Financial Concerns from CoVid19 Virus

Pandemic hitting small businesses and hourly workers hard: "I'm scared"
https://www.cbsnews.com/news/coronavirus-pandemic-small-businesses-hourly-workers-economic-fallout/

Unemployment claims are surging, as businesses shut their doors during this pandemic. The number of Americans affected by these closures is staggering; some experts say 7 million people could lose their jobs between April and June, and the unemployment rate could shoot up to nearly 9 percent by later this year.

For many, it's unclear just how long the economy, and their livelihoods, will be paralyzed by this outbreak. ---CONTINUED---

The Worst of the Selloff Isn't Here Yet, Banks and Investors Warn
https://www.msn.com/en-us/money/markets/the-worst-of-the-selloff-isnt-here-yet-banks-and-investors-warn/ar-BB11x5Yj?li=BBnbfcL&ocid=iehp

The most brutal stretch for global markets since the financial crisis likely isn’t over yet, say investors and analysts who believe it is too early to assess the possible scale of economic damage from the coronavirus.

In just a few weeks, U.S. stocks have lost roughly a third of their value. In recent weeks, investors have even fled assets like U.S. government bonds and gold that typically do well during times of turmoil, underscoring the extent of the panic and the shock to once-robust investor sentiment delivered by the global health emergency. ---CONTINUED---

ReadyMom wrote:Pandemic hitting small businesses and hourly workers hard: "I'm scared"
https://www.cbsnews.com/news/coronavirus-pandemic-small-businesses-hourly-workers-economic-fallout/

Unemployment claims are surging, as businesses shut their doors during this pandemic. The number of Americans affected by these closures is staggering; some experts say 7 million people could lose their jobs between April and June, and the unemployment rate could shoot up to nearly 9 percent by later this year.

For many, it's unclear just how long the economy, and their livelihoods, will be paralyzed by this outbreak. ---CONTINUED---

Its ok RM we are all scared with you

Dave58 wrote:

ReadyMom wrote:Pandemic hitting small businesses and hourly workers hard: "I'm scared"
https://www.cbsnews.com/news/coronavirus-pandemic-small-businesses-hourly-workers-economic-fallout/

Unemployment claims are surging, as businesses shut their doors during this pandemic. The number of Americans affected by these closures is staggering; some experts say 7 million people could lose their jobs between April and June, and the unemployment rate could shoot up to nearly 9 percent by later this year.

For many, it's unclear just how long the economy, and their livelihoods, will be paralyzed by this outbreak. ---CONTINUED---

Its ok RM we are all scared with you

As my Grandfather, who raised 6 kids through the great depression would say, "This too shall pass."

rick1 wrote:

Dave58 wrote:

ReadyMom wrote:Pandemic hitting small businesses and hourly workers hard: "I'm scared"
https://www.cbsnews.com/news/coronavirus-pandemic-small-businesses-hourly-workers-economic-fallout/

Unemployment claims are surging, as businesses shut their doors during this pandemic. The number of Americans affected by these closures is staggering; some experts say 7 million people could lose their jobs between April and June, and the unemployment rate could shoot up to nearly 9 percent by later this year.

For many, it's unclear just how long the economy, and their livelihoods, will be paralyzed by this outbreak. ---CONTINUED---

Its ok RM we are all scared with you

 

As my Grandfather, who raised 6 kids through the great depression would say, "This too shall pass."

 Just to clarify: *I* didn't say *I* was scared. The author of the article said they were scared.  I'm NO scaredy cat.      ... ... ... ... ... ...  

Prepare now for a coming COVID-19 depression
https://fabiusmaximus.com/2020/03/24/a-covid-19-depression/

Summary: A recession is certain. Unless the epidemic breaks soon, a depression seems likely. Lessons from history tell us how to fight it. But much of our experience is irrelevant and we must improvise. Here is the brief. ---CONTINUED---

'US Isn't Built to Be Shut Down': Trump Signals Plans to Reopen Economy Early Amid COVID-19 Crisis
https://sputniknews.com/us/202003241078689345-us-isnt-built-to-be-shut-down-trump-signals-plans-to-reopen-economy-early-amid-covid-19-crisis/

WASHINGTON (Sputnik) - US President Donald Trump said the country’s economy, affected by the coronavirus (COVID-19) pandemic, might reopen sooner than in three to four months.

"America will again and soon be open for business. Very soon. A lot sooner than three or four months that somebody was suggesting. A lot sooner. We cannot let the cure be worse than the problem itself," Trump said at a press conference on Monday. “Our country wasn’t built to be shut down. This is not a country that was built for this.”

The decision on the timing of reopening of the US economy will be made in 15 days, the president said. ---CONTINUED---

Bank of America and the (Fed Chairman said today) we are now in a recession:

https://thehill.com/policy/finance/488388-bank-of-america-the-us-is-now-in-a-recession

If it's any consolation - UPS is hiring. Also saw a huge ad because they are seeking nurses and respiratory therapists. Apparently, Amazon is also hiring. Probably none are living wage, but better than nothing.

The hardest hit here is all our little "mom & pop" stores. They're closed. And who knows if they'll have the money to open again.

Coronavirus in US: Is Trump Right About Restarting Economy By Easter? What Dr. Fauci Said About Claims
https://www.ibtimes.com/coronavirus-us-trump-right-about-restarting-economy-easter-what-dr-fauci-said-about-2948625?fbclid=IwAR2hzQ1qokjcR7m50QXxnWMDEnn6hGLs9FpZRsSoUKB-N1ECyXLAhB84NKg

President Trump has insisted that U.S. businesses reopen by Easter amid a looming recession. However, as with many of Trump’s assertions about the pandemic, experts have taken issue with this decision.

In an interview with Trevor Noah of “The Daily Show,” director of the National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci took issue with Trump's timetable. While not specifically calling out Trump’s Easter statement, Fauci made it clear that the U.S. cannot dictate a schedule to return to normal. ---CONTINUED---

ReadyMom wrote:Coronavirus in US: Is Trump Right About Restarting Economy By Easter? What Dr. Fauci Said About Claims
https://www.ibtimes.com/coronavirus-us-trump-right-about-restarting-economy-easter-what-dr-fauci-said-about-2948625?fbclid=IwAR2hzQ1qokjcR7m50QXxnWMDEnn6hGLs9FpZRsSoUKB-N1ECyXLAhB84NKg

President Trump has insisted that U.S. businesses reopen by Easter amid a looming recession. However, as with many of Trump’s assertions about the pandemic, experts have taken issue with this decision.

In an interview with Trevor Noah of “The Daily Show,” director of the National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci took issue with Trump's timetable. While not specifically calling out Trump’s Easter statement, Fauci made it clear that the U.S. cannot dictate a schedule to return to normal. ---CONTINUED---

I have/had a lot of faith in Mr. Trump , but when it comes to this virus I think he is out of his element and grasping at straws

I have/had a lot of faith in Mr. Trump , but when it comes to this virus I think he is out of his element and grasping at straws

I still have a lot of faith in Trump, not so much in CNN, and now, IBTimes.

IBTimes only quoted half of what Dr. Fauchi said, conveniently stopping short of him saying: 'Trump is data driven. When he sees the data, he will change the date.' The fact that they left this out shows that they are taking a Leftist approach, and like CNN, they are willing to harm America to further their Leftist causes.

Trump has always been pushing an overly optimistic message, partly to curb the panic that has been raging through some parts of our society. He will continue to push that optimistic message. Count on it.

If you can’t pay your mortgage, here’s what you need to know
https://www.msn.com/en-us/money/realestate/if-you-cant-pay-your-mortgage-heres-what-you-need-to-know/ar-BB12hZcJ?li=BBnb7Kz&ocid=iehp

An Arizona couple can no longer afford their monthly mortgage payment, so they did what housing experts recommend after being laid off or losing work because of the novel coronavirus.

(BIG SNIP) ... As part of the $2 trillion stimulus Coronavirus Aid, Relief, and Economic Security (Cares) Act, homeowners were provided with two types of protection. ---CONTINUED---

U.S. National debt versus the coronavirus, how much more can the U.S. take. Get ready for wartime levels of debt:


https://www.cnn.com/2020/04/03/economy/coronavirus-debt-deficits/?hpt=ob_blogfooterold

Get ready for hearing a lot about "printing money" too.

The recession will be deflationary (except for some food items) and the stimulus will be inflationary. The Net Outcome won't be zero, but it won't be as catastrophic as some people will make it look.

Eventually, though, we will be in a jam. If the economy slumps, there won't be enough tax dollars to service the debt. If the economy booms, interest rates will go up, making the debt more expensive. A Rock and A Hard Place.

In the past, I have been giving us until 2030 (to collapse), if nothing like war or pandemic happens. Well, pandemic happened, so I may shorten that forecast.

A 5-step plan to help a family survive on a reduced income
https://www.msn.com/en-us/money/personalfinance/a-5-step-plan-to-help-a-family-survive-on-a-reduced-income/ar-BB12eOeh?li=BBnbfcN&ocid=iehp

Early last week, the first of what I expect to be many emails came: One of my freelance clients was going to be suspending assignments for the foreseeable future. They accounted for approximately 20% of my monthly income. ---CONTINUED---

The International Monetary Fund (IMF), the outlook looks grim, worse since the great depression, we are in a recession, are we heading into another depression:

https://blogs.imf.org/2020/04/14/the-great-lockdown-worst-economic-downturn-since-the-great-depression/

rick1 wrote:The International Monetary Fund (IMF), the outlook looks grim, worse since the great depression, we are in a recession, are we heading into another depression:

https://blogs.imf.org/2020/04/14/the-great-lockdown-worst-economic-downturn-since-the-great-depression/

I agree with you 100% I think we are well on our way to the next depression.  Even worse just wait until the people wake up to what the government is doing. Millions of people standing in food lines while farmers dump produce and dairy. They can't give it away because of government rules and contracts....

I saw a picture on the Drudge Report and the headlines read Stock market has best day since 1930's and below that it was Millions of people out of work.. I don't understand how you can both at the same time.....

https://www.marketwatch.com/story/why-this-screenshot-of-cnbcs-mad-money-host-jim-cramer-is-everything-that-is-wrong-with-america-2020-04-12

Federal Reserve Chairman Powell warns of a possible sustained recession due to the coronavirus. Save your pennies boys and girls:


https://wset.com/news/coronavirus/powell-warns-of-a-possible-sustained-recession-from-pandemic

rick1 wrote:Federal Reserve Chairman Powell warns of a possible sustained recession due to the coronavirus. Save your pennies boys and girls:


https://wset.com/news/coronavirus/powell-warns-of-a-possible-sustained-recession-from-pandemic

I watched a video on the next big stimulus check from our leaders and they mentioned something about the Federal Reserve telling the Gov. that they needed to get money in the hands of the citizens imediately our we are headed for the next great depression and there is no way to stop it ....

Hmmmm, seems I remember something about this "Federal Reserve Chairman Powell."

Like "he can't putt."

I do agree with this:
"Save your pennies boys and girls"

However, I am not so sure that cash will be king, this time around.
The numbers I am seeing are pointing, not only to at least a short recession, but also some serious inflation. Between the Government and the Fed, they are injecting $7,000B into the economy, and if you consider the GDP to be $35,000B that is an automatic 20% inflation. Add to it, about 8% drop in "goods" available, and that might bump up to 30% inflation, in the next year.