[Discuss Thrower]

Originally Posted by Bearcat

2008 - Banks shoveled debt to people with proven records of not being able to take on the debt.
2020 - A pandemic started.

2008 - ...this somehow blindsided the economy when these people couldn't pay their mortgages.
2020 - People were asked to stay home.

2008 - People go broke and lose jobs due to the downsizing of the housing market (among other things).
2020 - People aren't able to work due to temporary closures for ~30-60 days.

2008 - People are forced to go on unemployment because they are laid off.
2020 - People are told they should go on unemployment due to the temporary closures.

2008 - ...and there's no guarantees of those jobs returning any time soon.
2020 - ...there's no hard evidence that the vast majority of jobs won't return.

2008 - Trying to return to normal, people don't have jobs and are possibly under water in mortgage debt.
2020 - Trying to return to normal, people go back to work, but are afraid of starting the 2nd wave of the pandemic.

2008 - The government sends $1000 to people who are filing bankruptcy and/or don't have jobs.
2020 - The government sends $1000 to people who are temporarily not working for 30-60 days at the jobs that still exist but are on hold.

Good effort but nope.

2008 - The government and Federal Reserve props up the domestic economy with massive debts taken on to create a hard floor on drastically inflated assets since the alternative was a total economic failure.

2020 - The government and Federal Reserve props up the domestic economy with massive debts taken on to create a hard floor on drastically inflated assets since the alternative was (is) a total economic failure.

In 2008 those assets were mortgage backed securities, their derivatives and the financial sector. In 2020 it's junk bonds, incredulously inflated equities and... the financial sector. Again.

We're already seeing layoffs in the 'safer' white collar space which will only cascade once large employers that can't make the ends meet for costs that aren't bailed out by EIDL/PPP or conventional bank lending. Those who aren't laid off are already seeing their paychecks take substantial haircuts.. as in the same thing that happened in the recovery from 2008 to 2016 as well as job creation rate that did not outpace the population rate (for reasons which should be obvious but is a topic for DC) as was the point where I linked the article from 2015 that you laughed off.

Spoiler!

With millions of newly unemployed Americans in the market for whatever jobs are out there, workers are likely to see their bargaining power sharply reduced – and it wasn’t great to start with.

Even during the record-long U.S. expansion that just ended, economists were debating why wages weren’t rising faster despite a historically low unemployment rate.

“When we get on the other side of the pandemic, it’s going to be a buyers’ market again for labor,” said Elise Gould at the Economic Policy Institute. “People will just be scrambling to get a job, any job.”

That’s pretty much how Simon in North Carolina feels, a couple of weeks into life as an unemployed father.

“I’m expecting to have a lower salary in whatever position I have next,” he said. “I would just be thankful if I can just get a marketing job in general. I mean, lower pay, higher pay, less benefits. Anything.”

But I'll just go ahead and get your response out of the way

DUNNING KRUGER DOOMSAYING FEARPORN