From Matt Levine, writing in Money Stuff:
I have engaged in this sort of gossip before, but for the most part I am pretty chill about “inappropriate” businesses getting PPP money. The idea of the PPP is that if a smallish business lost revenue, the government would give it a cheap loan, and if it kept people on its payroll then it wouldn’t have to pay back the loan. The goal of the PPP was not to reward the virtuous and punish the insolent; it was to keep people employed so the economy wouldn’t collapse while everyone stays home. It was in various ways inadequate to that task, since the unemployment rate hit 14.7% in April and is 11.1% now. Presumably some hedge funds got PPP loans and used the money to keep people on the payroll, and unemployment would be even higher if they hadn’t. Presumably if more hedge funds had taken out PPP loans and used the money to keep people on the payroll, unemployment would be lower and the economy would be in better shape. Reasonable people could disagree, but it does not seem to me that the biggest problem in the U.S. economy right now is that too many businesses got government money to preserve employment. So it seems a bit silly to criticize the ones who did.
On the other hand it is endlessly, gloriously funny that “the Ayn Rand Institute received a PPP loan of between $350K and $1 million.” You can read their reasoning here.
Can’t believe I somehow missed this back in 2017. Did not hear about any “fireworks” from it this year, either, but now I’ll have to go looking…
I am legitimately looking forward to NPR’s yearly 4th of July tradition of tweeting out the Declaration of Independence because there’s a good chance people are going to lose their crap over it like they did in 2017. pic.twitter.com/OwDWIX8MDQ
— Weͫrͣᶰwͤoͩlfram (@Werwolfram) July 3, 2020
Still quite warm out there. Had to start late so that we could grab some La Stalla sandwiches beforehand, leaving them in a cooler in the car until after the ride.
GPS had a bit of a screw-up early on, so I lost a mile or so on this one. Ah, well. Hot enough to fry on egg on my helmet today.
From The Hill:
A Massachusetts detective has been fired over a social media post last month expressing support of her niece attending a Black Lives Matter rally.
“The commissioner said: ‘You have to find a way to fix this. I’m getting pressure from the mayor’s office,’ ” Fuentes said, according to MassLive. “I said, ‘Ok, I’m sorry. How do I fix it?’ Officer Gentile suggested I post an apology on the police union Facebook page. So I went home later and I did.”
Good month! Worse than May, unfortunately.
A few less miles, almost two fewer hours, and almost 2,200 feet fewer! What was I doing??
Needed just 15 more miles to get to 600km for the month of June and complete a Strava challenge.