Think the market’s gonna tank even worse today? if the “concern” over a pandemic is what dropped the Dow 2K in 2 days, Trump’s presser sure as hell couldn’t have eased that concern.
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Start calling it the KatrinaVirus. Heckuva job, Pencey!
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I am wondering how much people will be charged for medical care, isolation in a hospital, new wonder drugs, etc. Any drugs will be enormously expensive. This may be a bonanza for the for-profit health industry.
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The futures for the Dow were swinging between -40 to -87 points before Trump put Pence in charge. Shortly after his announcement, the futures sank between -300 to -500. They are down about 370 points now.
Oil is still falling which may trigger some trouble in the shale oil sector. Going to see some layoffs as they start to trim costs. If oil prices stay down and keep falling, you will see some bankruptcies and defaults much like what occurred in 2015.
Low oil prices do not help the economy as much as they did years ago because vehicles are getting better MPG. A fifty cent drop does not mean that much any more.
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If Corona Virus becomes widespread in the U.S. people will stay home, which means less gas consumption. Restaurant, vacation spots, concerts, and sporting events will be avoided, and they are a significant chunk of the economy. I don’t see how this doesn’t lead to a slowdown, if not a full-blown recession before it is over, especially with the unbelievable level of incompetence at the top.
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I am no expert, but if confidence, or lack thereof, in abstract things can swing the market then the reaction to Trump’s presser ought to cost a few thousand points at least. I am clearly biased, but the dude seemed out of his freaking mind. I honestly thought he was going to fall over. And Pence in charge is clearly a sheep being groomed for the slaughter.
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In addition to what you listed, add in the people who retired and figured they would live off their swelling 401ks.
If this persists, they will seek to return to the job market.
They do not know if this corona virus is similar to MERS and SARS (both corona viruses) in the respect that those viruses could survive on surfaces for up to nine days.
If so, that’s also a game changer.
The flu virus can only survive 48 hours on surfaces.
Added: China has been treating and destroying currency so it does not spread that way. I’m guessing they figure it can.
I am in Thailand at the moment. Flew through Incheon 14 days ago and EVERYONE was wearing a mask (for what masks are worth). It is very quiet here. Markets in the US haven’t even begun to feel the effects. On the other hand, keeping things in some bit of perspective, there are no (as yet reported) coronavirus deaths here, but the road deaths rack up by the day.
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The base rather like the idea of destroying the government. That way they can win the civil war they crave, and replace all their farm implements with humans. Really.
Putin’s Pushbutton could just let them secede but then who would be left to worship and adore him?
Heckuva job clownie.
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It is frightening that it’s come to this, but Orange Crash’s public exhibition of incompetence, the tanking of markets (“the economy,” he thinks), and a very real epidemic may well be his undoing.
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Yep, that impenetrable vanity wall that can be climbed with a $5 DIY ladder which CANNOT keep the Coronavirus away from the America!
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2% means that someone you know is going to die from this.
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Not necessarily. Could impact big cities and dense populations on a larger scale than Red Rubes. Look for Chump and his Nazis to try to find any advantage. Chump will open clinics in Red Areas and declare clamp-downs and rationing in Blue Areas.
Yeah?
Big deal. When they finally do figure things out, no one will be able to afford it, including the MAGATs…
Hold there… I am an old fart and I do not lean towards republicans. Other old farts I know (some ex-military) are likewise not republicans. There is one ottlier in this group of 8 to 10 people, however, who refuses to acknowledge reality (to our amusement) about who he supports as POTUS.
That’s because of the tons of cash private companies have thrown at this to get a vaccine fast and the huge potential profit to be made.
Does no good if people can’t afford it and die. That certainly reduces the market.
I’m calling it the Trump/Pence Virus