Quote:
Originally Posted by Icky Thump
I thought about this. I wondered if you do this do they shut down all your other credit lines. Then all the other banks follow suit.
I actually also contemplated the converse for a second. What about paying off the house and squatting for a bit only worrying about small tax bill and food.
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The business lines aren’t tied to the home. Different lenders. Always kept them separate for this kind of reason. Also, no personal guarantees of mine for business. And we’re tenancy by entireties state, so we’ve leverage of being judgment proof. No collection ability. And I drew down business lines in early March, when I heard P/E was doing it.
We paid the home mortgage this month too. I don’t want a balloon coming out of this. The SBA PPP line (why not take one... it’s 0% interest forgivable) requires it be used for employees and rent.
I got 6 months of runway, and then shit gets dicey. But as I said, three more months of this and you and I will be kicking ourselves for paying anything on homes that won’t be worth much without gun turrets on the roof. This goes bad a lot faster than anyone thinks. Fed can’t fix this one. No money cannon can do it. It has to be fixed with a coherent plan for incremental re-opening of the economy. This befuddled administration cannot do that. And lunatics saying we need to stay on lockdown until August help nothing.
This can be a V shaped recovery, but there has to be someone in charge, speaking with serious authority. This Fauci/Trump vaudeville routine is going nowhere. Not Fauci’s fault. But you also can’t give the floor over entirely to medical people because, respectfully, half of this is business, and they’re not trained to trade away lives for dollars the we all know we are going to in order to avoid a depression.
