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This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1308063
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1308063
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I for one am still not tired of all the winning!
Only 14.7% unemployment in what is a lagging indicator (real rate is probably over 18% at this point). Another couple months of Trumpâs âleadershipâ and I am figuring we will hit 25% unemployment with another 10-15% having had major pay cuts.
As Kudlow would say âprices are looking cheap, time to buy stocksâŚâ
(to be clear, this is snark. No one should ever follow Kudlowâs investing advise.)
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At 14.7%, we now have the highest unemployment rate since the U.S. first started tracking it in 1948. Whatâs more, things will almost certainly get far worse over the next couple of months. Even so, the stock market appears to be rallying, at least for now.
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But wait thereâs moreâŚ
Round 2 of Covid-19 due to gross negligence and stupidity
Still Trying to Kill the ACA. People dying in the streets will be a good look
That is a winning combo
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The scandal of a combo of the Fed and Menuchen pumping $$$$s to major wheeler dealers/traders has gotten very little coverage. Basically lots of free money was given to businesses/investors, and they are playing with it in the stock market as there is nothing else to do with it.
Meanwhile everyone else is getting screwed, with no help. The contrast is just shocking, and the help for the investor/CEO class is doing nothing to help the underlying businesses or jobs.
But as the wave of salary cuts and job losses washes over the economy, businesses are going to find it very hard to make payroll w/o sales, and the game of musical chairs is going to come to an end, with something like $4-5T in money from the Fed/Treasury having been blown on propping up stock prices.
I canât predict we make it through November, but that is what Trump is trying to do.
Editing to add this link:
Reporting that Biden sees the same issue that I do, and is instructing people to attack Trump âCronyismâ
This is really Trumpâs weakpoint. Trump does well with the âun-educatedâ who think that he is a rich businessman who is good at business and is ON THEIR SIDE. He has conned them with social issues and propoganda TV, but also playing off the American Trope of âbusiness people know how to run things, create money, politicians stealâ
Showing that Trump is infact a bigger thief, and is helping out his âricher than him friendsâ (see Romney, Mitch 47%) is one of the best ways to attack him.
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OT. WTAF?
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[quote=âdave48, post:3, topic:181905â]
Even so, the stock market appears to be rallying, at least for now.
[/quotefight
Big business is important so donate your Mom , Dad Family and Friends to the fight
Stock tip:
Body bags and Funeral homes
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Their plan is working.
The virus will spread - but it will not be ânoticableâ. Because of heat/humidity and low population density - the small county hospitals will not draw the kind of âopticalsâ that NYC had. People will die quietly at home - and âlife/businessâ will go on.
DONâT expect to see the kind of news coverage we saw in NYC.
These people know it wonât show up like that.
And besides - they minion are on record for saying âWeâre just cleaning out the barnâ.
Theyâre HOPING for more deaths. The old, the poor, âthe blacksâ. Itâs a feature of their strategy. And I think the rallying market - shows that some folks believe in it.
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Trumpâs response has been a combo of just incompetence and stupidity and wishful thinking. It is not saveable at this point. We are headed to 120K minimum deaths, probably more like 150K. And this is just the first wave (i.e. to end of August).
Trumpâs only way to not loose by 15% to Biden in the fall (even with all the help the NYT will give him) is to get the economy up and running and claim a big victory. If we are at this kind (and probably worse with pay-cuts/underemployment) unemployment Trump is toast. He is so far gone that even cheating can not win him the election.
This is a hail marry pass. If (a) this does not expand community spread substantially, and (b) everyone goes back to work and spending, then he has some chance of reviving the economy. perhaps a 5% chance of it working. Already appears not to be working, and just to be causing more deaths.
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Donât be so sure
As we saw with Bill Barr and Flynn , they will stop at nothing .
The law to them is something to be ignored or circumvented
I fully expect wholesale interference in the election process and you can count on the Republicans in the Senate to sit on their hands
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Twenty percent unemployment and an unchecked pandemic. Whatâs not to like?
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This.
The investor class gobbled up all the stimulus money and left crumbs for the businesses that needed it all so they could have some âfree moneyâ to gamble in the stock market on Kudlowâs advice to âbuy low!â Thatâs why the stock market is rebounding even as the overall economy is in a coma and on life support. It isnât an indicator that the economy will rebound⌠itâs a death rattle.
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So can we call this one âThe Greater Depression caused by the Best Peopleâ ?
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Our safety net is gonna need a safety net.
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We canât even fit all the people that have left that administration in a single 787.
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âHow to Destroy a Superpower in Four Yearsâ
by Vladimir Putin
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If you look at history, this happened in 1929-1930. After the âcrashâ stocks went back up, stayed up for 6 mo or so, then begin to fall, eventually hit bottom in 1932.
Look at where stocks were a few months out:
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And Iâm sorry to say, this feels like itâs only the beginning.
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