April 29, 2020
William Barr Orders Federal Prosecutors to Look Out for Civil Rights Violations During Coronavirus Lockdowns
“The Constitution is not suspended in times of crisis.”
“This isn’t just going to be a federal bailout of the states…”
“Some of these companies should be apologizing…The owners should be apologizing that they took this, not just giving the money back.”
“I want to be very clear it’s the borrowers who have criminal liability if they made this certification and it’s not true…We will make sure that what was the intent for taxpayers is fulfilled here.”
“More than two-thirds of California cities have no funds set aside for retiree health care and other retirement expenses; the budgets of 12 of the 15 largest cities are in the red. The state overall owes $1 trillion in pension debt…Truth in Accounting in 2019 placed California…42nd in fiscal health among the states.”
Does that include California?
The budgets of states and municipalities are plunging into the red, often because of unfunded pension programs. States can’t use bankruptcy protection, but cities can. Following the COVID-19 “new normal” look for big cities to seek bankruptcy protection from their pension obligations.
“Hosts should’ve always been prepared for this income to go away,” said Gina Marotta, a principal at Argentia Group Inc., which does credit-risk analysis for real-estate loans. “Instead, they built an expensive lifestyle feeding off of it.”
Debt financing is great until the money runs out. When the COVIC-19 crisis dies down Congress needs to pass legislation discouraging debt and encouraging thrift and saving instead.
Ray Dalio has written some good books on debt – check them out.
U.S. travel demand has fallen by more than 95% because of the coronavirus pandemic and airports are trying to cut costs to stay in business.
“There is a single species responsible for the Covid-19 pandemic – us… Recent pandemics are a direct consequence of human activity…We have a small window of opportunity, in overcoming the challenges of the current crisis, to avoid sowing the seeds of future ones.”
“The long-term effects of the coronavirus…are yet to be determined. But one thing we know is that a big swath of American businesses is conducting a large-scale experiment with remote work (aka work from home)…The coronavirus shutdown will create new capabilities for remote work within firms large and small, and produce a treasure trove of findings about what works well and what doesn’t.”
“the more I look at this the more thigh I see. Yikes.”
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