The sky is falling!

[johnnydepth]

Unfortunately the problem when relying on government is that any program they roll out takes weeks to actually get the money in the hands of those who need it.

The other problem is the government takes care of government employees first and then it trickles down from there. Hopefully this is an eye opener for some people to learn how to prioritize and figure out what is important in life.

 

[overdone]

Yep. Already received a notice from the bank that loans and mortgages can be deferred for 6 months.

and how does that increase your cash flow? when you have no work? had no work? were unemployed already? underemployed?

just like his deferring money, which is 2/3 of the 82 billion, 55 of it, it doesn't put cash into anyone's pocket when everything is shuttering

and the remaining 27 billion, you really think it's going to get to the people who are the poorest, least likely to be able to have credit, savings?

you think there aren't going to those accessing it who don't really need it?

free money, yeah, that doesn't attract weasels, lol

Unfortunately the problem when relying on government is that any program they roll out takes weeks to actually get the money in the hands of those who need it.

exactly, plus it won't apply to a good portion, they want you to register a CRA account, to do it online, or phone, ever tried to phone the gov't on a regular day, lol

the corona will get you first, lol

The other problem is the government takes care of government employees first and then it trickles down from there. Hopefully this is an eye opener for some people to learn how to prioritize and figure out what is important in life.

you mean the employees who take sick days at a rate double the normal, lol

there have already been gov't employees who say they are going to be overwhelmed, it hasn't even started, it's supposed to roll out in a week, week and a half

internet traffic is already high because of people staying home, they want, as usual everyone to do everything online, good luck to those in rural areas with shitty slow connections




idiot on Global National, throwing out numbers, 1% of Canadians might die this yr, 100,000+

talk about the sky is falling, China 1.5 billion in 3 months, how many died, 2000

wu han has 12 million alone

we got 37 million

but then we do have a clown in charge :sad:

 

[donjoh]

>> but then we do have a clown in charge

Do you seriously think that the Cons would handle this better? I strongly doubt it.

 

[appleomac]

Yep. Already received a notice from the bank that loans and mortgages can be deferred for 6 months.

and how does that increase your cash flow? when you have no work? had no work? were unemployed already? underemployed?

just like his deferring money, which is 2/3 of the 82 billion, 55 of it, it doesn't put cash into anyone's pocket when everything is shuttering

I don't think you fully grasp/understand the concept of cash flow. Cash flows are both in-flows (for most people their salary/wages) and out-flows (your expenses/spending). Does a mortgage deferral increase your in-inflow? Absolutely not. Does not having to pay your mortgage for the next 6 months decrease your cash out-flow? It absolutely does. What matters for people and businesses are their net cash position (i.e. in-flows minus out-flows). If your hours are cut or you are temporarily laid off because of this emergency, there really is generally not much you can do about your in-flows. But don't kid yourself, a reduction in out-flows can be extremely helpful in managing your net cash flow position. If your after tax salary is $4,000 per month and your mortgage is $1,500 per month, let's say your hours are cut in half because of this emergency and your bank gives you a 6 month deferral. Now, you only bring in $2,000 per month. Don't know if that's enough to cover all your expenses, but I'd imagine that person would take some comfort knowing they don't have to pony up $1,500 for the mortgage while only bring in $2,000. It's not perfect, but for alot of people it will be helpful.

Also, if someone was already unemployed, chances are they don't have a mortgage. Last time I checked, mortgages are generally not given to unemployed persons - you know, because they lack the cash in-flows to begin with. So complaining how a mortgage deferral won't help the unemployed is somewhat of a moot point. Same sentiment would apply to those that are perpetually underemployed.

 

[johnnydepth]

I don't think you fully grasp/understand the concept of cash flow. Cash flows are both in-flows (for most people their salary/wages) and out-flows (your expenses/spending). Does a mortgage deferral increase your in-inflow? Absolutely not. Does not having to pay your mortgage for the next 6 months decrease your cash out-flow? It absolutely does. What matters for people and businesses are their net cash position (i.e. in-flows minus out-flows). If your hours are cut or you are temporarily laid off because of this emergency, there really is generally not much you can do about your in-flows. But don't kid yourself, a reduction in out-flows can be extremely helpful in managing your net cash flow position. If your after tax salary is $4,000 per month and your mortgage is $1,500 per month, let's say your hours are cut in half because of this emergency and your bank gives you a 6 month deferral. Now, you only bring in $2,000 per month. Don't know if that's enough to cover all your expenses, but I'd imagine that person would take some comfort knowing they don't have to pony up $1,500 for the mortgage while only bring in $2,000. It's not perfect, but for alot of people it will be helpful.

Also, if someone was already unemployed, chances are they don't have a mortgage. Last time I checked, mortgages are generally not given to unemployed persons - you know, because they lack the cash in-flows to begin with. So complaining how a mortgage deferral won't help the unemployed is somewhat of a moot point. Same sentiment would apply to those that are perpetually underemployed.

6 month deferral is better than no deferral. I have no use for it but for some people it will make the difference between keeping their home and losing it. Also for rental properties a deferral will help for those that can no longer make their rental payments. Its far from perfect but it's something.
Honestly I will be ok because I've been very fortunate and very smart with my finances. However, I know people that are going to be royally fucked over this.