OT: Kmart's final death knell

[Guest]

[Guest]

I am not overly concerned about a random 45 year old who we assumed collected for 18 months and now doesn't need to work or choses not to take certain jobs because circumstances have drastically changed for him.    Again, it is Big Business that rips of the system by the millions while we get our panties in a bunch over someone who may have collected that shouldn't have and especially not over someone who collected and used the money wisely enough to not have to take a shitty job. 
 My original response on this thread was about how Big Business has gamed the system through our politicians and small business is dying a rapid death and can't compete in term of increasing labor cost and cost of goods.  It is a supply and demand issue that has now created a labor market to where even a retail job gets you 15 or 16 bucks and hour.  


Here is an article from after the original PPP "forgivable" loans that were targeted for small business:
Those "forgivable" loans represent nearly three-fourths of total loan dollars approved, but a far smaller proportion of the number of actual loans. About 87% of the loans were for less than $150,000, according to the SBA.
Among the notable recipients are: 

• The law firm Boies Schiller Flexner, whose chairman David Boies has represented powerful clients such as former Vice President Al Gore in the Bush v. Gore Supreme Court case, received between $5 million and $10 million. 
• Transportation Secretary Elaine Chao’s family’s business, Foremost Maritime, got a loan valued at between $350,000 and $1 million. Chao is the wife of Senate Majority Leader Mitch McConnell, R-Ky.
• Perdue Inc., a trucking company co-founded by Agriculture Secretary Sonny Perdue, was approved for $150,000 to $350,000 in loan money. A spokesperson for the Agriculture Department said Perdue Inc., a trucking service, said the loan was for about $182,000 and supported 27 jobs. Perdue’s adult children are 99% stakeholders in a trust that indirectly owns the company, and the secretary did not have any influence on the SBA’s loan decisions or the company’s decision to apply for aid, the spokesperson said. 
• Restaurant chains P.F. Chang’s China Bistro and Chop’t received aid of between $5 million and $10 million. 
• TGI Fridays, which is backed by private equity firm TriArtisan Capital Advisors, received at least $5 million. The private equity firm tried to take the restaurant chain public in a deal with a special purpose vehicle, but that was terminated in April amid market volatility due to the pandemic.
• The Archdiocese of New York got a loan valued at between $5 million and $10 million, while the Catholic Charities of the Archdioceses of San Francisco, Washington, D.C., New Orleans and Boston, among others, all received assistance valued at more than $2 million. 
• The Ayn Rand Institute, named for the objectivist writer cited as an influence on libertarian thought, was approved for $350,000 to $ 1 million.
• Joseph Kushner Hebrew Academy in New Jersey, which is named after Trump’s son-in-law and advisor Jared Kushner’s grandfather, got a loan in the range of $1 million to $2 million. Jared Kushner’s parents’ family foundation supports the school, NBC News reported.
• Niche movie theater chain Alamo Drafthouse received a loan of at least $5 million. Theaters have been closed while new film releases have been delayed or pushed to streaming platforms.
• Numerous news organizations received PPP loans: Forbes Media got at least $5 million; The Washington Times got at least $1 million; The Washingtonian got at least $350,000; The Daily Caller received at least $350,000 and The Daily Caller News Foundation got at least $150,000; The American Prospect received at least $150,000.
• Political organizations also received loans: The Ohio Democratic Party got at least $150,000 and the Florida Democratic Party Building Fund got at least $350,000, while the Women’s National Republican Club of New York got at least $350,000, the Black Republican Caucus in Florida got at least $150,000.

The SBA released other details about the program Monday, including: 

• It has approved 4.9 million loans for a total of more than $521 billion. 
• Companies said that the funding supported more than 51 million jobs. But the businesses reported the total when they applied for loans, and it is unclear how many of those employees stayed on the payroll. 
• The program has about $132 billion in funding remaining. 
• The average loan is $107,000. 
• Applicants in California received the most money overall with $68.2 billion, followed by Texas at $41.1 billion and New York at $38.3 billion. Businesses in California ,Texas and New York that received loans reported having about 4.1 million, 2.7 million and 2 million total employees, respectively. 
• Businesses in economically distressed areas as designated by the SBA got nearly 23% of the loan money, while companies in rural areas received about 15% of the funds.
• Industries getting the largest share of net PPP dollars were health and social assistance, professional, scientific and technical services, construction and manufacturing. 

The PPP’s goal is to offer forgivable loans to smaller businesses, helping them to stay afloat and employees to maintain their jobs as the coronavirus puts the U.S. economy on hold.
Companies that maintain most of their payroll through the span of the loan may convert those funds into a grant.
While the aim of the program was to aid ailing companies with less than 500 employees, its effectiveness has remained unclear. Larger and public companies initially took advantage of loosely written language to tap the funds for themselves.
Ruth’s Hospitality Group, which owns the Ruth’s Chris Steak House chain, AutoNation and ShakeShack are among those that took out PPP loans. So did the Los Angeles Lakers.
They — and many more companies — ultimately returned the money after public outcry. More than $30 billion in loans were returned overall, senior administration officials who declined to be named said Monday. 
Lawmakers have also pushed to find out if politicians or their families’ have taken on funds from the program. Rep Vicky Hartzler, R-Mo., on Thursday disclosed that her family’s businesses received nearly $480,000.
The program was initially rolled out in April, offering $349 billion to small businesses. After those funds quickly ran out, the government replenished the program with an additional $310 billion.

[Guest]

You are still missing my point,   no panties were bunched.  Point was that there was/possibly still is, to much money flowing into the hands of those that should be taking these jobs,  who still aren't working and the longer this goes on, the higher the wage scale will be pushed,  and the results will be 2 things,  many small companies will be out of business which will disproportionately hurt small towns and rural America,   and will drive the COL higher which will hit everybody,   including those making the higher wages so they net gain to the standard of living will have not improved for the historically lower wage earner.

We are seeing the old argument of what affect a mandated higher minimum wage would have on those making the money as well as the economy.   So far those in the opposition are being proven correct.  Businesses are shutting down and cost of goods and services are increasing.  For those that think its just greedy business owners,  my profit margins are down about 8% over the last year,  lots of business taking place,  but at least my  market has gotten so cut throat that it too will lead to problems like layoffs and closures due to pressure from the corporate giants.

I dont see a big bright future on the back side of this for America. 

Oh and yes PPP was a joke,   yet another example of why we need govt spending reform.  The money that went to farmers alone, in forgiven loans was a collasal scam.

Don't get me started on sonny perdue.

[Guest]

Regardless of who is President, corporations' rule. 

https://twitter.com/jbm32753/status/1458...41/photo/1

[Guest]

@minny65 said:
Covid has also accelerated the demise of small local business as well.  They can not compete on scale alone for pricing goods and then you add the labor issue.  Why would a line-cook work at a local restaurant for minimum wage of $7.25 (still here in PA) when he/she can make 16+ at a Target or all those warehouse jobs at $20+.   The local can afford to double labor cost along with the price inflation while the Walmarts, Targets, Amazon have no problem paying livable wages and getting Labor.  

That's crazy. I live in a largish (by Iowa standards) community where the starting rate for McDonalds is $14 plus an hour. And that is the norm for all food positions in the area. You can expect to start at $13-$16 an hour flipping burgers. Bars used to be you thrived/died based on tips but bars in this area are no longer paying the ridiculous minimum tipped employees were allowed to make. Also more and more in the bar world are providing health insurance. 

You nailed it with the Target warehouse though. We have both an FDC and RDC in our town and this summer they were starting at$25 base with all kind of add ons for working in the freezer or a certain shift. Depending  on what you do one can start out at $28 an hour at the FDC. Beyond the pay Target has insanely good health/retirement benefits. Meanwhile human services industry in this area are paying people $9-$10 an hour. So we have a terrible shortage of staff willing to work with people on waivers for intellectual/physical disabilities, brain injuries and mental illness. Frankly its bordering on a crisis. 

[Guest]

@bigbone62 said:

@minny65 said:
Covid has also accelerated the demise of small local business as well.  They can not compete on scale alone for pricing goods and then you add the labor issue.  Why would a line-cook work at a local restaurant for minimum wage of $7.25 (still here in PA) when he/she can make 16+ at a Target or all those warehouse jobs at $20+.   The local can afford to double labor cost along with the price inflation while the Walmarts, Targets, Amazon have no problem paying livable wages and getting Labor.  

That's crazy. I live in a largish (by Iowa standards) community where the starting rate for McDonalds is $14 plus an hour. And that is the norm for all food positions in the area. You can expect to start at $13-$16 an hour flipping burgers. Bars used to be you thrived/died based on tips but bars in this area are no longer paying the ridiculous minimum tipped employees were allowed to make. Also more and more in the bar world are providing health insurance. 

You nailed it with the Target warehouse though. We have both an FDC and RDC in our town and this summer they were starting at$25 base with all kind of add ons for working in the freezer or a certain shift. Depending  on what you do one can start out at $28 an hour at the FDC. Beyond the pay Target has insanely good health/retirement benefits. Meanwhile human services industry in this area are paying people $9-$10 an hour. So we have a terrible shortage of staff willing to work with people on waivers for intellectual/physical disabilities, brain injuries and mental illness. Frankly its bordering on a crisis. 

Those are very difficult jobs that have always been underpaid - IMO.  Why would a person do that difficult work for $9 an hour when they drive to work and see billboard after billboard of big corp chains paying 20+, with some benefits and a perk or two?  Sure those are going to be the worst shifts but you more than double your pay and most likely (obv depends on the person) not have the work stress of working with those folks you mention above.  You more than double your money with likely less stress!   

We are all clearly in agreement that the small/mid business owner can't compete at those labor costs and the big chains can.  Thus, my initial point about this Country is going to be run by about 10-20 big corporations who have the politicians (doesn't matter what party at all) in their back pocket to constantly give tax breaks.  We are becoming a Corporate controlled Economy vs a Capitalistic economy because the big $$$ make all the rules.  Even if they break the rules white collar crime pays and you then litigate for years (with your team of corporate lawyers and accountants) and paying pennies on the dollars you stole and spread around to the executive suite.   Obviously, Capitalism is the best economic system the world has ever known but it needs checks and balances and some of the dreaded "R" word - regulation, yikes I said it.  Otherwise, the individual business owner who has to play by all the rules (no influence, no team of accts/lawyers) are going to continue to disappear rapidly.  

[Guest]

@StickyBun said:
Regardless of who is President, corporations' rule. 

https://twitter.com/jbm32753/status/1458...41/photo/1

Another point I would like to make regarding the above:

Corporations are faceless and everything they do is also returned to the faceless stockholders because there are usually so many.  Plus, a company like ATT, has a commercial/PR team to make you think ATT cares and that their product or service is almost part of the family    Most of these commercials are emotional selling and you don't even know what the hell the product is or what it is for.  

So we can all agree that the above is wrong but who do we get mad at within ATT.  if your a current ATT stockholder do you make your stand and sell your couple shares of stock, of course not, you are just an insignificant 5 share holder    Do you find out who that retired executive is who got 64 million dollar golden parachute on tax payor money and try to publicly shame mostly the shameless?  Of course not, that is an inner circle of special people like the NFL Billionaire owners club.  They somehow earned that money through some capitalistic way us peons can not fully understand

But just like the small business owner and individual, who has none of the above resources, to slide quietly away into retirement have zero chance of getting away with the above scam/theft.  

[Guest]

I just saw this and don't know what to make of it?  

These religious cults are nothing but a money grab and BIG BUSINESS!

Notice many were able to get PPP forgiveness loans and clergy unemployment even though they pay zero into the system.

Yet, we as a divided country will single out a single mother of 3 kids who is collecting and getting her nails done and driving a decent car.  We vilify each other over dollars while Big Business just bilks us all out of millions and even billions of our tax payor money.  Yet, faceless Corporations and Religious Cults are A OK and they certainly have all our politicians of every party at every level in their pocket.  

Back to original theme - the little guy, the small business owner, the non executive suit employee are the ones that constantly have to play by every rule and pay our share or else.  I live relatively close to where Joseph Smith and unemployed charlatan wondered into the woods and made up a story about getting commands from God that resulted in the Mormon Church we know of today.  Maybe I should take a stroll through those same woods and create a tax exempt business you guys can then invest in my "religious business" tax exempt free!     

HEAVENLY BANK ACCOUNTSReligious organizations also pay no taxes on their investments, whether it be interest they earn on their investments or in capital gains—the increased value of stock from when the stock was purchased. As such, they are able to invest excess revenue in the stock market or other investment instruments but pay no taxes on the corresponding earnings. One Fortune 500 company, Thrivent, originated as a financial services organizations for Missouri Synod Lutherans in 1902, and then for all Lutherans in the 1960s. Up to 2014, it was called Thrivent Financial for Lutherans, but it now manages the investments of members of many religious congregations as well.
Religious endowments and investment accounts total in the hundreds of billions of dollars in the U.S.. Just how much money religious organizations have is hard to tell, as churches are not required to report such information. However, the net worth of some well-known pastors, like Kenneth Copeland and Pat Robertson, are estimated to run into the hundreds of millions of dollars.
Religious organizations pay no sales tax. This means that, when representatives of a religious entity make a purchase—office supplies, cars, or travel, for example—they are exempted from whatever the local sales tax is in that area. They also pay no income taxes for businesses they own, if they can show that the business furthers the objectives of the religion. For example, a bookstore that sells religious books would be exempt.
Religious organizations may pay employment taxes for their employees. However, there are exceptions built into the tax code here as well. Clergy and members of religious orders are the only citizens who can opt out of paying Self-Employed Contributions Act (SECA) taxes, which are 15.3% taxes on income for self-employed individuals that pay for Social Security and other federal benefits.
If religious clergy opt out of the SECA tax, they cannot receive Social Security benefits. Clergy can also deduct the upkeep costs of their “parsonage“—their home or apartment—from their taxable income.
Finally, religious organizations pay no property taxes. Property taxes are primarily used in the U.S. to fund local services like firefighting, emergency medical services, and police departments, as well as schools and other infrastructure, all of which religious organizations use.


The Mormon Church's secretive $100 billion fund revealed huge stakes in Apple, Google, and Microsoft. Here are its 10 biggest holdings.

The Mormon Church's secretive $100 billion investment fund revealed massive stakes in Microsoft, Apple, and other tech titans for the first time this month.
Ensign Peak Advisors, the investing arm of the Church of Jesus Christ of Latter-day Saints, boasted a $40 billion stock portfolio at the end of December, according to Securities and Exchange Commission filings.
The fund - which is more than 50 years old - held $6 billion worth of shares in just five companies: Microsoft, Apple, Google-parent Alphabet, Amazon, and Intel. It eschews businesses that Mormons find objectionable, The Wall Street Journal reported this month, which likely explains why it isn't an investor in tobacco titan Philip Morris, gambling giant Caesars Entertainment, or caffeine sellers such as Starbucks and Coca-Cola.
A whistleblower recently exposed Ensign as one of the world's biggest funds, ranking alongside SoftBank's Vision Fund in terms of assets. Mormon Church leaders kept its size a secret for years because they feared it would discourage donations known as tithes, The Journal reported. Mormons are obliged to give 10% of their yearly income to the church, which then passes any donations surplus to it budgetary needs to Ensign, the newspaper said.