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WTB ??? What's going on ?


Wanaflatsfish

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The small business loan program, while well intentioned, has been a joke. I know of a guy who has a law firm that got $400k, but his business has been unaffected, so he uses the loan money to pay salaries and the loan is forgiven. With the windfall he handed out huge bonuses, he is in the process of buying a super car.

Meanwhile, the businesses that truly got hurt and need to use the money for rent, insurance etc and cannot use for payroll will have to pay the loan back. Makes zero sense. If a business cannot prove a loss, they should have to pay it back, but that would make too much sense. Our government is a romper room with no nanny.

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46 minutes ago, Capt. Troy said:

Go in any West Marine and the place looks like it has been looted. They were even out of flares for a couple of weeks.

Just replaced the A/C in the Rampage. Took 5 weeks to get that done.

 

All the shops are out weeks for service.

I drove 80 miles round-trip to West Marine to get some things I really needed, that would normally be in stock.  Same thing - the store looked like they were going out of business and they were liquidating inventory.  The young cashier asks me if I found everything ok.  I said ARE YOU KIDDING?  NO!  She said they hadn't had a delivery truck in 3 weeks, and that the warehouses couldn't find enough workers to load trucks.  Word on the street is that most low wage workers can generate more income staying home and collecting COVID compensation.

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25 minutes ago, geeviam said:

I drove 80 miles round-trip to West Marine to get some things I really needed, that would normally be in stock.  Same thing - the store looked like they were going out of business and they were liquidating inventory.  The young cashier asks me if I found everything ok.  I said ARE YOU KIDDING?  NO!  She said they hadn't had a delivery truck in 3 weeks, and that the warehouses couldn't find enough workers to load trucks.  Word on the street is that most low wage workers can generate more income staying home and collecting COVID compensation.

I have a hard time believing the staying at home statement is widespread. If someone is laid off, they get unemployment, but if they refuse to go back when their job becomes available, they lose their unemployment benefit. The business pays a premium to for having unemployed employees, so they would not continue to pay that if an employee refuses to come back. Policy may be different for different states, but I know this is true for many states. So companies may have an issue hiring additional employees (which could be an issue for West Marine), but should not have a problem bringing their furloughed employees back.

The other thing is that if the employee loses their healthcare benefit while unemployed, the additional $600 may or may not cover the difference between their pay and their benefit, and the additional expense of healthcare can very well put them into the red.

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On several Texas lakes I fish if you don’t get off the Water by 11 30 am you might have an half an hour wait to get your boat back on the trailer from everyone launching.  On a weekday...  Forget the evening bite.  
Had a good friend who is a boat dealer Said their dealership has sold more boats since March than at any time in their history...back to 1970s...and no inventory left.  
6 of every 10 people he demos their new boat for have never set foot on a boat before.

Judging by the way people are acting and by the activity on the water I believe that. Stay safe out there...

hutch

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":Our government is a romper room with no nanny". That is so true with regard to how they handled payouts or compensation during the virus. Good example is that our government sent me and my wife $1,200 each to compensate for what?  We are both retired and not hurting for money. Why wouldn't they put a cap on the payouts depending on your income, so that the people that really need the money are taken care of. 

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26 minutes ago, SCFD rtrd. said:

":Our government is a romper room with no nanny". That is so true with regard to how they handled payouts or compensation during the virus. Good example is that our government sent me and my wife $1,200 each to compensate for what?  We are both retired and not hurting for money. Why wouldn't they put a cap on the payouts depending on your income, so that the people that really need the money are taken care of. 

They did put a cap on income, my wife and I did not get a check due to the cap. But my son is due a check and has never received one and there is no way to find out why, he has been laid off since mid-March and likely will not go back until Sept-Oct.

But I agree, unless you were directly affected in some way, why just send a check to everyone? Guess you can always spend it on hookers and blow.

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If you offer free money people are gonna take it, we didn’t get a check but I definitely would have taken one. Of course my Mother got one, she retired from Anderson Consulting at age 49, shes doing fine to say the least. The best I’ve seen was the Fisher Island HOA got a stimulus check, which they returned after the local news ran with it. If you’re unfamiliar with the 305 (according to Wikipedia)...

As of 2015, Fisher Island had the highest per capita income[3] of any place in the United States”

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On 8/4/2020 at 3:09 PM, Shallowminded6 said:

As soon as the money that people arent used to getting stops and the inflation hits it will come. No way there is that many people that can afford 75k+ bay boats when there is unemployment issues along with all the “loan forgiveness” due to COVID. When bills are normal and the shortage of pay is obvious I think you will be able to get a solid deal on some toys. 

Plenty of people out there thriving during quarantine and they are buying boats. Banks got more strict on self employed people, so loosen up restrictions and here come more sales. Businesses start running again and the people that struggled can now afford that boat, so more sales. Im guessing this demand and sales trend will run into next summer, as we already are selling boats through December

Minus the year or 2 after 2008, used prices have always been on the uptick. Yellowfins that sold in 2006 are selling for the same or more now 15 years old. You can keep waiting for decline but eventually health/life/finances change and you may not have the same opportunity (God forbid).

One of the biggest things hurting the growth of business and catching up with demand are unemployment checks. Way too many workers comfortable at home collecting a check instead of hitting the workforce. 

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1 minute ago, linesider 159 said:

You can keep waiting for decline but eventually health/life/finances change and you may not have the same opportunity (God forbid). 

I am professional commodity buyer - orange juice, lemon juice, lime juice, strawberry purees, etc. world sugar....

I can tell you...the market will ratchet up on rumors and slowly decline on the facts.....yep, you could be dead before the next downward tick....as we used to say in the Marine Corps....

"Smoke'm if you got'm Marines", never know if you'll be alive tomorrow to have it.

DC

 

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  • 1 year later...
On 8/3/2020 at 3:02 PM, Miss Jazzy said:

I am referring to the used boat market. When all those that are buying now have to return to normal life and will not have the time to spend on the water there will be a flood of nearly new boats hitting the market. 

It's starting to happen now.  Seeing a lot of nearly-new boats (high-end flats skiffs) with low hours being listed for sale.  Still at high prices though.  With inflation hitting all-time highs, I doubt we will ever see sale prices come back down to what they were several years ago.  The Fed is printing new funny munny so fast, we may be listing our boats for sale in a new global currency amount, before too long.

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3 hours ago, geeviam said:

It's starting to happen now.  Seeing a lot of nearly-new boats (high-end flats skiffs) with low hours being listed for sale.  Still at high prices though.  With inflation hitting all-time highs, I doubt we will ever see sale prices come back down to what they were several years ago.  The Fed is printing new funny munny so fast, we may be listing our boats for sale in a new global currency amount, before too long.

Funny, but sad its so true. Hate seeing it the way it is moving. 

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1 minute ago, Shallowminded6 said:

Do you think its due to them being able to get the same boat new for the same price as they can sell or due to prices dropping? Kind of torn in how I feel about why the new boats are for sale. 

Prices dropping and the economy. Bought over their heads, loss of income. Don’t really think it’s for a newer sled. JMO 

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