Economic crash worse than in 2008?

Tampa Bay area not Tampa 35 miles northwest of Tampa.

Really nice neighborhood. Just a few blocks away from the water.

Used to be a terrible commute in that traffic everyday though.

I used to be in South Tampa by the Publix two blocks away from Bayshore on the better side of gandy.

Only paid $140 k for that one sold that a few years later for $240k. They tore it down and built one of those typical South Tampa homes.

Don't get me wrong the one I'm in now had a leaky roof when I bought it That's why I got it so cheap.

 

That's the whole point, there is zero dialog that points to a feasible logical stability, it's all blind panic speeding towards an inevitable destruction. Why is that? It doesn't have to be that way. It isn't that way, naturally, unless it's made that way. It's being made that way. The worse it gets the wider their eyes get with excitement, salivating red watching it stumble, opportunistic prospect, keeping it scared, keeping it confused, keeping it dependant. All part of the plan.

 

Agreed. I expected a major market stall in 2016 or 17. The good news for me was i had 4 years of extra time to prepare. I sure needed all of it!

 

Each other

 

My wife and I have been talking about this ridiculous BS for a couple months now. Drivers are working non-stop driving without going home, the hospital workers are working 2x normal , Walmart, Kroger, 7-11 etc are working, everybody proclaims that we're heroes for keeping it up. We are heroes? Haha. Everyone else is chilling at home. Why call your slaves heroes?

Yet all of this government babble and spending, and CNN #########, has been for everything and anything other than for those of us actually still doing our ####ing jobs. We get a pat on the back while welfare momma w/3 or 13 kids by the millions gets free rent, 600 a week for being unemployed, bonus snap payments for some unknown reason, 1200 for each family member, etc. Corporate welfare recipients receive only another couple trillion bucks to prop up their Ponzi scheme.

But the USA isn't an actual communist country? And this makes people want to continue working how?

Those of us actually working mostly got decreased miles, lower cpm, nowhere to actually eat, no unemployment, increased harassment, no bonus free govt food money, just a smaller paycheck for doing basically the same #### we did before this all started with the addition of having to wear a mask occasionally and fill out dumb pointless paperwork about where you've been and getting your temperature taken.

It's all a freaking clown show.

 

Overloading the welfare system is part of the cloward and piven strategy. Get everyone on it until it fails and riots break out everywhere simultaneously. (This is only one piece of the big picture in demoralizing a capitalist nation)

Now, that plan was drafted in 66 under LBJ who meddled with the gold standard forcing nixon to sever it in 71. So the govt no longer has to turn off the welfare when the money runs out because a fiat currency never runs out, there is no printing limit. Just print more, which is an even better weapon. Those with the most wealth are the ones experiencing maximum erosion via diluting the currency, and the largest property tax burdens to make up budget shortfalls when people stop contibuting and start collecting. If we still had a gold standard and welfare stopped paying the slums would riot but the rich would be insulated, and their buying power would go up. The rich arent lined up at target for black friday openings on EBT. But the crowd thatll tear a store up sure are.

 

Uber Cuts 3,000 More Jobs, Shuts 45 Offices in Coronavirus Crunch

Uber Technologies Inc. UBER 6.61% is cutting several thousand additional jobs, closing more than three dozen offices and re-evaluating big bets in areas ranging from freight to self-driving technology as Chief Executive Dara Khosrowshahi attempts to steer the ride-hailing giant through the coronavirus pandemic.

Mr. Khosrowshahi announced the plans in an email to staff Monday, less than two weeks after the company said it would eliminate about 3,700 jobs and planned to save more than $1 billion in fixed costs. Monday’s decision to close 45 offices and lay off some 3,000 additional people means Uber is shedding roughly a quarter of its workforce in under a month’s time. Drivers aren’t classified as employees, so they aren’t included.

Stay-at-home orders have ravaged Uber’s core ride-hailing business, which accounted for three-quarters of the company’s revenue before the pandemic struck. Uber’s rides business in April was down 80% from a year earlier.

“We’re seeing some signs of a recovery, but it comes off of a deep hole, with limited visibility as to its speed and shape,” Mr. Khosrowshahi said in his note to employees. The company’s food-delivery arm, Uber Eats, has been a bright spot during the crisis, but “the business today doesn’t come close to covering our expenses,” he wrote.

Uber is in talks to buy rival Grubhub Inc., GRUB 5.40% according to people familiar with the matter, a deal that would help stem losses from the cost-intensive business of building out delivery operations and give Uber an edge in competing with industry leader DoorDash Inc. Mr. Khosrowshahi didn’t reference the potential deal in his memo.


The pandemic hit when Uber was pivoting from a strategy of growth at all costs. Mr. Khosrowshahi was trimming costs even before the outbreak in an effort to put Uber on a path to profitability by the end of the year. He recently extended that timeline to next year.

“I will not make any claims with absolute certainty regarding our future,” Mr. Khosrowshahi wrote in his note. “I will tell you, however, that we are making really, really hard choices now, so that we can say our goodbyes, have as much clarity as we can, move forward, and start to build again with confidence.”

As part of the latest changes, Uber will scale back on noncore businesses. Mr. Khosrowshahi said the company is winding down its product incubator and artificial-intelligence lab, and exploring “strategic alternatives” for Uber Works, which pairs prospective employers with gig workers. The company is also re-evaluating cash-burning businesses such as freight and autonomous driving. Uber has spent hundreds of millions of dollars to advance self-driving research in recent years.

Employees in the U.S. will be the hardest hit by the cuts, according to a person familiar with the matter. Uber is closing one of its offices in downtown San Francisco, which had more than 500 employees. It is also considering moving its Asia headquarters from Singapore to a different market.

“We’re seeing some signs of a recovery, but it comes off of a deep hole, with limited visibility as to its speed and shape.”

— Dara Khosrowshahi, Uber CEO
Smaller rival Lyft Inc. said last month that it would cut about 17% of its workforce while also furloughing workers and slashing pay amid efforts to cut costs during the coronavirus pandemic.

Mr. Khosrowshahi said he wants to rally around core businesses—mobilizing people and goods—and build an organizational structure that avoids duplication. He announced that Andrew Macdonald, Uber’s senior-vice president of rides, has been appointed head of a unified mobility team that will cover all aspects of Uber’s rides business, including its public-transportation partnerships. Pierre-Dimitri Gore-Coty, vice president of Uber Eats, was named head of a unified delivery team that will also include grocery deliveries.


While these measures should help rein in costs, Uber faces a fundamental question as governments begin to ease stay-at-home orders: Will people resume using its core rides services and, if so, how does the company assure drivers—and riders—that they are safe?

The company has allocated $50 million to buy supplies for drivers, including masks, disinfectant sprays and wipes. Starting Monday, the Uber app will ask drivers across much of the world to verify they are wearing face masks by taking selfies. Riders will also need to confirm they are wearing face coverings.

Meanwhile, regulatory hurdles loom for the ride-sharing giant. California sued Uber and Lyft earlier this month, alleging the companies’ misclassification of drivers as independent contractors deprives the drivers of rights such as paid sick leave and unemployment insurance—issues that became front-and-center during the pandemic. The state’s gig economy law that took effect Jan. 1 aimed to force the companies to classify drivers as employees.

Uber and Lyft have said their drivers are properly classified under the law. The ride-hailing companies have joined other startups that rely on gig workers and raised more than $110 million to back a ballot initiative for November, asking that voters exempt them from the law. The ballot initiative also would guarantee benefits such as health-care subsidies for drivers who work a certain number of hours a week.

Mr. Khosrowshahi didn’t mention the lawsuit in his memo.

He said he struggled to make the decisions that culminated in Monday’s announcement and even consulted other CEOs, hoping there was a way the company could “wait this #### virus out.”

“I wanted there to be a different answer,” Mr. Khosrowshahi said, “but there simply was no good news to hear.”

 

Just the tip of the iceberg I’m afraid the other side of this quarantine is going to be ugly.

 

This was a really bad week. More big bankruptcies including Hertz and JcPenny. The Mall of America has missed two mortgage installments totaling over 1bn. The list is really endless.

And the media is hyping all these supposed "surges" and "hotspots" since the reopening began. Mich Gov Whitless just extended their lockdown another two weeks. Cuomo is going to have police forces out in NY over Memorial Day weekend to shut down gatherings.

I think many of us try to be optimistic since widespread optimism can in and of itself help the economy recover. But at some point reality can become difficult if it contradicts everything else. And we're going to have a contested election whichever way it goes.

Oh well, at least forget about it for the weekend and remember those who have paid the ultimate sacrifice so we can even have a chance at this great life and freedom we hope continues.