Its The Economy, Stupid - Economic & Business News From Around The World

Fwiffo

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"He is begging for mercy - asking for $250,000 cash bond - and claiming he can't be thrown in jail because he is depressed and follows a vegan diet."

Off to Rikers?
 

ter1413

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Fwiffo

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They purchased homes right before the real estate downturn. Now, they're struggling to close

"First-time homebuyer Gurcharan Rehal agreed in October 2021 to pay $1.959 million, plus $90,000 in upgrades, for a single-detached home that would house himself, his wife, their two children and his mother.

'We thought, if we live hand-to-mouth, we can still afford it,' Rehal, an Uber driver who also earns income as a property manager and from a business in India...

An appraisal recently estimated the home's value at $1.7 million — more than $300,000 less than what he agreed to pay for it. On top of that, he says the mortgage rate he was pre-approved for would have required monthly payments of $5,000, but now he's being quoted amounts between $12,000 and $15,000 per month."

He thought driving Uber and having an overseas gig that pays him in rupees would pay a $5000/month mortgage?
 

Grand Potentate

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Recession will hit a third of the world this year, IMF chief warns​

Kristalina Georgieva says next couple of months will be ‘tough for China’ due to spread of Covid
 

Fwiffo

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"'We have located over 5 billion dollars of cash, liquid cryptocurrency and liquid investment securities,' Andy Dietderich, an attorney for FTX, told US Bankruptcy Judge John Dorsey in Delaware.

Mr Dietderich said that the recovered funds do not include assets seized by the Securities Commission of the Bahamas, where FTX was based and where Mr Bankman-Fried was living at the time of his arrest.

FTX, which a year ago was valued at $32bn, filed for bankruptcy protection on 11 November. It has been estimated that $8bn of customer's funds was missing."

Good thing we were able to find the password to log in to this non descript laptop that was lying around.
 

Fwiffo

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Did you read the article?

Yes. It's a combination of depleting supplies on food banks, people justifying their stealing especially when it comes to some warped sense of economic justice that robbing from the Weston family's grocery chains is a victimless crime because they're rich.

I was doing a photo-op with a food bank director last month and they actually don't want food because you have to have labour to sort and store it - potentially a very long time if you give pasta and the demographic eats lentils and rice. They'd rather have cash so they can buy from grocery stores what their food bank users need.

I don't understand the rage against the Westons. They came over from across the pond in the 19th century and started from scratch so after a few generations later they own a lot of things and one of them even became lieutenant governor. Their company charging $37 for chicken breasts is outrageous but no one is forcing people to buy and only eat chicken breasts. Now there is an argument that they might own too many brands and if you're on lower rung of the economy and your walking/bus radius only takes you to Weston operated grocery stores, then that's the market not diversifying & offering true capitalist competition. That could be addressed.

But these same people stealing groceries are also free loading off public transit. Drivers don't bother to come out of their compartments to confront them. I've seen people blatantly tap a transit card that has been depleted below $0 and not care and continue to ride.

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