16 September 2020

I Told You So - 16 September 2020

Do you, dear reader, recall the essay on 'Cottage Cheese' wherein it was deduced that commercial real estate, Dear Leader Yo! Semite of Thigh Land's espoused expertise, was heading over the cliff? Do you? Well, today's reporting makes it so. Good luck with getting bailed out. When Sleepy Joe wins in a few weeks, who do you think will find that the new bouncer won't let them into Club Bailout?? Hmmm??
They are making the case that Treasury Secretary Steven Mnuchin has the power — and access to the billions of federal funds he needs — to extend existing coronavirus relief efforts to the commercial real estate sector, which so far has been cut off from most of the stimulus money.
Moreover, here's the view of the guy who 'invented' the commercial securitizations:
Ethan Penner, a real estate investor credited with helping create CMBS, said the federal government should not be bailing out hotel and shopping center owners — borrowers he called "greedy and risk-loving, or the clueless" — after they turned to Wall Street to borrow heavily. "The idea of bailing out owners of real estate does not even make sense to me," Mr. Penner said in an interview. "What could make that rise to the top of anyone's priority list when so many individual people are suffering and need help. These businesses should be allowed to fail."
And, in a bit synchronicity typical of the NYT, there's this report on folks just not flocking to movie theaters when now open. As has been reported, the upper classes in particular just aren't getting back into store-front consumerism while there's still Covid hanging in the air. Or, as Sleepy Joe and all of the scientific and medical community have said: the economy won't, nay can't, recover until Covid is under control. If ex-President AuH2O 2020 had actually told the truth and galvanized the Entire Nation to take appropriate steps, and not just pawn the problem off on Blue cities in Blue states (where Batshit J. Moron and his lemmings convinced themselves it would remain), we'd be much further along; like, say, Japan. But no!!! And, by the way, Dear Leader Yo! Semite of Thigh Land didn't 'ban travel' from either China or Europe; there were loopholes big enough to allow tens of thousands to leak through. And, as some epidemiologists have pointed out, really banning such travel would not have made much difference, given the nature of geometric growth, since the virus was already well established in the USofA population, and Batshit J. Moron saw it as politically beneficial to not make a national effort to staunch the wee little critter, which has been demonstrated by virtually every other 1st world country.