Conversation

Why is there outrage over well-run, profitable companies taking federal COVID loans? Just because they have cash in the bank doesn't mean they're not affected. Wouldn't it be unfair to only give the loans to those who weren't prepared?

229

Gondee

@0xGondee

Apr 18, 2020

The feeling is they got them at the expense of real small businesses. Which to this point is a true statement. Additionally situations like the airlines where only 1/3 of it will be repaid is seen as a handout.

Jesse Powell

@jespow

Apr 18, 2020

Anyone who gets free money gets it at the expense of everybody else who didn't get the same free money. You have to attempt to take it for dilution protection.

Gondee

@0xGondee

Apr 18, 2020

Understood. But that is still the attitude and feeling amongst people. For example shake shack has 2 years revenue in cash, yet it gets a PPP loan for its 6k employees. It didn’t need it, but it still skipped the unending line of small business that is waiting

Jesse Powell

@jespow

Replying to

@0xGondee

I get it. Sounds like blame is going to the wrong place though. When the doors open and the fastest runners get all the best seats, the problem isn't the runners -- the problem is the rules, lack of seat assignment, which advantages certain people over others.

2:36 AM · Apr 18, 2020Twitter Web App

Replying to

I’m totally on board with you there. To pull from Martin Gurris “revolt of the public...”, mobs express pain, point fingers, dont ask for specifics yet demand action. They are nihilistic in execution. Guided by a pressure they may not be able to pinpoint. IMO symptoms of unrest