5 ms·
My entire city (Las Vegas) is closed. Most of my friends are out of work, not knowing when they will return. Of course, their rents are due in a few days. Every
by Proziam 7y ago
My entire city (Las Vegas) is closed. Most of my friends are out of work, not knowing when they will return. Of course, their rents are due in a few days. Everyone I know has cut all discretionary spending, because they either cannot spend or because they are afraid to - depending on their situation.
And then there are the folks who are better off and able to ride it out (or waiting to pick up assets for far less than their current price).
Preventative measures would have included...cutting off contact with the world's largest piece of almost every supply chain.
Something smells fishy about this "study."
> Though written by Fed officials, the paper is not officially endorsed by the U.S. central bank.
- jiveturkey 7y agobut they will return. LV wasn't destroyed by a biblical flood and the jobs are lost forever. you're looking at it at a different scale than the study (which is apparently 2 years). even if your friends become homeless (let's hope it doesn't come to that), the jobs will return and someone will take them. there definitely will be some degree of fortunes that change at the exit of all this. but in economic terms, if 2 people lose their low paying jobs and 1 person gets a 2x+1 high paying job, the economy has grown.
- Proziam 7y ago> but they will return. In what time frame? How many businesses won't return because the owners couldn't afford to keep the thing going? How many business owners themselves will be wiped out because their primary income source has been shut down? How many people lose their homes and vehicles? How much wealth from the average American will be absorbed by banks as people get wiped out? ----- I cannot imagine a scenario where the economy is not depressed for years, just like 2008.