Exactly that
Well fuck those guys for sure. Sometimes you’ll get a shady broker who just tries to pull this shit on his own, but WF still gets blame for hiring the POS.
Jesus, this movie makes my blood boil EVERY SINGLE TIME.
GRRRRRRRRRRRRRRRR
I was a December 2007 buyer, but at least we had a fixed rate mortgage. Still ended up 20K underwater when we sold in 2014.
My friends bought in 2008. Got utterly fucked and had to short-sell. They said every time they went in to go over the loan it was a slightly worse deal. They got right up to their breaking point. Played like a fiddle.
Predictions for just how bad the downturn is tomorrow? 5%? 10?
I bought 2008 or so, maybe 10% off after the peak. Foreclosed when we both lost our jobs.
Why?
I feel like we’re in for some short term relative euphoria.
Long term outlook cloudy, try again later.
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Bailouts?
Plus unemployment and an extra $600/week from the feds for a while, if that comes through.
A lot of people are saving a ton on gas and other stuff right now. Sucks for the economy but if you or your spouse didn’t lose your job and you aren’t paid on commission or bonus you’re doing ok right now.
I’m probably saving $500/month minimum on gas, parking, lunches, entertainment expenses.
Sucks ass for freelancers and small businesses I know.
That’s why I think they’re going to ultimately go for herd immunity mitigated with everything they can throw at it. IE - telling old/unhealthy to stay home/isolated, masks, better treatment, anitbody tests, more ICU beds/vents, better habits now that everyone knows the severity and that asymptomatic people are contagious, etc.
The economy doesn’t have time to wait for a vaccine that arrives best case in 17 months or w/e then has massive distribution and production problems.
I’m not saying that’s morally right but I think they’re going to try it.
It’s very easy to surf the wave of a solid economy. He got so much praise for it and was so proud of it. Its only when the economy goes to shit that we’ll truly find out what kind of economic genius this guy is. And how many bankruptcies does he have?
I expect corporate and SBA loans and personal checks to be a catastrophic clusterfuck almost similar in proportion to the coronavirus itself. And not just because of Trump, but because of the collection of pinheads he’s surrounded himself with. Even a sound executive branch would have a difficult time executing a solid recovery. I hold out no hope that Trump’s administration can pull it off.
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This is one of those where if Obama made the call I’d be fine with it and if Trump makes it I’ll think it’s terrible, and I’m ok with that. We don’t have the info on it a POTUS would get, but I would have trusted Obama’s process and morals on life and death stuff. I don’t think we the public know enough to weigh and compare the two sides and the lives lost on each side.
Trump’s going to reopen the economy the second he thinks he can justify it, lives be damned.
I hold out no hope they will fail in spinning their ineptitude to be Democrats’ fault.
So initially the spot market for trucking went up as grocery stores orders went up god knows how much… but then huge numbers of shippers started shutting down. It’s becoming pretty obvious that this thing is going to just ravage trucking as the total # of shipments is collapsing fast.
Thing is 2020 was supposed to be (and genuinely needed to be) a pretty decent year for trucking. It’s a cyclical business and 2019 was a pretty nasty down year. Huge numbers of carriers and brokerages went under in 2019, and a much larger number than that were stretched thin on 1/1/2020.
This is going to be an absolute bloodbath. The biggest brokerages (my side of the table) have already let go hundreds of employees. TQL got rid of 700+ people a couple of weeks ago and there are rumors that CH Robinson are going to lay off 15-20% of their entire workforce. Coyote got rid of their entire TN office last year, and it’s unlikely UPS isn’t going to get rid of a bunch more slots now.
On the trucking side we had 2-3 of the biggest trucking companies in the country fold up last year, and no big names have dropped in 2020 yet that I’m aware of, but I’m talking to small operators every day who are planning to pack it in if things don’t improve by the end of May. I think there’s basically no chance it does.
Expect the economic recovery to be severely hampered by ridiculous transportation costs. The people who survive this debacle are going to have the entire economy by the balls to an even greater degree than they did in 2018 (when trucking prices were at all time highs and owning a truck was almost obscenely profitable, the expansion in capacity that funded created the oversupply that made 2019 bad). There’s going to be a major shortage down the road because of this.
Oh cool we are up another 3%+ already, glad everything is back to normal
I think poker is something I can get close to understanding. Sometimes. And I feel like I have a really sound understanding of other gambling ventures, and how hard they are to beat. I’ve never thought I’ve understood the stock market. And based on yesterday and today, I’m quite convinced now that I never will. Pretty sad realization.
Well a nice thing about the stock market is that you can use it as a tool without understanding it.
I own a very small piece of (close to) the entire economy. I don’t much care what Mr. Market says my portfolio is worth today (well I do, but I pretend). I’ve got tens of millions of productive people working for me and I hope to never sell (or do so in decades).
I don’t actually believe that but I’ve tricked myself into thinking I do and it makes investing a whole lot less stressful and almost certainly improves results.
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Fyp
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