details of a $1 trillion stimulus package designed to prop up the most harshly pummeled sectors of the U.S. economy and give cash to those out of work.

Cash is nice, and should tie some over on paying the required bills - housing, utilities, etc.

Wonder how they are going to decide who these people are....curious how the screams of socialism have suddenly evaporated.

[HONDO74]

The Trump administration and Congress hammer out the details of a $1 trillion stimulus package designed to prop up the most harshly pummeled sectors of the U.S. economy and give cash to those out of work.

Cash is nice, and should tie some over on paying the required bills - housing, utilities, etc.

Wonder how they are going to decide who these people are....curious how the screams of socialism have suddenly evaporated.

I was wondering the same. Maybe have to use the IRS tax rolls. Nothing for those wealthy people and only for those that pay taxes. Those that don't pay taxes have other benefits they can use,

Probably have to bail out companies to keep people employed. If that's possible.

[healey36]

Small business guaranteed access to credit lines is the most critical piece; otherwise, there's going to be a massive culling of all the little guys.

Bloomberg reported that Marriott will be laying off "tens of thousands" of staff and hotel workers shortly...and so it begins.

[Rufus T. Firefly]

I was wondering the same. Maybe have to use the IRS tax rolls. Nothing for those wealthy people and only for those that pay taxes. Those that don't pay taxes have other benefits they can use,

Define "wealthy" - where's the cut off line? I have no idea where or how that is going to be determined - they come up with these great plans, and then the details are............

Probably have to bail out companies to keep people employed. If that's possible.

Sadly, some just do need to fail. Too many are so far in debt that the really need to face their fate. A lot of the oil companies are drowning in debt. GE is carrying a major debt load.

[robert.]

I don't think a credit line will do it. Why take on more debt. This virus will change the worlds spending habits. A lot of little mom and pop stores are month to month. 2-3 months of no income will kill sink them. Giving them a loan. will be like a boot across the forehead as the try to swim. It's going to be much harder to recover from them most people think.

[Rufus T. Firefly]

This virus will change the worlds spending habits.

We can only hope it does. A lot of the financial mess is derived from the easy credit that's been available for too many years.

[healey36]

120,000 unemployment claims filed in Pennsylvania this week.

[Rufus T. Firefly]

120,000 unemployment claims filed in Pennsylvania this week.

Yup. Just saw that PA was in the top 5 states.

[robert.]

Only health care, food, and gas stations are allowed open. I forgot restaurants for take out only. No malls . No car dealers schools. Theaters. Hair salons. Banks are drive through only. Im surprised. The number is low. All construction sites must secure the site and not open. Permits will be pulled if your open Saturday.

[healey36]

I don't think a credit line will do it. Why take on more debt. This virus will change the worlds spending habits. A lot of little mom and pop stores are month to month. 2-3 months of no income will kill sink them. Giving them a loan. will be like a boot across the forehead as the try to swim. It's going to be much harder to recover from them most people think.

It’s either 0% Federally-guaranteed loans or grants...something to get them through the next 4-8 weeks. If this isn’t largely over by then, it’s curtains for a broad swathe of the economy.

[robert.]

It's going to curtains for many. So many businesses were fragile to start with. I had 2 accounts receivables tell me no April no May. One told me he had to layoff 100 people. The other basically said " he will be filling for bankruptcy. " I had to tell my 3 guys " i have no answers for you" I gave each one $.700 then took them to the acme for a cart of groceries each. Shook hands and said "be safe"

[Rufus T. Firefly]

It's going to curtains for many. So many businesses were fragile to start with.

Sadly, it'll be the little guys that get hurt the most while the big companies that are leveraged to the hilt due to poor decision making and easy credit will get bailed out. Socialism for the big guys and end of the line for the rest. Covid-19 just was the trigger, but this might be the rest avalanche of the credit crisis finally being revealed from a house of cards propped up economy.

I had to tell my 3 guys " i have no answers for you" I gave each one $.700 then took them to the acme for a cart of groceries each. Shook hands and said "be safe"

You do and did you can and hope for the best.

[robert.]

Yes the big guys. they are the only businesses allowed open. From the governor " Big bog stores will remain open" We have a florist in town. yesterday she put a tables of flowers. with a sign." weddings cancelled. These flowers will go to waste. Brighten up your day, your loved ones or a stranger. pay what you can. If you can't pay. i'll brighten your day. have an flower on me."

[healey36]

Hey Hondo, you need to update the thread title...I think we're up to a $3.2 trillion stimulus.