Posted on 04/16/2020 8:38:32 AM PDT by Bruiser 10
United Airlines said on April 15 that it has cut its flight schedule by 90 percent in May and expects similar cuts for June as a result of the CCP virus pandemic, and warned that travel demand that is now “essentially at zero shows no sign of improving in the near term,” making job cuts likely.
United disclosed its outlook in a memo to employees that it publicly released. The memo was from Chief Executive Oscar Munoz and President Scott Kirby.
Like other U.S. airlines, travel demand for Chicago-based United has cratered as most U.S. states have ordered residents to stay at home in order to contain spread of the CCP (Chinese Communist Party) virus, commonly known as the novel coronavirus.
(Excerpt) Read more at theepochtimes.com ...
When our economy reaches depression levels in weeks, nobody will need an airline.
So long as Nancy gets her ice cream....
This is brutal, but predictable. On top of that, the projections for air travel are only a sliver of what we had only two months ago even when we start to function.
Didn’t we just give them billions of dollars?
I agree that airlines are a national imperative. But why do we give them billions and they turn around and lay off their employees, but the small businesses has to keep their employees on the payroll to get a “bailout/loan”?
Every month my son has to go to an out of state hospital for an experimental cancer treatment.
Last month he said six people were on the plane.
This month he had to go by car.
Int’l airport near me is very quiet now.
Maybe because small businesses don’t fit the globalist structure?
...and her taxpayer-funded jet.
In return for bailout cash demand a piece of the action in form of stock warrants which can be cashed in for shares
Did in back in 2008 when AIG insurance went belly up
In return for bailout money got warrants for 8- % of the company
AIG eventally paid back the money and treasury sold off the stock
I looked for flights to Corpus Christi, which seems to be open for business, and they aren’t cheap. I would think their would be more flyers if fares dropped.
I still think about 95% of the people in the US are in denial about the depression we are entering. It’s going to be absolutely brutal. Unlike anything most people alive have ever experienced for the most part.
Unfortunately, it is needed to give people perspective, so they never overreact to something like this virus again.
auto-correct fail. there not their.
.
Yes we did do that. And I think Trump mentioned that too, not sure the status of those negotiations.
Warren Buffet bailed out Goldman Sachs in 2008 with a sweetheart deal. He invested $5 billion in cash and got a huge chunk of the company.
I agree. Depression, or recession, and major economic contraction.
That is why I am not worried about inflation at all.
I am dismayed at the borrowing. When all is said and done this thing may cost us $8 trillion or more between the stimulus, the lost tax revenues across all levels of government. And just wait until the cities and states start demanding taxpayer money to make up their budget shortfalls!
Unemployment will take years to recover. Wages will be depressed even as we rebound.
Helicopter money doesn’t work if it just gets hoarded, or used to pay debts. The Treasury will have to monetize all this debt, and wipe it off the Fed balance sheet by simply printing cash. Dangerous precedent to print money, Congress will eventually want to print money to pay for every crazy idea they have. But we won’t be able to borrow it and finance this debt forever.
I see an opportunity to rethink the paradigms and the way government operates. Until now, too many vested interests to make major changes. Priorities may change, either by changing attitudes or by necessity. If we think it through, a lot of good can come from this on the other side. I look at the Alphabet Swamp and their so many failures, we could slash many of these agencies 30% and let the private sector. Same with states and municipalities. Schools by zoom! Why do we need classrooms? Etc...
#OUAN Open up America Now!!
ML/NJ
There isn’t supposed to be any involuntary furloughs until after September 30th if they take the grant money. Something doesn’t make sense.
Whats the TSA doing this period? I wonder if they are fully staffed at every airport. Probably feeling each other up to stay in practice.
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