Ski area bankruptcies

[TyWebb]

Banks are forecasting a 20-25% hit to our economy. If we lose $4T+ in economic activity, even if/when we address the virus properly, there will be alot bankruptcies. Not only ski areas, but in every industry and many individuals.

 

[Jcb890]

Banks are forecasting a 20-25% hit to our economy. If we lose $4T+ in economic activity, even if/when we address the virus properly, there will be alot bankruptcies. Not only ski areas, but in every industry and many individuals.

Some of those companies have been spending Billions (yes, billions) on stock buy-backs and are wanting/needing to be bailed out, which is insane. I'm guessing not a lot of people feel too bad for the airline industries who have been sticking it to customers any way they can since forever.

 

[VTKilarney]

California and New York are now under lockdown. (New York isn't technically calling it a lockdown - but it is.)

The two biggest states as far as our economy is concerned have now ground to a halt.

 

[icecoast1]

California and New York are now under lockdown. (New York isn't technically calling it a lockdown - but it is.)

The two biggest states as far as our economy is concerned have now ground to a halt.

It's not really lock down, just no non essential business. People arent being locked in their homes

 

[EPB]

It's not really lock down, just no non essential business. People arent being locked in their homes

Economically speaking, which is the trust of this thread, it basically is a lockdown.

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[icecoast1]

Economically speaking, which is the trust of this thread, it basically is a lockdown.

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Grocery stores, shipping companies, and many others are still able to operate plus anybody that can work from home. You can still leave your house for certain things. Partial lockdown would be more accurate

I wont really consider it a lockdown until they start saying we can't leave our property for any reason, aside from medical emergencies, etc.

 

[mister moose]

I'm guessing not a lot of people feel too bad for the airline industries who have been sticking it to customers any way they can since forever.

Oh, come on. Every company seeks to maximize revenue, even the one you work for. The second you don't seek to maximize revenue, you start to die a little, because the other snapping dogs at your heels are still doing it to survive.

As for airlines, you collectively did that to yourself: Always choosing the low price option. Boom, that's what airlines sell you at a lower price - less leg room, less bags, less food, less everything. Even empty seats have disappeared in search of the almighty low fare on TriVaGo and Expedia. PanAm fought it, offered better service.... and died. If you think they were sticking it to you since forever, try no airlines at all.

 

[Jcb890]

Oh, come on. Every company seeks to maximize revenue, even the one you work for. The second you don't seek to maximize revenue, you start to die a little, because the other snapping dogs at your heels are still doing it to survive.

As for airlines, you collectively did that to yourself: Always choosing the low price option. Boom, that's what airlines sell you at a lower price - less leg room, less bags, less food, less everything. Even empty seats have disappeared in search of the almighty low fare on TriVaGo and Expedia. PanAm fought it, offered better service.... and died. If you think they were sticking it to you since forever, try no airlines at all.

Did you feel bad and fight for the banks that got bailed out in 2008 after they were sticking it to customers?

 

[icecoast1]

Did you feel bad and fight for the banks that got bailed out in 2008 after they were sticking it to customers?

Completely different situation. But no I did not

 

[Jcb890]

Completely different situation. But no I did not

I agree.

 

[mister moose]

I was angry at the politicians that required a lowering of credit standards so mortgages could be written to people that couldn't afford them. I was angry the Fed allowed a 5 year ARM to low credit score mortgage holders that had to default when rates went up. I had no sympathy for investment banks that packaged and resold those mortgages while knowing many would end up worthless. I had complete sympathy for commercial and consumer banking that got caught up in the crisis, and were over penalized with Dodd Frank after it happened. Like almost everything, "Banking" is not monolithic. I didn't fight for airlines or banking, just shining a little economic daylight on a ski forum.

 

[EPB]

Grocery stores, shipping companies, and many others are still able to operate plus anybody that can work from home. You can still leave your house for certain things. Partial lockdown would be more accurate

It's really not worth arguing over, but keeping just food, medical and other "essential" supply lines going is hardly business as usual. Not even for distribution companies - save for the few that focus exclusively on the "essentials".

-The auto industry has physically shut down.
-Non grocery retail is shut down
-Schools are shut down
-Leisure industry anyone?
-As an FYI, the corporate lending market, especially my higher yielding niche is essentially shut down. I'm working from home (not forced by the government, but very much locked down), but this is far from business as usual.

I don't know what you do, but I suspect your organization isn't generating much new business right now - because people are bunkered in their homes (yes, essentially locked down). GDP is going to get absolutely HAMMERED as long as this lasts. This is certainly serious, and we better hope a way out of this isn't too far off. I'm not panicked, but we have unequivocally locked the economy down to the extent we can. The measures we've taken are very serious and cannot go on indefinitely.

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[Edd]

This is certainly serious, and we better hope a way out of this isn't too far off. I'm not panicked, but we have unequivocally locked the economy down to the extent we can. The measures we've taken are very serious and cannot go on indefinitely.

Yeah, this is what keeps occurring to me. It’s difficult to imagine lockdowns going past mid-April. We’re just not designed for this. But my imagination is being challenged on a near daily basis.

 

[VTKilarney]

New Hampshire just reported 16,000 unemployment insurance applications in the past three days. That is the tip of the iceburg.

 

[Rowsdower]

New Hampshire just reported 16,000 unemployment insurance applications in the past three days. That is the tip of the iceburg.

The federal govt was also trying to prevent the reporting of unemployment figures.

 

[BenedictGomez]

The way it is being handled in the USA, and especially in the South, you are going to be Italy very soon.

I highly doubt it for numerous reasons, some empiracal & some circumstantial, but I guess we'll know soon enough.

I do, however, have every confidence the media will tell us "we're Italy" next week, whether it's true or not (hope not).

Effective fully distributed vaccine is considered 18mths away at current estimates.

The experts on TV are telling you that, because that's been the experience in the past, but this is going to happen MUCH faster due to the fact that every flippin' modern nation on earth is looking into it, it will definitely receive fast-track status, and they'll likely cut down on 'N's a bit for clinical trial recruitment purposes I'd guess.

Lastly, and this isnt PC, but if you think the Chinese aren't going to cut every corner in the book & go to live human clinical trials in secret somewhere by using political or other prisoners or ethnic minorities, you dont know China. I think China may have a vaccine first, just dont ask "how" they did it so quickly.

 

[cdskier]

I think China may have a vaccine first, just dont ask "how" they did it so quickly.

If they did create the virus, they should have also already had an antidote/vaccine. If movies taught us anything, you don't create Chimera without already having Bellerophon (unless you're really stupid or really careless).

 

[Bumpsis]

If they did create the virus, they should have also already had an antidote/vaccine. If movies taught us anything, you don't create Chimera without already having Bellerophon (unless you're really stupid or really careless).

cdskier - stop spreading conspiracy theories. Please, read the following instead: https://www.theatlantic.com/science/archive/2020/03/biography-new-coronavirus/608338/

 

[cdskier]

cdskier - stop spreading conspiracy theories. Please, read the following instead: https://www.theatlantic.com/science/archive/2020/03/biography-new-coronavirus/608338/

I think you completely missed my point. I don't think they created it.

 

[EPB]

cdskier - stop spreading conspiracy theories. Please, read the following instead: https://www.theatlantic.com/science/archive/2020/03/biography-new-coronavirus/608338/

I assumed that was in jest.

If the Chinese government had created the virus and vaccine, they would have used it to protect their people and themselves.

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