My theory on the $600 per week Federal unemployment benefit is not control but to prop up and protect the banking and financial systems. Just another way to inject money and keep it all from collapsing. That's why they are looking for another round. People are starting to not pay their credit cards.

Is that about coronavirus or because it is a convenient excuse? If they are staying home and not doing elective shopping, why big credit card bills? Where is all that "free" money coming from?

 

Is that about coronavirus or because it is a convenient excuse? If they are staying home and not doing elective shopping, why big credit card bills? Where is all that "free" money coming from?

This situation started before the pandemic. This article is mid-February.
U.S. Credit Card Debt Hits All-Time High, And Overdue Payments Rise For Young People
https://www.npr.org/2020/02/13/8057...high-and-overdue-payments-rise-for-young-peop

 

This situation started before the pandemic. This article is mid-February.
https://www.npr.org/2020/02/13/8057...high-and-overdue-payments-rise-for-young-peop

And this thread is about coronavirus, not economics or politics.

There is enough non-political dialog without muddying the water with Vermont politics

 

Hi,

I would suppose that credit cards are being used MUCH more than ever before because people are staying home and using credit cards to pay for deliveries for one. A second reason is because many households do not have an income now due to the stay at home "order".
I think this is relevant information related to the virus though so it is interesting to hear about and think about. Now i wonder how many people will go bankrupt after this.
Two Subways near me closed up permanently ... no intention of opening up ever again.

Very sad.

Soon we will be hearing little kids asking unusual questions:
"Mommy does Santa Claus have corona virus? Does he have to wear a mask too?"

 

My theory on the $600 per week Federal unemployment benefit is not control but to prop up and protect the banking and financial systems. Just another way to inject money and keep it all from collapsing. That's why they are looking for another round. People are starting to not pay their credit cards.

Edit: Here is evidence of the concern about stability of financial systems. Effectively turning savings accounts into transaction (checking) accounts. Anything to keep those cc payments coming in. https://www.americanbanker.com/news/fed-lifts-six-per-month-transaction-limits-on-savings-accounts.

Our daughter-in-law's sister works for a major Hardware Chain. While she was not laid off many were. The problem has just started in that they can't get people to return to work. This should be setup so when your job is again available the good deal is over. When you hand people money to do nothing there is no incentive for them to work.

Ron

 

Is that about coronavirus or because it is a convenient excuse? If they are staying home and not doing elective shopping, why big credit card bills? Where is all that "free" money coming from?

That much is easy to explain -- the huge fraction of credit card accounts that have high balances and on which people are only making minimum payments. Even without charging another dime, many of those will take decades to pay off.

 

American Union Bank, New York City, 1932 - What's in your wallet?

 

Our daughter-in-law's sister works for a major Hardware Chain. While she was not laid off many were. The problem has just started in that they can't get people to return to work. This should be setup so when your job is again available the good deal is over. When you hand people money to do nothing there is no incentive for them to work.

Ron

I feel sorry for them as they get a long rest then have to go back to work, but there is a cap on the time of the $600 benefit and right now it is scheduled to be August. That may change of course.
Still did not get my $1200 stimulus but did get my AMD settlement finally.
A while back a friend of mine mentioned that these days if you want to get any money you have to sue some large corporation

 

 

As a friend said, "I now understand why house pets run for the front door every time they see it open."

 

Please continue refrain from dragging this thread into other topics, especially politics and those that relate to politics.

 

As a friend said, "I now understand why house pets run for the front door every time they see it open."

Not my dogs. They are one with the couch

 

I feel sorry for them as they get a long rest then have to go back to work, but there is a cap on the time of the $600 benefit and right now it is scheduled to be August. That may change of course.
Still did not get my $1200 stimulus but did get my AMD settlement finally.
A while back a friend of mine mentioned that these days if you want to get any money you have to sue some large corporation

We know the drill as Kathy and I have yet to see any stimulus check. Then too in all fairness not like we need it and need it now. I was happy for the kids. Yeah, fortunately there is a sunset on the high federal government paid unemployment. Sometimes people tend to view a security safety net as a hammock of life.

Ron

 

American Union Bank, New York City, 1932 - What's in your wallet?

View attachment 205522

They were paying higher interest then than today on a simple savings account and that was only a few years after the 1929 great depression.

Ron

 

https://newyork.cbslocal.com/2020/0...es-present-in-nearly-25-of-all-nyc-residents/

ALBANY, N.Y. (CBSNewYork) – Gov. Andrew Cuomo said Monday that the number of statewide random antibody tests has expanded to 7,500, which reveals a better picture of the extent of coronavirus spread in New York.

Cuomo said 14.9% of those tested statewide tested positive for COVID-19 antibodies, which is up from the initial 13.9% statewide when a previous sample of 3,000 people was done on April 22. Cuomo said the 1% increase is statistically in the margin of error.

Regionally, the results suggest:

• 24.7% positive in New York City
• 15.1% positive in Westchester/Rockland
• 14.4% positive on Long Island
• 3.2% positive in the rest of the state

The higher the number goes the better we are as a nation.

https://www1.nyc.gov/assets/doh/downloads/pdf/imm/covid-19-daily-data-summary-deaths-04272020-1.pdf
In NYC so far only 66 people were confirmed to have died with no underlying conditions, out of 11,708 tested and confirmed deaths.

 

The higher the number goes the better we are as a nation.

Exactly, relax social distancing and spread immunity, instead of disease.

 

My son (orange shirt) and his neighbor have worked out the social distancing thing. They did a fence modification.

https://www.facebook.com/video.php?v=10158295689953197

Ron

 

But no masks...shame on you.

 

Cute.

But blue shirt drank from a can that orange shirt gave with his bare hands. Blue shirt then opened it. He might as well have licked your son's fingers. I have nothing against what they did. But if they really intend to practice sterile fields and social distancing, that is not the way.

They appear to be good neighbors. That is a blessing, as anyone who has had the opposite will tell you.

 

But no masks...shame on you.

Six feet, close enough. Long as they don't sneeze it should be OK.

Ron