What do we do about renters' debt?
This talks about NYC specially, but it's a microcosm of the larger script that we all saw coming a year ago, and it's continuing to play out all over the country. Locality/state forces lockdown, low income service workers get fucked the hardest, rent doesn't get paid, landlords get behind on their mortgages. We've now pit the low income renters versus what's often a working class landlord. Not to say that mildly well-to-do folks with investment rental property are undeserving of empathy either.
Theoretically there's billions of dollars lined up from Biden's stimulus to pay the overdue rent. But we're not dumb observers of history here, and we know a significant portion of these low income renters won't get access to funds for some varying reasons of shitty bureaucracy. And they'll get evicted. And they'll become homeless. And they'll end up having been fucked by forces way out of their control. Such is the story of the underclass.
Meanwhile the stocks of the lending banks of the aforementioned mortgages have exceeded their pre-pandemic levels. SBC is vesting like nothing happened. They still laugh over $70 martinis about the bonuses they received in 2011 after a well-earned recovery propped up by Uncle Sam. Karmic justice, or any sort of demonstration of morality by the universe would say these fat cats can hold the bag just this once. I don't know what the exact combination of legislative or executive levers the feds could pull is, but I'm sure there's an avenue for them to take that'll ensure renters and landlords both come out whole at the expense of the billion dollar banking titans.
But I don't think that's in the script.
Comments
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I don’t know how to have this conversation without it going full Tug, unfortunately, because any root cause or solution is going to be deeply enmeshed with politics, specifically the federal/state/local governments responses to COVID (though goodness knows housing was an issue in many areas prior to the pandemic).
However it’s dealt with, it won’t be fair, it will hurt, and could potentially have long term ripple effects.
Of course, there will be TONS of lawsuits.
I don’t know, maybe having a debt jubilee for EVERYONE.gif like in biblical times is the only answer. -
Our? delivery system sucks which is not a partisan statement
I doubt that more than 5 cents on the dollar ever gets to who needs it
Wild ass guess but still -
100% agree.RaceBannon said:Our? delivery system sucks which is not a partisan statement
I doubt that more than 5 cents on the dollar ever gets to who needs it
Wild ass guess but still -
Stimulus ain't gonna help shit. If I'm renting and can't be evicted, and I'm broke, I'm using that $$ on food and keeping the heat on. And even if I did use it on rent, $1400 buys us how much time?GreenRiverGatorz said:https://gothamist.com/news/nyc-tenants-owe-billions-unpaid-rent-what-happens-now
This talks about NYC specially, but it's a microcosm of the larger script that we all saw coming a year ago, and it's continuing to play out all over the country. Locality/state forces lockdown, low income service workers get fucked the hardest, rent doesn't get paid, landlords get behind on their mortgages. We've now pit the low income renters versus what's often a working class landlord. Not to say that mildly well-to-do folks with investment rental property are undeserving of empathy either.
Theoretically there's billions of dollars lined up from Biden's stimulus to pay the overdue rent. But we're not dumb observers of history here, and we know a significant portion of these low income renters won't get access to funds for some varying reasons of shitty bureaucracy. And they'll get evicted. And they'll become homeless. And they'll end up having been fucked by forces way out of their control. Such is the story of the underclass.
Meanwhile the stocks of the lending banks of the aforementioned mortgages have exceeded their pre-pandemic levels. SBC is vesting like nothing happened. They still laugh over $70 martinis about the bonuses they received in 2011 after a well-earned recovery propped up by Uncle Sam. Karmic justice, or any sort of demonstration of morality by the universe would say these fat cats can hold the bag just this once. I don't know what the exact combination of legislative or executive levers the feds could pull is, but I'm sure there's an avenue for them to take that'll ensure renters and landlords both come out whole at the expense of the billion dollar banking titans.
But I don't think that's in the script.
I have lost track of how popular mortgage backed securities are. Are banks still bundling them and selling them to wall street who sell them to fixed income investment streams? Is that the next shit balloon that is set pop?
One of the reasons I've not jumped on free money and gone @pawz with a better house is because the cheap mortgage isn't going to take the sting out of overpaying for something by a few hundy if the 2008 housing crash is about to happen. I'm kinda worried about that. The housing shoe has to drop sometime. -
My kid, who is wrapping up a quite expensive private education on Daddy's dime, just got a $1200 drop from the Guv, and within a week a letter came from the IRS advising her that they had paid her $600 because stimulus.RaceBannon said:Our? delivery system sucks which is not a partisan statement
I doubt that more than 5 cents on the dollar ever gets to who needs it
Wild ass guess but still
The other one who is being paid to got to school (and whose room/board/expenses are being covered under the Creepycoug Direct Installment Plan) got one too. Only no letter telling her she was paid 1/2 what she was actually paid, like her sister got.
When I file their taxes (yeah, I still do that), they are each going to get $1,000 education credit just like that. No warning. Just cash. And I'm going to claim a credit for the one who didn't get the first $1200 last summer (even though there is no tax profile difference between them at all), and I'll bet you they send her that one too.
Yeah, these guys have their shit together alright. It is only because of the piles of cash I've paid in taxes that have gone to even worse nonsense that I sleep just fine about these undeserved little windfalls. Fugit.
Don't even get me started on my Chief Spending Officer's adventures with unemployment after getting laid off her "something to do" job. You would think they would look at household income and say "no". Is it any wonder that these dumbfucks got ripped off by the Nigerians to the tune of, what was it? Several billion? Lolz. It's a shit show. -
To be clear, the rent relief is separate from the individual $1400 checks. What the per capita payout will look like is TBD, but I think we all agree that it both won't be enough or doled out effectively.creepycoug said:
Stimulus ain't gonna help shit. If I'm renting and can't be evicted, and I'm broke, I'm using that $$ on food and keeping the heat on. And even if I did use it on rent, $1400 buys us how much time?GreenRiverGatorz said:https://gothamist.com/news/nyc-tenants-owe-billions-unpaid-rent-what-happens-now
This talks about NYC specially, but it's a microcosm of the larger script that we all saw coming a year ago, and it's continuing to play out all over the country. Locality/state forces lockdown, low income service workers get fucked the hardest, rent doesn't get paid, landlords get behind on their mortgages. We've now pit the low income renters versus what's often a working class landlord. Not to say that mildly well-to-do folks with investment rental property are undeserving of empathy either.
Theoretically there's billions of dollars lined up from Biden's stimulus to pay the overdue rent. But we're not dumb observers of history here, and we know a significant portion of these low income renters won't get access to funds for some varying reasons of shitty bureaucracy. And they'll get evicted. And they'll become homeless. And they'll end up having been fucked by forces way out of their control. Such is the story of the underclass.
Meanwhile the stocks of the lending banks of the aforementioned mortgages have exceeded their pre-pandemic levels. SBC is vesting like nothing happened. They still laugh over $70 martinis about the bonuses they received in 2011 after a well-earned recovery propped up by Uncle Sam. Karmic justice, or any sort of demonstration of morality by the universe would say these fat cats can hold the bag just this once. I don't know what the exact combination of legislative or executive levers the feds could pull is, but I'm sure there's an avenue for them to take that'll ensure renters and landlords both come out whole at the expense of the billion dollar banking titans.
But I don't think that's in the script.
I have lost track of how popular mortgage backed securities are. Are banks still bundling them and selling them to wall street who sell them to fixed income investment streams? Is that the next shit balloon that is set pop?
One of the reasons I've not jumped on free money and gone @pawz with a better house is because the cheap mortgage isn't going to take the sting out of overpaying for something by a few hundy if the 2008 housing crash is about to happen. I'm kinda worried about that. The housing shoe has to drop sometime. -
A lot of the first part of this...if the real cost of the lockdowns had been felt by people when they were first going on (ie Fed didn’t step in to print massive amounts of money) people would have gone ape shit on the politicians trying to shut things down and a lot of this mess (and a bunch of other messes) would have been avoided.Doog_de_Jour said:I don’t know how to have this conversation without it going full Tug, unfortunately, because any root cause or solution is going to be deeply enmeshed with politics, specifically the federal/state/local governments responses to COVID (though goodness knows housing was an issue in many areas prior to the pandemic).
However it’s dealt with, it won’t be fair, it will hurt, and could potentially have long term ripple effects.
Of course, there will be TONS of lawsuits.
I don’t know, maybe having a debt jubilee for EVERYONE.gif like in biblical times is the only answer.
In the Tug we blame the politicians...on this bored we blame the Federal Reserve.
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I am also amazed that the banks are trading at multi/all time highs and have sold out as their run has continued.
The back rent money is obviously flushed down the toilet. My assumption is the banks will just pick up where they left off on the mortgages as if the last year didn't happen. -
We blame the politicians here too, we just won't put up with any of the low-brow bullshit. When the ducks aren't allowed in things tend to stay civil.HoustonHusky said:
A lot of the first part of this...if the real cost of the lockdowns had been felt by people when they were first going on (ie Fed didn’t step in to print massive amounts of money) people would have gone ape shit on the politicians trying to shut things down and a lot of this mess (and a bunch of other messes) would have been avoided.Doog_de_Jour said:I don’t know how to have this conversation without it going full Tug, unfortunately, because any root cause or solution is going to be deeply enmeshed with politics, specifically the federal/state/local governments responses to COVID (though goodness knows housing was an issue in many areas prior to the pandemic).
However it’s dealt with, it won’t be fair, it will hurt, and could potentially have long term ripple effects.
Of course, there will be TONS of lawsuits.
I don’t know, maybe having a debt jubilee for EVERYONE.gif like in biblical times is the only answer.
In the Tug we blame the politicians...on this bored we blame the Federal Reserve. -
If you’re a leveraged real estate “Investor” who doesn’t have the ability, knowledge and/or resources to weather the storm, whatever the cause, you give the collateral back to the entity that loaned you the money and everyone moves on.
Solved.
Next? -
Sure, that's the principled libertarian take on the matter.doogie said:If you’re a leveraged real estate “Investor” who doesn’t have the ability, knowledge and/or resources to weather the storm, whatever the cause, you give the collateral back to the entity that loaned you the money and everyone moves on.
Solved.
Next?
But I'm willing to venture that most of us here, across both political aisles, have seen the movie where those very same banks that loaned the money were previously bailed out to the tune of hundreds of billions of taxpayer dollars. So if the people concur, why not make the banks eat this one? Give the little guys a small, one-time win before we return to our previously scheduled big bank socialism. Jamie Dimon might not even notice. -
A lot of investors got burned during 08 period so not that popular of an asset class. Banks still make them for some institutional investor that have tolerance for that type a risk.creepycoug said:
Stimulus ain't gonna help shit. If I'm renting and can't be evicted, and I'm broke, I'm using that $$ on food and keeping the heat on. And even if I did use it on rent, $1400 buys us how much time?GreenRiverGatorz said:https://gothamist.com/news/nyc-tenants-owe-billions-unpaid-rent-what-happens-now
This talks about NYC specially, but it's a microcosm of the larger script that we all saw coming a year ago, and it's continuing to play out all over the country. Locality/state forces lockdown, low income service workers get fucked the hardest, rent doesn't get paid, landlords get behind on their mortgages. We've now pit the low income renters versus what's often a working class landlord. Not to say that mildly well-to-do folks with investment rental property are undeserving of empathy either.
Theoretically there's billions of dollars lined up from Biden's stimulus to pay the overdue rent. But we're not dumb observers of history here, and we know a significant portion of these low income renters won't get access to funds for some varying reasons of shitty bureaucracy. And they'll get evicted. And they'll become homeless. And they'll end up having been fucked by forces way out of their control. Such is the story of the underclass.
Meanwhile the stocks of the lending banks of the aforementioned mortgages have exceeded their pre-pandemic levels. SBC is vesting like nothing happened. They still laugh over $70 martinis about the bonuses they received in 2011 after a well-earned recovery propped up by Uncle Sam. Karmic justice, or any sort of demonstration of morality by the universe would say these fat cats can hold the bag just this once. I don't know what the exact combination of legislative or executive levers the feds could pull is, but I'm sure there's an avenue for them to take that'll ensure renters and landlords both come out whole at the expense of the billion dollar banking titans.
But I don't think that's in the script.
I have lost track of how popular mortgage backed securities are. Are banks still bundling them and selling them to wall street who sell them to fixed income investment streams? Is that the next shit balloon that is set pop?
One of the reasons I've not jumped on free money and gone @pawz with a better house is because the cheap mortgage isn't going to take the sting out of overpaying for something by a few hundy if the 2008 housing crash is about to happen. I'm kinda worried about that. The housing shoe has to drop sometime. -
Nnnnooooooo, ya think? and I suppose “Banks Secure Advantages From Politicians” is a headline you were sure we’d NEVER readGreenRiverGatorz said:
Sure, that's the principled libertarian take on the matter.doogie said:If you’re a leveraged real estate “Investor” who doesn’t have the ability, knowledge and/or resources to weather the storm, whatever the cause, you give the collateral back to the entity that loaned you the money and everyone moves on.
Solved.
Next?
But I'm willing to venture that most of us here, across both political aisles, have seen the movie where those very same banks that loaned the money were previously bailed out to the tune of hundreds of billions of taxpayer dollars. So if the people concur, why not make the banks eat this one? Give the little guys a small, one-time win before we return to our previously scheduled big bank socialism. Jamie Dimon might not even notice. -
The banks are going to eat all right
Take back the property and sell it again -
Jamie Dimon and every other banker will fuck you in the ass and twice on Sunday if they catch you sniffing around the moral hazard garbage bin.
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Nothing changed with themdoogie said:Jamie Dimon and every other banker will fuck you in the ass and twice on Sunday if they catch you sniffing around the moral hazard garbage bin.
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I generally can't get too worked up about the banks for a couple of reasons:
1. I stand to be corrected, but they never get us? into anything we? don't want to get into;
2. While I agree with your stance on the bailout whole heartedly, nobody has ever shown me the way for how we function as a society without them; and
3. Remember that most of us are investors in those banks, so I'm generally not in favor of kicking myself in my own ass.
Re the bailout, in particular, I hear you. I think the banks need to be regulated. My legal practice before going in-house involved A LOT of securitization work, particularly mortgage loans. I had a healthy banking practice. Part of my solution then to the problem wound up actually happening with post-2008 legislation, whereby the Tier 1 capital requirements for chartered banks was set and periodically checked by regulators. The other part I don't think ever made it into the DC sausage making - can't remember or didn't care then because I went in-house shortly after the pop - and that is, make banks hold and service a significant % of the loans they originate for a minimal period of time. No selling off the servicing and no selling off the loan. Yes, I know that will hamper liquidity to some degree. But if the banks can underwrite shit and sell it to someone else who is willing to lie to investors, then we're going to be back to 2008 again.
Executive summary is, while I'm not generally a huge regulation person, I recognize relying on the market to solve bad actor problems has some "it's too late" limitations. Banking is one such area IMO. Nuclear waste is another. Regulate them well so you don't have to bail them out.
But fucking them for the morality of it ... I can't get there. -
Somebody is getting fucked either way - the question is who do you want to steer the flaming dump truck towards.creepycoug said:I generally can't get too worked up about the banks for a couple of reasons:
1. I stand to be corrected, but they never get us? into anything we? don't want to get into;
2. While I agree with your stance on the bailout whole heartedly, nobody has ever shown me the way for how we function as a society without them; and
3. Remember that most of us are investors in those banks, so I'm generally not in favor of kicking myself in my own ass.
Re the bailout, in particular, I hear you. I think the banks need to be regulated. My legal practice before going in-house involved A LOT of securitization work, particularly mortgage loans. I had a healthy banking practice. Part of my solution then to the problem wound up actually happening with post-2008 legislation, whereby the Tier 1 capital requirements for chartered banks was set and periodically checked by regulators. The other part I don't think ever made it into the DC sausage making - can't remember or didn't care then because I went in-house shortly after the pop - and that is, make banks hold and service a significant % of the loans they originate for a minimal period of time. No selling off the servicing and no selling off the loan. Yes, I know that will hamper liquidity to some degree. But if the banks can underwrite shit and sell it to someone else who is willing to lie to investors, then we're going to be back to 2008 again.
Executive summary is, while I'm not generally a huge regulation person, I recognize relying on the market to solve bad actor problems has some "it's too late" limitations. Banking is one such area IMO. Nuclear waste is another. Regulate them well so you don't have to bail them out.
But fucking them for the morality of it ... I can't get there.
The government already told at-risk renters to get fucked - you're losing your job because we're mandating closures. So the regulation has already happened one way or another, that cat is out of the bag. So we can close our eyes and say now is when the free market gets to start operating again, or we can stop the charade and admit that we're picking the winners and losers one way or another. I've always had a soft spot for the little guy being the benevolent soul I am, so I know who I'm rooting for. -
Whaaaaaaa
You stepped in the Box, swung for the fences and struck out. It happens. The sun will come up tomorrow.
Next time, develop your contingency plans around a wider swath of hypothetical issues.
The happy couple buying your house at auction win. -
Genuinely have no idea what you're babbling aboutdoogie said:Whaaaaaaa
You stepped in the Box, swung for the fences and struck out. It happens. The sun will come up tomorrow.
Next time, develop your contingency plans around a wider swath of hypothetical issues. -
He's just saying you (not you you, but figurative you) levered up to buy what you rightly pegged as an appreciating asset that you were going to finance with rent money.GreenRiverGatorz said:
Genuinely have no idea what you're babbling aboutdoogie said:Whaaaaaaa
You stepped in the Box, swung for the fences and struck out. It happens. The sun will come up tomorrow.
Next time, develop your contingency plans around a wider swath of hypothetical issues.
An externality was introduced - the Vid - and your rent $ stream was cancel cultured. He's saying too bad.
I just don't believe we should collectively rescue people or business. The banks in 2008 is different because we were looking at systemic collapse. And we beef'd up regulation after we did it, and rightly so.
Also, where is the money going to come from to fix this impending shit show. Am I going to see a 50% marginal tax rate before I check out? -
The snark answer is start your own bank but we? are better than that here. I agree with most of what creepy said.
The access to capital for the little guy is why home ownership and business start ups are possible in America. But it isn't free and banks are in fact profit making business who answer to shareholders which is the excuse for all sorts of bad behavior. I once knew a guy that had come here from Holland and I asked him how he liked it and he said he bought a home which never would have been possible back in the old country
Capital also allows upward mobility rather than blood like the still royal infested Euros.
Downside is you have to live up to your terms and if you don't you lose your home or business. But you don't get your legs broken or go to debtors prison so there's that.
Life is about risk and a lot of folks went bankrupt a few times before they got it right. It takes a mindset not to freak out about it. In my repo days I met a guy who just shrugged and told me - I could pay but its a bad investment now and gave me the keys. I also met families losing the family home and they were not shrugging.
In a perfect world bailouts would go direct to the person not through the institution. Banks could be "made whole" by having the mortgage holder be able to pay and keep the home. You do run into I paid my rent or mortgage and it wasn't easy so why should he get free money because he didn't type stuff.
Banks are too big to fail allegedly and so their risk is covered. I am not too big to fail so I'm told hey you took the risk and lost so fuck off. That seems to be the crux of the issue.
Creep is right it's not morality its business but having a corrupt congress with access to trillions of dollars skews the field. A true both sides situation -
Well that I get. That's been a given from the get-go. It's @doogie's bad baseball metaphors that have me scratching my head.creepycoug said:
He's just saying you (not you you, but figurative you) levered up to buy what you rightly pegged as an appreciating asset that you were going to finance with rent money.GreenRiverGatorz said:
Genuinely have no idea what you're babbling aboutdoogie said:Whaaaaaaa
You stepped in the Box, swung for the fences and struck out. It happens. The sun will come up tomorrow.
Next time, develop your contingency plans around a wider swath of hypothetical issues.
An externality was introduced - the Vid - and your rent $ stream was cancel cultured. He's saying too bad.
I just don't believe we should collectively rescue people or business. The banks in 2008 is different because we were looking at systemic collapse. And we beef'd up regulation after we did it, and rightly so.
Also, where is the money going to come from to fix this impending shit show. Am I going to see a 50% marginal tax rate before I check out?
And I think we're generally in the same boat of "let the chips fall where they may". But like I said, that cat is out of the bag, we already picked and chose where to put the chips. We shut down income streams for renters. We then placed a moratorium on evictions. We earmarked billions in rent relief and continued to funnel additional billions to large corporations in the form of direct cash or increased tax refunds. So let's acknowledge that we already do rescue people and businesses. A lot. And we collectively decided that landlords are going to be the ones who ultimately eat this loss. That wasn't my first choice in this game of picking winners and losers. -
Since we are on the subject and I am 81% decided to move on and never signed a NDA I can talk a bit about Chase. in 2015 I got a job with a GC running the Chase bank account which turned into a partnership in 2016 which is what I have been doing
In 2015 Chase decided to get rid of as many tellers as possible by closing teller stations and replacing them with inside ATMs. I ran that program for the GC. As we were visiting branches to scope for the jobs they would be full of people who drove to the bank and walked past several ATMs to stand in line to talk to a teller. Even I was banking on line and on my phone by then but it sure seemed like a lot of folks liked to go to the branch.
But MBA Ivy League types far smarter than me came up with the program so what do I know? And we grossed 4 million off that program alone in 2015 which is how I got the sweetheart deal with my current partner. Like my flooring king days I did all the management and had a couple of supers and subs. Worked so hard I had to piss in a bottle (little Amazon humor)
Anyway the program was dropped after a year because people were complaining about the lack of tellers as they stared at the inside ATMs while waiting in line. Turns out that Oly High MBA was right.
16,17,18, and 19 we continue to do various programs still designed to get rid of actual humans in the branch and one after another bites the dust. But we get paid. One year we built walls in front of the entire teller line. If Covid hadn't hit we probably would have been removing them last year. That's the rumor anyway.
We are tiny and we probably did 15 million gross as one of many GCs nationwide. That's couch change but also illustrates how to big to fail is also too big to be held accountable. Dimon is some sort of savant as far as I can tell reading his press but I'm not convinced.
The moral of our story is common sense trumps massive construction management and design fees by the fellow mega corporations servicing Chase.
It was people like me that showed them how to flip a bank over the weekend. We also would do the same branch two or three times doing various work instead of doing everything at once over a week or so which is far more cost effective and uniform.
But hey, I'm just a contractor.
Obviously over the years I've been inside a lot of big business but Chase stands out as being remarkably fucktarded -
Agree with all that, especially the highlight.RaceBannon said:The snark answer is start your own bank but we? are better than that here. I agree with most of what creepy said.
The access to capital for the little guy is why home ownership and business start ups are possible in America. But it isn't free and banks are in fact profit making business who answer to shareholders which is the excuse for all sorts of bad behavior. I once knew a guy that had come here from Holland and I asked him how he liked it and he said he bought a home which never would have been possible back in the old country
Capital also allows upward mobility rather than blood like the still royal infested Euros.
Downside is you have to live up to your terms and if you don't you lose your home or business. But you don't get your legs broken or go to debtors prison so there's that.
Life is about risk and a lot of folks went bankrupt a few times before they got it right. It takes a mindset not to freak out about it. In my repo days I met a guy who just shrugged and told me - I could pay but its a bad investment now and gave me the keys. I also met families losing the family home and they were not shrugging.
In a perfect world bailouts would go direct to the person not through the institution. Banks could be "made whole" by having the mortgage holder be able to pay and keep the home. You do run into I paid my rent or mortgage and it wasn't easy so why should he get free money because he didn't type stuff.
Banks are too big to fail allegedly and so their risk is covered. I am not too big to fail so I'm told hey you took the risk and lost so fuck off. That seems to be the crux of the issue.
Creep is right it's not morality its business but having a corrupt congress with access to trillions of dollars skews the field. A true both sides situation
Plus, this is a strong candidate for the Club's "fine people on both sides" POTD. Yes, it sucks that we had to bail out the banks, and yes, I'm talking out of both sides of my mouth when I say "fuck off" to student loan bailouts. But like I said, nobody has explained to me how we function if the banks suddenly fold. People would see very clearly then what it takes to get other people to loan you money or invest in your bidness.
I remember 3 CEOs ago in my career going on a road show. He left dinner early to go prep. for the next day. I said, "I would have guessed by now you'd have that pitch down by memory." He said, "Yeah, but keep this in mind Creepycoug: you need to be at your very best, no mistakes, no misimpressions, when you are asking people to trust you with their money. And don't wear that shirt tomorrow."
That is a direct quote. No board malarkey. That's what he said. And if my shoes had needed shinning, he would have said that too. -
Normally would agree, but this is all government induced.doogie said:Whaaaaaaa
You stepped in the Box, swung for the fences and struck out. It happens. The sun will come up tomorrow.
Next time, develop your contingency plans around a wider swath of hypothetical issues.
The happy couple buying your house at auction win. -
You get as big as Chase and fucktardery is almost a given. It's too big to not be fucktardery. A distinct risk apart from too big to fail.RaceBannon said:Since we are on the subject and I am 81% decided to move on and never signed a NDA I can talk a bit about Chase. in 2015 I got a job with a GC running the Chase bank account which turned into a partnership in 2016 which is what I have been doing
In 2015 Chase decided to get rid of as many tellers as possible by closing teller stations and replacing them with inside ATMs. I ran that program for the GC. As we were visiting branches to scope for the jobs they would be full of people who drove to the bank and walked past several ATMs to stand in line to talk to a teller. Even I was banking on line and on my phone by then but it sure seemed like a lot of folks liked to go to the branch.
But MBA Ivy League types far smarter than me came up with the program so what do I know? And we grossed 4 million off that program alone in 2015 which is how I got the sweetheart deal with my current partner. Like my flooring king days I did all the management and had a couple of supers and subs. Worked so hard I had to piss in a bottle (little Amazon humor)
Anyway the program was dropped after a year because people were complaining about the lack of tellers as they stared at the inside ATMs while waiting in line. Turns out that Oly High MBA was right.
16,17,18, and 19 we continue to do various programs still designed to get rid of actual humans in the branch and one after another bites the dust. But we get paid. One year we built walls in front of the entire teller line. If Covid hadn't hit we probably would have been removing them last year. That's the rumor anyway.
We are tiny and we probably did 15 million gross as one of many GCs nationwide. That's couch change but also illustrates how to big to fail is also too big to be held accountable. Dimon is some sort of savant as far as I can tell reading his press but I'm not convinced.
The moral of our story is common sense trumps massive construction management and design fees by the fellow mega corporations servicing Chase.
It was people like me that showed them how to flip a bank over the weekend. We also would do the same branch two or three times doing various work instead of doing everything at once over a week or so which is far more cost effective and uniform.
But hey, I'm just a contractor.
Obviously over the years I've been inside a lot of big business but Chase stands out as being remarkably fucktarded
That Oly MBA has worked out nicely for you. Weatherwax doesn't have an MBA program. We're? the Harvard of Woodshop though. -
Good thread pods. I appreciate the various perspectives here.
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Look what you created @DerekJohnsonYellowSnow said:Good thread pods. I appreciate the various perspectives here.
A board where people can engage in respectful, intellectual discourse that people can enjoy -
Fuck offwhatshouldicareabout said:
Look what you created @DerekJohnsonYellowSnow said:Good thread pods. I appreciate the various perspectives here.
A board where people can engage in respectful, intellectual discourse that people can enjoy
lol
