Corona and agency layoffs

[EugeneM]

My contractors are shrinking but truckers are increasing.

If your contractor goes from $1mil to $750k payroll, that's not bad. Usually contractors get hit the worst in a recession. Many will go out of business completely. A 25% hit isn't bad overall. I'm not trying to make light of the situatuation, just put it in perspective.

I'm going to be doing lot's of dirtbiking and hiking. I'll get caught up on a lot of things I am behind on, and if I manage to get caught up enough, start calling on some of these referrals I have. They are almost all auto repair and body shops, and those guys will pick right back up no problem when the quarantine lifts, and may use some of this free time to shop insurance which they have been putting off.

Taking the razors out to the desert tonight
By the way not all industries are struggling. My contractors are shrinking but trucking is blowing up. Wrote a 200k new venture yesterday lol.. March already blew away February and January for me.... so not everyone is struggling.

 

[LostDollar]

not everyone has the space or the money to prepare emergency stockpiles of food, etc and then discard and replace unused items on a rotating basis.

I had no idea of the current situation until I went out to buy some things on Friday. Grocery chain rationing of some items has helped to spread out availability of items to more people. I observed this first hand on Friday and Saturday. Also, some of the grocery store traffic you are whining about is due to government reactions to the situation. With all the school closures, Moms and College Students, among others are having to have more food at home for preparation for family meals. Workers that may be used to just eating out, are also having to deal with unanticipated home cooking due to food venue closings.

Increased pressure on food banks and charitable meal serving places should start happening soon, if it hasn't already. And if the crisis closes those down too, local governments are going to be under severe pressure to find some quarantine friendly food distribution option for those who have relied on those services in the past.

My wife's church has a small local food bank which is open, i think 3 hours in the mornings. She took a few things by yesterday. She told me that there had been 25 families into the bank in the first 3 days of the week. I don't know what kind of increase that is, but I am pretty sure it is an increase over the average flow for the past several weeks.

 

[rousemark]

My wife's church has a small local food bank which is open, i think 3 hours in the mornings. She took a few things by yesterday. She told me that there had been 25 families into the bank in the first 3 days of the week. I don't know what kind of increase that is, but I am pretty sure it is an increase over the average flow for the past several weeks.

Yes, food bank traffic is picking up. Don't know why as most people have not been laid off long enough to miss a paycheck. Could be they are stocking up like everyone else.

 

[DayTimer]

Governor of PA ordered all non life sustaining business activity to cease as of 8PM tonight.

I spoke with a buddy of mine who is a physician, and he says the ICU's are filling up with CV patients needing ventilators and O2 ... PA's first CV death was in Northampton county, which is the other of my two main counties (lehigh and Northampton used to be one county at one time in our history).

Our office was closed this week (they sent out a group text Sunday morning closing the office until further notice and suggesting us to limit or eliminate face to face meetings with co-workers and clients).

As @WinoBlues has said, $hit gettin' reall ... real fast.

But I will say this: Trump, despite his fumbling in the beginning, has really hit stride and looks like he really is going to help keep people in their homes and food on their tables, unlike Obama and his sidekick, dog faced pony Soldier Biden.

That will go along way to bringing us out of this quickly once we get to the other side.

 

[DayTimer]

Don't know why as most people have not been laid off long enough to miss a paycheck.

Unemployment claims up 70,000 week over week and with most folks living paycheck to paycheck, there are people hurting already.

We usually give weekly to our local food bank through our church, but our church announced they are closing too. I'm going to make it a point to keep my support going, but I can only imagine this is going to put immense pressure on food banks as donations will fall off and demand will pick up.

 

[AZDave]

Here in AZ, on Tuesday all restaurants/bars mandated to shut doors at 8 PM. Owners notified that morning.

One of my insured's had to let 40 people go, keeping a few for take out orders. When he goes back to hire them, they probably will be delivering for Amazon. Fingers crossed he goes back to hire them....

 

[DayTimer]

March already blew away February and January for me.... so not everyone is struggling.

I thankfully had the best quarter since I started in the biz (and the quarter is pretty much done for me as we are shut down here in PA).

I know I'll get it ramped up and I'll do well again once this passes. In fact, given what has happened with the markets, I would imagine the annuity biz ought to really crank up.

I just hope "this passes" by end of April. I really need May through October to be open for business.

 

[WinoBlues]

local food bank through our church, but our church announced they are closing

is going to put immense pressure on food banks

The true character of a man or woman shines through at times like these. Very few people can not lend a hand in one form or another to someone else. We all can do a little something.

As you said there are a lot of people that are barely scraping by. Now they have to find a way to stock up with no money and maybe zero dollars coming in on Friday. It does not hurt me to drop a few dollars on someone. Or drop off some TP and extra food to a single mom trying to make do.

 

[Tahoe Ray]

In fact, given what has happened with the markets, I would imagine the annuity biz ought to really crank up.

So, here's the BS that you're going to hear for a while after a market move like this in the annuity space: "I want to wait for my accounts to go back up before I do anything."

Be prepared to handle that objection and you should have a ton of opportunity.

 

[Markthebroker]

Or drop off some TP to a single mom trying to make doo-doo.

I went ahead and corrected that for you.