“Slick campaigns and dazzling speeches can work for a while, but the magic always wears off.”
–Charles Krauthammer
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And there's another giant problem we face. A giant percentage of companies renting commercial space and individuals renting residential space – can't pay. Not won't, can't.
And the owners of these properties can't kick people out and rent to others – there's zero demand for commercial or residential from people that can pay. So drastically reduced income.
And most properties like this have a mortgage and without the rental income, those mortgages can't be paid. Maybe in part, but not in full. So suddenly banks are going to have a ton of non-performing loans. And if they foreclose, who's going to buy a loan on a non performing property.
A giant part of this problem is that money is gone. When the economy picks back up companies & people can start paying their rent again, but there's no way most can ever pay that past due. At best the building owners eat it with their mortgages stretched out another 4 – 6 months. At worst, we face a series of evictions and foreclosures that dwarfs anything previous.
There's another issue to go along with those you mention. Businesses are getting accustomed to doing meetings and the like with virtual media. I don't see that going away. How much office space will companies need? What about the impact on business travel? I think it will be a few years before this all shakes out.
Agreed. Due to a particularly robust infrastructure, my old employer (Oracle) allowed me to work from home for the last 8 years I was with them. It was more efficient for me (no commute) and my boss (he could reach out and touch me 7×24, ugh!). Their campus in the DTC shrank from two full buildings, to just a few floors that were mostly ghost towns. Even though I reported to bosses in NY and Redwood Shores, I only had to travel once every year or two in the rare circumstance it couldn't be handled virtually.
My wife's small business (< dozen employees) has adapted very quickly to become almost completely virtual. However, she does miss the client junkets she organized 3 or 4 times a year. Zoom is her new indispensable tool.
As to David's analysis — we need to put a pause button/moratorium on most financial obligations while the economy is in a deep freeze. For the rest, the Fed's pumping of cash into the economy is a needed band-aid to keep the banking system and bond markets liquid.
In one happy note, one of my wife's clients just got their SBA loan approved yesterday!
I 've been saying that this set of circumstances is going to break down a lot of companies' resistance to telecommuting and their obsession with "facetime". I think it's been a combination of not trusting employees to actually be working at home and a little bit of sour grapes; "why should they get to work from home…" They're seeing that it does work, and in many cases just as well or better.
We have been putting off accepting Alvin Tofflers’ Third Wave. The centralization of effort and resources was fundamental to the Industrial Revolution, but we don’t need (and haven’t for a while) that togetherness after the Information Revolution has taken hold.
We created a society based on hauling peoples asses to and fro, burning Dino Poop as we go. COVID-19 is pushing us to stop burning gasoline and fouling our air/warming our planet just so we can sit in the same room together. Cottage industry and working from home continues to be the exception to the rule. As we get further into developing those two habits, we may help save the planet.
My copy of Toffler fell apart years ago. I still have a yellowing copy of John Naisbitt's "Megatrends," though, that says a lot of the same stuff.
Something else I've been thinking on, that maybe herein lies a solution to the I-70 gridlock on weekends. Who makes the rule that peoples' days off; their "weekend;" has to be Saturday and Sunday? Why not staggered "weekends," with some people having Tuesday & Wednesday off, etc.? I wonder if the Colorado Association of Commerce & Industry is up to such forward-thinking?
Harry, based on my ongoing conversations with a Wall Street Journal reporter, the tax relief in the loan may not be as helpful as originally thought. New tax articles are arriving even today trying to interpret what the PPP loan actually means. Yet another example of incompetence by the Trump "Administration".
We’re not in Kansas anymore, Alice . . .
itlduso, thanks for that tip. Can't wait to find out what traps were laid by Mnunchin and clowns.
Yeah, pure luck we were about to commit to another 5 years on our lease when this hit. I’ve now put renewing the lease on hold until I can find out how many employees still want to come in to the office (some love the social aspect).
And it’s not like our landlord can go lease it to someone else right now, so we can wait…
Thank dog; it’s way past time, anyway.
If our stupidly squanderingly time and resources wasteful commuter-consumer society finally wheezes and gasps its final gasp as a victim of Covid — we shouldn’t even try putting it on a ventilator — we just might have some faint glimmer of a chance of maybe saving this planet?
There’s that entire vast and bloated modern-day class of business hall monitors, all taking up valuable real estate, who could be freed up and much better put to useful employment as doorstops or, um, doorstops . . .
"… who's going to buy a loan on a non performing property "
People with capital who can wait.
Farms, stock, bonds, real estate, hotels, cars, trucks, boats, RVs, etc etc etc
This is true for all kinds of assets – same as it ever was.
I have been putting cash into musical instruments and a couple of high end firearms…(conventional guns…I have no need or use for an assault rifle.) They hold value very well.
plus you can gig with both.
Linda Tripp has died at age 70.
This is probably really heartless, but I can only envision John Goodman playing Linda Tripp right now. I'll say RIP anyhow.
That's a visual I did NOT need today
Did Tripp really die, or was it the “final payback” from the Clintons? Can’t wait to see that conspiracy theory coming off QAnon.
Just what Donnie was looking for.
https://www.cnn.com/videos/politics/2020/04/08/kayleigh-mcenany-white-house-press-secretary-past-comments-president-trump-orig-me.cnn/video/playlists/top-news-videos/
from a daily kos contributor…
John Roberts is a Murderer.
https://www.dailykos.com/stories/2020/4/7/1935332/-John-Roberts-is-a-Murderer?utm_campaign=trending
Best news I've seen today … a reference to FDA acting swiftly to move toward certification of a new ventilator design.
[University of Florida]-led ventilator design clears first FDA review
That’s very hopeful news, from true patriots showing that legendary “American Ingenuity.”
Inconceivable!
When would this ever happen in America?
Gotta’ be just another something that might only ever happen in California?
Just to head off a certain somebody – my company is not VC funded and has never received money from anyone – it’s always been profitable.
And I don’t know what kombucha is.
"And I don't know what kombucha is."
You are going to be deported from Boulder.
Yeah – in Boulder I'm considered a reactionary right wing conservative 🙂
Kombucha is what you’re likely to get some day if your Gen-Z interns aren’t receiving adequate training and proper supervision in their cleaning of the Celestial Seasonings pot . . .
https://en.wikipedia.org/wiki/Kombucha
And the hits just keep on coming….
Pence's office blocks public health officials from appearing on CNN
https://www.cnn.com/2020/04/09/media/pence-office-tv-bookings-coronavirus/index.html
a) smh,stoopid mf
b) I've always been taught the revolution will not be televised
Rot, Madco. You ain't been taught nuttin'.
Speaking for yerself.
My favorite (loosely linked to Colorado) headline of the day.
"Opec-Russia deal cuts oil production by 10m barrels a day [which is huge!]
Prices fall as traders fear reductions will fail to offset biggest demand collapse in history"