It's the economy, stupid! (Finance-related news)

[Outlaw]

JCPenney has filed for bankruptcy. The company has been on life support for years but the pandemic was the nail in the coffin.

[Athas]

Funny how treating their customers fairly and trusting the consumer's intellect put them in a death spiral they never recovered from.

Well, maybe funny is the wrong word.

[6souls]

2.438M filed for unemployment last week

[archibaldcrane]

38.6 million new filings for unemployment in the past 9 weeks.

[Yabby]

The more and more unemployment goes up, the more it shows that the stock market means shit as a measure for our economy. I bought in at 19k for the DOW, sold at 23.5. I still can't believe it hasn't dipped again since but it has to be coming soon... right... RIGHT?!?!

[Boyiee]

I'm actually really upset we have a down payment/closing cost saved for a new house and we've been looking for a couple years. All that money should have been invested. There's still time but we're so close to finding something we want.

[Yabby]

Yea, that 1st dip was easy money. I made more in those two weeks then I have in years. I'm planning on another dip to come so i can roll all this over into it for a long term investment, but the amount of money the feds are pumping into the system to keep things from falling apart is beyond what i thought they would do.

[Mythe_Seraph]

No way we drop below 20-21 again

Your down side is already minimal. It’s not a bad time to start structuring for that long haul.

[archibaldcrane]

When UI runs out and people start really slashing spending, there's going to be cascading small business failures, evictions and foreclosures.

I wouldn't be so confident about no downside.

[Boyiee]

The real time to buy it's during the second wave if corona. Shits gonna hit the fan.

[Guitarman]

^

Honestly considering pulling a ton out and thowing it in savings until things cool down. I'm mid-30s so i'd recover from the inevitable downturn eventually, but why take the hit?

[Yabby]

The real time to buy it's during the second wave if corona. Shits gonna hit the fan.

This is what I'm betting on. I took all my gains and have it in a safe place to sit until shit hits the fan again.

[Mythe_Seraph]

Most short term play books are going to go out the window if interest rates go negative.

I’m not convinced that the downside we all fear will be realized.

[Boyiee]

Pandemic got me looking at even more expensive houses. Come on McMansion.

[Mythe_Seraph]

Pandemic got me looking at even more expensive houses. Come on McMansion.

It’s funny I’m hearing this from a lot of people right now. I also see a ton of people buying new cars.

[archibaldcrane]

It's legit a great time to buy a new car if your income situation is stable.

[archibaldcrane]

Just realized that I still haven't seen a Model Y on the road yet, figured I would have by now.

[Mythe_Seraph]

I’m seeing insane lending on cars right now but that’s usually only for new or one model year older vehicles. Used cars are still a bitch. Been searching for a 2018 M3 to no avail.

[6souls]

https://www.bbc.com/news/live/world-...ost_type=share

A senior White House economic adviser predicts many Americans will still be jobless when US voters go to the polls in November.

Kevin Hassett told CNN's "State of the Union" on Sunday that the unemployment rate will probably remain high despite his prediction economic growth will "skyrocket" later this year.

"Unemployment will be something that moves back slower," Hasset told CNN. "You're going to be starting at a number in the 20s and working your way down."

[archibaldcrane]

And more importantly, the unemployed in November will be in WAY worse shape than the unemployed now, who are kept afloat through July with the $600/wk UI bonus but will have their benefits decrease by ~65% starting in August.