Rolling US Economy Into The Shitbin Thread

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http://bigpicture.typepad.com/comments/2007/10/more-inflation.html

El Tomboto, Thursday, 18 October 2007 23:44 (twelve years ago) link

personally I'm applying for a civil servant position ASAP

El Tomboto, Thursday, 18 October 2007 23:45 (twelve years ago) link

Just FYI, during the 1930s depression, many civil servants were paid with vouchers rather than cash, because local governments were unable to collect property taxes and their receipts fell into the shitbin.

Aimless, Friday, 19 October 2007 00:12 (twelve years ago) link

Economy's doing poorly enough as it stands, why do we deliberately want to roll it into the shitbin?

Abbott, Friday, 19 October 2007 00:14 (twelve years ago) link

Because that way Hillary can rescue us all.

Dandy Don Weiner, Friday, 19 October 2007 00:17 (twelve years ago) link

lol property taxes

El Tomboto, Friday, 19 October 2007 00:18 (twelve years ago) link

shitbin's a great word, BTW.

Dandy Don Weiner, Friday, 19 October 2007 00:20 (twelve years ago) link

you been loving my thread titles lately

El Tomboto, Friday, 19 October 2007 00:26 (twelve years ago) link

i came to this country some time ago with little more than a crippling debt burden in GB Pounds and the shirt on my back. i used to have to send back $1,200 each month to pay off my UK debt, and now I'm sending back over $1,400 to cover the same amount of debt repayment. that's two and a half thousand dollars disappearing from my tiny disposable income every year, for no explicable reason. i *heart* the decline of the US economy.

Roberto Spiralli, Friday, 19 October 2007 00:27 (twelve years ago) link

anyway why start this thread now because the bit where ritholtz points out that domino's pizza can't print new menus fast enough to keep up with inflation was pretty fucking amazing

I wish rasheed wallace was still around to show us the latest and greatest exploding bubble blogs

El Tomboto, Friday, 19 October 2007 00:28 (twelve years ago) link

wow Roberto that was some shitty timing, that sucks

El Tomboto, Friday, 19 October 2007 00:29 (twelve years ago) link

This was in the paper today:

Mortgage defaults

Hit an annual rate of 1.5 million in September. That compares with 900,000 last year from fewer than 800,000 in 2005. At the current rate, more than one million Americans will lose their homes to foreclosure, making this the worst housing recession since the Second World War.

Housing starts

Sank to a 14-year low of 1.19 million in September. Starts are a vital economic engine, creating jobs and growth as people stuff their homes with sofas and TVs. Starts peaked at 2.3 million in early 2006, and the decline will be a drag on the rest of the economy until the slide stops.

Mortgages

A quarter of the roughly 50 million U.S. home mortgages are subprime. That's seven times the number of high-risk mortgages there were in 2001. That means that many more marginal homeowners have mortgages, making it far more likely they'll wind up in default.

House prices

Fell 3.2 per cent in the second quarter. Prices are falling faster and more broadly than they have in decades, according to the closely watched Case-Shiller index.

http://www.theglobeandmail.com/servlet/story/LAC.20071018.IBUSECONOMY18/TPStory/Business

everything, Friday, 19 October 2007 00:29 (twelve years ago) link

where the hell is rasheed anyway?

economic blogs I read (they're all fairly liberal):

http://calculatedrisk.blogspot.com/
http://angrybear.blogspot.com/
http://delong.typepad.com/sdj/
http://www.marginalrevolution.com/marginalrevolution/
http://bigpicture.typepad.com/
http://www.janegalt.net/

Dandy Don Weiner, Friday, 19 October 2007 00:37 (twelve years ago) link

In regard to inflation, in the USA during the past three years inflation has been soaring - but almost entirely in the housing sector. The fact that people are encouraged to see their houses as investments rather than as expenses doesn't mean that skyrocketing housing costs weren't inflationary. They were.

As the bubble market bursts, I predict a recession with an extra added bonus of inflation running close to 10% - before the end of 2008. As it has for the past 30 years, the official CPI will understate the real inflation rate. It was rigged under Reagan so that government entitlement programs indexed to the CPI would not increase at the true pace of inflation.

If Bush continues to shovel shit on the dollar right up to the end of his term in January 2009, the inflation rate could hit 15%-20% by 2010.

Aimless, Friday, 19 October 2007 00:55 (twelve years ago) link

There are some good economics articles put up here as well:
http://www.VoxEU.org

stet, Friday, 19 October 2007 01:02 (twelve years ago) link

Which shit on the dollar are you referring to?

Dandy Don Weiner, Friday, 19 October 2007 01:02 (twelve years ago) link

As the bubble market bursts, I predict a recession with an extra added bonus of inflation running close to 10% - before the end of 2008.

lol

aaaaaaaaaaaaaaaaaaaaaaaaaa, Friday, 19 October 2007 06:11 (twelve years ago) link

this is why i live in canada!

J0rdan S., Friday, 19 October 2007 06:13 (twelve years ago) link

oh wait.

J0rdan S., Friday, 19 October 2007 06:13 (twelve years ago) link

Guys, this is a good time stay in academia right?

Catsupppppppppppppp dude 茄蕃, Friday, 19 October 2007 11:51 (twelve years ago) link

It's a good time to learn a European language.

Nubbelverbrennung, Friday, 19 October 2007 13:33 (twelve years ago) link

Prime shit examples:

When Bush was elected in 2000, the federal budget was in surplus and the national debt was being paid down. Had this state of affairs continued, as projected, it would have led both to lower interest rates and a strong dollar, together. Instead, Bush submitted a series of enormous tax cuts to the Republican-controlled Congress and lobbied them through. Immediately, the CBO's projected budget surpluses turned to projected deficits for the next decade.

Bush also initiated a war of choice, not necessity, in Iraq. This war has already cost well over $700 billion. Yet, Bush insisted on making his tax cuts permanent. Overall, the national debt has increased under Bush by about $2 trillion in seven years. This represents a difference of about $3 trillion of debt from what was projected at the start of his first term.

Because, due to Bush's tax cuts and other policies, the Federal government was in a far weaker position to stimulate the economy when the recession started after 9/11, almost the entire stimulus was delivered via lower interest rates. Because these rate cuts were artificial, and not based on a stronger dollar, this stimulus not only inflated the current housing bubble, but it also undercut the dollar even more than the ballooning national debt did.

Now the dollar is at an all-time low against the euro and the canadian dollar. However, the incomes of the top 10% of American households have increased at a good clip, while the lower 50% of households have seen a decrease in income after inflation. This is largely thanks to Bush's shitty policies. I expect more of the same mismanagement until he is gone.

Aimless, Saturday, 20 October 2007 18:36 (twelve years ago) link

I agree with everything you've just said. You're predictions still seem a tad extreme on the downside though, if I may so.

aaaaaaaaaaaaaaaaaaaaaaaaaa, Saturday, 20 October 2007 18:50 (twelve years ago) link

i wonder if income inequality will ever arrive as a political issue in this country. americans tend to not begrudge the rich - so it'll have to be more of a "for everyone's good" type of angle. no?

jhøshea, Saturday, 20 October 2007 18:54 (twelve years ago) link

I remember the 1970s and early 80s quite well. Back then people couldn't belileve it, either. Bush has done a bangup job of recreating many of the same policy errors under Johnson and Nixon that led to raging stagflation back then, except the underlying economy is now weaker than it was in the 1970s and the oil shocks we are likely to get are not political, as when OPEC was formed, but structural.

Oil will exceed $100/barrel some time this winter. The ever-weakening dollar will lead to smaller profit margins and rising retail prices on all imported goods (which means almost everything we buy in the USA). Transport costs will rise with pil prices. Stock prices will erode along with profits. With so many savings tied up in stocks and home equity, consumer spending will be crunched, and personal debt and bancruptcies will rise like a tide. Businesses will retrench and unemployment will rise. No end in sight.

I hope I am wrong.

Aimless, Saturday, 20 October 2007 19:07 (twelve years ago) link

Anyone want to join my modern-day James Gang? We shall ride across the lower Midwest, robbing and pillaging.

milo z, Saturday, 20 October 2007 19:09 (twelve years ago) link

sounds fun

jhøshea, Saturday, 20 October 2007 19:13 (twelve years ago) link

Sorry, I don't want to relocate. But this scheme sounds ripe for franchising.

Aimless, Saturday, 20 October 2007 19:14 (twelve years ago) link

Oil will exceed $100/barrel some time this winter. The ever-weakening dollar will lead to smaller profit margins and rising retail prices on all imported goods (which means almost everything we buy in the USA). Transport costs will rise with pil prices. Stock prices will erode along with profits. With so many savings tied up in stocks and home equity, consumer spending will be crunched, and personal debt and bancruptcies will rise like a tide. Businesses will retrench and unemployment will rise. No end in sight.

I hope I am wrong.

-- Aimless, Saturday, 20 October 2007 19:07 (14 minutes ago) Link

The coming of $100/barrel oil is not Bush's fault. It's yours and mine and everyone else's for using too damned much energy. I agree Bush could and should have done a lot more with policy to encourage energy efficiency, but there's little he could have done to stop oil's eventual rise to that price level.

Hurting 2, Saturday, 20 October 2007 19:26 (twelve years ago) link

Part of the pricing of oil represents the weakness of the dollar. This hurts the USA more than it does other countries. US citizens are paid in dollars and the US government collects revenue in dollars, so they are stuck. EU countries can use euros to buy increasingly cheap dollars, so they don't see the same rise in prices as we do. The weakness of the dollar is mainly Bush's fault.

Aimless, Saturday, 20 October 2007 19:31 (twelve years ago) link

The US also uses way more oil than other countries.

Hurting 2, Saturday, 20 October 2007 19:33 (twelve years ago) link

he could have done to stop oil's eventual rise to that price level.
Not starting a war in Iraq would definitely have helped here.

stet, Saturday, 20 October 2007 19:57 (twelve years ago) link

arrgh, if that won't work then
http://calculatedrisk.blogspot.com/2007/10/imf-mortgage-reset-chart.html

El Tomboto, Monday, 22 October 2007 17:47 (twelve years ago) link

tombot u r freakin me out

gff, Monday, 22 October 2007 17:50 (twelve years ago) link

i hope my small apartment + modest savings plan + job in "information services" is enough to weather the shitstorm, if it comes. i got myself out of credit card debt a few months ago, at least

gff, Monday, 22 October 2007 17:53 (twelve years ago) link

well if you can hold down a job and don't have to worry about an ARM reset you should be okay, it's the homeowner with kids and a subprime loan and two cars who ought to be shitting themselves

El Tomboto, Monday, 22 October 2007 17:58 (twelve years ago) link

apart from some student loans and binging on credit cards over a few years, i'm kind of debt phobic.

which has actually made me lose out over the past several years, i realize, since i pay for EVERYTHING with a debit/check card... i could have just paid that balance on a credit card with some rewards scheme and has some air miles or something

gff, Monday, 22 October 2007 18:00 (twelve years ago) link

rolling gff personal finances into the shitbin thread, ha

gff, Monday, 22 October 2007 18:01 (twelve years ago) link

This will give you a boner Tombot

http://nymag.com/guides/money/2007/39952/

Dandy Don Weiner, Wednesday, 31 October 2007 11:30 (twelve years ago) link

the economy increased by 3.9% this quarter! bull market forever, baby. economy's better than ever. golden age.

yet me and so many people I know are getting laid off next month. granted we're all in the writing/design field, but urhhhhh. gggg.

burt_stanton, Wednesday, 31 October 2007 14:58 (twelve years ago) link

http://nymag.com/guides/money/2007/catastrophist071105_560.jpg
http://nymag.com/guides/money/2007/catastrophist071105_2_560.jpg

^^^ lol

most of that guy's scenario is not really news to regular bigpicture/CR readers I don't think. But #5, the "we don't pay attention" thing, yeah, well, evidently the awareness campaign is underway, but hell if the big players are paying attention.

He also leaves out the approaching demographic catastrophe as millions of inexperienced thirtysomethings and even some late-twenties kids are forced to move into arguably tougher jobs that the boomers have been holding for two decades. Beyond the social security and healthcare costs associated with mass retirement, I don't really know if this generation has the work ethic and definitely not the rolodex to just start filling in and not fuck up royally. too busy updating their linkedin pages.

El Tomboto, Wednesday, 31 October 2007 15:11 (twelve years ago) link

can someone explain what "being upside down on your mortgage" means, in plain English?

Tracer Hand, Wednesday, 31 October 2007 16:14 (twelve years ago) link

essentially, owing more than your home is worth.

Dandy Don Weiner, Wednesday, 31 October 2007 17:10 (twelve years ago) link

also Tombot I'm not going to blame this generation as much as I blame their parents.

Dandy Don Weiner, Wednesday, 31 October 2007 17:11 (twelve years ago) link

isn't that the way people buy homes? by paying for the privilege of a loan?

Tracer Hand, Wednesday, 31 October 2007 17:12 (twelve years ago) link

When you enter into a contract with a bank for a mortgage, both you and the bank assume that the property value will not plummet. The bank doesn't want you to default any more than you want to default. But if for whatever reason you need to sell your home, and you can't get what you owe on it, then you will owe the difference to the bank. And the bank knows that when that happens, you probably will not have enough assets to cover the difference.

Predatory-type loans (which seems like a nebulous description to me) typically compound the problem because they have higher transaction rates (points, etc.)

Dandy Don Weiner, Wednesday, 31 October 2007 17:17 (twelve years ago) link

oh certainly! well played baby boom letting healthcare slide for the 20 years you've owned the electorate

El Tomboto, Wednesday, 31 October 2007 17:18 (twelve years ago) link

yeah Tracer it's also called "negative equity"

El Tomboto, Wednesday, 31 October 2007 17:19 (twelve years ago) link

Not to mention saddling us with ridiculous expectations. Why do I have to be the one to tell my PARENTS "No, I can't make a living doing whatever I want."

Hurting 2, Wednesday, 31 October 2007 17:20 (twelve years ago) link

how much truth is there in the apocalyptic "soon people will have to pay all their back rent/mortgage payments and everything will crash and burn" articles that are coming out now?

sarahell, Thursday, 11 June 2020 17:42 (four weeks ago) link

xp -- wait really? Why the fuck would anyone buy a loan that is meant to be forgiven?

idk? it's there in the text of the law though. Maybe not all the loans are intended to be forgiven? I am guessing that at minimum, it is a way for banks to free up more capital in the short-term to do more lending?

sarahell, Thursday, 11 June 2020 17:44 (four weeks ago) link

perhaps they will be unforgiven?

voltmeter said i had potential (Sufjan Grafton), Thursday, 11 June 2020 18:13 (four weeks ago) link

i really hope these redditors/robinhood first time account people that I have read so much about the past month don't lose their shirt.

Yerac, Thursday, 11 June 2020 18:18 (four weeks ago) link

supposedly the huge gains of the last couple months were predicated on the fed taking strong action and giving investors confidence that the world would not explode

which always seemed like bullshit to me. i don't think it's a coordinated effort or anything, but the last few weeks have just seemed like willingly suspending disbelief to pump the market back in and squeeze the last juices out of it before manufacturing slowdowns and a collapsing real estate market become so obvious that even investors have to acknowledge it.

― our god is a might god (Karl Malone), Thursday, June 11, 2020 10:26 AM (forty-eight minutes ago) bookmarkflaglink

it's impossible to know if this pullback will start the end-of-february-esque retest of lows or will start the end-of-april-esque retest of some highs.

voltmeter said i had potential (Sufjan Grafton), Thursday, 11 June 2020 18:18 (four weeks ago) link

i really hope these redditors/robinhood first time account people that I have read so much about the past month don't lose their shirt.

― Yerac, Thursday, June 11, 2020 1:18 PM (nineteen minutes ago) bookmarkflaglink

I was just reflecting on what a terrible feature of our system it is that people feel like they need to wait around for others' pain in order to get on the american dream latter - specifically in response to a reddit post that was hoping for widespread foreclosures so he could buy a house, a horrible sentiment yet sort of understandable.

longtime caller, first time listener (man alive), Thursday, 11 June 2020 18:38 (four weeks ago) link

And then on top of that, the system throws a lot of headfakes at you

longtime caller, first time listener (man alive), Thursday, 11 June 2020 18:38 (four weeks ago) link

because in america someone has to lose in order for you to feel like you can gain.

Yerac, Thursday, 11 June 2020 18:39 (four weeks ago) link

*american dream ladder

longtime caller, first time listener (man alive), Thursday, 11 June 2020 18:41 (four weeks ago) link

go, shitbin, go

stocks rise 5% on covid optimism!!!
*5 days pass, in which absolutely nothing happens that was not already widely expected*
stocks fall 5% on glum covid outlook!!!

it's not even as compelling as mass psychosis

brooklyn suicide cult (Dr Morbius), Thursday, 11 June 2020 19:16 (four weeks ago) link

The state police said it will be an 8 hour wait from the back of the line to speak to a state employee about unemployment. pic.twitter.com/plGONcpS6n

— Daniel Desrochers (@drdesrochers) June 17, 2020

𝔠𝔞𝔢𝔨 (caek), Wednesday, 17 June 2020 17:16 (three weeks ago) link

Trump country.

Li'l Brexit (Tracer Hand), Wednesday, 17 June 2020 17:28 (three weeks ago) link

stocks up on reports that unemployment line is now less than 16 hours long

Karl Malone, Wednesday, 17 June 2020 18:03 (three weeks ago) link

jeez, what state is that?

Fuck the NRA (ulysses), Wednesday, 17 June 2020 19:15 (three weeks ago) link

i think kentucky (the tweeter lists kentucky.com as his website and reports for the lexington herald leader)

Karl Malone, Wednesday, 17 June 2020 19:16 (three weeks ago) link

oh yeah. they've been dismantling their unemployment system for a decade iirc.

Fuck the NRA (ulysses), Wednesday, 17 June 2020 19:27 (three weeks ago) link

a sad coda to that unemployment line in Frankfort, KY yesterday:

Hundreds of Kentucky residents waited in line for as long as 10 hours outside a makeshift unemployment office at the State Capitol in Frankfort on Wednesday in hopes of getting paid for claims that, for some, dated back as far as March.

But in the end, a handful who had stood in line all day were turned away, prompting despair and anger, the Lexington Herald-Leader reports.

“Maybe, maybe 25 people left to be seen and they turn us away,” resident Deborah McLaughlin told the paper.

Hundreds more who arrived after the line was cut off were turned away, as well. The state’s computer system shuts down at 7 p.m. and cannot further process claims, officials told those in line.

sorry everyone, but you know computers. they don't work after 7 pm, gotta shut them down.

time is running out to pitch in $5 (Karl Malone), Thursday, 18 June 2020 23:38 (three weeks ago) link

Yes, I am concerned the longer this goes on, the more losses banks will face. Large banks have more capital than they had before the 08 crisis, but not enough. 1/2

— Neel Kashkari (@neelkashkari) June 19, 2020

Dirty Epic H. (Eric H.), Friday, 19 June 2020 20:20 (two weeks ago) link

They should stop paying dividends and raise capital to increase their resiliency. They can essentially inoculate themselves from COVID and should do so now. 2/2

— Neel Kashkari (@neelkashkari) June 19, 2020

Dirty Epic H. (Eric H.), Friday, 19 June 2020 20:20 (two weeks ago) link

i smell a moral hazard

if only these banks had some real skin in the game

mookieproof, Saturday, 20 June 2020 03:16 (two weeks ago) link

Senior Trump economic advisor Kevin Hassett is leaving. A second senior advisor, Tomas Philipson, is leaving, too:

https://www.washingtonpost.com/business/2020/06/24/white-house-economist-philipson-departure/

And the market is getting skittish again:

I hope everyone is watching this. There’s not much left they can do before the bottom falls out of the market.https://t.co/UkJXeUYUhq

— Angry Staffer (@AngrierWHStaff) June 25, 2020

I don't know, but I think the economy might be in pretty bad shape.

Josh in Chicago, Thursday, 25 June 2020 17:43 (two weeks ago) link

Has anyone else read this? Not any new information, really, but pulls together a fair amount of date, synthesizes it, and makes its case pretty well...

https://newleftreview.org/issues/II123/articles/robert-brenner-escalating-plunder?fbclid=IwAR2hj5SYEErcjs0rW6YHtMFpjX5laUuYQi5DMIknsoFY1qib1LweqyhzW3s

blue light or electric light (the table is the table), Thursday, 25 June 2020 19:00 (two weeks ago) link

Has anyone else read this? Not any new information, really, but pulls together a fair amount of date, synthesizes it, and makes its case pretty well...

https://newleftreview.org/issues/II123/articles/robert-brenner-escalating-plunder?fbclid=IwAR2hj5SYEErcjs0rW6YHtMFpjX5laUuYQi5DMIknsoFY1qib1LweqyhzW3s🕸


Yep. Very good read. Basically capitalism now cannot survive without an unlimited government back stop. This can’t be sustainable.

Boring, Maryland, Friday, 26 June 2020 02:54 (one week ago) link

i think from now on sic should post the little spiderweb after those, like he is spiderman trying to stop up the web channels from funneling our information out

j., Friday, 26 June 2020 03:34 (one week ago) link

xp it was ever thus. governments create and sustain markets etc etc

methinks dababy doth bop shit too much (m bison), Friday, 26 June 2020 04:00 (one week ago) link

Cirque du Soleil filing for bankruptcy, so there's your silver lining.

brooklyn suicide cult (Dr Morbius), Thursday, 2 July 2020 19:20 (one week ago) link

lol it's like the backbone of the economy of Quebec

Boring, Maryland, Thursday, 2 July 2020 22:50 (one week ago) link

but they infected us too

brooklyn suicide cult (Dr Morbius), Thursday, 2 July 2020 23:19 (one week ago) link

In case you were wondering- this is a high number

32% of U.S. households missed their July housing payments https://t.co/fR9ZExbH1M

— ≡l≡v≡nth (@3L3V3NTH) July 8, 2020

𝔠𝔞𝔢𝔨 (caek), Wednesday, 8 July 2020 19:12 (yesterday) link

the number of evictions going through right now must be astronomical

Temporary Erogenous Zone (jim in vancouver), Wednesday, 8 July 2020 19:12 (yesterday) link

Evictions for non-payment of rent are effectively still under a moratorium in Seattle, I’m pretty sure. (That is, financial hardship due to covid was made an acceptable defense for tenants in eviction proceedings.) no idea what the impact of that all is.

all cats are beautiful (silby), Wednesday, 8 July 2020 19:17 (yesterday) link

it's gonna be a scary fucking winter

Fuck the NRA (ulysses), Wednesday, 8 July 2020 19:20 (yesterday) link

are some federal student loan payments still suspended?

honestly i've been to terrified to check for months, and the service i've been forced to use is so terrible at notifying me about anything that i've heard nothing about it from them either.

time is running out to pitch in $5 (Karl Malone), Wednesday, 8 July 2020 19:48 (yesterday) link

Can someone explain the argument against a rent and mortgage moratorium until the end of COVID?

DJI, Wednesday, 8 July 2020 19:50 (yesterday) link

the people who own the property would make less money

time is running out to pitch in $5 (Karl Malone), Wednesday, 8 July 2020 19:52 (yesterday) link

so it's up to the people who don't own the property to lose money instead

time is running out to pitch in $5 (Karl Malone), Wednesday, 8 July 2020 19:52 (yesterday) link

Ask not...

DJI, Wednesday, 8 July 2020 19:58 (yesterday) link

I mean, there would presumably be cascading effects throughout the entire economy and financial system of a magnitude never seen before. But I imagine/hope that fed action could stem some of that?

longtime caller, first time listener (man alive), Wednesday, 8 July 2020 20:01 (yesterday) link

It probably makes more sense for govt action to cover mortgages/rent on the front end and/or backstop them on the back end rather than just say "you don't have to pay and someone else gets stuck holding the bag"

longtime caller, first time listener (man alive), Wednesday, 8 July 2020 20:02 (yesterday) link

in the UK a 3-month eviction ban has been extended until the end of August.

https://www.gov.uk/government/news/ban-on-evictions-extended-by-2-months-to-further-protect-renters

but.... what then? there is no way that people are going to be able to afford the arrears. the government just says landlords and tenants should 'work together'. LOLLLLL

Li'l Brexit (Tracer Hand), Wednesday, 8 July 2020 20:10 (yesterday) link

the big problem that a lot of people here are fearing is that once the moratorium ends, people will be stuck with too much debt that needs to be repaid right away ... so there are people arguing, and I believe even legislation being proposed, to forgive rent/mortgage payments during the covid period. ... mortgages are somewhat easier to deal with from a policy perspective because the concept of "refinancing" already exists ... the outstanding payments could just be spread out through the loan period or the loan could be extended.

Rent is tougher ... but also more crucial because it affects mostly low-income or lower-income people compared to owners. ... I feel like one "moderate" approach would be to give rental property owners the equivalent of PPP loans to replace the lost rental income, and extend the moratorium on rent for like, a long time, at least until the end of the year. My more progressive approach would be to limit the class of property owners eligible for these loans based on income -- like, if we are talking about huge corporations ... no loans ... if we are talking about the little old lady who makes $30k off her rental and her only other income is social security ... then, yes.

sarahell, Wednesday, 8 July 2020 20:18 (yesterday) link

in Florida, there are 2,600+ evictions pending in the court systems, and hundreds of evictions that have been approved by a judge, merely awaiting a Sheriff to serve them once the moratorium ends. like they'll probably show up the day the moratorium ends to remove citizens

I hear that sometimes Satan wants to defund police (Neanderthal), Wednesday, 8 July 2020 22:43 (yesterday) link

here there are a handful of exceptions to the moratorium and we're starting to see landlords go about using them ...however, with the fact that it is summer plus lots of people are out of work, one of the handful of events going on in the city are caravans to the houses of these shitty landlords to protest their shitty behavior.

sarahell, Wednesday, 8 July 2020 22:55 (yesterday) link

Are banks renegotiating/pausing mortgages for landlords?

DJI, Wednesday, 8 July 2020 23:31 (yesterday) link

if we are talking about huge corporations ... no loans ... if we are talking about the little old lady who makes $30k off her rental and her only other income is social security ... then, yes.

bingo & thank u

sleeve, Thursday, 9 July 2020 00:10 (twenty-one hours ago) link

But huge corporations will be able to hedge anyway, and won't be badly harmed. So give them the loans, and let renters have the satisfaction of seeing small landlords like the little old lady crushed into the gutter

Appleman Appears: 20/2/2020. Whose Cider You On? (Bananaman Begins), Thursday, 9 July 2020 09:26 (twelve hours ago) link

Not sure what the word “hedge” means in that sentence

longtime caller, first time listener (man alive), Thursday, 9 July 2020 13:03 (eight hours ago) link

https://gothamist.com/news/crown-heights-landlord-building-evictions-protest-brooklyn

The landlord — who tenants say evicted them and moved his own stuff in last night — is standing in the doorway, as tenants and protesters curse him.

“You’re evicting people in a pandemic you phoney liberal motherfucker. You belong in a Dickens novel.” pic.twitter.com/kRRx9DdAbp

— Jake Offenhartz (@jangelooff) July 8, 2020

Fuck the NRA (ulysses), Thursday, 9 July 2020 15:54 (five hours ago) link

The next day, the tenants reached an agreement with Gendville, who promised they would have until August 1st to vacate. But she became "infuriated" by their request to put the agreement in writing, tenants said. On Monday, her and Brooks-Church, accompanied by their two dogs, maintenance workers, and three children, entered the house and started threatening residents, according to multiple tenants.

"I'm in my room listening to Death Grips. It's loud, and all of a sudden Loretta swings open the door, gets in my face, calls me a trespasser and tells me to 'get the fuck out,'" recalled one 22-year-old tenant, who declined to give their name for fear of being sued by the landlord. "She grabs my wrist to block me from locking the door. I'm scared out of my mind."

Fuck the NRA (ulysses), Thursday, 9 July 2020 15:56 (five hours ago) link


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