Grim Economic Outlook Grips Markets as Stocks Plummet

Stocks dropped even as central banks tried to prop up economies, indicating the tactics that helped in past financial crises might not work against a global pandemic.

Comments: 195

  1. Wait for Trump to press Powell to leave now that cutting interest rates didn't work. Trump, like a monkey, only understands press button get result. Until now, it was lower interest rates, raise stocks. He will be unwilling to accept that it doesn't work and unable to learn any new moves. This is going to get worse until Republicans decide they have had enough and force him out.

  2. If this doesn’t call for the 25th amendment, nothing does. I’d stomach Pence for 10 months

  3. Mnuchin's statement that the most IMMEDIATE Administration priority is businesses seems both believable and disturbing. Certainly economic stability is ONE priority. But at this point saving LIVES should be the highest and most immediate priority. The markets will recover after the Administration finally demonstrates that it is taking effective actions to reduce the spread of Covid-19 and it's toll. Let's hope at SOME point that sort of competence WILL be displayed.

  4. What would you expect “Let them eat cake” Mnuchin to say?

  5. When I read yesterday that the president is thinking of pardoning Michael Flynn,another lying crony, instead of thinking about the pandemic and what to do I was furious. I guess others can see that his "oh well, too bad for you. I'll worry about my coverup" policy is not helpful.

  6. Amid widespread panic, the Fed just fired the last bullet in its gun wildly into the air to no effect.

  7. @Big Text Doesn't matter to air or directly to beast of this crisis, Skin is impervious. This is not a crisis of financial system. that is the result.

  8. @Big Text We still have Trump's mouth.

  9. @Big Text Trump has been hounding the Fed to lower interest rates and Chairman Powell obeyed his President. Now will Americans finally realize that Donald Trump doesn't have a clue about how to manage an economy let alone how to do what a President needs to do in this time of emergency caused by a Pandemic. There are many things that the Federal Government can do to mitigate the economic effects of this unprecedented (at least in this century) Pandemic. But being willfully ignorant, pathologically narcissistic and totally incapable of learning, will Trump be able to do anything that won't make the situation worse?

  10. All this nonsense about ‘the markets don’t trust Trump’ — like they are some kind of adult in the room — is nonsense. They were happy to ride the wave of chaos and lies from 17k to 30k without sounding any alarms of caution. Maybe we should have the backbone to stop calling this ‘investing’, and calling ourselves ’investors’; it’s just straight up gambling. We put a guy in charge who failed at running a casino. None of this should come with the least bit of surprise. Maybe we’ll finally stop lying to ourselves about the consequences.

  11. Soon after Trump was elected I warned my husband not to change his retirement portfolio to a riskier investments. I knew this would happen under Trump just like I knew Hillary would not win despite the polls saying so. Why? I don’t mean to brag but I do possess emotional intelligence and perceive dangers before others do and am often ridiculed for this trait. This has never proven wrong. When I was a young attractive girl and young women men would follow me home and knew how to outsmart them. I was never mugged nor raped, I can sense danger and have a never erring internal sense of direction when in the woods or anywhere. I know when and where to get out. I tried to warn others about Trump but many didn’t want to hear it because he was a “successful man” after all.

  12. @Ozma who is going to win the next election?

  13. @Ozma, I really hope we can have a woman leader in the US soon — women have intelligence and intuition and empathy seamlessly working together at any given time. And yes, I am a man.

  14. @She A Democrat.

  15. I doubt that I am the only one who is sick of reading about all the poor investors who have lost confidence that they will continue to get richer. Most of them couldn't care less about the global crisis that is threatening their gravy train. All they care about is money.

  16. The biggest problem with burning through all our economic tools now is that this economic impact is the result of a health crisis, not an economic one, meaning the size of the economic impact will be directly proportional to the health crisis. However, we still don't know the extent of the health crisis yet, do we? How will we respond when all the tools are gone, and we've discovered the actual problem is significantly larger than it is now. You have to deal with the health crisis first helping people get by each day, THEN try to mitigate the economic fallout for the wealthy. I'm sorry if I'm putting human lives ahead of wealth, but that's the way it needs to be. The wealthy live off the rest of us; it's time they worried about whether or not we're healthy and capable of sustaining their lifestyles first.

  17. @JustJeff The Fed's 0% is like giving opioid addicts an unlimited supply of free drugs. That’s no way to put a person or an economy on the road to sobriety. And this is no way to stabilize a market that is looking more and more like a house of cards. And $700 billion in bond purchases and whatnot? Why not $700 billion to add to the country's ICU's, which at 45000 nationwide are too few to handle the ill if we become as badly infected as Italy. In the wrap up to tonight's debate, Sanders asked the essential question: "How did we get here?" It is a fundamental question that he applied to both the stock market meltdown and the country's woefully inadequate response to the pandemic. Trump has exacerbated both problems, but he did not start them nor did he alone shepherd markets to the edge of the cliff or whittle down hospital beds and ICU's to a number that will be needed to treat the ill. Are we as a country more committed to wealth care or health care? Our commitment to wealth care has had terrible unintended consequences. A commitment to health care would have benefitted Main Street and Wall Street as well. Too bad the Fed is blind to the obvious but it is encouraging that the guys in the trading pits are not.

  18. @JustJeff Taxes will have to be raised. That is a huge tool for moving forward.

  19. @ justjeff. Amen! For aetheists- Thank dog!

  20. I am still at a loss as to how easy credit, loans, are going to help small businesses who have shuttered their doors, laid off workers, and may already have used up their existing credit lines, or didn’t have one to begin with. How will they repay even principle? If the markets are saying these remedies are not enough, it’s perhaps because you are trying to put a cast on a broken arm when its a broken leg that’s the problem. And forget those brothers trying to corner their market on masks, sanitizers, what about companies swooping in to take financial advantage of smaller businesses now on the brink? More consolidation? Are these credit lines going to be used for predatory purchases, speculating? Australia may be onto something in slowing trading. And again, maybe we need moratoriums on court actions against people that can’t meet rent, including small businesses. The article on Internet providers keeping people connected is a bright light for capitalism- and the right medicine for this illness. A breathing space, not cheap, unpayable loans, is what we need. All the way up the chain of the economy.

  21. @Jo Williams In a couple of words, it won't. You have to have sufficient capital to provide collateral in order to get those loans, otherwise any help they might provide might as well be on Pluto. Of course, this will be a landfall for the rich, but the rich don't drive the economy, do they? It's the ordinary consumers, representing about 98% of the population, who do.

  22. @Jo Williams Yes rates are irrelevant when the bank is refusing to lend you any more money.

  23. @Jo Williams The federal government will need to send cash checks directly to people. The national guard and even the military needs to support essential food and other industries It's the only thing that will prevent people from starving to death.

  24. The US economy in particular is based on people spending money they don't have (debt) on things they don't need (travel, entertainment, dining out, new cars, jewelry, fashion) for conspicuous consumption (other people seeing it). This is all gone for a short period of time at least. Trump tweeted hoax while coronavirus spread. The Father of the US outbreak. Thanks GOP. Love the volatility.

  25. @somebody He could have been an economist. He really gets this stuff.

  26. @somebody Thanks. Brought back the original saying. Capitalism is about spending money that you don't have for buying things that you don't need to impress people you don't like. Of course, there is now almost hope that we may move towards a system that allocates resources to real needs. Like health care or preserving the natural environment. How about just stopping trade in stocks? It seems hardly essential.

  27. @bill All those doctors want to know how he knows so much about viruses. His uncles was a genius, a record-setting genius. I'm not at all surprised.

  28. Where is the direct monetary support (cash) to low to middle class Americans? Where is the Senate? Fed rate does not help people with 15% credit card interest? Or, they just can't work due to quarantine but has to pay their rents, food and all basic life essentials. Let Democrats prepare a law immediately that provide critical monthly support (2,000 per month per family with children, $1500 per household per month) that will go into rent, grocery shopping et el until virus gets contained.

  29. @Dan My wife and I are both white collar parents with jobs that are, I'm afraid, very much on the line in the next few weeks. What the economy is now going through is not what our personal 'safety net' was designed to handle - not by a long shot. If things go bust in our industries, $2k/mo won't allow us to stay in the city, but it could make a huge difference in our ability to weather this crisis, period.

  30. @Dan That’s not gonna happen...

  31. @Dan As Joe Biden said last night, what do you want a revolution?

  32. If we don’t act to prevent medical bankruptcy when individuals are run over by a bus, why should we act to prevent bankruptcy when companies are run over by a bus? Protect average Americans first.

  33. Economy to a larger extent depends on people's optimism, faith, & work ethics. Numbers are used to interpret the ground truth. And interpretation is biased due to human nature and past experience. Who can believe that an authoritarian government can contain and control Covid-19 problem so efficient and so fast. People will soon forget the short term pain and get on life as before. Numbers are down, but future still holds. We need to boost up our own confidence and optimism. Forget about the numbers that doesn't mean a thing. Give us realistic scenario, and provide us with the realistic outcome that we can hope. People then will accept that and get on life as before. Words are meaningless. Actions count.

  34. @Usok As the market tells us today, all of Trump’s happy talk yesterday didn’t to squat.

  35. Even as a lay-person economist I can see that giving loans to business to offset income is not going to do it. A lot of small businesses do not make huge profits to repay these loans in the future. One idea how to help small businesses, that are forced to shut doors - like restaurants: federal mandated rent freeze until they can reopen. The landlords can deduct the lack of income from their taxes.

  36. @CitizenTM The landlords will lose money as well and may not be able to cover mortgages on the properties the rent out. What you suggest is not a cure.

  37. Monetary policy, by itself, is not going to resolve this economic free fall. Congress needs to take immediate action to directly infuse funds into the Federal/State Unemployment Insurance Program to cover the millions workers who will be unable to pay their rent/mortgage, utility bills, food, etc. because they have been dismissed from their jobs or are sick as a result of the COVID-19 pandemic. Since the Unemployment Insurance Program exists statewide, it would seem this Federal/State agency would be in a better position to verify employment and quickly implement emergency financial assistance. "Part Time" employees, who are often working 2 to 3 jobs and are not currently covered by Unemployment Benefits should be made eligible for this immediate financial assistance. Lets take care of people!

  38. @Eugene Amen This is obvious, Financial system is not responding resuscitation, It is obvious money should go ordinary Americans directly not with intermediaries. We reach financial stimulus which is already implemented is not working, so what is the point doing the same thing but expecting results. I cannot believe our only economic minds is Jared Kushner and Steve Mnuchin. This is insane.

  39. When interest rates don't even cover default rates, people stuff mattresses with greenbacks and money velocity plummets.

  40. I am not an economist but this is not 2008 or 1987 economic crisis which is stemming from financial system itself. Out there , pandemic ordering people stop activity. This is trying squeezy more gas the tank is already full. Engine is not working . If I cannot go out and spend money , what is the use pumping money. Why government creating a mortgage payment moratorium next 6 months, something equivalent to that . Why government is not sending every small business employee and owner 1000 check for 4 week . anyhow we are hunkered down. Why we are leaving ordinary Americans out in the cold. put 10 trillion dollar in to bank ,m it doesn't go anywhere, in 2008 they would gobble that but now they knew they cant do anything with money except that is a pile of paper. Isn't it obvious this is a different kind of crisis.

  41. The people and institutions in the country are voting no confidence in trump and his administration. This is clear if nothing else is.

  42. Our government is releasing a multi billion dollar support package sometime today for businesses and workers. I think they're going to pay wages to workers who have lost their jobs because of this. Our economy has been hit badly as NZ main export earner Is from exports to China and Tourism. We're lucky in NZ that we are a secular democracy and a welfare state. Government pays for unemployment and sick leave and pensions.

  43. This is incredibly misdirected. Just wrong. At this point all resources should be directed to saving lives and containing the spread. Not to businesses. Businesses don't need cheaper money. The PEOPLE who are working hour to hour need money in their pockets now. Not cheaper loans. You can pump all the money into the financial markets. There are no spenders. Where will money move if the people stay at home and just buying the staples.

  44. The preponderance of movers and shakers in the stock market are driven by greed and, apparently, fear. Ultra-rich investors are so worried about losing a dime, they’re willing to see the less well-endowed get flushed down the toilet. Later on, the big money can sweep up the litter, adding to their portfolios and reducing the competition at the top. That makes the market a lottery only the wealthy can win. If I had power, there would be minimum time frames for owning stock—no buying at 10AM to shoot the prices up and selling at 10:05AM to secure a fortune. If the markets are that vital to the integrity of the economy, it shouldn’t be the playground of the fatuous.

  45. The Fed announced yesterday that it was buying $700 billion in bonds to help the financial markets with the coronavirus crisis. Imagine how much good that money could do for the poor of America! Imagine how much relief that would bring them! It will probably do little good in bonds; it will simply evaporate rather quickly. But if it were used to help America's poor, that's a very different story. It would be a lifeline for them in their hour of need.

  46. Buy shares of N95 and better mask stocks. These companies are working overtime to produce these!

  47. The stock market is simply responding to the true scale of this thing. Look at the growth numbers, people. By May, there could be millions of infections and tens of thousands of deaths in the US alone, as hospitals are completely overwhelmed and send the fatality ratio up. Morgues will be full and bodies will be stacked up in churches - this is already happening in Italy, people. We will be going into a complete Italy-style lockdown, by the end of next week, if not earlier. This thing spread through the entire country while Trump denied there was even a problem. Trump said on Sunday "relax, we're doing great." Sure, maybe in 5 years...

  48. @KH - - - If we are in for stuff as bad as you've been trained to fear, would it be better to be in the world's biggest energy-producing country, or the world's biggest food-producing country? If Donald Trump is your president, you're already there.

  49. It seems to me that we need to take a step back, and carefully think about a sustainable response to this crisis. Unfortunately, we have run up huge debts and deficits due to Republican mismanagement. Unpaid for wars, huge tax cuts, and decimating need government institutions and services have left us woefully unprepared. Unfortunately, with the usual grifters running the show, the emergency response appears geared toward big business and the wealthy. What we need is a task force of the best minds in finance, the environment, and public health to see how we implement measures that are designed to restore economic, environmental and public health as soon as possible while assisting those most in need.

  50. It is encouraging the Trump administration has recognized the danger posed by the virus to the economy. Trump’s pressure on the Fed has paid off, though the copy of 2008 measures didn’t calm markets. As far as the fighting the actual virus, Trump has privatized the health and safety of Americans, allowing some very fine corporations, Broadway, sports leagues and school districts to see that we don’t get sick. In my state, our governor took decisive action closing schools and many other measures. Gov. Walz’s press conference announcing his moves was so professional it was shocking compared the vaudeville act put on by Trump. Hopefully competence will win out and Trump will step aside focus on his golf.

  51. Shut trading in all U.S. stock, bonds and commodities markets for one month (at least) so 100% of attention from the government is solely focused on efforts to minimize the effects of the pandemic. Shut all business television channels until the pandemic is over.

  52. @Lindsey Miller have you ever heard of the first amendment?

  53. Indeed. Though I wonder if we just insisted on factual statements if half of them would have anything to say.

  54. What is needed is a world wide freeze on debt payments for the next 30 days.

  55. Weird, when a nation elects a man with more bankruptcies than he has fingers, and a proud rejection of scientific fact, it leaves a country vulnerable to calamity during a crisis. Who knew, amirite? What’s that? Literally everyone who wanted to put the good of the nation ahead of politics back in 2015-2016 knew this is how it was going to go when Trump faced a real crisis? What’s that? Everyone who knew such events would come to pass were summarily dismissed by the media establishment and Wall Street as engaging in hyperbole? I wish I could go back and find every single 2015-2016 quote when a major media figure said people were exaggerating about Trump’s inability to govern responsibly during a crisis. There are a lot of them. And ALL of them were wrong. Don’t get me wrong. I don’t take any pleasure in being right when I said Trump’s inability to govern with the best interest of the nation at heart would lead to catastrophe. I would much rather NOT have witnessed the 3rd stock market collapse, and first national emergency due to a virus pandemic of my life. But actions have consequences.

  56. Trump can “save the economy” if that what he prefers. After all he is the President and he has a banana republic-like Senate and Supreme Court to help him. The only problem with that, with "saving the economy" is that the “saved economy” may not have people left to operate if the pandemic is not confronted first. We could make the car look great but unfortunately we forgot about the driver and now the driver is dead.

  57. The Fed's move yesterday was poorly thought out and only increased panic among investors. It was the wrong move to make. On Friday, the House in consultation with the White House passed a $50 billion bill to fund testing and provide help to workers whose employment is affected by the epidemic. That provided a lot of confidence to the market, which went up a lot on Friday. Further, it was expected that the Senate would pass the bill this week and send it to the President for a signature. There was no need for the Fed to act beyond that. But, Powell, apparently, gave into Trump's badgering and pushed this cut through outside of a normal Fed meeting (which is scheduled for Wednesday anyway). Consequently, investors are interpreting that move as suggesting the Fed thinks the economy is in much worse shape and needs an emergency stimulus. I think this is misreading the situation. Yes, the economy is headed into a recession because of the virus. Many sectors have shut down and others are working at much reduced capacity. But, it's a technical recession sort of like a holiday when no one works. Think of it as an extended holiday. When the epidemic has mostly passed (which could be a while), then the economy will pick up again. But, no, the Fed had to go make their bad mistake and panic everyone. Powell needs to hold a press conference and say, no, the economy is in decent shape and that he was only trying to provide a little insurance, or words to that effect.

  58. @MVT2216 I agree with much of your sentiment. However ... "But, it's a technical recession sort of like a holiday when no one works. Think of it as an extended holiday. When the epidemic has mostly passed (which could be a while), then the economy will pick up again." 1. For the average worker who loses his or her job, what is the difference between a technical recession and any other kind of recession? 2. Yes, we will eventually recover. But the impact of COVID-19 will be with us well into 2021. Cases will peak and then drop over the summer. And then resurge in the fall. And a vaccine will not be ready until sometime in 2021 at the earliest. The global economy will shrink for at least a year. We are likely already in a recession, both in the U.S. and worldwide.

  59. Dear readers, Who cares about the financial markets? I care about the health and lives of people, in the United States and across the world. I care about the people who are or soon will be out of work. The financial markets will eventually recover. But people matter much more than money. (I write this as someone who owns stocks, bonds, and mutual funds.)

  60. If the death rate is "only" 2% real estate prices will drop.

  61. @Bunbury : YAY! Looks like my retirement dreams suddenly have a chance of coming true!

  62. @Bunbury What a sharp assessment? what about your opinion 1.4 % death rate.?

  63. Doesn't matter how much money the U.S, or any other government, throw at this problem, it can't buy the one critical component that is missing right now ...confidence.

  64. @itsizzi This is not confidence issue in literal terms of finance. This is uncertainty issue , which leads undermining of confidence. I agree one thing, so far Trump and Corona virus working together to undermine confidence.

  65. @itsizzi Agreed. And confidence comes from leadership. At least there are some competent people showing leadership in state and local governments.

  66. Many many trillions of dollars were borrowed by corporations to buy back shares and pay dividends and now they want to be bailed out by the taxpayers? A lot companies are zombies being kept alive by cheap money and have used most of that cheap money to reward CEO’s and stockholders. No bailouts. Time for some capitalism.

  67. Just as with the Fed's previous emergency rate cut, pushing rates down to zero will do little to help rehabilitate the economy, settle the stock market or stop the virus, but much to reinforce the impression of doom and gloom. Why would a business want to borrow money when its sales are plummeting? What is needed is a strong consistent public health response and plan from the federal government, something that has yet to emerge from the Trump administration.

  68. We are witnessing a crisis of leadership at the national level. We are seeing a vote of no confidence in the Trump administration, and the banana republican party that backs him up. At least there is some competent leadership at the state and local levels in many parts of our country. I am listening to the scientists and experts. I am listening to my state and local leaders. I am not listening to anything that comes out of the Trump White House. We do not have a president right now.

  69. Meanwhile, Devin Nunes (R-CA) is telling us to go out to restaurants. To prop up the economy. In direct contradiction to what epidemiologists are telling us. The Trump Republicans care about money more than people. Rep. Nunes' advice is irresponsible, if not borderline criminal.

  70. I know some people won't like this, but the blow to fossil fuel industry is actual a good thing for the environment - not in terms of cheap gas but in terms of taking down fossil fuel businesses. The price of gas should be high, because the cost to the planet is high. Exxon-Mobil won't go down, but we as a nation should not prop up those industries. Job losses? Yeah, but what about people who lost jobs in other sectors that went dark? Job unpredicatability is another story.

  71. Why is there no coverage of the Senate inaction on the bill passed by the House after the negotiations between Pelosi and Mnuchin? Apparently the Senate won't take the bill up until late this week. With McConnell's track record, who knows when or if they will ever take it up. What is going on here? The Democrats must take the Senate from Mitch McConnell, it has almost completely abandoned any attempt to do legislative business.

  72. If the virus is the last straw to get rid of the cancer that is Trump, it might be worth it.

  73. Two trillion for the banksters and yet nobody in the federal system can provide real relief to tens of thousands of working Americans who cannot go to work, cannot afford childcare for their children who have been kept home, may not have a job to go back to, etc etc. As usual, Congress does what they have always done. This is an additional 10%+ to the already insurmountable national debt. Does anybody realize that we are done as a country?

  74. @Jeffrey Gillespie We should be done as country, to be honest. We have a huge amount of the electorate that votes for people that only care about themselves, because that's all they care about. If complete and total economic collapse happen, which is quite likely, we can hopefully drag these senators and the president out in the street and take this country back.

  75. @Jeffrey Gillespie : if they can't go to work…can't those same people care for their own children at home?

  76. @Concerned Citizen I was making the distinction between people who are being asked to stay home and people who are still being required to go to work who have children. Please try and keep up. It's not that complicated.

  77. Trump was able to tank the markets 4 years earlier than Bush. I guess that's what he calls winning.

  78. Trump sold himself to the electorate as being the one who understands commerce. Nobody understood the stock market like he did. In fact, he has pinned his presidency on the success of Wall Street. With these new losses, his boasts are looking pretty empty and hollow. According to Forbes, the Dow is but two days away from erasing all the gains since Trump’s inauguration. The future for Wall Street isn’t looking so rosy after all; nor is Trump’s future, come to think of it.

  79. Please remember that the stock markets are not the real economy of the production and consumption of goods and services. The stock market is responding to a temporary interruption of the real economy. In two months time flu season is over. There is every reason to be safe and be optimistic. Covid 19 or not, recession is an inevitable part of the business cycle.

  80. "Stocks on Wall Street slid on Monday, after an extraordinary move by the Federal Reserve aimed at shoring up confidence instead provoked more concern." The fed move provoked more concern because: 1) It has become clear that the fed has become subservient to trump 2) the stock market was being artificially propped up by the fed to help trump look "good" 3) the fed has expended most of it's options for helping an economy in trouble

  81. Even though I've probably lost $100k in the last 2 weeks, I'm appalled at the screaming, above-the-fold headlines about the Dow. The Washington Post, NPR, and other news outlets I once considered responsible are just as guilty.

  82. @Ellen Agree 100%. Close the stupid markets. I have lost a ton of money. I don't care that much. I want to see everything devoted to making sure we have food to eat, people have places to live, and that society doesn't fall apart. Where are all the billionaires that took everyone's money? Maybe Jeff Bezos can take a few of his billions and give it mortgage companies and banks, so that people can stay in their homes while they lose jobs.

  83. This is not the crisis which we experienced in 1987-2008. This is different. Same remedy doesn't work, we are seeing it is not working. Stop this. Help Americans who is loosing income?

  84. Who will Trump blame now that the Fed has unloaded all of its arsenal in the past three days? For those who love chaos - put your seatbelts on, it's going to be a rocky ride. For those who seek stability, please remember how you feel come Nov. 3. We still live in a democracy-until we don't.

  85. I have a question for medical professionals. Isn't it true that 98% will survive, have immunity, and return to work, or do they remain infectious

  86. @Westcoast Texan : the virus is just too new, and we do not know if you develop immunity to it after you survive an illness. However, it does look like it has roughly a 2-3% mortality rate, mostly among frail seniors with co-morbid conditions. Again, that can change very quickly. Viruses mutate. And I have read some troubling stuff about medical personnel who catch the virus, despite masks and gloves and all proper gear.

  87. The Fed is starting to do its job. However, now we need a serious response from the government, both fiscal policy and expansion of the Fed's powers. Here is what a serious response look like: 1. The Fed (through the banks) can automatically credit $1,000 to each adult person per month while the pandemic disrupts ordinary commerce, so 2-3 months. Checks are a waste of everyone's time; just electronically create and transfer the money. Banks can handle this efficiently. 2. Cheap loans for businesses, with cash provided to banks by the Fed for this purpose, guaranteed by Uncle Sam. So any business can get a 2% loan from its bank to pay its bills. The Fed can later decide to buy some or all of that back.

  88. @David Doney While the vast majority have bank accounts, some don't so we'll have to send checks to them.

  89. Can't we find this man a golf course and send along a pack of Republicans to whisper in his ear how great he is? That social distancing would be the best for everyone. We could put actual epidemiologists in charge of the response to COVID 19. Find economic advisors whose overriding concern wasn't the S&P 500 index on election day. Have something to tell governors looking for medical equipment besides "hey, you should look around." Creating free credit will just allow larger companies to become scavanger capitalists when smaller businesses are bankrupt, like the guys with the garages full of hand sanitizer it the folks selling TP by the roll in parking lots. Doubling time looks like three days. Same as Italy. Four or five doublings in March starting from 3000 confirmed this morning would mean 50,000 victims by the end of the month, somewhere around a million in April. Yet the government is working to keep the stock market strong. We should ask the Chinese what to do. Our leadership isn't up to the job.

  90. The IRS could help by expanding tax credits to include all expenses and lost income due to the pandemic, for people who individually earn $200,000 or less per annum, or $250,000 or less depending on the consumer price indexes for their region. Then declare allowable itemized medical deductions to cover all medical bills associated with costs for testing, etc. Healthcare and Health Insurance companies then can write-off their losses due to pandemic as costs of doing business.

  91. Major cash flow issue for consumers. Cutting rates doesn't do much for cash flow of the individual. Might do something for those strung out on commercial debt, but nothing for you and me.

  92. What about support for lower and middle class families indeed. And what about helping people pay their medical bills. Just as a comparison, Spain, has taken over all private health insurers, their masks, respirators, equipment. That is the way to deal with a national crisis. This is no time for greedy profit driven health care provision. The government needs to take charge for heaven’s sake. Rugged individualists, surprise, surprise, also need the government.

  93. I hope the government can shoulder the blame and take up the responsibility to keep stock market down fall to 20% maximum this year. Thus investors can know where is the bottom, making sure no more losses will occur. Then, people will have the confidence and resolve to continue their daily life. Covid-19 already created enough healthcare problems. Don't want to add additional financial burden to everyday Joe. Another alternative is for President Trump to close the stock market for good after election till next year. We will have a fresh start with maximum losses to 20% in 2020 as a reminder. Everybody will be happy by making the best out of a terrible situation.

  94. Why not shut down Wall Street? If there is not much consumer activities, what is the need for stock markets to stay open? It is more damaging if it stays open.

  95. The stock market is all robotic trading using formulas. That is why it goes down 10% one day, up 10% the next day, and then down 10% the next day. Huge daily price movements are no longer news when the robots bring this kind of herd behavior to stock trading.

  96. Trump seems to be only concerned with the stock market, since he sees it as a referendum on him. However, the central issue is testing. Without data, the measures he is taking (which make no sense now, but might have in January) are simply flailing. This is likely to go on for months, not weeks, and the better it is contained, the longer it will last. The gross incompetence of the party of Trump is now open for all to see. I fear behind the scenes Trump is already wondering what it will take to postpone the next election due to the national emergency.

  97. What's the over/under on when the banks, insurers, airlines, and oil/gas companies start demanding taxpayer funded bailouts (in addition to fed actions already taken)? I give it by mid-April. You will see full scale corporate socialism yet again, which is interesting...cause whenever tragic circumstances fall on any average American, we're consistently told it's our own fault, we didn't work hard enough, didn't set aside enough for bad times, didn't prepare for down times, etc but when corporations aren't solvent and need bailouts, it transforms from socialism into "patriotism."

  98. Wall Street underscores our “Mr. Mayhem in Chief” is incapable of leading and reassuring a frightened nation. Please, concerned citizens, register and vote — come November and get this guy out along with all his Republican enablers!

  99. Seen this movie already The Fed slashing rates The Bush Jr tax cuts Before 3/14/2008

  100. The Trump Recession will be the greatest economic disaster EVER!

  101. It may be time to shut down the market. This mass hysteria is not doing anyone any good.

  102. Every time Trump or one his toadies appears on television, or tries to tinker with the economy, the markets fall off a cliff. If they'd just cork it we'd all be fine.

  103. Close NYSE and Nasdaq. They are serving no productive purpose at this time.

  104. Does Trump still think the Coronavirus, it coming to our country, is a hoax? Do Rush Limbaugh and Sean Hannity get it now?

  105. WHO writes trump speeches? WHO directs his WH communications? FIRE them! He needs to communicate clarity of thought, honest factual information and empathy for his audience. OH! right! Who am I kidding?

  106. If Trump's deficit's looked horrible with a strong economy, we're now about to see the full effect of his misguided tax cuts.

  107. Mnuchin is wrong. Trump’s priority is to shore up his re-election chances.

  108. To the democratically elected members of Congress: You still have one way of removing Trump that may still preserve our democracy. The 25th. Don’t waste precious time thinking about this.

  109. @Opinioned! Maybe you should have spent some "precious time thinking about this" yourself. Had you done so, you would have learned that the 25th Amendment requires action by a majority of the Cabinet, not Congress. The removal is also temporary, not permanent

  110. This is another situation in which the cabinet should use the 25th Amendment. The President is incapable of empathy and refuses to take the obviously needed step of sending a $1,000 check to each adult and $500 to each child in this country. Those checks will be cashed and used and infuse much needed immediate stimulus to the US economy. We need help now! We need help for the middle class and struggling workers of this country. The rich will weather the storm, even if they take a hit. Time for this government to act NOW!

  111. Sure wish the government, both Democrats and Republicans hadn't for the last 17 years wasted $20,000 for every person in the United States bombing and invading countries on the other side of the planet for no good reason. ($6.4 trillion / 330 million people). We could all use that $20,000 now.

  112. How do we survive when we have a government in which all three branches have no credibility? Putin is very happy.

  113. The Republicans in the Senate had a chance to fire Trump from his job, but both greed and fear got in the way. Now we see both greed and fear playing out in the stock markets. The ones who refused to fire Trump will lose, through death, members of their families and possibly their own lives, statistically speaking Unfortunately, we are all in the same boat whether we caused the problem or not. If any company had a CEO performing this poorly they should be fired. But we’ve seen that they are not always are, look at Sears. That CEO got away with big bucks while still ruining the company. We do need to fire, as a people, those in the Senate who refused to do their job. It was so blatant as to be incomprehensible. Even in the red states, people need to think very carefully before they vote.

  114. I would like to to something very important. I figured that an article about interest rates would be the perfect place for it. As corporate-employed people get to buy up soybean futures on the cheap while stocking up on all the toilet paper in the whole city, I can’t help but wonder why not one story is focused on the average Walmart, or Amazon worker. They are literally choosing between staying at home and having no food, or working and getting sick. I can’t believe that you don’t even have this as front page news. The working class, working poor, lower class, is still working. As you get that e-mail that reads—work from home, there’s a segment of the population that have to feed their families because of no safety net. I can tell you first hand, the devastation at Amazon is heartbreaking. I was pleading with a 71 year old great grandmothers stay at home, but she said she needed the money. This is Katrina all over again. Luckily that’s my part time job, and I got the same email at my corporate gig.

  115. @James Eugene Thank you for your comment. Our journalists are continuously gathering information so they can provide up-to-date articles. Some are currently focusing on the effect this virus has had on the types of workers you describe. In the meantime, you might be interested in these articles: - https://nyti.ms/2WkAGto - https://nyti.ms/3aYwYtw - https://nyti.ms/2Ua32nw I hope this helps. Thanks again for your comment. And thank you for reading.

  116. @James Eugene To add to this, there is focus on helping the airlines. What about exactly these people, contractors, service workers etc. The average person got stuck with the bill for the 2008 crisis and here we go again.

  117. @James Eugene I could not agree more. So many, many people have just been plunged into desperate situations - and against the backdrop of a looming pandemic. Where are their stories? It is painful to see the void in these pages.

  118. King Minus! Behold his glory. Heaven forbid the IRS just dole out a check / direct deposit to works during this time and everything would be fine. People would clam down. Nope we are all suppose to look for a loan now. Fire Trump. Any executive board in their right mind would have removed this leadership a long time ago.

  119. If everything is shut down how exactly is doing nothing making losing money possible? BTW You cannot count potential transaction as loss. the answer is , the money is fictional to begin with.

  120. All businesses have fixed costs. Salaries, payroll taxes, rents, rates, subscriptions, insurance etc etc.

  121. @Edmund L A rational enough response. I was directing my point towards the "markets' which do not move due to the meeting or not meeting of fixed expenses of main street business which are the ones being affected in that way. The "markets" are moving based on emotionalism and the fact that almost none of it is real world value. It is a lot like the tech bubble, imaginary or hoped for value that never comes to be except for those early buyers who sell soon enough.

  122. Boeing, which faces a crises more critical than the pandemic, should just close its doors permanently.

  123. @Brewster’s Millions ---No, that'll leave thousands without any income once the dust is settled, what should happen is a thorough house cleaning of Boeing HQ from the CEO down. This should have been done with Ford also.

  124. This is a response to the last crisis. Since in our economy consumer is king you would think that Trump and his minions would be excited to support paid tine off, paid sick leave, paying employees and gig workers to stay home with their kids, broads g the eligibility of unemployment insurance and so on. But this would mean helping real people where this group of so called leaders is only interested in helping banks and corporations.

  125. The world has gone crazy. We need to immediately hand out large amounts of cash to the mega wealthy to give them the confidence to create jobs. oh wait a minute - we already did that.

  126. hourly workers in service need our support because their hours are being cut and no body is making up the wage gap

  127. @Colleen ---I agree, but they'll be the last ones to get any help, campaign donors top the list everyone else is on page three or four.

  128. Hallelujah! In Europe we are seeing decrees that all persons, regardless of origin or status who need testing or coronavirus treatment are fully covered, no questions asked, no papers or Social Security-type ID required. Relatively poor Eastern European countries like Romania have just granted three-quarters pay for one parent per household staying home with children now that schools are closed. These vulnerable but determined, struggling countries are willing to do what the richest nation on Earth hedges about and denies? Shame on you, America. Shame on us all for letting it happen.

  129. As we prepare to hear a public announcement on recommendations for social distancing, I wonder what Trump's reaction will be. Here are three possibilities: 1. Trump closes all of his resorts world wide, and sends the workers home with pay. This is leadership. 2. Trump closes US resorts without pay for furloughed workers. A necessary response, mediocre compared to other corporate responses. 3. Trump does nothing. This is self-interest, putting the risks to others below the desire for personal gain. If he exhibits leadership on this one, I will applaud the move. I am putting on my virus-proof gloves at this moment because I expect that I will not be heard clapping in the near future.

  130. The UBI (Universal Basic Income) is highly recommended in various formats by progressives, conservatives and economists alike. Either a one-time check or multiple checks ranging from $1,000 to $3,000 for anyone with a social security number (we can tax the wealthy later) would definitely stimulate the economy and in many instances help people from becoming homeless. Hopefully, this method will gain approval and traction so that it can be put into action before things get even worse.

  131. @Miriam I'll take $3,000. It will get me through the weekend.

  132. I an not an economist but I cannot understand why the administration instituted a second failed attempt to stimulate the economy. Our economy is a consumer economy. Governors are telling people in their states to “stay home”, to NOT go out to restaurants or bars, to avoid movies and sporting events, and to NOT hang around malls shopping. Please tell me how a reduced interest rate will stimulate a consumer economy when the consumers are to stay at home!

  133. @Paul Cutting rates helps only the banks and large borrowers. Working people and small businesses are or will be experiencing loss of income. They will need something to hold them over and few are considering loans when no-one knows when order might be restored. It's time to start sending out cash to individuals and small business with the caveat that taxes will be going up when this is over so it doesn't compound the long term debt, which might send the right signals to a skeptical market that is also concerned about the long term devaluation of the markets due to the flood of money which has no assets to securitize it. Big businesses can borrow with knowledge that there will likely be a surge of activity when order is restored. It will likely take years, but we can't go through another decade where we just deferred the increased spending with no apparent end in sight.

  134. @Paul Remember that some of the same bunch that orchestrated our attack on Iraq after 9/11 even though it was primarily Saudis that attacked us are now trying to attack a pandemic my futilely trying to shore up the stock market when it is in fact reacting to the reality of a reduction in economic activity. The market was overdue a correction, the Corona Virus hastened it. trump has bet his reelection on a robust stock market as he has accomplished nothing but chaos and confusion during his disastrous term in office. We are now entering a very dangerous time as trump has nothing left in his empty bag of tricks except to start a war.

  135. @Paul I thought the same thing. The situation now is so turbulent I can’t make any sense out of it. Then again, I got my worst grade in college in Econ 101. What I do know is that the modest amount I have in the market has almost disappeared. Thanks, trump! The world’s greatest businessman. A true genius!

  136. The United States of America has a crisis of leadership. I hope it isn't long before people start getting comfortable with the word "resignation." Our President cannot be a bystander in this moment.

  137. How the Fed's quantitative easing aimed at banks was supposed to mitigate the collapse in consumer demand and a public health crisis escapes me. Still scratching my head. Cynically, it seems Jerome Powell allowed himself to be bullied by Trump's threat of demotion to open a spigot of "free" money to banks. But there's no free lunch, right? Ordinary taxpayers, now reeling from the tanking economy, will have to eventually bear the burden, won't they? Sure seems like socialism for the 1%.

  138. Didn’t we bail out those guys in 2008?

  139. @levgid You misunderstand the purpose and operation of the FED. It is NOT the FEDs job to provide support for individual (ie: the working person or consumer). Their job is to insure that the economy does not freeze up due to lack of liquidity. As such.. what they are doing here is designed to insure that in a falling market.. access to credit does not dry up for corporations.. which are what produces virtually everything consumers need to buy AND that corporations have sufficient cash flow to keep employing their workforce. If you go back to the 2008 crisis... the banking system literally seized up and there was no credit access or loan access for business of all sizes. The same thing can happen this time around as well.. as banks, which ARE the sources for most lending, may stop lending, and that has a ripple effect through the bond markets and ultimately to the equities markets as well. As for Trump.. he has not been brow beating the FED during this pandemic outbreak. He did brow beat them in the fall of last year... as he wanted lower credit costs to goose the economy (which he believes helps his relection). I despise Trump and everything he does and does not do. But in fairness to Trump.. when pressed multiple times today about the markets dropping.. he stayed on message: "we cannot address markets until we get this pandemic under control. Our focus is not on the markets, it's on this virus". For once in his life.. Trump said the right thing.

  140. @Chuck Your last sentence makes me wonder if someone finally sat down with Trump and gave him a dose of touch love: either you start telling the truth, or you're going to lose your re-election. It's too out of character for him to come up with this stuff himself.

  141. As Pogo once remarked: "We have have met the enemy, and he is us."

  142. Taking the Fed rate rate to 0 from 1% is not going to make people going to work if shutdowns occur throughout the economy. Buying bonds and mortgage backed securities makes sense to provide the banking system with liquidity and prevent a "freezing" of credit markets. But the Fed has few bullets left in its tool kit and these conventional policy tools are unlikely to provide much relief to the stock market. Fear rules right now. At this point, perhaps better measures would be to shut down trading altogether and propose major fiscal measures primarily directed to those Americans who are living paycheck to paycheck. This is a national emergency after all.

  143. @Kidcanuck National emergency? From where I stand, it's very much global. This is one point in this century where thinking beyond one's borders is absolutely essential to coming through the other side of this pandemic and surviving. Tump's tediously predictable myopia has already demonstrated very clearly how effective thinking only within one's borders can be. Keep it in perspective.

  144. @SingaCanuck You're right of course. I should have said global.

  145. Shut down trading put the stock market in quarantine for four weeks so people get back to normal. Lowering interest rates will not help when people panic.

  146. Take the consumer out of the picture and American businesses will be have to be economically triaged. The domino effect of the shuttering of many consumer based enterprises, large and small, will demand direct assistance for the most vulnerable. Handing out money without strings attached is anathema for Republicans. The level of desperation will only increase the longer they delay.

  147. @richard wiesner Handing out tax payer money without strings is what the republicans do best. The difference is who they give it to. The last republican tax shift, (2 trillion on the credit card isn't a tax cut) went to the wealthest of corporations with a huge or should I say biggely chunk going to overseas investors and sovereign wealth funds. At least 40% + by some estimates. Republicans just don't like doing anything for Americans who can't afford their price tag.

  148. Einstein defined madness as making the same mistake twice but expecting different results. Last week the fed lowered rates by 50 points and the market crashed. So what does the fed do in response? The fed lowers the rate by almost 100 points and the market crashed again. I am only a lowly options trader but when it didn't work the first time, why try, try again? Me-thinks the long arm of Trump factored into this madness. The "stable genius" with a track record of six corporate bankruptcies must be pushing Powell's buttons and forcing the same mistake twice. Pity to all those who are long this market via their 401K.

  149. @Options guy must be making money on the volatility. How couldn't you. A safe straddle position will make money in this volatility.

  150. @somebody Yes, I have no doubt Trump made money by manipulating the market. Obviously, Trump knew the market would crash when he demanded a second rate cut. Another explanation is Trump wanted a lower borrowing rate for Mar-A-Lago but that's not what he's supposed to be doing as President!

  151. @Options guy The Dems appear ready to nominate Hillary Clinton redux. Talk about madness.

  152. The big question that is probably NOT on everyone's mind right now is - why whenever we have a major or even some minor disruptions in our economic system, our government has to create trillions of dollars in relief for Wall St. or our major corporations that all Americans who pay any kind of taxes are on the hook to pay back one way or another. How is that Capitalism and not and Authoritarian Oligarchy? If we are constantly and regularly using government to meet these disasters, then why can't their be the kind of things like paid sick leave, living wage, or any of FDR's New Bill Of Rights, talked about in his 1944 visionary speech. We'd end up in the same place economically, and by many accounts, better and stronger. * The right to a useful and remunerative job in the industries or shops or farms or mines of the nation * The right to earn enough to provide adequate food and clothing and recreation * The right of every farmer to raise and sell his products at a return which will give him and his family a decent living * The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home or abroad * The right of every family to a decent home * The right to adequate medical care and the opportunity to achieve and enjoy good health * The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment * The right to a good education

  153. Minus a nationwide moratorium of at least two months on the payment of mortgages, rent, and credit card bills the United States will implode. Landlords and banks are going to have to take a huge hit to stop hundreds of millions of people in this country from becoming destitute. They are not self-made and owe most of their good fortune to others. Will they do it? That's the big question. Donald Trump is Herbert Hoover redux and the United States is now far closer than it was at the start of this year to breaking up a la the USSR in 1991.

  154. Free money now. The IRS knows how to mail checks.

  155. What goes down will then go up. 2001 and 2008 fell 50% so we still have a ways to go.

  156. Reported events are progressing (deteriorating) so quickly, attempts to anticipate & analyze our likely future circumstances require a level of imagination normally found only in science fiction writers. Relying on sober academic habits of thought will fail to produce useful results. The same limitations need to be recognized for their crippling effect on political analysis. Based on those realities, let's sweep aside political correctness & the inhibitions that block the timely recognition of impending disaster. Specifically, let's try to understand the behavior centered within the White House that has blocked any substantive action to protect the American public, our economy and our geopolitical/strategic security. Clearly the President is a slave to his exquisite insecurities & pathological narcissism. These obvious weaknesses provide powerful leverage that, citing just one example, Vladimir Putin has used to manipulate Trump's behavior over the last several years. It is not at all unlikely that Putin & his surrogates, as a component of his campaign to undermine our political & social institutions, may be exploiting the CoVid-19 epidemic as a means of furthering his agenda. Maximizing Coronavirus infection through the US population allows an adversary to gain the advantages of a bio-weapon attack without the risk of a military conflict. Outrageous, I know. But Trump's repeated decisions to impede effective response to the pandemic are even more outrageous & inexplicable.

  157. There should not be $1 of taxpayer money used to bail out airlines unless they are required to fix some basic customer service issues such as a minimum amount of distance between seats.

  158. Much of the source of the problem is simple, and it’s Donald John Trump. He did not create this virus. What he DID do, is introduce radical instability into our economics system. It was always just a matter of pure luck or time until Something Bad happened—and then, the destabilized system simply can’t damp down the vibrations. All those market fluctuations? They should have told us that he was running the system hot, right up to the edge of failure. You do that, and it only works if nothing goes awry. He also blunted all the control rods. Bigger deficits, shoving down the interest rates, chopping financial regs, giving massive financial institutions a pass on regulations, and so on? Well, now the Fed et al have very little to work with. And then there’re the fact that nobody with a grain of sense, but nobody, trusts this guy. Even his supporters think he’s a liar and a crook...just THEIR crook and liar. And to put the cherry onna top, he’s spent years now screaming at anybody who knows what they’re doing, and demonstrating that he himself is a fool. And a lazy fool to boot. Yelling at people to STOP PANICKING panics them. As well it should.

  159. Excellent summary of where we are today. Thank you.

  160. @Robert Why are you guys still calling him President Trump? He does not deserve the title.

  161. @Robert Yes, it is this President who dismantled Public Health, who surrounded himself with yes men (even Fauci), who ignores global warming and the persistent threat of even newer pathogens. Can the economy wait until November?

  162. Dr. Fauci and the other experts around trump have no doubt been informing trump for weeks as to where this crisis is heading. trump has chosen to ignore them because he's "trusting his gut". Dr. Fauci must want to puke when he listens to trump spew his rosy forecasts and brag about how "tremendous" he and his response have been. Remember "fifteen cases of CV soon to likely be zero". More people than should have otherwise will die because of trump and dunces like Devin "great time to go out"" Nunes and Rush "it's the common cold" Limbaugh. What a pathetic man-child we are stuck with.

  163. They need to shut the stock market down, pronto, and roll out rings of concertenia wire around the NYSE and have a company of Army infantry surround it.

  164. This was so inevitable. This is what happens when you put a blind man behind the wheel.

  165. Sure glad we added a $trillion to the debt last year so corporations could buy back their stock. It only took a year for the gains to vaporize but the debt lives on for generations. It's like we all went in hock to play the market and here's the margin call.

  166. Do you want Wall Street to go up 25% in 2 days? Easy 2-step solution: 1. Trump announces today that he will NOT seek a 2nd term as POTUS 2. Mitt Romney announces he WILL run as POTUS in 2020

  167. In Military and disaster medical emergency , there is a rule guides you : which person needs help , which can be wait . Triage Government so far putting Blood , oxygen etc to patient has sctratches (Banks) , meanwhile just next to that another one lost two legs and open chest wound ( ordinary Americans) bleeding to death. It looks American Capitalist Economic system programmed even in apocalypse , rich should be saved first. Splendid...

  168. It's the debt that's going to do us in. Personal debt, corporate debt and the federal deficit. It won't matter what the interest rate on this debt is....as soon as the cash flow dries up (lack of work, lack of sales etc) the defaults are going to start. A wise president would have been working hard to reduce the federal deficit during these past "boom" years, not running up the tab with tax give aways and spending on a border wall etc. This would have given the government a lot more room to provide cash assistance. With out either cash flowing to consumers to help pay their bills and debts or a temporary forgiveness plan, many individuals and small businesses will go under. How can the feds even afford to do a bail out (even though we know Republicans will never assist low income individuals) with our current crushing fiscal debt? Even with 0 or near 0% interest. Suspending the interest on student loans is not going to help at all. From what I've read they will still have to make the same monthly payments. It's just the payment will go to principle. If you don't have money coming in to make the payment it doesn't matter a bit what the payment goes to. While that's a nice long term help it won't do a thing in the near term. Same with the payroll tax break which will only help those still working.

  169. Bailouts for those companies that issued huge debts in order to buy back stock is insane. Several of these companies have been making record profits for years: everyone knows the airline industry is cyclical, so why not save cash for a rainy day? Instead, let's buy back stock with our profits, and issue debt to buy back even more stock. It shows the markets that we feel our stock is undervalued (and is in no way related to the fact, that I, an executive of X airline, has most of my net worth tied up in our stock price). My response as a legislator; If you can't manage your company's debt load, we have Chapter 11 ready and waiting. Alternatively, The US will bail you out at the cost of your company's equity-holders.

  170. There is nothing the Fed could do to stop this crisis. This crisis is a health issue that was supposed to be taken care of by politicians. The crisis in China gave the West more than 3 months to learn and  prepare, but we did not. Instead of doing exactly what Putin did : closing Russia border with China, western politicians like they always do, listen to business people who insisted on keeping the business running as usual. From Italy, France to the US we will be suffering from those short-sighted decisions for a very long time.  It's not just the airlines. All businesses will be impacted. From airlines, to department and online stores. If this pandemic last more than 4 months, US malls that were already in trouble will be shutting down. Nobody is going to be buying clothing when they are worried about their future. No vacations will be planned. Eating out will not be an option. A city like Miami that depends on tourism and where most people work in the service industry (restaurant, bars, clubs will be in deep economic trouble). Most people won't be able to pay their rents.

  171. Except that most of Western Europe, unlike the US and with the exception of the U.K. les by their idiot PM, has taken draconian measures to stem the onslaught of the virus. And this includes business, social and health supports on a level that most Americans cannot even conceive. I weep for your great country.

  172. If airlines want aid then congress should require consumer oversight board, reasonable seating, mandated earnings growth caps, possible privatization and a return to treating passengers like customers.

  173. @optionsguy Since you work in the financial industry, surely you know how companies have been hoarding cash. For decades. Why we could not encourage them to spend it instead of incurring more debt is something that has always escaped me. Instead, they take out loans in spite of tax breaks so they can put that cash back into their companies. They've had more than enough opportunity to put cash back into their businesses. This rate cut never should have happened. And that the government put money into mortgage-backed securities. Sound familiar? It should. Here we go. Again.

  174. Over at Fox News, a fiery debate is going on — “How millennials are destroying Easter.” You cannot make this up.

  175. Can we all start taking UBI seriously now????

  176. So Wilbur Ross still has a job after predicting that COVID-19 was gonna bring manufacturing back from China?

  177. Stocks are going lower - it's based on reality, the economy is changing. Stupidly lowering interest rates when that is not at all the issue is pointless - but no doubt the Fed chief is trying to keep his job when a toddler is throwing a tantrum because he can't make COVID go away with lies and Fake News claims.

  178. I'm so tired of winning!

  179. Remember when the Recovery Act led to the Tea Party movement? All those folks are no doubt super upset that a now-Republican president is stimulating the economy with a $700B dollar quantitative easing (money printing) program. #RepublicanHypocrisyKnowsNoBounds

  180. Yes, I remember. Do as I say, not as I do, is the tea party mantra

  181. It is time for the Democrats and Governor Cuomo to propose an urgent Federal Relief Program to calm the markets and prevent a possible severe recession or even a Great Depression. This should include the ideas of Andrew Wang to give each struggling family 2000 dollars a month to protect against job loss and weakened economic demand and just as importantly to declare a mandated Moratorium on debt repayment including car loans, rentals, mortgages, and credit cards to prevent a snowballing downward economic spiral during a pandemic. There should be an immediate Federal Program using the Army Corps of Engineers to create new hospitals, ICUs to house the ill adequately and slow down the pandemic. There must be a Federal Program to purchase and manufacture respirators. All these measures will help calm the market and the growing anxiety of inevitable financial and public health catastrophe!

  182. Oh the irony. Trump kept pestering the Fed to drop rates, well they did just as he asked and look what happened.

  183. At this point, airlines should go out of businesses. They have profited crazily in the last five years and then worsened their service; i.e., shamelessly profiteered. Even with low gas prices, they have not innovated, adapted, improvised in ways to help the customer (but irrigated their pockets). So, NO. Money needs to go directly to people through tax credits, and temporary stoppage in sales tax on key products that people need.

  184. Airlines want $50 billion in aid. The last time they received the aid they went to record profits. Instead of rewarding the taxpayer, they went to gouge every last cent out of us - with extra fees, more discomfort, perpetual delays.... together with stock buybacks and excessive CEO compensation. If they are to receive aid, they have to commit to more user friendliness - pricing comparable to European airlines, no more luggage fees, reasonable managerial compensation, increased comfort.

  185. For some time now, the President has boasted of his so-called successes, especially in financial markets. He was so confident of this that one of his many quotes suggested that any President who was in office when the markets fell by 1,000 for more in a day should be fired with no excuses. Isn't it time to follow his instructions and fire him with no excuses?

  186. @lecourt... As of Monday Mar 16, 3:38 pm, the DJIA sits at -2,678.54 -11.55%. Worst drop since......

  187. @B Hill The last few weeks of "leadership" by the President doesn't do much to inspire confidence in his skills and results. His calm and reassurances are off the mark. His latest pronouncement has swung to messages referencing out of control and extended impact from "it will magically just drift away", earlier. The markets aren't happy either. Is this the "stable genius" you might get for another 4 years if voters aren't careful?

  188. It's time for trump and pence to resign and speaker of the House to run the Federal government until the November election elected the new president.

  189. Very wishful thinking and going by past performance, very unlikely to happen.

  190. While many want to let the airlines go it alone and potentially fail, this is the wrong path as it will only worsen the situation. Just as in the crisis of 08, the government in times like these is the lifeline that must step in to keep things afloat. Allowing airlines to fail, would directly put thousands out of work and indirectly even more. What is currently lacking is a proactive response to this crisis. Every other day, it's another knee jerk reaction from the President rather than a thoughtful multi-tiered strategy for dealing with the business landscape and those directly affected by closings, the virus itself, and ultimately a recovery. The near term forecast will certainly be choppy, but we as a country will get through this despite Trump who will then claim it was his great leadership that saved the day. We'll all know the truth.

  191. Instead of using the money to bail out the corporations, use it to bail out their employees. Enough is enough.

  192. Trump: "It makes me very happy" "They did it in one step and I think that people in the market should be very thrilled. That's all you need to know. Think about that when you look at your next 401K statement

  193. According to the government, we don't have enough money to provide universal health care for our people. For the airlines, who have been bilking the people for decades (remember the increased cost to fly based on a gas shortage? remember that the cost didn't go down when it was no longer a problem? remember the bone crushing size of seats now? remember the cost of taking a suitcase on your trip?), to ask for billions of dollars from the tax payers in relief is immoral. They had billions in surpluses that they used to buy back there own stock rather than save it for a rainy day or put it into improvements for their customers. My taxes can go help the people in service industries who cannot work because of the virus and need money for food or rent. It can go to testing and treatment of infected people. I strongly object to it going to big corporations for wealthy welfare. I haven't worked my whole life and now have to pay taxes on my Social Security to bailout irresponsible corporations and give tax breaks to the wealthy. Let them borrow money (all but interest free thanks to the Feds) from the banks. (Oh, I forgot. They are already in debt up to their eyebrows for their mergers.)

  194. The airlines shouldn't receive a single penny from the government unless they agree to: - eliminate all change fees - eliminate all baggage fees - increase seat length and width to normal human levels

  195. Yes! Yes! Yes!