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Why Wall Street is wrong about economic recovery:
1.) The virus isn't gone and isn't going anywhere.
2.) The consumer is the big driver of the economy. But people aren't consuming. A lot because no one has money. A lot because they are still hunkered down.
1.) The virus isn't gone and isn't going anywhere.
2.) The consumer is the big driver of the economy. But people aren't consuming. A lot because no one has money. A lot because they are still hunkered down.
Some because there is nothing to spend on.
3.) The global economy is still a mess because of the virus. The global virus numbers are still going up.
4.) Supply chains have been fractured and won't be restored any time soon.
3.) The global economy is still a mess because of the virus. The global virus numbers are still going up.
4.) Supply chains have been fractured and won't be restored any time soon.
5.) Many small businesses are already bankrupt and won't be coming back.
6.) Many job losses are now permanent job losses.
7.) Social distancing is here to stay. Revenues will be impacted for years and years. Many businesses will no longer be viable with the reduced revenues.
6.) Many job losses are now permanent job losses.
7.) Social distancing is here to stay. Revenues will be impacted for years and years. Many businesses will no longer be viable with the reduced revenues.
8.) We now have an incredibly large debt load. This will be a drag on the economy for the next decade. The debt load is still growing.
9.) State and local gov'ts have suffered huge revenue reductions. Either there will be new bailouts or there will be huge additional job losses.
9.) State and local gov'ts have suffered huge revenue reductions. Either there will be new bailouts or there will be huge additional job losses.
10.) We are just starting to see a huge problem with evictions and foreclosures. The $1200 one-time payment and deferral of mortgage payments for a few months aren't even close to a solution. We are facing a huge homeless problem.
11.) With 40 million job losses, people are hurting. It will be a long time before most of these people will be contributing to economic recovery.
12.) It's not yet safe to go back to work. We re-opened too early. We will likely need new lockdowns.
12.) It's not yet safe to go back to work. We re-opened too early. We will likely need new lockdowns.
13.) We need new payments to individuals and families. People have to eat and pay utility bills.
14.) A lot of people are going to lose their medical insurance. This is yet another looming problem that Republicans are ignoring.
14.) A lot of people are going to lose their medical insurance. This is yet another looming problem that Republicans are ignoring.
Summary
I could go on and on. Wall Street is ignoring all of these problems. The economy is a train wreck. I'm tired of hearing the happy, happy talk from Donny, Larry Kudlow and CNBC. We are headed into a recession/depression.
I could go on and on. Wall Street is ignoring all of these problems. The economy is a train wreck. I'm tired of hearing the happy, happy talk from Donny, Larry Kudlow and CNBC. We are headed into a recession/depression.
It's time for Wall Street to deal with reality. It's time to stop wasting money propping the stock market up. Let it crash. Donny isn't going to get re-elected. His time is done. His pandemic mismanagement has sealed his fate (120,000 have died needlessly).
It's time to deal with the virus and then get on with the hard work of restoring the economy.
The V-shaped recovery propaganda from Wall Street isn't helping anything. It's a fantasy for rich people. It's time they get a grip.
The V-shaped recovery propaganda from Wall Street isn't helping anything. It's a fantasy for rich people. It's time they get a grip.
