Coronavirus Recession

eyephone said:
LA offer free testing then Irvine. How come I always see the LA county supervisor/LA mayor update. But rarely the OC supervisors update.
Please inform your constituents. This is your duty and part of your job!

I am not comparing, but we would like to know what is going on!

I think they do their updates through Facebook:

http://www.facebook.com/ocgov
 
Ready2Downsize said:
Kenkoko said:
USCTrojanCPA said:
Here's the other sad part, the vast majority of the people that lost their jobs are low/lower paying no college degree folks and I'd venture to bet that many of those jobs aren't coming back. They mentioned on CNBC that the unemployment rate for college graduated folks is around 8% now while being well over 20% for non-college educated folks. This recession will further separate the haves and the have-nots.

The April jobs data sadly backs this up. This recession / depression will indeed exacerbate income inequality.

35% of the lowest-paid (bottom 20%) workers have lost their jobs
9% of the highest-paid (top 20%) workers have lost their jobs

The damage has been so imbalanced that the average U.S. wage has "grown" 8% just by removing so many low-wage workers from the pool.
https://www.washingtonpost.com/business/2020/05/08/awful-reason-wages-appeared-soar-middle-pandemic/

Once things are opened up (except things like events, sports etc) and people find out cities, counties and states are going to have massive spending cuts and projects that "were" approved with funding promised are suddenly no longer we'll see a whole lot of trickle down cuts. Lots of businesses are going to be in a heap of trouble and it's not going to be just the little guys paying. Unless the feds come in and print money and toss it out to states, etc, going to feel like the OC BK 26 years ago.

And so it begins. Newsome wants state employees to take a 10% paycut in July. Does that include nurses and doctors that work for state facilities like UCI medical center, professors, teachers and other workers at state universities like Cal State and UC, construction workers like Cal Trans?

Plus spending and program cuts which only means private sector going to hurt too.

Some of these employees (nurses and doctors) were already furloughed cuz their "elective" specialties were not allowed to accept patients.
 
This was a clear next step from day 1, when they announced the shutdown. I wonder what the reaction would have been if at the time he announced the shutdown he also announced that any revenue shortfall as a result of the shutdown would have to be offset with corresponding decreases in expenses.

I?m guess the government workers would not have been as supportive of the shutdown (to the extent they were to begin with).

Hopefully the government workers understand that without the revenue coming in they have to do their fair share just like those of us who have been doing our fair share by paying some of the highest income taxes in the country.
 
Interesting video experiment from Japan to show how one person can spread a virus in a buffet setting:
https://www.cnn.com/2020/05/13/heal...periment-coronavirus-trnd-wellness/index.html

Granted, the amount of ?sneeze/cough? material was quite a bit but it does illustrate how much shared contact people have.

They redid the experiment using sanitization protocols and having guests frequently clean their hands and there was zero spread.

So there is still hope for buffets to reopen. :)
 
So Georgia may have opened... but they haven't really opened. While the governor had declared an aggressive reopening 3 weeks ago, many businesses are still being very cautious about what they do to protect their employees and clients:

Conor Sen: Georgia?s fast reopening is going pretty slowly
https://www.twincities.com/2020/05/15/conor-sen-georgias-fast-reopening-is-going-pretty-slowly/

Much of metro Atlanta?s restaurant industry knew immediately that reopening would take time and that there wouldn?t be a rush back in the name of expediency. Hugh Acheson, a well-known Atlanta restaurateur, tweeted on April 21 that ?No one tells me when to open.? Using the hashtag #GAHospitality, 50 restaurant owners representing 120 restaurants took out a full-page ad in the Atlanta Journal-Constitution giving their reasons for remaining closed for dine-in service despite being allowed to reopen. As we head into mid-May there have been no major updates on when Atlanta?s dining scene will reopen.

The limited data we have on normalization suggests that despite Georgia technically being open, its trajectory isn?t that much different from peer states that remain closed. Lyft reported earnings last week and broke out April business trends in various metro areas. Between the week ended April 5 and May 3 ridership increased 25% in Atlanta, but it also increased 35% in Chicago, 22% in New York City and 25% in Seattle, areas that still are under lockdowns. Apple Maps data show that mobility is increasing pretty consistently throughout the country since early April, with Atlanta?s recovery similar to Houston?s, another car-dependent metro area in a state that had a later and more limited reopening.

Depending upon the outcome you?re anticipating, this news should either be sobering or a relief. Government generally can?t force a business to reopen if its managers don?t feel that doing so is in its best interests. Nor, obviously, can government force customers to carry on with their pre-virus routines. Even if normalization from here on occurs in a straight line ? a notion subject to significant uncertainty ? it will only occur as quickly as all stakeholders in the process feel safe doing so. Economic activity and employment will remain far below pre-virus levels for a significant period of time even if all 50 states lifted shelter-in-place orders tomorrow.

So before qwerty claims that reopening hasn't caused a rise in Covid cases/deaths in Georgia... there has to be an understanding that there are many businesses that haven't really opened and people are still acting like it's a lockdown.

Which is good health-wise, but also shows that the economy would suffer whether the government forced a lockdown or not.
 
At least they let the businesses decide  I?ve always said they should let whatever businesses that want to open and let customers decide if they want go out and shop based on their level of comfort. They may or may or get customers but at least everyone decides on their own.

And I?ve never said there would have been no economic slowdown if the government never mandated the shutdown. I said it would have been nowhere as bad as it has been.
 
irvinehomeowner said:
If there were over 100k dead months ago because we didn?t flatten the curve, the economy would be pretty bad... maybe worse.

Worse? Nothing could be worse than it is now. There is no way in hell the economy would be as bad as it is now if there has been no mandated shutdowns.
 
qwerty said:
irvinehomeowner said:
If there were over 100k dead months ago because we didn?t flatten the curve, the economy would be pretty bad... maybe worse.
Worse? Nothing could be worse than it is now. There is no way in hell the economy would be as bad as it is now if there has been no mandated shutdowns.

That?s your opinion.

If there were 150k+ dead right now... the economy would be in ruins.

You can?t prove a negative.

See.... I can post morekaos/qwerty style too.
 
America!!! We always win in the end!!!👍🏽🇺🇸

Moderna reports positive data on early-stage coronavirus vaccine trial, shares surge

Moderna?s closely watched early-stage human trial for a coronavirus vaccine produced Covid-19 antibodies in all 45 participants, the biotech company announced Monday, sending the company?s shares surging more than 17%.

https://www.cnbc.com/2020/05/18/moderna-reports-positive-data-on-early-stage-coronavirus-vaccine-trial.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard
 
US Banks On Life Support

The new Macro Watch video shows that, without the unprecedented support that the government and the Fed are providing to the economy during the Coronavirus crisis, it is likely that all the major banks in the United States would go bankrupt.
https://richardduncaneconomics.com/us-banks-on-life-support/


Here is the next sectors to face crisis. Our 45 did not see health crisis intertwine with financial at the time he first went on TV to declare national emergency.

How much can the FED pledge for this sector?




 
Compressed-Village said:
US Banks On Life Support

The new Macro Watch video shows that, without the unprecedented support that the government and the Fed are providing to the economy during the Coronavirus crisis, it is likely that all the major banks in the United States would go bankrupt.
https://richardduncaneconomics.com/us-banks-on-life-support/


Here is the next sectors to face crisis. Our 45 did not see health crisis intertwine with financial at the time he first went on TV to declare national emergency.

How much can the FED pledge for this sector?

I do not want to say it. But the Fed is handing out money like it is candy. But the taxpayers will get crushed. (candy crush jk jk)
For example the triple P loans should be called grants. Because if the business meets the criteria they do not have to pay the taxpayers back.
 
The economy is like a seasons. Summer, Fall, Winter, and Spring. You have to let the market work itself out.

Now, that the FED manipulated so much for so long, the manipulation hit the point of hard reset. FED doing everything they can, to only pro-long the process.

In the end just like covid, you can try to slow it down, until a cure / vaccine comes. Just like the FED, they will need to have this market reset after the pro-long failed. It will take much longer  time and more pains. If free market works like it suppose to works with out intervention, then the sun will shine much sooner.
 
So Newsom is relaxing California county guidelines because he doesn't want to get calved in the face.

Zero deaths in 14 weeks was an impossible ask and as we move through this, there will probably continue to be further modifications to guidelines. As much as critics can say this seems like they don't know what they are doing I feel this is how this should be dealt with to prevent any type of spike/surge.

In order to deal with the lower capacity of indoor seating for restaurants, there are proposals to use outdoor common areas/parking to provide more seating.

Interestingly enough, when I was down in Costa Mesa the other weekend, a non-drive thru The Habit restaurant created a drive-thru for themselves in the parking lot with cones and tents.

Too bad they can't create a drive-thru KBBQ. :)

Bad thing about reopening the economy? Bad traffic again. :(
 
So many people eating outside this shopping center I?m picking up food at even though the tables have signs on them saying not to.

One guy is even eating inside.

Did Irvine open up dining without telling me?
 
People are getting lax. I see people drinking their coffee and eating while sitting on walls at my strip mall. Even those using a computer/reading smartphones (not eating/drinking) are not bothering to wear masks.

irvinehomeowner said:
So many people eating outside this shopping center I?m picking up food at even though the tables have signs on them saying not to.

One guy is even eating inside.

Did Irvine open up dining without telling me?
 
iacrenter said:
People are getting lax. I see people drinking their coffee and eating while sitting on walls at my strip mall. Even those using a computer/reading smartphones (not eating/drinking) are not bothering to wear masks.

irvinehomeowner said:
So many people eating outside this shopping center I?m picking up food at even though the tables have signs on them saying not to.

One guy is even eating inside.

Did Irvine open up dining without telling me?

Did you see the OC Health stats for today?  The numbers (across the board) went up.  Cases, Hospitalizations, ICU cases, and Deaths.  They all seemed to spike higher today.
 
iacrenter said:
People are getting lax. I see people drinking their coffee and eating while sitting on walls at my strip mall. Even those using a computer/reading smartphones (not eating/drinking) are not bothering to wear masks.

irvinehomeowner said:
So many people eating outside this shopping center I?m picking up food at even though the tables have signs on them saying not to.

One guy is even eating inside.

Did Irvine open up dining without telling me?

100%.  Went on a social distancing playdate last week where no one wore masks except me.  Kids tried to stay 6 feet apart but that all went out the window after a bit.  Got asked again this week and had to pass - I'm not there yet.
 
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