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

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I am shocked! From WaPo

“Financial records show that a number of publicly traded firms paid dividends and bought back stock after receiving taxpayer-backed SBA loans.”
 
Handyman said:
It will be worse than layoffs...hotels are gonna flat out go under in a lot of places. Many of the small towns that love Trump are about to get it with out lube. Of course they will blame the Blue Cities and Governors.

Those jerkoffs cackling over whether Biden will get COVID will all be unemployed and broke by January.
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My wife was laid off around St. Patricks day (not a lot of need for convention/wedding planning with a pandemic going on) and her hotel has no intention of opening any time soon. She also heard a few hotels in NYC and LA are shuttering with no intention of reopening any time soon. A few smaller hotels are open, but with no weddings or venues taking place, they're running on skeleton crews and not hiring.
 
My second job is at the Minneapolis Convention Center as a bartender...been closed since my birthday and there is no plans as of now to open for any real events. Last year I made 20k at that job...
 
FadeToBlack&Gold said:
Yeah, the pre-election stock market profiteering started right around Labor Day if you look at the DJIA trend chart. Next slide will be when the PPP and extra UE benefits don't get extended in full by the Senate and the next round of airline/hotel/restaurant layoffs begin in earnest as the outdoor dining and tourist season draws to a close in the Frost/Snow Belt.
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yup. mookie decided risk/reward had tilted and since 401k trading is costless (outside opportunity) he's is all money market funds for the short term. if markets bounce back next week mookie's still up as msci world is down over 6% for sept to date (mookie diversifies across the global). of course if they bounce back 10% mookie was wrong. next two months won't see any stimulus passed. only bad things will fall outta washdc near term.
 
From the 2020 Ig Noble Prizes, this is roughly analogous to my company's business model!

MANAGEMENT PRIZE [CHINA]
(奚广安) Xi Guang-An, (莫天祥) Mo Tian-Xiang, (杨康生) Yang Kang-Sheng, (杨广生) Yang Guang-Sheng, and (凌显四) Ling Xian Si, five professional hitmen in Guangxi, China, who managed a contract for a hit job (a murder performed for money) in the following way: After accepting payment to perform the murder, Xi Guang-An then instead subcontracted the task to Mo Tian-Xiang, who then instead subcontracted the task to Yang Kang-Sheng, who then instead subcontracted the task to Yang Guang-Sheng, who then instead subcontracted the task to Ling Xian-Si, with each subsequently enlisted hitman receiving a smaller percentage of the fee, and nobody actually performing a murder.
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Disney Lays off 28k Theme Park Workers

For six months, Disney has kept tens of thousands of theme park workers on furlough with full health-care benefits in hopes that a light at the end of the pandemic tunnel would appear. On Tuesday, Disney conceded that none was coming.

The company’s theme park division said it would eliminate 28,000 jobs in the United States. Theme parks will account for most of the layoffs, although Disney Cruise Line and Disney’s retail stores will also be affected.

“As heartbreaking as it is to take this action, this is the only feasible option we have in light of the prolonged impact of Covid-19 on our business, including limited capacity due to physical distancing requirements and the continued uncertainty regarding the duration of the pandemic,” Josh D’Amaro, chairman of Disney Parks, Experiences and Products, said in an email to “cast members,” Disney’s term for its theme park workers.

About 67 percent of the layoffs will involve part-time jobs that pay by the hour. However, executives and salaried workers will also be among those laid off. Disney’s theme parks in California and Florida employed roughly 110,000 people before the pandemic. The job cuts will come from both resorts.
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Cant imagine that will help those unemployment numbers...
 
That’s a really bad sign. If they don’t think they can even keep them on furlough, it means business knows this is going to be long haul. We could see waves of this coming over the next month.
 
dxmnkd316 said:
That’s a really bad sign. If they don’t think they can even keep them on furlough, it means business knows this is going to be long haul. We could see waves of this coming over the next month.
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Specifically relating to Disney:

They are constantly advertising on TV to "Spend the Holidays" at the most magical place on earth... If you aren't familiar with how Disney usually operates, Christmas break is one of the hardest reservations to get and you will pay handsomely for that privilege. The parks are at capacity and are operating at rack rates. The mere fact that they are heavily advertising shows that they are hurting.
 
dxmnkd316 said:
That’s a really bad sign. If they don’t think they can even keep them on furlough, it means business knows this is going to be long haul. We could see waves of this coming over the next month.
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And we will, because Turtle Boy will be preoccupied with ramming the religious cultist through to the SCOTUS while he still can. There will be no further extension of CARES or Heroes or the PPP - that's all DOA for the Grim Reaper. He knows it's over for awhile, and he wants the courts locked up before the Dems are swept into control of both houses and the White House. Then they can sue to block any legislation that is remotely progressive, and they will have the lockstep strict constructionist majority to strike it all down.
 
FadeToBlack&Gold said:
And we will, because Turtle Boy will be preoccupied with ramming the religious cultist through to the SCOTUS while he still can. There will be no further extension of CARES or Heroes or the PPP - that's all DOA for the Grim Reaper. He knows it's over for awhile, and he wants the courts locked up before the Dems are swept into control of both houses and the White House. Then they can sue to block any legislation that is remotely progressive, and they will have the lockstep strict constructionist majority to strike it all down.
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Bad gambit to play. Sure Kavanaugh will do the Rights bidding but Gorsuch and Roberts have shown that if the law doesn't run afoul of the Constitution they are much less likely to destroy it on ideological grounds. (Roberts will side with the money though so if it is Wall Street related its DOA) It isnt like Conservative Courts can just destroy everything willy nilly anyways there needs to be at least the appearance of a legal challenge.

There are ways around the SC anyways. The Dems need to adapt to a States Strategy. If they take back the Senate and the Presidency the next job is to keep turning states blue. Work on the down ballot races for the midterms...especially judges and sheriffs. Take what the GOP did and flip it back on them.
 
RaceBoarder said:
Specifically relating to Disney:

They are constantly advertising on TV to "Spend the Holidays" at the most magical place on earth... If you aren't familiar with how Disney usually operates, Christmas break is one of the hardest reservations to get and you will pay handsomely for that privilege. The parks are at capacity and are operating at rack rates. The mere fact that they are heavily advertising shows that they are hurting.
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My daughter worked for Disney for three years and knows dozens of Disney workers. They are being put in constant danger and treated like sh-t. It's one of the worst companies for the treatment of its workers.

Apparently the parks actually are pretty full, though. And the type of people who are hot to go right now are the stupidest, most aggressive, most vile in the country. It's a MAGA super spreader event every day.
 
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Disney's daughter often rails about the treatment of the workers...especially their salaries.
 
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