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A comment on Bank of America: 58,000 small businesses ask for $6B in loans since 9 a.m. Parent comment

Re:Bank of America: 58,000 small businesses ask for $6B in l... by sbuttgereit on Friday April 03, 2020 @05:43PM (#22774215)
You seem to be complaining of a double standard while possibly engaging in one.

Many of my progressive friends have complained loudly when companies keep cash. After all, if they can save they can pay workers more or pay more taxes... after all, a company flush with cash must be putting profits ahead of people and damn those greedy capitalists and all that... The truth is many businesses live a pretty thin margins (mine included) and those that can keep large cash reserves (like Apple) are probably best positioned to weather this storm.

Having said that, even though I sympathize with these businesses, I certainly don't believe they should be bailed out either. The fact is there are many incentives to spend cash and not save. This is true for individuals and businesses.

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Re:Bank of America: 58,000 small businesses ask for $6B in l... by aaomidi on Friday April 03, 2020 @06:32PM (#22774568)
I'm for bailing out if the govt gives ownership of the business to the workers.

If you're not letting the workers most impacted by this to own the means of their work, then your bailout is useless.

This is an opportunity to, peacefully, transfer ownership of the means of production that are getting destroyed right now back to the workers.

[ Parent | on HN ]
Re:Bank of America: 58,000 small businesses ask for $6B in l... by sbuttgereit on Friday April 03, 2020 @07:36PM (#22774956)
Of course.

"You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before."

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Re:Bank of America: 58,000 small businesses ask for $6B in l... by fredophile on Friday April 03, 2020 @06:08PM (#22774420)
A lot of big companies keeping cash do it for tax reasons. If they bring the cash to the US it is taxable in the US. They're really just waiting for the government to reduce the taxes on bringing that money back.
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Re:Bank of America: 58,000 small businesses ask for $6B in l... by gamblor956 on Friday April 03, 2020 @08:43PM (#22775265)
The government already did that (Google the "tax holiday"). And US companies promptly used the money to buy back stock instead of investing in US facilities or employees, which is why it is unlikely it will happen again.
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Re:Bank of America: 58,000 small businesses ask for $6B in l... by fredophile on Saturday April 04, 2020 @04:21PM (#22781186)
The government has actually done it more than once. After the first time companies started saving up more cash in the expectation that it would happen again.
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