ES Journal - 2019/2020

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NQurious said:
No one has lose if they had the balls to do it and the government need not assume another 6 to 8 trillion in debt.

Unfortunately this requires politicians, regulators, and bureaucrats and so we are fvcked.
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6 to 8 trillion in debt is irresponsible even to talk about. Nobody knows what level of debt will do, not to mention that at no time in history has there been any country whose debt would have jumped so expeditiously. The speed would cause a type of debt whiplash. You say "balls" as if it is the responsible thing to do.

People seem to be forgetting, debt is like momentum in physics; it can never be erased, only deferred. It has to go somewhere. You live in a dreamworld if you think we can simply stop the debt clock for 3 months. That's tantamount to believing that you can shut your car off with engine running full tilt at 100mph, then think it will instantly start back up at 100mph after being idle for months; and that it won't cause any damage. It violates the laws of physics, economics and common sense.

NQurious said:
Extraordinary times call for extraordinary measures. There is nothing that will help a family living pay check to paycheck to simply forbear for three months with a ballon of four months payments due in 90 days.
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That's the rub. People shouldn't be living paycheck to paycheck. There's no "pulling on the heart strings" fallacy needed. 35 million visitors to Las Vegas last year spending $42 billion. They should be saving the $1,200 (the average amount spent per trip). For a young healthy person, that's 4 months of health insurance or a 1-2 months of groceries in California and probably twice that amount of time in the Midwest. The average American has a rolling debt $8,100 up in a few short years from $6,500 on an average income of $55,000. It's your responsibility to manage your finances, no matter how meager. And no, gambling is not a right, neither is entertainment or anything else frivolous like dining out or Disneyland.


We are not just talking about the poor, but even those with jobs paying $100K+ are hurt by this. 90% of the population spends beyond their means even if that means buying a Bentley when they should be buying a BMW. 90% of Americans don't have a saving account with $1,000. The poverty rate is 14%. That means means a 66-76% overlap with the middle and upper class who don't save; the so-called gold-collar worker.

NQurious said:
If the Fed can "find" four trillion for corporate socialism then it can find the $500 billion or less required to cover 3 months of rents.
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Bailing out companies so they survive to pay company payroll, i.d. the millions who need jobs because they can't or don't want to work for themselves. Somebody needs to employ them. I'm not saying the companies will actually use it that way, but the alternative is that millions of jobs disappear anyway.
 
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NQurious said:
Even commercial property guys are saying that there needs to be a 3 to 6 month pause. Government bails out renters which bails out landlords which bails out banks which bails out the credit markets. Mortgages should get 3 to 6 month forbearance with the term of the loan extended 3 to 6 months. No one has lose if they had the balls to do it and the government need not assume another 6 to 8 trillion in debt.
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hhiusa said:
6 to 8 trillion in debt is irresponsible even to talk about. Nobody knows what level of debt will do, not to mention that at no time in history has there been any country whose debt would have jumped so expeditiously. The speed would cause a type of debt whiplash. You say "balls" as if it is the responsible thing to do.
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Roman Empire came crashing down for this exact reason. The once mighty British Empire fell to its knees for this exact reason. Must we repeat history all over again?
 
hhiusa said:
We are not just talking about the poor, but even those with jobs paying $100K+ are hurt by this. 90% of the population spends beyond their means even if that means buying a Bentley when they should be buying a BMW. 90% of Americans don't have a saving account with $1,000. The poverty rate is 14%. That means means a 66-76% overlap with the middle and upper class who don't save; the so-called gold-collar worker.
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We have to solve for the world we have, not the world we wish we had.

hhiusa said:
You live in a dreamworld if you think we can simply stop the debt clock for 3 months. That's tantamount to believing that you can shut your car off with engine running full tilt at 100mph, then think it will instantly start back up at 100mph after being idle for months; and that it won't cause any damage.
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Immense damage has been and continues to be done. Of course we won't start the economy up at the same level as which it has been shut off and of course there will be damage that we will repair through natural economic activity.

And public debt? If you haven't figured out by now that it has all been a ploy to allow the political donor elite class to profit off the labor output of the American worker then you are the one "living in a dreamworld," as you say.

Might I suggest you come off your high horse just a bit?
 
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