Free rent and no mortgage - new stimulus from US government!!!!

[avikz]

The House of Representatives is going to begin deliberation on the passing of a new stimulus package. After $2000 for 6 months, there's a new proposition for free rent and zero mortgage payment is on the table!

- For all Americans
- Applicable up to March 2021
- No negative credit impact
- No accumulation of debt

Reference: https://www.youtube.com/watch?v=swiKYRU-oIA

Next subprime crisis is on making? Voice your opinions!

[jackg]

Would be nice to have here. They've only offered mortgage holidays and nothing for rent at the moment. Landlords are probably complex to try to bailout though since they may still need to make an earning still though which may need a lot of consideration and ammendments.

[dothebeats]

Seems like the Americans think that the government cares too much about them, without knowing that it will grab them by the pu**y after all of these things are said and done. The US gov't seem to be pretty generous to their citizens as of late, possibly due to the up and coming elections but idk. The response to the pandemic seem to also be received quite well by the Americans, although of course these things aren't for free and someone has to pay all those money that have been tossed in the air. Then again, all of these things are proposed and are subject to further modifications that the government sees fit. Regardless, it's a good time to be an American citizen receiving all these funds, and smart to move out of the country once things are over.

[The Sceptical Chymist]

Would be nice to have here. They've only offered mortgage holidays and nothing for rent at the moment. Landlords are probably complex to try to bailout though since they may still need to make an earning still though which may need a lot of consideration and ammendments.

I'm pretty sure where I live that a landlord can't evict tenants (though I don't know the specifics or if there are any limitations on that) right now.  That has got to suck for landlords.

As far as all this other relief goes, when I keep hearing about it I just keep wondering when we're all going to finally pay for it.  Nothing is free in this life, and though it's certainly nice that the US government has given households some free money to help out, somebody is going to have to foot the bill eventually.  That makes me worried about increased taxes and that sort of stuff, not to mention the effect on inflation that it might have.  Though I haven't been religious about following the news, I have watched some and I don't think the "who's going to pay for it all" point has been brought up yet.

[jackg]

I'm pretty sure where I live that a landlord can't evict tenants (though I don't know the specifics or if there are any limitations on that) right now.  That has got to suck for landlords.

As far as all this other relief goes, when I keep hearing about it I just keep wondering when we're all going to finally pay for it.  Nothing is free in this life, and though it's certainly nice that the US government has given households some free money to help out, somebody is going to have to foot the bill eventually.  That makes me worried about increased taxes and that sort of stuff, not to mention the effect on inflation that it might have.  Though I haven't been religious about following the news, I have watched some and I don't think the "who's going to pay for it all" point has been brought up yet.

Nah they can't evict here either but I think late fees still apply so I'm not chancing it...

My water bill on the other hand may see some interesting tests 🤣.

I actually don't know how much this impacts the circulation of currency and no limit has been added to how much they'll print here for the relief, I imagine they might all just inflate money a bit because if its the same across the board it doesn't really matter as much... The British government had a trillion in reserves anyway and I don't know how much of that has been used up, they could say anything to the current voters to try to stay in office though - they'll probably call for another crisis just to try to stay in office since they can now blame it on corona.

[figmentofmyass]

Seems like the Americans think that the government cares too much about them, without knowing that it will grab them by the pu**y after all of these things are said and done. The US gov't seem to be pretty generous to their citizens as of late, possibly due to the up and coming elections but idk.

it's more about them not wanting their citizens starving and living in the streets---because after that comes riots. then they lose control.

the government relief has been generous for some people. qualifying businesses are having forgivable loans shoveled at them. they can just pocket the money and close up shop later without paying, no penalty. even oil drillers are taking these SBA loans and operating business as usual. complete moral hazard.

meanwhile, unemployment insurance lets many millions fall through the cracks. they expanded benefits to self-employed people in name, but without 1099s you are fucked and won't qualify. the $1200 stimulus sounds nice if you live in a poor country or maybe the deep south but it doesn't go very far where i live. if they don't do something about renters and mortgagees (like more stimulus payments, or a forgiveness+landlord relief scheme), the defaults are gonna start having major repercussions for the mortgage/banking industry.

it's tempting to say "fuck the landlords, fuck the banks, and just let everyone default" but unfortunately that will ruin credit reports en masse and result in mass evictions when the moratoriums on evictions/foreclosures end. then you have a public crisis on your hands, and still the possibility of a 2008 repeat with bank failures. there are no easy answers here.

bitcoiners are in a good position to benefit, if we can manage to keep our heads above water in the interim. the money printing will produce strong inflationary effects when the eventual economic recovery takes hold. that's when money will flow back into hard and speculative assets in a big way. the recovery could be a ways off though.

[jseverson]

Regardless, it's a good time to be an American citizen receiving all these funds, and smart to move out of the country once things are over.

Why would it be smart to leave? It doesn't seem to me like the US is doing that much worse than the rest of the world. Basically everyone is burning money at this point, the spotlight just happens to be pointed at the US like always.

Though I haven't been religious about following the news, I have watched some and I don't think the "who's going to pay for it all" point has been brought up yet.

CBS has an article that discusses it. It's not in-depth by any means but it's not as catastrophic as it looks for the most part.

[Darker45]

Seems like the Americans think that the government cares too much about them, without knowing that it will grab them by the pu**y after all of these things are said and done. The US gov't seem to be pretty generous to their citizens as of late, possibly due to the up and coming elections but idk.

it's more about them not wanting their citizens starving and living in the streets---because after that comes riots. then they lose control.

Well, they're already on the streets and they are not even hungry yet.

Do you seriously think that a month-long lockdown and staying inside their homes would starve the huge majority of the Americans?  

Pardon me if my impressions are wrong but it doesn't appear to me like that. I believe that ordinary Americans have savings that would keep them well and good even after a full month without a penny coming in. Or am I wrong? Would they really lose their homes if they won't earn for a whole month?

It seems to me that Americans are just living in comfort their whole lives that any interruption is somehow taken as a mortal sin, and for whatever reason it may be it will not be welcomed. Of course, I could be very wrong; I haven't been to the US even once. But this is exactly the kind of impression that hit me when I saw them on TV flocking the streets invoking their freedom, constitutional rights, and so on, putting up placards with "Give me liberty or give me COVID," "Defy Fascist Lockdown," "We will not comply," and so on. All this despite the objective advice of medical experts that staying at home would contain the spread of the virus.

[Sadlife]

They would surely do anything to prevent people from uprising as the quarantine goes longer people become restless uncertain and fearful when the Economy is on halt and they got families to feed especially if they have bills and rents to pay.
additionally their giving free money to avoid revolution but there's really no free money that came from the massive printing money, it only steals value from units already in circulation.

[el kaka22]

I think it will not be free rent and it will not be zero mortgage payments neither, I have seen people talk about it and I have checked the amendments as well and it looks like almost close but not fully. I mean the rent will not be free but more like postponed, that way you can postpone your rent payments and that way you can pay all of it together later on, so it is considered "freeze rent" and not cancel rent.

Same goes for the house loans as well, you are not totally forgiven, you are just going to not pay them at all for a while and you will not have some late payment charge neither, all you will have is couple months of time to pay it instead of right now. Both of them are great that way as well, not like it really changes anything but at least makes it a bit better.

[Ryker1]

Well, that is really great news for renters. Free-rent nor mortgage is a good proposition that will be a big help to the citizens especially during this time of crisis. However, thinking who will shoulder the payment or will it be considered as the rentees lose. For me, --the proposition perhaps a big help to numbers of people but we may still be considered young because it lacks sufficient information that will support it.

[fiulpro]

It has already being implemented in some countries which are facing the crisis . But infact the people who owns the appartment actually have to pay their expenses therefore they are asking the people who are renting the place to pay up or change the flat even with government regulations. But this all should be taken into consideration when you are renting a flat keep your papers work updated so that you have security over the time .
Plus at the same time one can understand the fact that this would help a lot of people all around , the students , the parents , the middle class society .
This is a well deserved implementation but the flat owners should be taken into consideration as well .
Personally the country am living in also have the same rule but not that strict regulations therefore we still have to pay rent :') people are not taking it seriously . At the same time government has not actually implemented the rule as a rule per-se but just a suggestion , but no one is Taking it seriously.

[stompix]

Regardless, it's a good time to be an American citizen receiving all these funds, and smart to move out of the country once things are over.

Why would it be smart to leave? It doesn't seem to me like the US is doing that much worse than the rest of the world. Basically everyone is burning money at this point, the spotlight just happens to be pointed at the US like always.

Yeah, leave the US for ..what? South Asia? That is hit by unemployment worse than the US? The Middle East is already how it is? South America with its crime rate and already fucked up system?
And if this is the situation now, imagine what will happen to the world if indeed revolts and dystopian scenarios start happening in the US! All those countries that depend on $ will be hit a thousand times worse. Just imagine how Thailand will look in two years with no tourism income, Detroit will be a paradise compared to it.

the $1200 stimulus sounds nice if you live in a poor country or maybe the deep south but it doesn't go very far where i live. if they don't do something about renters and mortgagees (like more stimulus payments, or a forgiveness+landlord relief scheme), the defaults are gonna start having major repercussions for the mortgage/banking industry.

I think that a lot of people on the forum don't realize that what seems to them like a ton of money or one year of "bounty hunting" is very little for the western world. Judging by the prices in my town, assuming you move to the cheapest rent and you buy and eat the cheapest things it might get you through 3 months with huge sacrifices, comparing it to the normal wage its nothing even short term.

it's tempting to say "fuck the landlords, fuck the banks, and just let everyone default" but unfortunately that will ruin credit reports en masse and result in mass evictions when the moratoriums on evictions/foreclosures end. then you have a public crisis on your hands, and still the possibility of a 2008 repeat with bank failures. there are no easy answers here.

Yeah, fuck the landlords, fuck the banks, fuck the factory owners, fuck the kulaks!!!
And when you're done with them you realize that your life is worse and the economy is still going down so you switch to new targets till everyone is equal, poor like dirt but equal!!!

But I hope this crisis has tuned down the zealots around here,  all those that were waiting for something like because "it is good for bitcoin".
I wonder if they can keep saying that at the family table when half of them are unemployed.

[avikz]

Seems like the Americans think that the government cares too much about them, without knowing that it will grab them by the pu**y after all of these things are said and done. The US gov't seem to be pretty generous to their citizens as of late, possibly due to the up and coming elections but idk. The response to the pandemic seem to also be received quite well by the Americans, although of course these things aren't for free and someone has to pay all those money that have been tossed in the air. Then again, all of these things are proposed and are subject to further modifications that the government sees fit. Regardless, it's a good time to be an American citizen receiving all these funds, and smart to move out of the country once things are over.

The willingness of US government to step out and help their citizens is a rare sight to see nowadays. I am not sure if all these are happening due to the upcoming election or not, but such kind of stimulus is actually helping people. It may have a bitter impact on the value of dollar at a later stage or even the economy will probably take some time to come back on track - but US government is really doing what is needed during a pandemic. It is ensuring that their citizens are not starving and not becoming homeless due to this situation. If I look at it from humanitarian perspective - it's positive!

[exstasie]

Do you seriously think that a month-long lockdown and staying inside their homes would starve the huge majority of the Americans?  

Pardon me if my impressions are wrong but it doesn't appear to me like that. I believe that ordinary Americans have savings that would keep them well and good even after a full month without a penny coming in. Or am I wrong? Would they really lose their homes if they won't earn for a whole month?

Heading into the pandemic, half the country had absolutely no savings at all:

The economy might be strong in the U.S., but nearly 70 percent of Americans have less than $1,000 stashed away, according to GOBankingRates' 2019 savings survey. The poll, released December 16, revealed 45 percent have nothing saved.

https://www.statista.com/chart/20323/americans-lack-savings/

Business bailouts guaranteeing paychecks, unemployment, stimulus checks, credit cards, and food banks are the glue currently holding the ship together.

We're also looking at 2-3 months of lockdown (mid-March to mid-June) total, after which businesses will partially reopen. If infections surge again, which is likely according to infectious disease experts, it's expected that lockdowns will be reinstated. So the real question is how long can the government keep printing money and consumers keep taking on debt, and how long before food banks run dry? https://www.wlns.com/news/michigan/michigan-food-banks-running-low-so-state-calls-for-donations/

It seems to me that Americans are just living in comfort their whole lives that any interruption is somehow taken as a mortal sin, and for whatever reason it may be it will not be welcomed. Of course, I could be very wrong; I haven't been to the US even once. But this is exactly the kind of impression that hit me when I saw them on TV flocking the streets invoking their freedom, constitutional rights, and so on, putting up placards with "Give me liberty or give me COVID," "Defy Fascist Lockdown," "We will not comply," and so on. All this despite the objective advice of medical experts that staying at home would contain the spread of the virus.

If everyone had the option to work, or had what they needed to survive, they wouldn't be complaining. I definitely have sympathy for those who are willing to work but have zero income now because of the lockdowns. Low income workers (such as in the service sector) are hit the hardest because they are less likely to be able to work from home and probably have little to no savings. Gig workers have been totally screwed by the unemployment system. It's madness.

I could see it being very frustrating having mostly cushy, upper-middle classers (working from home and not losing a dime) telling everyone else to stay home and live under a pile of debt, or worse.

[Averim]

Well this means a serious impact on the american economy, i wonder from where money will come from?

[carter34]

Well this means a serious impact on the american economy, i wonder from where money will come from?

Reserve of course. Or legislation to print more money.
I don't think America will want to go borrowing. Printing might be the source of financing the stimulus on the longtime.

[Averim]

Well this means a serious impact on the american economy, i wonder from where money will come from?

Reserve of course. Or legislation to print more money.
I don't think America will want to go borrowing. Printing might be the source of financing the stimulus on the longtime.

At this point the power that gives value to fiat money is trust, to much printing may affect this trust and the results could be disastrous.

[abhiseshakana]

Well this means a serious impact on the american economy, i wonder from where money will come from?

Stimulus = QE / Quantitive Easing = printing money from thin air.

All of that will be easy to do if the benchmark interest rate is zero and there must be an urgent situation so that printing money runs smoothly. America completed great depression by entering into world war two. After America won the second world war the winner took all. To overcome subprime mortgages in 2008, the US imposed QE for economic recovery. Especially to overcome the Corona pandemic which has become a global pandemic and is politicized in the interests of the campaign and the show of the big countries.

[Twentyonepaylots]

Seems like the Americans think that the government cares too much about them, without knowing that it will grab them by the pu**y after all of these things are said and done. The US gov't seem to be pretty generous to their citizens as of late, possibly due to the up and coming elections but idk. The response to the pandemic seem to also be received quite well by the Americans, although of course these things aren't for free and someone has to pay all those money that have been tossed in the air. Then again, all of these things are proposed and are subject to further modifications that the government sees fit. Regardless, it's a good time to be an American citizen receiving all these funds, and smart to move out of the country once things are over.

The willingness of US government to step out and help their citizens is a rare sight to see nowadays. I am not sure if all these are happening due to the upcoming election or not, but such kind of stimulus is actually helping people.

I think you are calling it incorrect mate, it is not willingness, it is a duty of the US government to serve their people especially in times like this one, with the pandemic. They have the highest covid case so far, so I don't think they should be sleeping in any minute of the day. Stimulus = reliefs, these checks are from people's work from their taxes so there is nothing unnatural for the government not to give it to them.

It may have a bitter impact on the value of dollar at a later stage or even the economy will probably take some time to come back on track - but US government is really doing what is needed during a pandemic. It is ensuring that their citizens are not starving and not becoming homeless due to this situation. If I look at it from humanitarian perspective - it's positive!

Even before the pandemic went it, there have been economic downfall in the USA. They should choose the wise choice, like Italy who has been careless about its economy but careful to their citizen.