Business, Economics, and Taxes: Capitalism. Yay? >=(

[mookie1995]

Also interesting listening to the discussion of the April jobs number summary: more CEOs and business owners are vocally admitting to the experts that this virus came at a great time to allow these companies to "streamline" and "correct" employment. These companies are not bringing every laid-off employee back even if the economy magically could go to 100% tomorrow.

The exact number of the 18 million classified as "temporary layoff" who actually return to work is a big unknown at this point.

Wasn’t it you that heard on CNBC one day that wages will be reset when hiring starts back?

 

[aparch]

Wasn’t it you that heard on CNBC one day that wages will be reset when hiring starts back?

Yep, well one of them. CNBC keeps mentioning it.

To be honest, it's one of those "we'll see what actually happens," but it's still a little surprising that CEO's are saying the quiet parts that should be whispered very vocally.

 

[Kepler]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Wasn’t it you that heard on CNBC one day that wages will be reset when hiring starts back?

That was me. I read in WSJ that many companies are doing that.

Also resetting tenure to 0 for benefits.

Burn all the business schools to the ground.

 

[Handyman]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Why wouldnt they say it out loud...there is no way to hold them to account and it is just the thing investors want to hear.

 

[Kepler]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Why wouldnt they say it out loud...there is no way to hold them to account and it is just the thing investors want to hear.

Who says they aren't?

 

[Deutsche Gopher Fan]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

You’re going to hell, John. Take note

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The 30+ million Americans who have been laid off don’t need smartass quips, they need help. And those actually in “hell” are pleading for gloves, masks, gowns & more to care for their patients. Is this the “compassionate conservatism” I’ve long heard about? <a href="https://t.co/ZaF70EXdQ5">https://t.co/ZaF70EXdQ5</a></p>— Rep. John Yarmuth (@RepJohnYarmuth) <a href="https://twitter.com/RepJohnYarmuth/status/1258854454272679940?ref_src=twsrc%5Etfw">May 8, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Handyman]

Who says they aren't?

Read what aparch said then read what I said

 

[Handyman]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The rate of joblessness is estimated to have peaked at 24.9% during the worst of the Great Depression. <a href="https://t.co/RYyBuwlHCH">https://t.co/RYyBuwlHCH</a></p>— HuffPost (@HuffPost) <a href="https://twitter.com/HuffPost/status/1259512606190178310?ref_src=twsrc%5Etfw">May 10, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Deutsche Gopher Fan]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Crude Oil prices going up as Saudi Arabia cuts production levels. Our great Energy Companies, with millions of JOBS, are starting to look very good again. At the same time, gasoline prices at record lows (like a big Tax Cut). The BEST of all Worlds. “Transition To Greatness”</p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1260199923968081920?ref_src=twsrc%5Etfw">May 12, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[aparch]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Crude Oil prices going up as Saudi Arabia cuts production levels. Our great Energy Companies, with millions of JOBS, are starting to look very good again. At the same time, gasoline prices at record lows (like a big Tax Cut). The BEST of all Worlds. “Transition To Greatness”</p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1260199923968081920?ref_src=twsrc%5Etfw">May 12, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Meanwhile...

Gas prices are starting to tick upward.


As I heard a few times, the cure for low oil prices is low oil prices. Seems accurate. So either demand is returning slowly, or additional storage was found.

 

[aparch]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

No article yet, but CNBC just had an interesting news break where they found Wells Fargo (and potentially other banks) are up to their old tactics.

A gentleman emailed Wells Fargo for more information regarding the forbearance program back in March, but never heard back from them.

Went to refinance through Freddie Mac a week ago and was told that they can't refinance because the loan is not current. Wells Fargo enrolled him into the forbearance without his permission.

 

[SJHovey]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

No article yet, but CNBC just had an interesting news break where they found Wells Fargo (and potentially other banks) are up to their old tactics.

A gentleman emailed Wells Fargo for more information regarding the forbearance program back in March, but never heard back from them.

Went to refinance through Freddie Mac a week ago and was told that they can't refinance because the loan is not current. Wells Fargo enrolled him into the forbearance without his permission.

I'm not sure that story makes sense.

First, if he went to Freddie Mac and they told him his Wells Fargo loan wasn't current, that sounds to me like he was in the forbearance program, or he wasn't in it and just wasn't paying his mortgage.

Second, what's the advantage to Wells Fargo in enrolling someone in a program where a person doesn't have to make their loan payments? Do they get some fed money for that?

 

[Kepler]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Second, what's the advantage to Wells Fargo in enrolling someone in a program where a person doesn't have to make their loan payments? Do they get some fed money for that?

I wonder if they get fed money to tide them over and then they get the poor schlub's actual payments later. So: double payout.

I don't know it for a fact that the banks wrote the bank bailout plan; I just know it's true.

 

[Handyman]

I'm not sure that story makes sense.

First, if he went to Freddie Mac and they told him his Wells Fargo loan wasn't current, that sounds to me like he was in the forbearance program, or he wasn't in it and just wasn't paying his mortgage.

Second, what's the advantage to Wells Fargo in enrolling someone in a program where a person doesn't have to make their loan payments? Do they get some fed money for that?

It does. My girlfriend asked for info and they enrolled her too. She never planned to never even talked to a person she sent an I quiry and bam they put her in forbearance. She was not happy.

Edited to add that she only asked for information.

 

[SJHovey]

It does. My girlfriend asked and they enrolled her too. She never planned to never even talked to a person she sent an I quiry and bam they put her in forbearance. She says not happy.

Did your girlfriend then stop paying her mortgage after she asked, like if she got the forbearance? That’s what the guy referenced in the story apparently did.

 

[Handyman]

Did your girlfriend then stop paying her mortgage after she asked, like if she got the forbearance? That’s what the guy referenced in the story apparently did.

She was going to (she has two and is currently unemployed) but didn't like the idea of the balloon payment. At first, and I am not making this up, they wouldn't even let her make the payment to either mortgage (that is how she found out she was enrolled cause they didn't email or mail anything) but she somehow was able to get it to go through which seems to have unenrolled her. It is the strangest thing. Her mom was a banker for like fifteen years and she didn't understand it either. All this cause she requested information. Never heard back and never signed anything.

I can't speak to the Fannie Mae part cause our interest rate is so low we would never refinance. But the rest I can attest is happening.

 

[The Rube]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Meanwhile...

Gas prices are starting to tick upward.


As I heard a few times, the cure for low oil prices is low oil prices. Seems accurate. So either demand is returning slowly, or additional storage was found.

It was reported that more people are driving now than last month. I figure it's a combo of more jobs opening up for business again, people getting cabin fever (had a friend that simply drove the 494-694 loop just to get out of the house), and people fed up with the shutdown and are driving to places.

 

[Kepler]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

It was reported that more people are driving now than last month. I figure it's a combo of more jobs opening up for business again, people getting cabin fever (had a friend that simply drove the 494-694 loop just to get out of the house), and people fed up with the shutdown and are driving to places.

I've noticed more people on the roads. The first few weeks it was post-apocalyptic. Now it's just the west.

 

[The Rube]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

I've noticed more people on the roads. The first few weeks it was post-apocalyptic. Now it's just the west.

I would agree with that.


And many are still driving like a bat out of hell as if it was post-apocalyptic.

 

[aparch]

Did your girlfriend then stop paying her mortgage after she asked, like if she got the forbearance? That’s what the guy referenced in the story apparently did.

It was just a brief news break when they mentioned it, but it sounded like Handy's story exactly. Guy just called about information, then later went to refinance and was told his loan was not current, because it was placed into forbearance without his approval.

If I find an article detailing it better I'll pass it along.