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COVID Business Failures O/T

Posted: Mon Apr 20, 2020 2:57 pm
by morganman
So if you have any money, BEWARE

Natrually almost every Business is greatly affected: $10 a barrel oil= Really!!!! Just think of all those associated
implications!!!!

JC PENNYS= On brink of Forclosure/Liquidation as many other retailers are Toast

Wells Fargo & others Major banks in real peril

My point= IF you have any money left- consider taking some out of the Bank ,just in case of closures or heavy
withdrawl restrictions. One of my independant smaller banks has restricted cash withdrawls to $2,000
daily. The start of something much bigger and worse?????????????

Real estate getting ready to really take a p o o p, thus sending the country into a real tailspin.
If you have any EQUITY- You may want to re consider Holding on for whatever reason.
This is real tough, especially if equity is in your personal residence. Remember 2008/9 when values
plummented 50% or so???? Dont forget

pays to be pessimistic these days- to protect ones life- the way we know it- which appears to be ever changing,
and not for the better. Just saying & IMHO only

Re: COVID Business Failures O/T

Posted: Mon Apr 20, 2020 3:05 pm
by Longstrider
I hit my bank a while ago. The day they closed the lobby..Thanks 🐍

Re: COVID Business Failures O/T

Posted: Tue Apr 21, 2020 12:30 pm
by HawkeEye
Hopefully we are coming out of it starting this week. Here in Georgia we are opening up again and expect most businesses to reopen by the end of the month.

I explained to one of our sons over the weekend that the government, federal and state, can help with medical stuff but not when to reopen. Right or wrong, we view ourselves as fiercely independent and suspicious of centralized authority. We went to the moon, saved Europe from itself twice, and have a list of global accomplishments that is long.

When we feel the pain of staying home exceeds the risk of being out in public we will go back to work. it will be an independent decision based on local issues, not a federal or state mandate. I believe this is why we are now seeing protests with people wanting to reopen everything.

The Fed is backstopping the banks, big and small, so cash and failures will not be an issue. Some banks might close longer term, but in all likelihood they were already headed that way. The Fed will not close them now because of the psychological signal it would send. Most ATMs have enough stock to meet daily needs and I was able to get cash anytime I need it since all this started. I can see no situation where cash will not be available from some source.

Re: COVID Business Failures O/T

Posted: Tue Apr 21, 2020 4:32 pm
by Longstrider
Know this is only my opinion and I may be wrong, But it seems to me that most people don't have any savings at all. Am I wrong to feel this way? I see LONG lines at food banks..🐍

Re: COVID Business Failures O/T

Posted: Tue Apr 21, 2020 7:18 pm
by CascadeChris
Longstrider wrote: ↑
Tue Apr 21, 2020 4:32 pm
Know this is only my opinion and I may be wrong, But it seems to me that most people don't have any savings at all. Am I wrong to feel this way? I see LONG lines at food banks..🐍
It's not just an "opinion..."

https://www.chicagotribune.com/business ... story.html

Re: COVID Business Failures O/T

Posted: Tue Apr 21, 2020 7:32 pm
by Longstrider
@CascadeChris Thanks. Somehow I feel sad now.🐍

Re: COVID Business Failures O/T

Posted: Wed Apr 22, 2020 4:35 am
by impairedsquirrel
Hate to say it Hawk, but your gov. is playing a VERY dangerous game of chicken...
I wish y'all luck.

Re: COVID Business Failures O/T

Posted: Wed Apr 22, 2020 5:08 am
by Kurt28
I disagree with some of the posts, but wholeheartedly support the main contention of the OP.
Bankers are not your friend. Especially Central Bankers, And it may come to pass that the Merchant Banks will have to do their bidding.
They have every reason to want a repeat of the Great Depression and the Weimar Republic.
And most of the mechanisms are in place.
My bank too did a $2K limit on withdrawals, but has since lifted it. I think it was just a practice run.
Consider this... Every time the price of oil goes up, the experts tell us it is bad for business and all prices rise.
Now that the price of oil has dropped, those same talking heads are telling us how bad that is for business.

Re: COVID Business Failures O/T

Posted: Wed Apr 22, 2020 7:33 am
by mark
I feel extremely lucky to live in the Bay Area of CA. My county was the first to shut down in the country and hope we're the last to open back up. As of Friday it will be mandatory to wear a face mask in public. (which I already do)

Re: COVID Business Failures O/T

Posted: Wed Apr 22, 2020 5:03 pm
by CascadeChris
mark wrote: ↑
Wed Apr 22, 2020 7:33 am
I feel extremely lucky to live in the Bay Area of CA. My county was the first to shut down in the country and hope we're the last to open back up. As of Friday it will be mandatory to wear a face mask in public. (which I already do)
Have you read about the new first known people to pass in the US from COVID back in January in NorCal, not the person a month later in Seattle. I'm convinced it was spreading in Cali long before we initially thought.

Re: COVID Business Failures O/T

Posted: Wed Apr 22, 2020 7:43 pm
by RogerB
Science is objective and empirical within the limits of our present knowledge and understanding. It is also self-correcting over time regardless whether one is Trofim Lysenko, or William Sheldon.

Businesses fail at a rate of 20% per year. An epidemic might increase that to 30%. New ones will sprout from the decay. If United Airlines goes bankrupt (again !) its place will be filled very quickly.

Re: COVID Business Failures O/T

Posted: Thu Apr 23, 2020 1:15 am
by davidkclose
As a physician, I think GA is doing it right, and TN is right behind them This is not the venue to delve deeply into the science or rationale, but everyone needs to understand that this virus is not going away.
For that reason, slowly opening the economy, starting with those who are healthy, is a reasonable start in developing a "herd immunity" within the population. In doing so, the risk of a more vulnerable person contracting disease gradually decreases as time passes, as more people become immune. Those with significant medical problems will need to hibernate for quite some time longer before re-entering society, and everyone will still need to practice "social distancing" for at least the next several months. The metric which needs to be monitored (for any change in policy) is not infections, but hospitalizations.
In short, we all need to be diligent in protecting ourselves and those around us. If we are not, then we may well see a "second wave" of serious illness.

Hope this is helpful,
David

Re: COVID Business Failures O/T

Posted: Thu Apr 23, 2020 7:37 am
by blh74
The Los Angeles County health have a daily update on TV. When they report the new death totals they also say that the percentage is around 90% of people with underlying health issues. That has not changed so far. So when the news gives a total death total they only report that total. So it seems wrong to me to scare everybody without the complete facts.

Re: COVID Business Failures O/T

Posted: Thu Apr 23, 2020 2:50 pm
by impairedsquirrel
Doc, I have to admit I'm a bit surprised by your stance. Also, all the others saying "Let's roll", what we ALL need to understand is the purpose of all of this isn't to save YOU or ME (though this group is leaning more towards higher risk). What it really comes down to is saving a doctor from having to say "ok, I have four people in front of me that need a ventilator to have any hope of living and I have one ventilator... which one of these four is worth trying to save?"
I'm 46, I'm healthy (by Covid standards), but I'll be God-damned if I'm gonna put my own financial stability ahead of the well being of the entire medical system! I'm not the least bit concerned about getting it, but I also don't want to live the next 40 yrs thinking I may have killed my High-risk mother, grandmother, step-father, mother-in-law or father-in-law (or even my retired neighbors or John Doe that I pass in the grocery store isle). Remember it's "WE THE PEOPLE", not "ME THE PEOPLE"! I agree that herd immunity is the best result, but it would have to be a little at a time so the ICUs can keep up... I invite everyone to read up on the Spanish Flu and see what happened when we collectively relaxed. Now, try to understand this difference - when someone contracts/contracted H1N1(Spanish Flu strain)they WILL get sick within a couple days and on average pass it to one other person, the key with Covid is you can have it contagiously for 2 weeks or more before you show any symptoms (or be among the 80% that NEVER have any symptoms at all) and pass it to anywhere from 2.5 to 6 other people (depending on the model you look at). THIS IS NOT THE FLU!!!!!
As to the OP, those businesses that can't survive this were obviously weak to begin with and others will be more than happy to step in and fill their spaces...

Re: COVID Business Failures O/T

Posted: Thu Apr 23, 2020 3:36 pm
by vampicker
I'll put this another way and get back to coins, which is where this site should stay anyway. I'm sitting on a batch of pieces that don't belong to me that tell an incredible and important story. One coin is a monster and another has the potential to be the VAM of the Year. I need to show these to Leroy in person and go thru a fairly complex progression with him. There's no mailing this stuff and trying to put it all in a letter. BUT, even if his community would allow outside visitors in again anytime soon, I'll be damned if I'm going to go anywhere near him or Marilyn. I need to know for CERTAIN that I'm not going to expose him to this illness.

Re: COVID Business Failures O/T

Posted: Fri Apr 24, 2020 12:30 am
by Options25
I've got about 100 clients in 5 states. In 18 years in business, I've had 2 file bankruptcy that my company has lost money on, prior to the last couple months. Since the middle of March, I've received 3. Not sure where this is going but we are re-evaluating all the industries we service.

Edited to add - this is beyond the 22% loss of business to begin this drama with between Hotels, Movie Theaters and Retail closing down and putting our services on hold.

Re: COVID Business Failures O/T

Posted: Fri Apr 24, 2020 10:58 pm
by Kurt28
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Re: COVID Business Failures O/T

Posted: Fri Apr 24, 2020 11:18 pm
by davidkclose
JR, AKA vampicker, what you are saying is the right thing. Leroy & Marilyn will need to remain in hibernation for AT LEAST 6 months, & more likely a year, until sufficient "herd immunity" develops. Extending any lockdowns lengthens the time required for this to occur, and increases this risk that vulnerable individuals will eventually contract the disease.

As he is willing, he could begin accepting packages, with the caveat that they (the packages) stay isolated & unopened for at least 5 days, to eliminate the risk of transmission of virus on or in the packages.

We will see soon enough how GA & TN do.

Re: COVID Business Failures O/T

Posted: Fri Apr 24, 2020 11:18 pm
by PacificWR
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Kurt28 wrote: ↑
Fri Apr 24, 2020 10:58 pm
Amen to that. Some of these states seem to have forgot about the "Bill of Rights" The first amendment to our constitution.

The First Amendment guarantees freedoms concerning religion, expression, assembly, and the right to petition. It forbids Congress from both promoting one religion over others and also restricting an individual’s religious practices. It guarantees freedom of expression by prohibiting Congress from restricting the press or the rights of individuals to speak freely. It also guarantees the right of citizens to assemble peaceably and to petition their government.

Re: COVID Business Failures O/T

Posted: Sat Apr 25, 2020 1:52 pm
by neals384
Longstrider wrote: ↑
Tue Apr 21, 2020 4:32 pm
Know this is only my opinion and I may be wrong, But it seems to me that most people don't have any savings at all. Am I wrong to feel this way? I see LONG lines at food banks..🐍
Yup. And right now government is sending a message "don't worry about saving, we've got your back."