These liabilities will, for the most part, eventually end up on the Federal Reserve’s balance sheet
ie) if the crisis becomes significant or “systemic,” banks, especially the large money-center ones, will be bailed out.
LOL. There is talk in blue cities such as San Francisco to use the empty office buildings for housing for the homeless.
My son works in tech - the owner of his firm sold the office building during COVID so there IS no office to return to, everything is now done remotely and online - and looks like there will be no going back. My son tells me this is happening all over in the tech industry.
The US Treasury will protect and fund the banks who are carrying collectively over one trillion in loans and mortgages that cannot be paid until election day. A collapse before hand will result in an unbelievable Democratic rout. The Biden cabal and Wall street will do all they can to prevent it from happening before November ,2024.
This started with all the stupid covid lock downs. (not trumps fault) Businesses realized their work force was at least productive enough that dumping the office space was a net positive to the balance sheet.
Technology has come to a point you don’t need an office. I’ve worked from Home since 2007 for 5 different multi-nationals and national corporations. I work in a small start up technology company now, all 44 of us work from home. I’ve never once met any of my co-workers face to face. Not my manager, not the CEO, no one. We jump in video meetings 2-3 times a day, log into conference calls, message each other in group slack conversations.
There are still productivity and performance expectations. The company is excelling. It works as well as any office setting I used to be in. Arguably better without all the BS wasted chit-chat hall gossip time.
Caveat - We don’t hire new college grads with no track record. We don’t use DEI, it’s strictly meritocracy.
Loaf from home is certainly alive and well and getting better every day for feral grifters, formerly known as employees.
Seems that at least half of what was once a sort of workforce is now at home in their underwear doing something besides working.
Sounds like the last and final replay of the 2008 depression level event is about to begin....
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Serves these businesses right. They followed the edicts of a complete psychopath and are dealing with the consequences.
Lot’s of upsides to this, but I like that big democrat cities are getting a tax haircut!