DawgTalkers.net Forums DawgTalk Palus Politicus The economy as we knew it might be over, Fed Chairman says

The economy as we knew it might be over, Fed Chairman says

https://www.cnn.com/2020/11/12/economy/economy-after-covid-powell/index.html

In a nutshell, the bottom 30-40% are screwed.

Everything changes.

People adapt to the stress placed on them.

On line retailing saw a big uptick. I have been a big user of online shopping, but I live in the country and have to drive 12-15 miles to get to any large store.

Telecommuting will make a lot of businesses rethink office space requirements. Including me.

I miss restaurants. I have done my part to support the local restaurants, so I think they will be fine, if the do not go under.

I feel bad for churches.

My wife who is a therapist I has been very busy.

Pffft. That guy should step away from the drugs.

The DOW just soared to record setting 30K.

Some service sectors are suffering, that is true.
A lot of restaurants/bars won't recover.
It seems like here, those that won't make it are the ones that weren't doing well before the virus.

But it is hardly a reflection of all things.

The gaming industry has seen a huge uptick in spending because of people stuck in quarantine. Well guess what, people (mostly young people in lower tax brackets) only blow money on games if they have spare money to spend. If the gaming industry starts hurting, then there is an actual problem. We aren't near there yet.

Well as long as it hasn't affected you everything is just sunshine then... smh

I guess you haven't seen the food lines in Texas.

It has affected me. It's affected my friends and the places I frequent, so it has affected me.

I'm just saying that the fear mongering is not justified. Because by and large the economy as a whole is fine.

I'm also saying that that playing both sides at once is a bad look. "The sky is falling we need to shut down the economy vs The economy is up craps creek we need to blame someone." Blame yourself and your ilk. The Conservatives don't want the economy shutdown.

My ilk drives the economy and will be fine in a tech driven economy described by the Fed Chairman. But those in low tech jobs, factories, service jobs, and the recently unemployed without tech skills are all going to be hurting. But it's easy to see why you would defend it because it means scared under educated displaced voters, which bodes well for GOPers.

And any normal working class person that uses the stock market as a gage of the true working class economy is simply braindead, brainwashed, or a combination of both.

for me the biggest thing (financially) that this pandemic has taught me is how important it is that I focus on being financially independent... I don't want to rely on my government or my job to tell me how much money I can earn.

I was pissed when my hours got reduced... I decided to start a new business with my brother in law... hopefully it'll be fruitful

The article wasn't too negative.. spoke more to just a new economy than the one we currently know... I agree that there will be many whose jobs will not return.... I'm hopeful that many who have lost jobs will look to adapt rather than wait for someone to bail them out.

Congrats and good luck with your new business! You will find it so much more rewarding.

That's a load of crap. People still need to eat. Go to the mall and buy clothes. Get their car worked on. Travel. Stay in hotels. Factories aren't going anywhere. And every other low level type job.

Service jobs will bounce back easy because they are much needed. It's not like there can be a society without them.

You only have yourself to blame. The hysterical left screaming that the economy needs to be shut down. You are guilty of this. I've seen you cry that society doesn't want to be shut down and boohoo you are high risk. Stay in your house and stop complaining about others.

Also, your ilk drives nothing other than sales of pacifiers. Your ilk are a bunch of parasites on society.

And yet I just gave you proof the other day that blue states/counties/the left drive the economy and pay the welfare the right likes to take and deny.

And a real lock down without all the right wing Kens and Karens acting stupid would have lasted about 3 weeks. Then people could have simply social distanced, wore masks, and acted like adults to avoid much of this... but some people just needed to get their summer drink on...

Deflection won't work, Dr Deflecto.

An your biased "proof" proved nothing. City centers with big economy doesn't prove blue anything, when all the white collar workers live in red suburbs.

Another load of BS. Lockdowns haven't worked anywhere in the world. It is a fail. The only thing that will stop the virus is the vaccine. That's it and that's all.

But please continue to be selfish and expect the rest of the country to cater to you and for people to give up their jobs for you. Stay home. Stop dictating.

Deflecting? You're clueless. There's no deflection, there is only what we can all see and all those real life facts say you don't know your ass from a hole in the ground.

I'm speaking the obvious truth. Maybe you should take the blinders off.

To me, it seems like he just wants an excuse to pump more money into the system so that there is more for him to skim. He hit some nice buzzword buttons, but his answer to those issues doesn't really look like a solution.

There is no disagreement from me on those points Bull Dawg. Corporatists like Biden just want to return to the status quo of the wealthy getting wealthier and the have nots getting less. This economic crisis will show why we need education, healthcare, and basic human needs made rights reforms. Half of the country lives life like nothing ever happened while the other half deals with financial devastation, displacement, and hardship on a scale not seen since the great depression.

Examples of things that changed the economy as we know it..

Steam engine
Cotton gin
Telegraph
Telephone
Automobile
Airplane
Chlorinated water
Radio
Television
Atomic Bomb
Computer
Calculator
Interstate Freeway System
Antibiotics
Space program
Video Gaming
Cell phone
Internet
On line retailing

The only constant in the world is change. The fallacy of the statement is the underlying assumption that our economy is static, or changes at the same rate.

Absolutely not true. I posted a link in this thread or another - 50,000 rabid rugby fans packed into a stadium in Australia within the last 10 days ... how long do you think before that happens here?

Poster child for no restrictions was Sweden - who as a Society are MUCH more responsible than the USA - but be that as it may what's happening there? Herd immunity is a falicy:

https://www.theguardian.com/world/2020/n...f-herd-immunity

And restrictions on the way:

https://www.euronews.com/2020/11/04/coro...ain-latest-wave