And that's why these checks were sent. Because there are people with genuine need who are struggling who really need this check and more. I was responding to poster who acted like these checks were useless because it amounted to $1.64 a day. Obviously that person doesn't need the check. So invest or gamble it and try to turn it into meaningful amount. There are no restrictions how you use this money.We get it, you can make lots of money from the stock market.. IF you have the money. However, you do realize that most people who received a check probably need that money to feed their family and put a roof over their heads? So buying stocks is the last thing on their mind.
The people that actually need $600 aren't going to have the access or ability to invest in these YOLO stock buys. It's not even in their world--yoiu know very few people think this way, right?TSLA is not the only stock. Almost everything was down in the dumpster when things crashed because of the corona panic. And that's when the first round of the stimulus checks went out. PENN dropped below $4. It closed yesterday at $86. That's over 20x from the low.
The point is you could've thrown a dart and bought pretty much any stock and made money. So I have zero sympathy if you received a check and crying the check is too small. There are many of us who didn't get a check and won't be getting one.
I agree with you 100%. The system is rigged and the rich benefits disproportionally compared to average citizen. I didn't get bailed out during the Dotcom market crash. I almost lost everything and went through some major pain and dark times because of that crash. It took me awhile to get back on my feet and then I saw the rich and the banks get bailed out during the 2008 financial crash. I was actually short and would've made a killing if the Fed and the government didn't step in and allowed the system to fail and reset. I thought they would let them fail and not bail them out since they let people like me get killed during the Dotcom crash. But the government stepped in and taught me valuable lesson about too big to fail. That's when I realized there's no free market. So it wasn't surprising the government and the Fed would again step in during the corona panic and prop up the market. I underestimated the speed of the recovery but I had no doubt they would bailout the rich again.The people that actually need $600 aren't going to have the access or ability to invest in these YOLO stock buys. It's not even in their world--yoiu know very few people think this way, right?
YOLOing some free government money on stock buys is a toy; it's a diversion for the preposterously privileged class that could never be used as a rational example of how "wonderful an opportunity this is!"
What is so preposterously wrong with our society, with this country, is that fact that we have fundamentally trapped this wealth in so few hands--this diseased thinking that "The market" is something to celebrate, that it is the economy: Why do we have these catastrophic recessions at a now-predictable pace where, the only people that are punished are those that are already middle class or poor, only the already-wealthy become even wealthier, and the market never really changes--it just gets bigger.
The market is garbage. It has nothing to do with the economy, the people that make it possible, or this country. It's a disease injected into the brains of nearly everyone: those who have the knowledge and means to exploit it for their own wealth, and those who are the consistent victims of wage and wealth theft, as the shareholders of any and all individual companies are earning something like 10-100x the wealth of what actual employees in these companies are earning from their labor, generating this wealth that they will never see.
The $600 is stimulus money - money they are trying to get people to just spend. This is on top of the extra UI money, rental assistance money, and PPP money (aka, the money going to businesses to keep people employed, collecting a salary, and keeping their employer-sponsored health-insurance). I don't understand why people keep framing the stimulus checks as if that's the only support the government has offered this whole time. Hell, the original act that also gave us the $1200 checks provided an extra $600/week for UI - basically directing a ton of money to people that would need it the most. (I grant that a lot of state UI programs are totally fucked up in how they handle claims, but at least the money was being directed towards the people that genuinely needed it)I get it that people are hurting, desperate, waiting hours and hours in food lines, etc..
But $600 is a fucking joke, a fucking insult, but a clear warning that our fucking politicians, especially republicans and the likes of the asshole Moscow Mitch have nothing but contempt for the people of this country. His own constituents should be boiling the tar to tar and feather him. There are over 3100 counties in the US, and 10 of the top 25 poorest counties are in the state this douche bag represents, and to give people $2k is fucking socialism... according to Moscow Mitch.
Woulda - coulda - might have blather is irrelevent. Of course I'm sure that a good bit of that $600 wasn't spent on food or essentials, but lottery tickets, drugs, and alcohol...
Don't think I've heard that but the idea of buying a shit ton of product made in a foreign country, and likely from the country that caused all of this shit, seems fucked up.Yet Republicans insist consumer driven economy doesn't work.
Not sure what you're getting at, but given the choice would you put the money in the hand of consumers or big corporations? Where the consumed products come from is another topic of discussion and is not relevant to this conversation.Don't think I've heard that but the idea of buying a shit ton of product made in a foreign country, and likely from the country that caused all of this shit, seems fucked up.
Ended up with the corps and over seas anyway. Enhanced unemployment(underemployment too) is a better way but that's just my opinion.Not sure what you're getting at, but given the choice would you put the money in the hand of consumers or big corporations? Where the consumed products come from is another topic of discussion and is not relevant to this conversation.
The buck will always stop at the big corps. Again, we are talking about stimulus money not unemployment. But you're right, enhanced unemployment will get the money to the people who need it the most.Ended up with the corps and over seas anyway. Enhanced unemployment(underemployment too) is a better way but that's just my opinion.
Sorry I will stop. Didn't get the free money, so just loitering for the free entertainment.Boo!
Discussion of politics in a "what did you / are you buying" thread. Boo!
And manahan looking for a husband.Sorry I will stop. Didn't get the free money, so just loitering for the free entertainment.
Probably stimulate our house painter to do some work indoors.
If I had recieved one, it would have fixed the truck where the basketball goal fell on it. $1197.
I could sell you a kid....😀should've bought your kid a hockey hoop instead
Some people really need this money. I'm happy for all the people who got the first stimulus checks and this check as well. While you make fun of this check amount, at least you were lucky to receive it. How you use this money is up to you.
I know people who YOLO the first round of the stimulus checks in the stock market and turned that $1,200 check into five and six figure amount. The first round of stimulus payment went out when the stock market was down big. If you had used your $1,200 check to buy Tesla leap call options, that $1,200 would be worth ~$250,000.
This guy turned $463 into $1 million by simply buying TSLA call options and holding for 18 months.
I think what he's talking about, is the stock-market equivalent of taking all of your stimulus check, cashing it in at the casino, and "put it all on black".How does that work exactly? Like $600 is barely enough to buy even one stock but let's say it was $600 and you bought one and it doubled, wouldn't you only make $600? How can it go into the millions? Apparently I might be doing the stock market wrong.
I think what he's talking about, is the stock-market equivalent of taking all of your stimulus check, cashing it in at the casino, and "put it all on black".
Of course, hindsight is ALWAYS 20/20, and if the stock market was really "that easy"... no-one in this country would be "poor".
Meanwhile, in the real world, little Timmy needs an adequate laptop for distance-learning, and Mom needs rent and grocery money.
Edit: And what Ponyo, so enthusiastically ISN'T telling you, is that if your stock-market WAGER, using LEVERAGE goes WRONG, you could be on the hook for MILLIONS, and have to sell your house, your car, etc. (The casino bet is safer.)