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Formerly DT: COVID-19 - Featuring Lots of Politics, now CR because political talk not going away


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3 minutes ago, 4th&Five said:

South Korea has slowed it a ton by mostly testing. They’ve tested 250,000 people. We’ve tested 11,000. 

Well, to be fair, you have to do something post-testing to slow it.  Like quarantining or separation.  You can do it more intelligently post-testing.

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2 minutes ago, atomheartbevo said:

It’s partly a cultural thing.  The hugging and kissing on the cheeks thing.   

It’s kind of a shame though, because I incorporated Italian greetings into my daily life, mainly when dropping off or picking up my kid and seeing one of his classmate’s moms, or seeing moms I knew at the park.    It’s not something I did all the time - hell my wife didn’t even know I did it until the fucking restraining order.

Also, as noted above, Milan is surprisingly population-dense.  It would be in the top 20 in the US. 11 of which are greater NYC.

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It posted this in the markets thread.  All these cancellations are going to bankrupt many businesses.  Many of these companies are maxing revolving credit lines and withdrawing the cash from bank accounts.  This is going to crash the banking system.  I would begin to prepare for bank runs and bank closures in the near future if this panic narrative is allowed to continue.  I am almost entirely out of the system, phew.  After tomorrow, I am free.

Edited by 2300 Nueces
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1 minute ago, 2300 Nueces said:

It posted this in the markets thread.  All these cancellations are going to bankrupt many businesses.  Many of these companies are maxing revolving credit lines and withdrawing the cash for bank accounts.  This is going to crash the banking system.  I would begin to prepare for bank runs and bank closures in the near future if this panic is allowed to continue.  I am almost entirely out of the system, phew.  After tomorrow, I am free.

So you put everything into beans and lube?  Smart man.   

It’s an election year.   The politicians at all levels will pull out all the stops to prevent a crash of the banking system.    Hell, they would do it even if it wasn’t an election year.  

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15 minutes ago, Helobious said:

Driving around SA tonight, there was a very noticeable decrease in the amount of cars in restaurant parking lots. Especially for a Thursday night.

I went to a N. Austin Chili's for lunch today (hey, I had a gift card to burn) and it was not nearly as busy as it usually is. I bet the lunch line tomorrow at Chipotle gonna be short.

 

 

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2 minutes ago, 2300 Nueces said:

It posted this in the markets thread.  All these cancellations are going to bankrupt many businesses.  Many of these companies are maxing revolving credit lines and withdrawing the cash for bank accounts.  This is going to crash the banking system.  I would begin to prepare for bank runs and bank closures in the near future if this panic is allowed to continue.  I am almost entirely out of the system, phew.  After tomorrow, I am free.

You mean you took out all of your money above 250k? 

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57 minutes ago, Armybrat said:

Ima stay at home guy anyway, but the wife insists on going to 7:30am Mass on Sundays. We are going to cut out Happy Hours and restaurants. She will watch her DVR shows and I’ll surf Surly and xhamster.

Tell her to catch that crook Olstein on tv for the next few Sundays instead of going into legit church. Best of luck to you both!

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Just now, atomheartbevo said:

So you put everything into beans and lube?  Smart man.   

It’s an election year.   The politicians at all levels will pull out all the stops to prevent a crash of the banking system.    Hell, they would do it even if it wasn’t an election year.  

No, paid off my house.  The rest is in my gun safe with a few goodies.

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4 minutes ago, 2300 Nueces said:

It posted this in the markets thread.  All these cancellations are going to bankrupt many businesses.  Many of these companies are maxing revolving credit lines and withdrawing the cash from bank accounts.  This is going to crash the banking system.  I would begin to prepare for bank runs and bank closures in the near future if this panic narrative is allowed to continue.  I am almost entirely out of the system, phew.  After tomorrow, I am free.

but I thought after the last crash, the government instituted reforms and controls to ensure that banks and investment houses manage their assets responsibly and don't get overextended (trying to keep a straight face)

 

 

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1 minute ago, UTGrad98 said:

You mean you took out all of your money above 250k? 

No, no, I have been pulling for awhile.  Well since the virus escaped China.  First, I paid off the house.  Then kept the remaining cash but the system is fragile especially with all the panic.  Fractional reserve banking and all.

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2 hours ago, Hmmm said:

RayDog is smart as fuck, but wondering if any doctors can weigh in on this? @ChiTownDoc

Edit - the original quote was from RayDog, not staboner.  this site and it's ability to quote is something special

Lol.  No idea what original quote was?  I’m defending myself against the virus - Iranian style.  

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Just now, Shut up Lou Holtz said:

So for those of us that work in a gym.... I’m guessing we are fucked for the short term. If schools start closing (Michigan started it) that’s one of the next steps I’m thinking. Fuck

Once the bankruptcies start....  there is no stopping complete systematic failure.  These places have no patrons.  If they have revolvers (revolving credit), they have been pulling out the cash and will default.  It's already started.

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10 minutes ago, Paper_jam said:

but I thought after the last crash, the government instituted reforms and controls to ensure that banks and investment houses manage their assets responsibly and don't get overextended (trying to keep a straight face)

 

 

Exactly, HEB binges only happen if one has a bank account or an operating credit card or CASH.  Gotta stay one step ahead.  Assuming FDIC is going to pay out is naive when they are drastically underfunded after 2008.

Edited by 2300 Nueces
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I've been trying to convince everyone I know to take this seriously for a few weeks now. My wife finally is, two of three brothers are, Dad thought it was all media hysteria last I talked to him, in-laws seem to be taking it seriously. I am definitely worried about my 86 year old Grandma the most. I'm not sure my Mom or Grandpa would have made it through this with the health issues they both had before they passed.

I think there is a whole fairly large group of people out there who will continue to blow this off until someone they know dies.

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Once the bankruptcies start....  there is no stopping complete systematic failure.  These places have no patrons.  If they have revolvers (revolving credit), they have been pulling out the cash and will default.  It's already started.

I’m already hearing about lenders offering payment deferrals. In a situation where a payer has an established cash flow, and is experiencing a temporary interruption, and it’s system-wide, it’s in the lenders’ interest to keep those loans paying, even if they have to wait a few months. I hope we see that happen broadly. It would be smart.
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1 hour ago, NateHitch said:
1 hour ago, Armybrat said:
Ima stay at home guy anyway, but the wife insists on going to 7:30am Mass on Sundays. We are going to cut out HPpy Hours and restaurants. She will watch her DVR shows and I’ll surf Surly and xhamster.

The 7:30am mass has to go, at least for a while. Makes no sense whatsoever to cut out restaurants and happy hour but then go be in close proximity to people at mass. You're at risk just as much if she goes to mass and you stay home

As usual. the Methodists are being smarter/more proactive than everyone else:

Quote

Worship Services 

While passing the peace and greeting one another, offer alternative greetings to your community. For example, a person could place their hand over their heart to indicate they would rather not make physical contact. 

Work with janitorial staff for regular environmental cleaning with bleach and to keep the restrooms stocked with hand soap. 

Ask your hospitality volunteers to make sure that there are facial tissues and hand sanitizer stocked and available for worship services. 

Give people permission to stay at home if they are experiencing illness symptoms (i.e., cough, shortness of breath) of any kind. 

For churches with live streaming, remind your community that it is a great way for individuals to recover from an illness at home while staying connected to the church.  

 

Communion 

Limit communion servers to those who do NOT appear to have illness symptoms (i.e., cough, shortness of breath). 

Be sure that Communion chalices, cups, trays, cup fillers, and patens (plates) are washed as thoroughly as any other dishes you might use at home (hot water, dish soap or detergent) before and very soon after each use and stored in a dry, clean cabinet. 

If your congregation is still using individual cups, be sure to have a server who has washed his or her hands give the cup to each recipient, being careful not to touch the hands of the recipient. The server should not touch any used cups, nor should those receiving place used cups back into the trays. The use of disposable communion cups is another option that can be considered.  

Prepare fresh elements with clean hands. People who have any communicable illness, including colds, should not prepare or serve communion. 

Prior to the Eucharistic prayer, have Communion stewards exit the worship space to wash hands with soap and water at the nearest facility. 

Include the “Sacrament of Purell” as a part of the preparation. Have all servers publicly use alcohol-based hand sanitizer prior to handling the elements. Allow your hands to dry naturally prior to reaching for the elements. 

Instruct servers not to touch their face after washing their hands and using the sanitizer. 

If Holy Communion is received by intinction (dipping the bread in the cup), be sure to have only the servers touch the loaf. (The practice of individuals breaking off the bread for themselves greatly increases the risk for contamination). 

Instruct servers of the bread to provide pieces of bread that are large enough to be dipped into the cup without the recipient's fingers needing to touch the juice. 

Instruct servers of the cup to tilt the cup slightly toward the recipients to enable the juice to flow toward the bread, thus eliminating a perceived need to "plunge" the bread (and perhaps fingers!) into the cup. For this season, you might ask parents to help dip their children’s bread into the cup. 

Communication 

Take time to keep your community informed of the steps your church is taking in response to COVID-19.  

Reach out to the groups that may use your facility but are not part of your community. Partner with them to help support community health.  

Stay informed and keep your community informed.

 

Edited by Beau Vine
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10 minutes ago, 2300 Nueces said:

It posted this in the markets thread.  All these cancellations are going to bankrupt many businesses.  Many of these companies are maxing revolving credit lines and withdrawing the cash from bank accounts.  This is going to crash the banking system.  I would begin to prepare for bank runs and bank closures in the near future if this panic narrative is allowed to continue.  I am almost entirely out of the system, phew.  After tomorrow, I am free.

FIL is a director at a small business bank. Assets around $700 million. He said they stress test for scenarios like this and have processes in place to assist lendees. Also there are multiple tools from the fed to provide needed liquidity in a situation like this. 

 

Anyway he didn’t seem concerned and is the only person I know who is not freaked out by the market decline. Actually seemed excited. Just another great buying opportunity like 08. I want to believe. 

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They are testing a few more politicians in Congress.    My guess is that we will eventually get one that has it, perhaps somebody at the White House as well.   They meet with too many constituents, staffers, lobbyists, foreign dignitaries (witness the Brazilian fiasco), etc. and many are older.   At that point....

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5 minutes ago, Brisketexan said:


I’m already hearing about lenders offering payment deferrals. In a situation where a payer has an established cash flow, and is experiencing a temporary interruption, and it’s system-wide, it’s in the lenders’ interest to keep those loans paying, even if they have to wait a few months. I hope we see that happen broadly. It would be smart.

No, it's a band-aid on a knife wound.  The businesses are going to lose confidence first.  The banking system is all a confidence game.  They are going to go to cash reserves instead of cash on account because they will understand the situation and want to be free at a moments notice. 

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I’m in Vegas for a trade show that normally attracts 150k people from all over the globe. They just announced it is closing a day early so I’m getting an earlier flight home. I assume at this point I’ve been exposed as I’ve been here since Monday.

My mom has been staying at the house to help out with the kids.  I just had to tell her to be on her way back to her house before I get back from the airport. This shit sucks. 

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3 minutes ago, Telegraph_it said:

FIL is a director at a small business bank. Assets around $700 million. He said they stress test for scenarios like this and have processes in place to assist lendees. Also there are multiple tools from the fed to provide needed liquidity in a situation like this. 

 

Anyway he didn’t seem concerned and is the only person I know who is not freaked out by the market decline. Actually seemed excited. Just another great buying opportunity like 08. I want to believe. 

I guess we will see.  Anyway, stay alert.

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24 minutes ago, Brisketexan said:


I’m already hearing about lenders offering payment deferrals. In a situation where a payer has an established cash flow, and is experiencing a temporary interruption, and it’s system-wide, it’s in the lenders’ interest to keep those loans paying, even if they have to wait a few months. I hope we see that happen broadly. It would be smart.

Literally the last thing a lender wants to do is initiate a foreclosure proceeding.  That will pretty much guarantee they won't get fully paid off.  

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1 minute ago, StruggleBus said:

So what comes after we slow the curve? We keep slowing the curve, for months and months? Years? We go back to normal and this fucks us again?

Or, you know, time is bought for a vaccine to be produced & the world population gradually builds up some immunity to it so it never hits this bad again. 

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1 minute ago, StruggleBus said:

So what comes after we slow the curve? We keep slowing the curve, for months and months? Years? We go back to normal and this fucks us again?

The situation to be avoided is a complete overrun of the healthcare system as in Milan.  Flattening the curve is the best thing to do that pending development of a vaccine and/or improved treatments.

If we avoid overrunning healthcare, it becomes more like the flu.

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