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> Local people know who they are when they go for groceries and everything else. So I think what Wilbur was probably trying to say was that they will work along — I know banks are working along. If you have mortgages, the mortgagees, the folks collecting the interest and all of those things, they work along. And that's what happens in a time like this, they know the people, they've been dealing with them for years, and they work along. The grocery stores...and I think that's probably what Wilbur Ross meant.
WTF is the disconnect here? Defaults are going to spike and I can't imagine that any significant percentage of them would be forgiven.
And I haven't seen a grocery store run 'personal credit' since maybe before the 50s at best? Pre-Depression?
Somebody is breathing that Washington nitrous oxide again.
The ridiculous out-of-touch callousness of it all aside, I remember my parents having credit at a small neighborhood grocery in the 90s-00s. It's not necessarily a relic of the 50s.
A number of federal credit unions are offering interest-free loans.
>Besides it is pretty absurd that banks have to solve government mess that they have no part in.
Agreed. It's an absurd mess.
I think bills have been passed already guaranteeing back pay for federal employees, so it's a bit more complicated than "no income" for federal employees.
However, everyone else who is a contractor or otherwise tangentially dependent on government employment...
And of course getting back pay at some unknown future date doesn't put food on the table now or keep you from losing your house or car.