Chief
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The most hilarious mail from today's mail explosion:
Bowl Leader
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North Highland 👍 👎..?
Chief
PwC parental leave benefits?
Where are my monies!?
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Just more reason for everyone to wear their damn masks and get the virus under better control.
But there will be lasting damage. Business bankruptcies, knock on effects on unemployment, underemployment and salaries, increased government debt, etc. It’ll come back, just a question of how long it takes. Clearly those dreams of a V-shaped recovery won’t happen because the virus remains almost completely out of control in the US, whether some want to admit it or not.
Unfortunately the combination in the US of resistance to mask wearing (in part due to lack of knowledge about the virus early on, to be fair, but also belief in conspiracies and resistance by politicians), poor virus containment, a lack of a coherent national strategy, reopening too fast and some frankly stupid decision-making at times at both federal and state levels leaves us in a poor state.
All that said, worry about what you can control. Keep yourself healthy, encourage those you know to use behaviors that minimize virus spread, do quality work, and help your employer sell things. All that can have a positive impact on you and those around you.
@Director1, say it again for the people in the back and up in in the nose-bleeds! Wear the d@mn mask and stop creeping up close on people when you stand in line!
The NYT has a good article yesterday on why they are not making the 32% annualized decline the headline. Overall down 9% in Q2, which I think was a tad better than expected. Typically the quarterly rate is annualized, but given the extraordinary pandemic and shutdown, its best to throw away the 32% annualized figure. Only thing to worry about is if we don’t get rid of President Cheeto so some actual leaders who can solve this thing rather than acting like an emperor tweeting about postponing the election this morning.
BUY BUY BUY?
NSYNC had it right all along I guess
Rising Star
Clearly born at the wrong time.
Just do your work and stop watching news for starters.
Pro
It’s this type of “head in the sand” attitude that has gotten us into this mess in the first place! 🤦♀️
Chief
Just wait until Nov 4 - depending on the election results, everything will either be OK or the end of the world will be upon us.
It will be both, depending on whether your candidate won or lost. Both parties and their associated media outlets have ploughed the field to dispute the election and accuse each other of “voter fraud” or “voter suppression”
Everyone thought it would be 35%.
Honestly, yes it’s a big number and we’re still working out the long term repercussions but it’s not a big surprise given the current global situation.
Rising Star
That is overly optimistic. Lots of jobs are gone for good.
Isn’t this looking in the past? It already cratered, what’s there to be scared about? Can only climb up from here.
Chief
It almost certainly will get worse.
This recession is purely because of covid; when we fix it the economy will shoot back up fast.
Saw a report somewhere that said since Germany had stronger lockdowns etc that by end of 2021 their economy should be larger than pre pandemic levels. And likewise for US because of the delays, the economy is likely to be smaller than pre pandemic levels at end of 2021
It means once again we need to get the virus under control first(the problem) or our symptoms (bad economy) will continue. Reopening fast without proper safety measures or with covid numbers spreading fast will prolong this further.
I wonder how fall/winter will look like for our economy. If everyone is indoors cases could really skyrocket. What will happen to restaurant businesses ? They still going to be serving us outdoor in December?
That’s actually less of a drop than expected.. it will come back don’t worry
Why don’t you first annualize the worst quarter of every year to compare this to. It’s not a valid comparison....
Uh you didn't think that a national lockdown leading to mass unemployment would drop the GDP? If people aren't going to work now did you expect the gross domestic product to be produced? This is no surprise.
Rising Star
How does it compare to other countries? Would be curious to see if it’s in line, better, or worse. I googled a little but couldn’t find a country analysis by the same source releasing the 32% number
Rising Star
Thanks both. Saw someone else posted the quarter rate at 9% later. This is helpful. Still not encouraging but I don’t feel like the sky is falling as quickly.
Rising Star
Meaning stock market will soarrrrrr
The one thing I don’t understand!!
Brother we’re due for societal collapse within the next century and this is hardly in the top 10 reasons
They annualized the number....
Time for FDR era socialist policies really... ppl shouldn't be punished and suffer for factors beyond their control.
That doesn’t sound right! How can we make sure that factories and offices are filled and the stocks go up, without keeping workers working by an implicit threat of homeless and starvation?