Is the stock market going to tank?

[4matic]

Market holding up because Fed front run trouble in the credit market unlike 2008?

[swissiphic]

Basically. But also:
Businesses that lose revenue are also to get 75% of their payroll (to a max of 875/wk/employee) for every employee they can keep on.
Work share program (if the employees agree to work less govt will pay part of lost salary)
Interest free loan up to 40000 to small businesses
Child credit bumped
No income tax payment till August
No student loan payments
And the provinces have their own bits as well


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Haven't been keeping track...any word on tax free RRSP withdrawels or anything like that? My personal titanic is sinking, probably gonna need the funds at some point.

[fastfred]

I’ll go to my grave before I accept that people can keep living this fairy tail life of no money down mortgages. I absolutely hate the notion that as long as some sucker keeps buying, we all feel richer at the end of the month when our statements arrive. It’s so fake. In the interest of the charitable foundations, hospitals etc I hope I’m wrong, but I think the stock market is biggest con job in American history. People exchanging a lifetime of work for a stack of paper. Being sold shit they don’t even understand.


l]

exactly

but nothing will change

[4matic]

People exchanging a lifetime of work for a stack of paper. Being sold shit they don’t even understand.

Contracts are core to determining value. Our entire system is based on faith and credit . Although, life insurance and Annuities have always troubled me in that respect.

[LHutz Esq]

Haven't been keeping track...any word on tax free RRSP withdrawels or anything like that? My personal titanic is sinking, probably gonna need the funds at some point.

I heard they were considering some relief there Swiss- but I haven’t seen any specifics - you may qualify for the $2000 - cerb credit.
Here are some of the personal programs in BC:
Attachment 323627

Have you thought of building medical supplies? I could see you skill set being quite useful in these times. I foresee ventilators made of discarded milk crates and goggles.

[Olaf Metal]

Tank? Crazy, infinite growth is possible!


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[swissiphic]

I heard they were considering some relief there Swiss- but I haven’t seen any specifics - you may qualify for the $2000 - cerb credit.
Here are some of the personal programs in BC:
Attachment 323627

Have you thought of building medical supplies? I could see you skill set being quite useful in these times. I foresee ventilators made of discarded milk crates and goggles.

Thanks for that...the link didn't work but I assume you refer to the fed gov cerb program or the bc gov 1000 buck handout for cerb qualified folks?

At this point, i'm in a gray area in terms of qualifying for the cerb. Hoping to get some clarification on things later today.

As for fabricating stuff...yup, brainstorming has begun. ghettowerx grocery getter face mask: ski mask, masking tape, 3 layers of paper towel as a filter covering the mouth breathing hole. Why 3 layers? Dunno, just workin' with the 3 layer goretex m.o.

As for a ventilator design....well...I have been staring at my vacuum cleaner for abnormally extended amounts of time trying to envisage how to modify it to suit the demands of ventilator duties.....that's as far as I've gotten with that.

[LeeLau]

Swiss you def qualify for CERB. Guides do. You definitely do

[LHutz Esq]

Can’t get the uploader to work!

Attachment 323654

But yes you should qualify for Cerb. And rental assistance and a few others.

If this doesn’t work I’ll try to dm you.

[LHutz Esq]

.

[swissiphic]

I might have missed it on this thread, but...Hey, what ever happened to the whole 'bail in' thing where our individual bank accounts get siphoned for funds to bolster the blood supply of bleeding banks? IIRC, wasn't that brought into legislation during/after the last financial crisis for times of if/then/when banks go bust? Just thinking if so....then; (if i have to) should I be withdrawing from my rrsp's straight into hard physical cash? On that note...what are the the signs we should be looking for in terms of leading indicators of the early beginnings of bank runs.

[GeezerSteve]

I might have missed it on this thread, but...Hey, what ever happened to the whole 'bail in' thing where our individual bank accounts get siphoned for funds to bolster the blood supply of bleeding banks?

AFAIK, bail-in was never more than a thought experiment discussion among academic nerds.

[swissiphic]

Well, I did find this for Canada...dunno what it all means in layman's terms but, kinda appears that the regular old bank accounts are safe?

https://www.cdic.ca/what-happens-in-...bail-in-works/

What is excluded?

The following are not eligible for a bail-in conversion:

• Deposits (including chequing accounts, savings accounts and term deposits such as GICs);
• Secured liabilities (e.g., covered bonds);
• Eligible financial contracts (e.g., derivatives); and
• Most structured notes.4

[Ted Striker]

@swissiphic, there won't be a run on Canadian banks. The big five are all amongst the safest, most conservative places to put your money.

[GeezerSteve]

Well, I did find this for Canada...dunno what it all means in layman's terms but, kinda appears that the regular old bank accounts are safe?

https://www.cdic.ca/what-happens-in-...bail-in-works/

What is excluded?

The following are not eligible for a bail-in conversion:

• Deposits (including chequing accounts, savings accounts and term deposits such as GICs);
• Secured liabilities (e.g., covered bonds);
• Eligible financial contracts (e.g., derivatives); and
• Most structured notes.4

Oh, okay, so what's left is some subset of institutional investors who bought paper from the bank, i.e., willingly took on the risk with expectations of a return? If so, that makes sense.

[LHutz Esq]

So here is BCs response

https://www2.gov.bc.ca/gov/content/s...incial-support

Here is the federal response


https://www.canada.ca/en/department-...onse-plan.html

[neufox47]

SNAP fraud is less than 1% and I suspect fraudulent cash swaps get spent anyway.

That stuff can be combated pretty easy now too as all retailers have to file. I actually know someone who built an algorithm to identify likely retailers who were swapping cash for vouchers.

[splat]

Can’t get the uploader to work!

Attachment 323654

But yes you should qualify for Cerb. And rental assistance and a few others.

If this doesn’t work I’ll try to dm you.

Just do a right click 'copy image address'' then bracket that in [ img] [ /img] tags without those spaces I had to put in there to get the tags to show.

Great......Canadian banks get bail-ins, US banks get bailouts.

[Kevo]

Talked to a buddy that runs a hedge fund that specializes in the energy sector. He has had a net short position on the US/Canadian oil industry for 16 months. He is absolutely crushing it right now.

He said now that he has cashed in on his oil company shorts he's shorting the entire Canadian economy via ETFs. He thinks Canada is screwed.

[Benny Profane]

We're all screwed. It's all about who's less screwed. Looks like China, long term.

[rideit]

Just do a right click 'copy image address'' then bracket that in [ img] [ /img] tags without those spaces I had to put in there to get the tags to show.

.

Doesn’t that only work if it’s hosted somewhere else (not an attachment?)
I usually save the image, upload to Shutterfly, and then hotlink with [ IMG] [ /IMG] tags...

[LHutz Esq]

Ya - was trying to post a screenshot of a fb post as our mad Swiss inventor doesn’t seem to be the fb type!

As for the Canadian economy - yep it’s screwed much like every other economy. Luckily BC at least seems to be weathering the storm with leveling off infection rates (knock on wood) - without overwhelming the system. Ontario and Quebec were a bit behind us so hopefully they will level out there soon as well.

[climberevan]

https://www.reddit.com/r/wallstreetb...m_source=share

IDK if this link will work but it's worth a click for a quick laugh.

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[Kevo]

The casino is paying out bonuses today!

[Toadman]

It's almost like the market is thinking that people getting $1,200 checks or direct deposits are going to put it into the market instead of buying food and paying rent.