Morgan Stanley Sees 30% GDP Contraction. Bullard Warns Of 30% Unemployment. Lawmakers Dither.
Just in case you didn't get your fill of dour headlines about the US economy last week, there were plenty more over the weekend.
In an phone interview with Bloomberg, for instance, Jim Bullard warned that the unemployment rate could rise to 30% next quarter, a figure that makes Steve Mnuchin's worst-case scenario seem relatively benign (Mnuchin reportedly told GOP senators last week that the jobless rate could soar to 20% if drastic action isn't taken on the fiscal side to shore up the economy)
It is becoming very hard (for me) to see a path where US emerges from the Covid-19 tunnel with 77% of GDP in services sector.
Very good point
Yeah… a future without UBI this year would look a lot like a zombie apocalypse… likely worse since the zombies would not be brainless undead but real people destitute and without any means of survival. The system isn’t built to handle it.
Limit down on futures.
Maybe Trump and GOP are just looking at the virus problem the wrong way. Instead of current fiscal stimlus, they need to think in terms of sexual stimulus. Maybe if they begin to get away from a G rated story, they could come to grips with xxx? There’s simply no serious reason for the current political leadership to have their heads buried so far into the tarpit, there is no way that Americans or anyone in the world should put up with the total unequivocal retardation put forth from the GOP. I guess we get the government we deserve. Initially, I was hopeful for government intervention and support, but I fully understand why Democrats are demanding more for people who need help, versus the GOPs irrelevant and weak plan. What a nightmare!
Expanding further into the unimaginable, think past the hard landing and prepare to provide food security of humanity… think of the fallout when countries don’t get fed. Militaries on the move… nukes lit off. Just saying.
Make America normal again.
H- The dithering is about bloated companies and over leveraged banks vs regular people who just weren’t paying attention and are now caught in the middle of an unprepared country. Who survives? Go ahead pick? We are so far down the rabbit hole of debt NOT everyone is going to make it………….no way especially with the haves doling out the crumbs to those same regular people and the Corona Virus ready to stick it up their non-tested asses.
Luck everyone.
Ed Yardeni fits the role of a fairly decent economist, however, he’s most recent blog post, from March 4th nicely sums up the total stupidity of people like him, spread across the internet, getting the virus thing totally wrong! Ed typified stupidity about 3 weeks ago by blaming Bernie Sanders for the market turning downward! This is a moron who apparently used to be a guru at Moody’s. I thought I’d check in there and find a small bit of insight, but, like other polarized blogs, written by fox news groupies, the virus is ramping up to be a political weapon of mass destruction, linking itself to fake news and masses of zo mbie retards, like Yardeni, who are having heart attacks over poor people being given help. Literally and figuratively just insane in terms of the GOP tribe not being able to process reality or wrap their dumbass empty brains around the general theme of a pandemic! My basic prayer, is that the GOP will be essentially wiped off the face of the Earth. Sadly, nature will fill that void with something worse and God knows the Democrats are not exactly God’s gift to anyone’s dreams, but, truly, God help us all, except for the criminally insane Republicans.
“I would gladly pay you today for your vote tomorrow.
I’ll send you $1200.
Can I borrow 8 trillion? Actually, just give me 4. Then I’ll owe you 4, you’ll owe me 4, and we can just get over this ‘who owes who’ stuff.”
~ DJT