Holds true for stocks and cards

[Rhotchkiss]

Sorry, I can’t help myself- the stimulus was/is an F-Ing joke. It is not “aid”, it’s stimulus, intended to kick start an economy that really was not doing bad. I am all for aid. But this was not aid. I have no problem giving money for people in need to pay rent, buy groceries, food and gas, etc. But this round of checks was not that. Like the first round, it was a total giveaway of an arbitrary amount of money based on arbitrary limits, with no regard to need or geography (latter point being $1000 goes much further in Arkansas than in Manhattan).

I pay a lot in taxes. And I am sure I will pay more under this administration. And I don’t mind that, if my money was being used properly. But just writing checks to people, in a decent economy, regardless of need or where they live and based on arbitrary income limits (having nothing to do with need), is 1000% wasteful and despicable.

As for the card market - people will get killed, totally crushed. As they will with stocks, and wines, and real estate, etc. I think we headed are off a cliff, which actually presents opportunity. I have felt this way for a long time. I knew the card market was in for it When random bankers and brokers stopped emailing me articles about cards and instead sent me pictures of the cards they recently invested in. That said, I think some cards (and stocks and real estate, etc) will hold up much better than others, and may actually increase in value. All that said, I don’t know shit......

[egri]

Originally Posted by Rhotchkiss

Sorry, I can’t help myself- the stimulus was/is an F-Ing joke. It is not “aid”, it’s stimulus, intended to kick start an economy that really was not doing bad. I am all for aid. But this was not aid. I have no problem giving money for people in need to pay rent, buy groceries, food and gas, etc. But this round of checks was not that. Like the first round, it was a total giveaway of an arbitrary amount of money based on arbitrary limits, with no regard to need or geography (latter point being $1000 goes much further in Arkansas than in Manhattan).

I pay a lot in taxes. And I am sure I will pay more under this administration. And I don’t mind that, if my money was being used properly. But just writing checks to people, in a decent economy, regardless of need or where they live and based on arbitrary income limits (having nothing to do with need), is 1000% wasteful and despicable.

As for the card market - people will get killed, totally crushed. As they will with stocks, and wines, and real estate, etc. I think we headed are off a cliff, which actually presents opportunity. I have felt this way for a long time. I knew the card market was in for it When random bankers and brokers stopped emailing me articles about cards and instead sent me pictures of the cards they recently invested in. That said, I think some cards (and stocks and real estate, etc) will hold up much better than others, and may actually increase in value. All that said, I don’t know shit......

Out of myself, my parents, and my sister, I have by far the most stable income and am the only one who didn’t lose a red cent in all this. I was the only one of the four to get the stimulus checks.

[Leon]

Originally Posted by egri

Out of myself, my parents, and my sister, I have by far the most stable income and am the only one who didn’t lose a red cent in all this. I was the only one of the four to get the stimulus checks.

My best friend of 31 yrs has an insurance agency with several employees. He is very profitable and hasn't lost too much during the pandemic so far. He has probably gotten more by now but he got 50k of free money, stimulus BS, for not laying employees off that he had no intention of ever laying off. Well spent tax money right there.
Our society has apparently lost it's collective sense. How smart do you have to be to figure out if you pay someone more to not work than to work, they will choose to not work? Of course there will be exceptions but is this basic principle, like the more money there is the less it's worth, so hard to grasp? The very people all of this is supposed to help are going to get hurt the worst in the long run. Just one person's opinion and your mileage may vary.

Rant over...

.

[egri]

Originally Posted by Leon

My best friend of 31 yrs has an insurance agency with several employees. He is very profitable and hasn't lost too much during the pandemic so far. He has probably gotten more by now but he got 50k of free money, stimulus BS, for not laying employees off that he had no intention of ever laying off. Well spent tax money right there.
Our society has apparently lost it's collective sense. How smart do you have to be to figure out if you pay someone more to not work than to work, they will choose to not work? Of course there will be exceptions but is this basic principle, like the more money there is the less it's worth, so hard to grasp? The very people all of this is supposed to help are going to get hurt the worst in the long run. Just one person's opinion and your mileage may vary.

Rant over...

.

I agree, but the last time Congress could credibly be accused of fiscal responsibility was during Calvin Coolidge's administration.

[Yoda]

I believe it was Joseph Kennedy Sr., who, just before the 1929 crash, decided to unload all his stocks after his shoeshine boy starting giving him stock tips. Today's shoeshine boy might be talking about a Luka RC he went into debt to buy. A night of long knives awaits.l