The stimulus and unemployment was a fraction of the $9T COVID relief pack. If it was all for that everyone would’ve got a 25k check.
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Yes PPP will go down as one of the biggest transfers of wealth ever. It was a daylight robbery, no oversight.
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It also favored big business with proper attorneys and accounting departments who could respond to the deadlines and qualifications, when most small business owners couldn’t even define what the terms PPP was asking for. I have a friend who does business legal for a racing group, and he harassed the HR department of his operation almost daily, and they still couldn’t make the PPP deadlines, even knowing what they were up against. He ended up quitting that operation, because it exposed how inept they truly were. Few ‘small’ business had their shit together for PPP/EIDL, but I can assure you big business did.
Many restaurants and bars/venues were left out to dry, the portion that came to them was too late, their margins razor thin before the shutdown. I miss them.
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Nothing burger.
Too many people watching big short and thinking they are michael burry who is basically a perma bear who was correct once while constantly being short and getting burned.
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Seriously. I was (am) a w2, i didn’t get to partake in any of the lambo funding fun.
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I worked at a hotel bar and restaurant right before the pandemic. Trust me, it sucks and at good kitchens with good chefs your coworkers are a second family.
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$600 a week unemployment is $30k right there for a year. Add in the 3 or 4 stimmie checks of $1200 and $2000. Add in the extra child tax credit. Add in some free rent via the moratorium. Add in some interest forgiven on student loans. And you’re at $50k easy.
PPP was the world’s greatest grift. But tons of little people got fat (literally) and happy from Covid too. You can still see the effects of it now with a shortage of entry level workers. Why work when Uncle Sam will send checks.
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The programs have limits that make up the total. Stimulus checks were only $803B, $770B went to PPP. $46B was set aside for the rental assistance. So your talking almost $6.5T in new money that didn’t even go tot he people it went to zombie companies and special interest.
wasn’t 600 like the bare minimum? taxi drivers were getting like 1200-1300 a wekk
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This is hilarious. You realize if they played by the rules burry and every bear is right. When you throw in variables you reward risk takers and the meme crowd…it’s extremely frustrating but adapt or die. I’ve made plenty off momentum, just have to sell when you’re happy with your gain. We’re not investing anymore at these multiples, it’s 100% gambling/speculating.
Most states were around 500. Plus 500 federal. So $1000/week and they still wouldn’t pay rent
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Right when ? No, permabears are generally wrong and generally underperform. The market goes up over basically all moderate to long stretches of time. Being short or a bear is extremely difficult and really only useful for short term situations.
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$600 was the extra fed unemployment on top of state. Some very generous states like WA have $700 or more weekly UI checks. Meaning some people were making $1300 and more a week not working. That’s $68k a year. And it’s even more because while tht money is taxable it is not subject to SS and Medicare. Which makes it effectively about $74K a year.
Nice (un) work if you can get it.
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How can you compare any time in market history to now? When did we ever have close to this debt to gdp? You can not say the market goes up in the long run anymore. If it continues to rise it will be inflationary not due to actual market principles.
The bears have been right since the first QE. We just didn’t expect it bc the amount of money printed is so unfathomable that it’s difficult to comprehend and no one knows when it’ll all collapse. One this is for sure, all fiat currencies go to 0.
Remember people flooded the streets for the first bailout. A mere $850 billion. We’re doing that every month it seems now… 
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What is your opinion on these books. I heard her speak a few times and liked what she had to say. These are the books she suggested:
We sell for a living online, Amazon being one of outlet. There is what you call Costco flippers, Buy in huge bulk everything from seasoning to coffee. There is a handful of sellers that do this, On amazon you can click on the sellers name and at the bottom of the new page gives their name and addy. (I do this to not buy from sellers based in China ) Anyway I noticed 3 sellers all had the same last name and a po box 1 zip code apart all sell exact same items , These are guys doing a few million in sales easy on amazon. Dig deeper all 3 got ppp loans over over 70k They are all related working out of the same warehouse with the same employees.Now the government wants to give even more money away with the employee retention program. 26k per worker. The government should of not been giving out free money to companies that saw their business triple during covid
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I respect Lyn Alden a lot. I’ve met her a few times at meetups and she’s great. I would agree with her choices. Imo, if you want a crash course, I would look into how credit and banking works. Once you understand how credit works, you’ll understand a lot. Your investment strategy would do better because of it.
Yet the market is green in setting of supposed turmoil similar to 2008 over the weekend. Or you’re just wrong.
Everyone said the world was ending, here we are Monday am.
I mean the Los Angeles Lakers got a PPP loan. I am less concerned about true small businesses be it e-commerce or brick and mortar as much a si am corporate malfeasance or down right fraud. From all the stories I here if you had an LLC/ S corp and photoshop it was no trouble getting a six figure PPP.
The markets goes up over time for Americans but you go to Europe and ask then how their investments are doing, you going to get a different answer. Try going to Sri Lanka, Greece, countries in Africa, Latin America, etc. The market is great when you’re an American and that’s because America is the world’s lender. For the past 50+ years, your country would be labeled “risky” if you didn’t hold US Treasuries. What the bears are saying is that is going to change. When? No one knows.
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Exactly. I never claimed to know when the event will happen. Without government intervention it would have happened already and we likely wouldn’t be in this debt crisis now. We allowed the banks to get too big, so now they have a gun to everyone’s head, if they fail we go to the dark ages is basically what they tell everyone.
She’s solid. I don’t know those books per se but I’m sure you can’t go wrong. And like greggo said learning how the debt markets work is fundamental. Also look into fractional reserve lending etc.