A couple of interesting graphs of retail jobs — participation and wages — in here:
https://www.npr.org/2021/09/27/10397...better-but-why
People are quitting retail jobs at record rates.
A couple of interesting graphs of retail jobs — participation and wages — in here:
https://www.npr.org/2021/09/27/10397...better-but-why
People are quitting retail jobs at record rates.
There are people standing in line to loan me and people like me money. Plenty of ships are afloat. Now is a great time to be taking out a loan; interest rates have seldom been better. You need good credit, repayment capacity, and usually some form of collateral, but there's nothing new about that.Originally Posted by Borderland
People with no repayment capacity and/or bad credit and/or no collateral have been trying to get loans since the beginning of time. Nothing new there either, and why should anyone with a brain cell loan money to someone like that? I know I wouldn't.
During the pandemic I had to do some things that were risky (or had unknown consequences) for my health. I also have a pretty strong public service motivation and work in a role where personal security is not always assured. My compensation reflects that, and it's part and parcel with what I want to be when I grow up. Nothing about the current situation has made me re-evaluate my employment.
The poor folks manning the checkout at the grocery store, or filling any of the other "essential" roles in retail signed up for none of that, and their pay sucks. They are/were literally risking their lives every day, for terrible wages, and its 100% what they did not sign up for. I am frankly surprised anyone is still willing to work in retail at any price, let alone the garbage wages that most employers are trying to get away with offering. Factor in the hot potato where retail workers are now dealing with possibly enforcing business pandemic control policies (or alternatively, stuck in a workplace that proudly has no safety policies), and it's shocking that anyone bothers to show up and open the front doors for retail and food service sites. It's a basic supply and demand problem, but I am seeing a shocking lack of businesses applying basic economics and paying more for the rare and desirable commodity.
I don't know. Maybe you could ask some loan officers that were making loans for the 465 banks that failed from 2008-2012.
In the P-F basket of deplorables.
Do you really think they failed from making loans to people with the concept of 'low credit, no credit, we'll give you a chance?'
Adding nothing to the conversation since 2015....
That's pretty funny.
I think they knew that if the bank failed the worse thing that could happen is they would lose their job. In the mean time they were making a commission on every loan they wrote. It wasn't their money they were loaning and the tax payer bailed out the banks. What could go wrong.
I bet some of them never even lost their job.
Last edited by Borderland; 09-27-2021 at 05:06 PM.
In the P-F basket of deplorables.
Yes?
"Are you ready? Okay. Let's roll."- Last words of Todd Beamer
Ever think about when a grocery store has to raise it's wages by 20% to keep checkers and what that's going to do to food prices? I've noticed that Costco has as many self check isles as isles with human checkers now. Two years ago they had one self check isle for every 5 with checkers. Nobody ever used the self check. Now it's 50/50 at my local Costco.
In the P-F basket of deplorables.
It’s complicated is generally the correct answer when we look at any modern economic information, but this article gives a good basic run down on how/why large investors were incentivized to loan money to people who were likely to default.
https://www.investopedia.com/ask/ans...ial-crisis.asp
And then the market realized they could make money on those failing investments, similar to how they got caught in the whole GameStop action this year, which is why some of us were happy to see them get screwed by the weaponized Autists of Reddit, despite knowing that it was also harming regular folks too.
https://www.npr.org/2011/05/02/13584...nst-the-market
ETA: to not make this too much of a tangent, the above is why I don’t doubt that someone somewhere isn’t purposefully making bank on the current situation like @HCM posted.
Last edited by Caballoflaco; 09-27-2021 at 05:30 PM.
im strong, i can run faster than train
It's still the banks, except they've found another way to suck the life blood out of the US economy.
https://www.theatlantic.com/magazine...llapse/612247/The reforms were well intentioned, but, as we’ll see, they haven’t kept the banks from falling back into old, bad habits. After the housing crisis, subprime CDOs naturally fell out of favor. Demand shifted to a similar—and similarly risky—instrument, one that even has a similar name: the CLO, or collateralized loan obligation. A CLO walks and talks like a CDO, but in place of loans made to home buyers are loans made to businesses—specifically, troubled businesses. CLOs bundle together so-called leveraged loans, the subprime mortgages of the corporate world. These are loans made to companies that have maxed out their borrowing and can no longer sell bonds directly to investors or qualify for a traditional bank loan. There are more than $1 trillion worth of leveraged loans currently outstanding. The majority are held in CLOs.
In the P-F basket of deplorables.
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