I don’t think the first sentence is true at all.
And I only see like 2 or 3 people defending it.
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As the smart poker players who post here have aged we’ve gotten a lot richer. It’s a natural tension for a lot of posters that are doing well to defend their narrow area of the world where they make money. I’m certainly guilty of that. PPP was garbage.
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Yeah I try to avoid posting about Pharma topics because I work in that industry and have a much more favorable view of big Pharma than the rest of the board. It’s kind of a curse because I know I’m more informed than many but also more biased.
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Right. I’m pretty aware there is zero appetite for anything remotely positive about banks. And god knows there are plenty of valid criticisms.
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This.
I worked for a winery in upstate NY. They binned all the p/t staff for covid, kept core staff that they would have anyway, pocketed the almost half milly PPP and still had a bonanza year selling online.
I was in between the p/t and core staff. Rich people love free money.
Seems like it should be good for Biden election wise then?
“Swing state voters overwhelming feel they are better off than 4 years ago. Here’s why that should concern Biden.” - NYT Editorial Board
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I mean that data legit makes it look like it’s all vibes, Ton of people just like “of course I’m doing better but the media says it’s shit and inflation is shit so everyone else must be getting fucked”
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Well if it benefits them personally, justifications can always be found - consciously or subconsciously
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I feel like that chart is the chart of income and wealth inequality becoming smaller.
A lot of people on the ground are doing better, but the rich people who control the narrative around “THE ECONOMY” are comparatively doing worse, so they say it’s bad and people buy into that narrative. So the story becomes “Well all I hear about is how the economy stinks and everybody is suffering, but I’m doing ok so I must be one of the lucky ones”
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Their information about their own state is from looking around and their friends, the information for the rest of the country is on Facebook
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I could be way off base
both of you are correct here. the type of person who posts on this board is a middle-aged upper middle class white guy who is more likely to have a good relationship with a banker and would have definitely benefitted more from PPP compared to an average person in the general population.
but at the same time most people here also realize that PPP was pretty much just a giveaway to the top 20% and are self-aware enough to realize it was a shitty program that shouldn’t be defended even if they may have benefitted from it.
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Living between Seneca and Cayuga, I’d love to know who this was.
Extended unemployment was huge for me, and I’m the biggest shitlib here. That was basically UBI for everyone but retirees and the employed, who by definition didn’t need it. I lost all of my income for a year.
Pushing money out in a manner that was politically palatable to ensure it happened quickly was the most important thing. Getting mad that businesses and the wealthy got some is basically equivalent to being antivax: I’m fine, therefore all of the effort to get to this point is sinister and a waste
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As an individual, I’m likely nowhere near the top 20 percent. I stated my reasons for getting the free money from PPP when I could have gotten free money from 3 different programs. Those reasons were efficiency and speed in comparison to the others. I’m considered an Independent Contractor and it was a 3 month income replacement based on 2019 1099s in draw 1. In draw 2, I don’t really know why they did it, but I again wasn’t going to turn down free money I qualified for (my Q4 of 2020 was down something like 50 percent from Q4 of 2019 and you only needed 25% down in a quarter to qualify). I think the best option for Independent Contractors, by far, was the PPP, but am sure I can be convinced there was a better way if there was one. I just don’t think there was one.
If we can somehow get an inspirational green friday tomorrow, im going to short SPY for a tight stop of about 3%. Right or wrong, my 25 year old self would punch me in the face if I didn’t so w/e, i guess.
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You have a fundamental misunderstanding of what UBI is.
I’m ok with you getting extended unemployment, the grocery store workers continuing to work for 12 bucks an hour should have received the same amount.
The fastest way to give money out is to give it to everyone. Not business owners.
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