If hibernating a small business is turning out to be impossible, there should be a way to do a soft-landing bankruptcy via a fast-track online court. Court discharges a fraction of the liabilities, terminates contracts, and lets owner look for alt life with a small starting stake
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It feels sort of fair to externalize most of the risk onto real estate owners because a) they are the literal rentier-est of rentiers b) have the easiest path to collateralizing what’s not already owned by the bank for bridge debt to hibernate with.
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And banks can reschedule mortgages more easily than almost any other kind of debt. It’s a good bet that people will find *something* to do with real estate after Covid even if existing uses collapse. Concentrate and dump all Covid risk on those who had it easiest in non-Covid.
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Increasingly convinced that unlike the underlying health crisis, the economic crisis is solvable with sufficient imagination. What’s getting in the way is not the technical difficulty of balancing monetary/fiscal equations but the psychological difficulty of satisfying ideologues
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Far-right Republicans are committed to opportunistic eugenics Moderate Republicans think poor will become dependent parasites. Moderate Democrats don’t want to help businesses Far-left Dems only want transient solutions that they can lock into permanent progressive regimes.
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This problem is only unsolvable if you want it to be version 1.0 of your glorious ideological revolution. If you treat it like a transient long crisis with more-than-palliative solutions that are open for dismantlement once it passes, more creative options become available.
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Covid recovery economic policy solution space is like Berlin in the last days of WW2. The Nazis were still a dangerous cornered threat, but already the B-plot. The A-plot was claiming turf for Cold War and grabbing as many German rocket scientists as possible.
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Here, the transient Covid pain management is already the B-plot. The A-plot is to claim maximal disaster capitalism turf.
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End of conversation
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