March 15, 2020 By: El Jefe Category: Coronavirus, Trump
Trump spent the day attacking political opponents and defending convicted felon Michael Flynn.
The Fed slashes rates to near zero, announces purchase of $700 billion of debt. This is a correct move, IMHO.
Cuomo announces cut by half for NY restaurants and bars.
Italy’s death rate explodes, 368 yesterday.
Harris County working to expand testing.
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My name is Susan DuQuesnay Bankston. I live in Richmond, Texas, in the heart of Tom DeLay's old district. It's nuttier than squirrel poop here.
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Can you imagine how much Trump wishes he was on the golf course? Or anywhere else?
1Sorry Jefe, slashing rates amounts to pushing a string. It waits for banks to make credit-worthy loans, but provides no credit-worthy borrowers. It’s coming from the same neoclassical economics that got us in this mess (and didn’t predict the Global Financial Crisis–the subprime/derivatives meltdown).
It’s a useless move that gives Trump cover when he really should be passing paid sick leave, guaranteed employment, and the Green New Deal. Oh yes, I know many people believe the Green New Deal is unattainable, and unaffordable. But in World War II, the government took over 50% of the economy. The Green New Deal would only take over 5%.
Unfortunately your “opposition” is more of the same. It reminds me of Ralph Nader’s conversation with his father in which he tried to persuade the old man about the viability of a third party. “Heck,” said Nader senior, “I’d settle for a second one.”
2Trump said those slashed interest rates make him very happy.
3They make my daughter very happy as well, and she’s submitted papers to her bank to refinance her place. Come to think of it, that makes me very happy too.
If Donnie thinks zero interest will spark a market rebound on Monday, he’s delusional. If you think the market cratered last week … just wait. He ain’t seen nothin’ yet.
The New York Times, Sunday evening: “But markets were unimpressed, concerned instead about growing evidence that the coronavirus will amount to far more than a blip. Stock futures plummeted on Sunday evening, and a key Japanese equity index opened lower.”
4I must have missed the part where viruses care about interest rates.
5UmptyDump @4 [& Adam Eran @2],
The latest Fed moves and Comrade tRump’s Friday bullshit session exposed has spooked global markets.
The latest Fed ‘pump&dump’ is widely recognized as a desperation move.
The Asian markets closed Monday down 2.5-4%, the Euros are opening down 7-8%.
US futures were immediately at their downward ‘stop marks’ and halted.
Crude oil is off almost 5% so far this morning [~$30/bbl].
Today’s trading will likely erase the phony Friday ‘trump bump’ and keep going down for another record dive.
If you’re already locked into the markets [401k, index funds, even bonds, etc], about all you can do is hang on, don’t panic sell, and hope for a Blue Tsunami in November.
Just like how the Cheney-Bush regime wrecked the global economy in 2007-10, and the Democrats with Obama [partially] had to get it afloat again, the tRump Rethugs are well into trashing everything once more. It’s what they do. Historically, there are timecharts that show downturns and recessions tracking with them.
6The Fed has already pumped $9 trillion– one-third of the last Wall Street bailout– into this bailout. Nice that they’re doing it in violation of Frank-Dodd!! (By the way, it was Bernie Sanders who got the law forcing an audit of the Fed in 2009, which revealed the bailout. Too bad he’s not going to be the next president.)
His suspension of payroll taxes is particularly egregious– in exchange for the ability to afford a twelve-pack of Bud Lite per week, workers get to live on cat food when they retire, and their bosses get the equivalent in cash for every worker they have.
The amazing thing is that workers will put up with it.
7I don’t care about the Fed; what about all the citizens who don’t have ANY money in order to pay their bills or buy gas or groceries?? Revolutions have begun over less, and we still have the blueprints for guillotines.
And lampposts are available for quick justice…
8Deconstructed Podcast:
Biden lied time and time again…. and got away with it.
https://theintercept.com/2020/03/16/bernie-versus-biden-who-won-the-debate/
9The markets will start to recover only when the number of new cases in the US peak and start to go down. That might be in a few weeks – if the country takes quarantine seriously. It may be in 12-24 months if/when a vaccination becomes available.
If we had an administration that was believable and competent, the economic recovery could happen near immediately. Trump could announce a Manhatten Project like effort to fund research into COVID-19 and related viruses, ranging from basic research to rolling out aggressive testing and quarantine enforcement. But nobody would believe him. Instead he wants to buy a German company, and try to profit off its work by keeping any vaccine or antiviral developed in the US.
10The Surly Professor @10 The question is: Why on this dying earth would Germany want to give the chalice of life away to Frankentrump… well just look at the extra sour expression on Merkel’s face.
11If I were a major corporation in decent financial shape, I’d borrow all the money I could and do a major stock buyback during the down market. Stockholders would b happy and my executive bonuses (tied to share price) be up.
12