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: 201

  1. Devin Numbass, er, Nunes, interviewed on Fox News suggested that families should go out to restaurants, etc. If Fox's message to its millions of viewers is to act contrary to the larger community's interest, they are exacerbating and abetting this crisis. They are spreading false information that represents a real threat to the country. They should be taken off the air for their anti-patriotic messages. This is more than obnoxious - it's life-threateningly dangerous.

  2. Somehow, this is a slightly blacker Monday than October 28, 1929, the original Black Monday. If you just take into account daily drop % of the Dow, this is 12.93% compared to 12.82% back then. Yeah, this is getting serious.

  3. Andrew Yang's $1000/month to every American looks pretty good right now.

  4. @rgoldfilm Sure does. Did you notice that the Airlines want some 50 billion dollars to shore up their business. But they want it via tax cuts, and incentives, huh. They just received a 30% corporate tax cut, that left many of them with a zero tax bill, in some cases Amazon being one, received a few hundred million in a tax refund, again huh....this is a trillion dollar company who's owner is the richest man on the planet (next to Putin his net worth is around 200 billion). The Airlines have returned 13 BILLION to shareholders via buybacks. But shareholders already get paid for holding stock, its called a yield.

  5. Maximus to Commodus in Gladiator: The time for honoring yourself will soon come to an end.

  6. And one should remind Trump: “what we do in life, echoes in eternity”. Oh what a legacy he will be leaving.

  7. Conservatives have demonstrated their leadership in this current National Crisis, they voted for Pelosi's Bill.

  8. They were 7 basis points from closing the market. The only reason it remained this high, probably, is that market makers wanted to keep it open in case they needed to dump something quickly. Look for more losses tomorrow. With this much leverage in our economy, this kind of hit is going to kill a lot of companies. A lot. Leverage increases risk--if a company can't pay it's debts, it is insolvent, bankrupt. If enough of them default, banks will fail. I banks fail again, with our current 0% interest rates and deep federal debt, Donald Trump will have finished the job that G.W. Bush started in 2008.

  9. @Justin Hey, he was bankrupt four or five times does the entire football league count why whenever he requested to purchase an NFL team they told him to get lost. Now, he has bankrupted an entire country. Whose fault many Americans and Republicans that supported him and still do need to look in the mirror and enjoy eventually sleeping in a cardboard box.

  10. @trautman Maybe it's time to use my dual citizenship and move to Canada.

  11. @Justin I thought that you might find this article interesting. This is why the Airline industry is now lobbying congress for more tax breaks, because they've spent their profits, and tax windfall, and repatriated money on stock buybacks. In 2018 alone, with corporate profits bolstered by the Tax Cuts and Jobs Act of 2017, companies in the S&P 500 Index did a combined $806 billion in buybacks, about $200 billion more than the previous record set in 2007. The $370 billion in repurchases which these companies did in the first half of 2019 is on pace for total annual buybacks that are second only to 2018. When companies do these buybacks, they deprive themselves of the liquidity that might help them cope when sales and profits decline in an economic downturn. Taking on debt to finance buybacks, however, is bad management, given that no revenue-generating investments are made that can allow the company to pay off the debt. In addition to plant and equipment, a company needs to invest in expanding the knowledge and skills of its employees, and it needs to reward them for their contributions to the company’s productivity. Stock buybacks made as open-market repurchases make no contribution to the productive capabilities of the firm. These are distributions to shareholders, which come on top of dividends.

  12. I'll buy a steak dinner for any NYT reporter who prints out today's Dow Jones chart and asks that Trump sign it for the Smithsonian Museum.

  13. @ReallyAFrancophile Well it has to be a real nice stake house, like umm Sparks.

  14. @ReallyAFrancophile : Does not sound hard. Hold it upside down. it is not like Trump is going to read the print. Tell him the market going down is fake news and this is the real chart.

  15. "...the S&P 500 would have to fall another 18 percent for the entire Trump bump to be erased." What "Trump bump"? He just rode the Obama Wave to the top, a top, by the way, that was unstable due to the demands Trump was making on the Fed to enhance the market along with massive inequality and greed among the investor class. You could see this a mile off. The P/E ~35 was off the chart, only 2008 was higher. Way overpriced. From a linear extrapolation, it looks like 13,500 would bring it to pre-recession normality at P/E ~ 16. But that was pre-recession when "E" might have been nearly constant. Now E may also be dropping as businesses close or downsize, so it might go lower!! I had a friend, a test pilot, who lived to 101. During a test, the tail of the aircraft fell off! He had to bail out, pulled the rip cord, zilch! emergency chute on his belly, pulled that ripcord, zilch! still falling, he stabilized and ripped open the chute cover and pulled the chute out by his hands. It opened about 500 ft above the ground, he began to pendulum and came down to earth on an upswing, "laying me gently into a snowbank". He walked away from it!! We're penduluming now, let's hope we land on the upswing.

  16. For full disclosure, let me state, that I am a Progressive. Having written that, let me state the fact that this vile coronavirus began in an animal market in Wuhan China. Nixon’s The One!!!

  17. @Counter Measures Yes it did, but Trump had over a month to prepare the U.S. for Covid-19 arrival. In today's world it's almost a guarantee that a virus in China, will be on our shores in about a week.

  18. “Mr. President, does the buck stop with you?” He wouldn’t answer it.

  19. @John M He doesn't know what "buck" means?

  20. Stocks dived even more as Trump tumbled and lied. Maybe Trump needs to shut up already. Ha, what am I saying?

  21. Incompetence meets reality - Finally. I took my most of my money out the market about 6 months after trumps election. I’m only surprised it took this long. This was as plain to see as your hand in front of your face. I’ll reinvest as soon as Biden gets elected.

  22. I did the same about 2 years ago - most everything is in a money market fund. People laughed at me.

  23. As we say in flyover country, "The Rich ate their seed corn".

  24. @ senior citizen. Having a 401k doesn’t make someone rich. It’s capitalist countries perverted idea of a pension plan they can profit from.

  25. @senior citizen I love it, they got above their raisin like the song says, "Don't Get Above Your Raisin". That much is plain to see.

  26. @senior citizen - It's been a while since Longmont was "flyover country." Median home price in Longmont: $413K Median home price in US: $253K There's no shortage of rich people within the "L towns" of the Boulder metro region.

  27. This proves that we need President Bernie Sanders in January, not another Wall Street stooge.

  28. It proves we need a competent leader who inspires confidence.

  29. @Topher S And I'm not sure Bernie is it. I think he says what young people are feeling, and in many ways he right. But the idea of everything being free is just crazy, it's not even free in Europe, they pay a VAT tax to fund their single payer healthcare, their affordable education, their old age pension. Nothing is free, it's always about how much will it cost. The benefit to a single payer is that the government can leverage it's immense buying power, as they do in Europe, the Netherlands, etc. the reason why healthcare is so expensive in this country is because it's been monetized, like education, instead of considering it an investment. As if giving the Airline industry 50 billion in more tax breaks, and incentives, isn't a drag on the treasury. The fact is, in the fourth quarter of 2019, American Airlines Group, pre-tax earnings excluding net special items for the fourth quarter of 2019 were $679 million, a $90 million increase from the fourth quarter of 2018, or 15.1% year-over-year increase from the same period last year. But here's why they want more taxpayer dollars. In the fourth quarter of 2019, American returned $285 million to shareholders through the repurchase of 9.9 million shares of common stock. As of Dec. 31, 2019, the company had $565 million remaining of its existing $2 billion share repurchase authorization. American has returned more than $13.5 BILLION to shareholders over the past five years through share repurchases.

  30. So,Trump finally figured out that bragging about the stock market was probably not going to be his best campaign weapon, and now he's finding every possible way to throw money (taxpayer money) at big corps and banks and anyone who has a variable rate loan. And, the Senate? The remedies for us average people? Haha.

  31. As of five minutes ago, the CDC says there are 68 deaths in the States from Cvid-d. In the same period, statistically, there were about 3000 from the "flu." Both are spread in the same manner and the prophylaxis is the same for both. They ARE comparable. Why did we not shut-down the economy for the flu? As you watch your 401k turn to dust and your retirement deferred for a decade you might want to ask, "Why have we done this to ourselves?"

  32. @Observer When your friends and relatives start dying around you--and they will--perhaps you "get it" that a pandemic is about people, not about money.

  33. Where are you observing from? Mars? This sucker’s more easily transmissible than this year’s flu, and an order of magnitude more virulent. We also simply don’t know what a very widespread coronavirus will do in a human pop, so stop it already.

  34. @Observer To add to the other comments, look at the trend in Europe and try to persuade yourself that it can't happen here.

  35. So banks get a big present from the Fed. How about banks stepping up and pass on the benefit. Cut debt on credit cards to consumers and small business for six months. The dinky tax cut is not going to take care of bills. A credit card interest rate cut might help.

  36. There has never been a better time to reinstate the uptick rule. Shorts would not be able to push the market down by selling more.

  37. This is a radical change for the American people. Since very early in our history as a nation we, the people, have looked to our federal leaders and the federal government in times of crisis. Our leaders not only provided leadership and a national direction but they put the power of the federal government, including the military into action to help solve the crisis. Our current President, tells the Governors to find their own medical equipment--"the point of purchase is always better." Better than a federal coordination to locate urgently needed medical equipment and figure out how best to distribute them around the nation. He might as well have told them to "eat cake."

  38. @Leland Meredith - you are wrong. During the 1918 Spanish flu people looked to each other locally and the local health dept. They also got thier news update twice a day at best. The incessant never ending news cycle flings data, not knowledge, faster than people can process or react, the result is panic. The NYT had one headline a day, today it changes ever 15 minutes.

  39. Great job trumpy!

  40. @kirk - If you're quoting noted orator George W. Bush, the phrase was "Heckuva job, Brownie!" But yes, the Katrina overtones are mounting by the hour.

  41. I noticed that while the S&P and the Dow hovered around 9.5% most of the day, as soon as Trump opened his stupid mouth in the last half hour, the S&P and Dow slumped to 12 and 13% respectively. This is not the first time asinine yammering caused a lost of several points toward the end of the trading day.

  42. O the irony....!!! Come November,when the Democrat wins, the market will skyrocket in relief that this infantile TeeVee reality star is finally in the dust bin of history. TRUMP IS DONE.

  43. We're in freefall.

  44. Will Deutsche Bank come to Trump's rescue again? And does anyone have a pink unicorn for sale.

  45. @TROUTWHISPERER Why do you think that Trump likes negative interest rates. Because lenders pay people like Trump to take out loans, and charge people like you and me, average Americans for PUTTING MONEY IN THEIR BANK. If we go to negative interest rates, I'm taking my money out of the bank.

  46. Cash is king. Eventually, someone needs to pony up the $$$. By then, the $$$ are worthless. We will be lucky indeed if all we get is a Recession.

  47. And while the world is in flames, our very own Nero fiddles by using the royal "we", in his announcement that "We did a very good job" in today's presser.

  48. I want to see Trump sign this devastating report and brag about his 'perfect' performance.

  49. It's probably a ridiculous idea, but how about we close the markets for a while? Most Americans are not directly affected by the fall of the markets, and all it does is dominate headlines and add to everyone's stress. The headlines about the actual virus are hard enough to process.

  50. @Larrea That's not true, most working Americans have a 401K or 403B type retirement accounts...

  51. @James roughly 40 percent of americans have only 400 dollars in saved income. i doubt most working americans have 401k or 403b retirement accounts.

  52. We are totally without Leadership other than our Governors. We cannot trust a word Trump says, especially after learning that Kushner writes his speeches. The only National Voice we can trust is Dr. Fauci.

  53. @Philip W I'm not so sure about that either, those people crowd onto a tiny stage, touch each other breathe all over each other, touch the mic, then their faces. All while telling you and me, that we should use social distancing.

  54. Smart money is looking at a point in time to buy back into the Stock Market. Reviewing the past 40 years of history the market has always bounced back and to higher levels than before. My bet is that the Dow will hit 30,000 in December 2021. Ready, set....

  55. @RCS Except we haven't had the recession that coming, first things first.

  56. @James Interestingly, it is likely the larger investors are the ones that lost money in the market on this down cycle. Yes, a recession is coming but it will be short lived. The time to buy into the Stock Market could be within the next 6 to 10 weeks.

  57. It makes me angry, when corporations specifically Airlines, are asking for 50 BILLION in tax payer dollars. Yet they've posted larger and larger profits, and pay less in taxes relative to their revenue. Now their lobbyists are busy trying to convince congress that they need 50 billion, while Moscow Mitch is against paid sick leave for workers. Corporations have taken their tax windfall, along with the repatriation of billions they've stashed in offshore accounts, and merely bought back their own stock, instead of banking that money for a rainy day. Corporations are supposed to take some of their profits and pay for their own factory upgrades, wages, R&D, etc. and put money aside. At one time in this country taxpayer money wasn't used to bailout corporations, that's what bankruptcy is for. But we've allowed government to essentially be the financial backstop to trillion dollar corporations. Instead of corporations funding Wall Street, it's Wall Street that's funding corporations, via the use of the tax code and abnormally low interest rates, for too long, that have allowed corporations to take on more debt than in 2008-2009. Banks, corporations received far more help in 2008 for nothing in return for main street U.S.A, and a majority of us got left behind during the 11 year economic expansion. Maybe it's time to let them use the bankruptcy laws, one's Trump used so effectively. I'll make a bet right now that they get more taxpayer bailout money, than taxpayers do.

  58. My elderly mother made the observation that during the Depression (you know, back in the 1930s), many people lost their life savings due to bank failures, which led to the creation of the FDIC. Pensions also became subject to guarantees. Today, no one has their life savings in a bank account, and no one has pensions; for many middle/upper middle class people, it's all in IRAs and 401ks. Where's the safety net for *that*?

  59. @DogHouse49 There isn't one, it's the 401K 402B retirement account holders that will take the losses. One loud republican that comes into the local Starbucks, was loudly pointing out to his friend how great his 401K is doing, thanks to Trump. Today, I made the point of asking him, so about that booming 401K of yours, it's lost 20% or more of it's value, and there's not one thing you can do about it. In other words, unlike a self-directed retirement account 401K account holders, take the losses, they can't sell their equities and buy bonds like the rich folks are doing now. I asked him, how he felt about his stable genius now.....

  60. @James Agreed --- my point being, we've allowed the Reagan ideology ("Sucker Capitalism") to take over the financial (in)security of a huge swath of our population. We get whipsawed and bite our nails while the "winners" a/k/a/ the "smartest guys in the room" (some of whom I know personally) snicker and talk about the great deals that can be had in the markets today "if you know what you're doing." Grrrrr.

  61. @DogHouse49 Personal Responsibility. If you cannot save money on a barely living wage, that is your fault. if you made bad investments, that is your fault. You need to take responsibility for everything that happens to you, foreseen, unexpected national emergency. That is why nothing is ever Trump's fault. Or the fault of any GOP slashing of government. That America voted for.

  62. Businesses received massive tax relief, which resulted in them squandering much of this money on share buybacks. Now some -like the airlines-are coming with their hands out wanting the tax payer to bail them out. The Fed has pulled the trigger and has no ammunition left due to Trump's bullying. We are going to have an economic downturn for certain. The only question is how deep it will be and how long it will last. My sorrow is for the small businesses in my area that are going to suffer because people cannot go out and participate in community life.

  63. If only it were that simple. Just as the boom was not a creation of Donald Trump, neither is the crash. It seems like the United States would have been ill-prepared for the coronavirus, regardless of who was in the White House.

  64. @garibaldi It's a pretty safe bet that a Hillary Clinton in the WH wouldn't have spent a month telling the country that the virus was simply a hoax concocted to remove her from office.

  65. Being ill prepared is one thing. Most countries were caught off guard. But there’s a huge difference between being ill prepared and being incompetent . Ten days ago Trump was saying things like “ we have only 15 cases, we will be down to 5 and down to zero in a very short period of time”. What kind of preparedness or pro action can you expect from a person making such statements ? The guy can’t see beyond what makes him “look good” even today he couldn’t stop saying how we have had the best response possible which is factually not true. November will come and the GOP should be politically exterminated. Period.

  66. @garibaldi - I'm not at all a Clinton supporter, but I'm confident that a president Clinton would not have dismantled the NSC pandemic unit, nor would she have cut CDC funding while simultaneously enacting a 2.3 trillion dollar tax cut whose benefits accrue almost exclusively to the already wealthy. So there's that.

  67. With the Fed setting 0% interest for large financial institutions, why are the consumer interest rates still so insanely high? With 0% interest rates for institutions, there should be no 25% or 30% consumer credit card interest rates. Lowering consumer credit card interest rates would do more to stimulate the economy. Experts always talk about how consumers drive the economy. Re-instating usury rates at 10% or 11% would provide money in the pockets of consumers faster than anything else the government can do -- without increasing the national debt.

  68. The GOP and supporters let a profoundly immoral Trump ruin our economy and being impeached and he is still in office. McConnel asking federal judges to retire early because it is desperation. After Mr Biden said he will have a women as Vice President the GOP are afraid of loosing big time now. Trump should not be allowed to pick any more authoritarian justices or GOP our Democracy will not be a Democracy.

  69. We have an absolute moron for a President, who called this impending tragedy a "hoax" for over a month. While he diddled and dawdled, it took hold. Now many Americans will pay the price of his follies.

  70. The response is simple - what is the government going to do for small businesses and individuals who will be on the verge on bankruptcy?

  71. This must be close to a record. Where does this stand in the largest drop in history?

  72. November!

  73. Again, our Emperor in the White House uses the pluralis majestatis, aka Royal WE, in his address to the nation by patting himself on the back, saying "We did a very good job". As to comparing possibly job losses now estimated to be almost a million, one can not compare that to the highest ever job losses ever before in 1949 after WWII. Many women who did not work outside were necessary to join workforce in the weapons industry soon after WWII started, while all able bodied men were fighting on foreign shores rid the world of fascism, including my place of birth Germany. After that war American women preferred to work at home again - albeit without being paid - to raise their kids.

  74. Saying women "preferred" to work at home is inaccurate in a number of ways.

  75. But "The Donald" won't accept responsibility for this.

  76. @Majortrout That is so unfair. He has taken responsibility for very bigly things, such as Obama's strong economy rescued from the GFC. He even anticipated the tissue shortage when he prophetically and energetically distributed quite onerously large tissue paper in Puerto Rico, You see he is a prophetic genius. He could sense future events. He took responsibility for defending himself from Mueller's report and the impeachment inquiries. He took responsibility for his defence with his stonewalling to the extent that his lawyers were rendered virtually redundant. Taking responsibility is one of his strengths and he could never get enough credit for that from the lame stream media and the fake Population. Deep state, Hillary, Obama and to sum it all up no collusion,

  77. @Bob Guthrie That was meant ironically of course. Stay safe folks.

  78. Looks like it's too bad we didn't elect a businessman for president...

  79. Every several years, the US government allows corporations and wealthy investors to skin the American people--again and again and again.

  80. @Hector And always under the GOP. I am sure it is a coincidence.

  81. All we are getting from the current administration is well meaning slogans. As if not buying terlit paper is going to save us. They have yet to come up with solid help for the working class and poor who will be the most affected by the emergency. No expansion of the safety net, medicaid and medicare covering medical bills and emergency room visits. They don't even see the need for testing everyone who needs it (it keeps the count down). When you put a bunch of incompetents and sycophants in charge you get chaos in an emergency. Guess what?

  82. @bob Where did you get the idea the slogans are well-meaning?

  83. @Bob Guthrie well meaning is in the mind of the sloganeer

  84. We have to strike a better balance between public health and economic health. I have great respect for Dr. Fauci but he would like us all in social isolation to minimize transmission of disease, but that approach is already leading to huge economic hardship across the world. Also, the media reporting on the "surging" numbers of disease and death day by day, even hour by hour is feeding into the panic. With the number of cases at around 4000, this constant reporting of cases and deaths will literally makes us all insane. I am far more sacred of the media's and governments handling of the disease than the disease itself. Millions get the flu every year, 60000 on average die from it and no one bats a eyelid. Yes this virus is looking around 5 to 7 times as deadly and is highly contagious. The reality is that 10s of millions will get it and 100,000 or more will die from it even if we keep pushing hygiene and social distancing. But we can't bring the entire economic  system to a standstill to keep the numbers as low as possible. Living with the uncertainty of no paycheck is far more difficult than living with the uncertainty of this disease. Pump money and resources into the public health system to support the nurses and doctors on the front lines. I am glad to see government officials seemingly caring about people's health but the reality is, as with the flu, a lot of people are going to die from it. We have to strike a better balance is all I am trying to say.

  85. Biden may be a good person. I don't really care either way. I feel the same about Bernie. What I'm interested in is policy that swiftly and resoundingly moves us away from where we have been under 'neolliberals' and conservatives. If 'neoliberal' triggers you than insert whatever adjective you desire for those who clearly do not see the plight of america and that plight is economic inequality. We simply cannot continue variations of the status quo as a mechanism to keep our chosen economic model, Capitalism, secure. Capitalism is inherently flawed and without dramatic change (greatly increasing taxation of the richest and corporations, health care for all, retirement with dignity, forgiving student loan debt, and accounting for technology that is replacing jobs, and adr. economic impact of climate change...if we don't do these things we will commit, by the numbers, 100s of thousands to remain homeless, 10s of millions to go without health care, students unable to achieve their parents dreams. And why? Ask yourselves why you think you don't warrant, nay deserve, better? I feel bad for this country and I feel great sorrow that Americans cannot see what electing Biden or Trump will bring. Both bring a dark future just variations of it. We must quit thinking the less of two evils is the proper path forward or we will never save the country and we will die via a thousand cuts of hardship, suffering, & endless justification in the name of profit. Wake up people. If not now, when?

  86. Want some more excitement? Let's wait for the corporations whose junk bonds are due. And then when traumatized investors are asked to buy new junk at inflated interest rates so that these companies can pay off the previous bond holders. A sneak peak at the ending: it ain't gonna happen.

  87. I have no confidence that the U.S. will do what is right during and after this pandemic. This country is structurally incapable and fundamentally unwilling to put people over money, and all people over just some. In the U.S., millions are uninsured or underinsured, people working multiple jobs can’t make rent, and workers making a few dollars an hour are told that if they miss a shift their hours will be cut. This is a society that responds to poverty with police, and to health care needs with jail. It may be true that viruses only see bodies, not class or immigration status, but there is no question that those who will bear the brunt of this pandemic will be the poorest and most marginalized. The fundamental inequality on which everything in this country is predicated will be exacerbated by this crisis in ways we cannot fathom.

  88. At present, it appears that the spread of Covid-19 has peaked in China. It first made its appearance there say three or four months ago. This suggests that in the rest of the world, the spread of the virus may likewise peak and then begin to decline sometime in the next five or six months. But that will be only the beginning of economic woe for all those countries and states and cities whose tax revenues depend on personal income and/or corporate profits, because all those sources of revenue will be drastically lower in 2021--on the basis of who or what is not earning any sort of money in 2020.

  89. Now it is more urgent because north American families are being disrupted. The tearing apart of refugee families has faded as an issue. I hope those incarcerated people are kept safe from the virus; particularly the children separated from their parents. I am sure Trump is using all his acumen to protect them with the same humanity and compassion he has shown to Untied States citizens during the Corona crisis.

  90. I'd rather "bail out" small business owners than airlines. Airlines have been paying high dividends to their stockholders while nickle and diming travelers with baggage fees, lack of space, etc. Airline CEO's should donate their salaries for the next six months to a fund to provide assistance to the employees they're laying off. It's always the people at the low end of the food chain who suffer.

  91. @Linda and plowing their ridiculous profits into stock buybacks!

  92. @Linda While I agree with you in principle... Airlines represent more than just seats in aircraft for consumers. Keep in mind... back in the 2008 crisis.. this same concern was expressed about the auto companies by people as well. Reality: large capital intensive industries like Airlines, Auto companies, other industries... if they thrive they have a pull-up effect for the entire economy. If you let them wither and die in dire times.. they have the opposite effect --> they pull down the economy. While our economy is more and more a consumption and services driven economy.... the fact remains... the economy is complex in nature and how to stimulate it is never as simple as focusing on one article or part of an article at the NYT. Many different types of stimulus will be required to restart the economy once we are past the worst of this pandemic. That means big capital intensive businesses, it means small businesses, medium size businesses, and the workforce that powers then and the consumers that feed them with revenue for products and services. Any narrow focus on one or two facets of the economy is simply misinformed and unhelpful. Yes.. every special interest wants to be at the front of the federal help line... but that is largely selfish and self serving.. both for companies and for workers and consumers. But right now.. none of this matters.. what matters is effective mitigation of a fast spreading pandemic.

  93. @Chuck In classic theoretical capitalism, poor businesses with lousy management that do not plan fail due to incompetence. In the USA, crony capitalism they are rewarded with cash AND the requisite excuses for their failures. Free markets do not work like that.

  94. In Trump's worldview, this is when the CEO would file for bankruptcy and activate his golden parachute...except when your "company" is the US federal government, there is no bankruptcy option. Good luck figuring your way out of this one, Trump.

  95. Remember when former Texas Governor Rick Perry threatened Federal Reserve Charman Ben Bernanke for printing money if he came to his state? What would he say to Treasury Secretary Mnuchin and Fed Chairman Powell? Truly, these Republicans are deplorable hypocrites.

  96. So now we see the importance of having a record of telling the truth. You can spread the vicious lie that President Obama was not born in the US, and some 30% of the public will repeat your lie (even when they know it is a lie) because it validates their race hatred and allows them to express it. But you cannot lie about a fact of nature. You cannot say 2+2 is 5, and you cannot say that the virus is a hoax. Even those who hate those who oppose you know that the virus kills without discriminating on the basis of color, sexual orientation, gender, or national origin.

  97. once again, you republicans own this mess.

  98. @me : You know how to spend your money better than the government. Vote GOP.

  99. @gratis HAHAHAHAHAHAHA. The GOP is what got us into this mess. Gave up all their so-called Republican principles to brown-nose and kowtow to Trump. Look where it got us. Logic and rational thought points against anyone who aligns with Trump and the gutless GOP.

  100. I would like to suggest a new term to describe the situation when the stock markets take a precipitous drop. Rather than "plummet", "crater" "nosedive" or other verb, let's just say that the market has really "trumped". We could turn it into an adjective as well. Instead of a bull market or a bear market, it could be a "trump market". This is all in jest, of course, but Trump has taken credit for every point that the stock market has risen over his tenure in office. Why is he distancing himself from it now?

  101. News from Germany: SARS-CoV-2 Cell Entry Depends on ACE2 and TMPRSS2 and Is Blocked by a Clinically Proven Protease Inhibitor. Hoffmann et al., 2020, Cell 181, 1–10. In other words, there is a known drug (Japanese) that can prevent COVID-19 from attacking lungs.

  102. So Trump supporters, how is your 401(k) doing? That is why you were supporting Trump, right? How about you farmers. First the tariffs (still in place!) and now the collapse of the markets. A real good reason to re-elect Trump? Has it dawned on any of you that the stock market tanked largely because of Trump's absurd, ridiculous response to the Covid-19 crisis? Everything was about him, and nothing about protecting the nation. Every time he has gotten up in the past few days, the minute he started to speak, the market plunged. The market is not a sycophantic peanut-gallery rally of support for Trump. Investors know incompetence and lack of leadership when they see it and that breeds uncertainty, which is the bane of the market. Investors know this no matter what their political party. Trump is incompetent and has shown it. He has failed our nation in order to serve his own ego, his own image, and to (he thinks) enhance his re-election chances.

  103. Where is the proposed April 15th tax filing postponement? Not everyone has the money now to make that deadline. Why hasn't the U.S. senate voted to pass the house's "virus" bill? Another flop by the Republicans who all deserve to be voted out. Why are student loans at 7% while the Federal reserve lowered rates to near ZERO? WHO IS LEADING THIS COUNTRY? ANYONE????

  104. Anyone who watched the pollution maps from China last month could have told you their factory activity would be way down. We know it's going to be the same here eventually. So why are the markets acting like this is fresh news and taking so long to adjust?

  105. I find it peculiar evidence of the twisted priorities of our country that the stock market is getting as much attention as the virus' spread through the population. Further evidence of our society's misplaced priorities is that the stock exchanges have clearly been better prepared for the crisis, for example the trading "brakes", than our public health system, which is even now still trying to roll out testing kits, the most rudimentary of public health actions during an epidemic. Most Americans don't even own stock for goodness sake, but we can all be sickened and die.

  106. Here's an idea: how about we reallocate some of the 700+ billion dollars in the 2020 federal defense budget? After all, if the economy collapses there won't be anything left to defend.

  107. Rather than offering loans or tax rebates to failing companies, the government should buy their stock at current market prices. This will give investors a way to avoid their speculative losses. After COVID1-19 is under control and the economy recovers, the government could leverage their substantial part-ownership to add employee-directors to corporate boards. Then USA corporations might plan long-term for prosperity, like German firms.

  108. I know it sounds crazy, but what's wrong in considering closing the Stock Market until the coronavirus crisis falls under control? The current panic of self-destruction, depending on where we lean on, fear or greed, ought to have a scintilla of common sense...and a future....without going bankrupt or 'bananas'.

  109. @manfred Marcus : To me, closing a mostly electronic market smacks of panic. Doing things just to do them is panic. For me, self quarantine is caution. Buying tons of toilet paper is panic. And closing a mostly electronic market is panic.

  110. When in the course of human events...ah who am I kidding, some advice for the President. There is a term in statistics called correlation. It is a measurement of the relationship between two things. Interestingly, every time you speak at pressers the market tanks. This is true. When you say 'we are talking about it', who is we? I ask because every time you speak, everyone behind you cringes, stays stone cold focused, or needs to clarify. Either you are not in the room, not clear on the discussion, or cannot comprehend things. Not good traits for a CEO. So some advice: 1 - SHUT UP. Good CEOs know when their teams should speak, and normally they know more than the CEO. The markets and US citizens will thank you; 2 - Stop putting pressure on the FED. The economy is strong - this is a health issue. Zero interest helps no one - look at Europe, Japan, etc. 3 - Consider resigning. You are not helping, and frankly, given the lies, just not believable. I know - tough words. Last, Mr Pence, if none of the above occur, stop blocking and do your job...invoke the 25th amendment. You have an opportunity to do a save here before it is too late, and redeem any sense of political relevance. I think the markets would respond positively too.

  111. I don't believe this is magical thinking but, of course, it maybe a bit naive, but I've always lived by the axiom, "If you don't want to lose money, quit spending it." I contributed to 401ks in the 90s modestly and always took the safer investment routes." I invested only what I did not need. When two big upsets occurred I "lost" some money but, unlike many of my friends, I did not lose my investments and even made a modest (think, savings account) gain. Most of my friends didn't fair as well as they had gone for the golden ring, not only investing what they could afford but cutting their lives to the bone to sink in huge amounts to reach early retirement. Few have retired early. The same approach was used for TSP when I joined the government. The safest bet always turned out small dividends but I never lost what I could not afford. Other bolder coworkers could not always say that. Today, I am retired living in a good home that my wife and I paid for. We're not living a life of luxury nor cruising the world but we are secure. So, the point here is Wall Street and investors around the world should reduce and even stop spending. If you don't own the shells it is not wise to play the shell game. Does Wall Street own the shells? Maybe they should take an hiatus along with all the rest of the world's markets and shut down for a while. If the money barracudas cannot make killings, at least they won't be killed. Let WS keep eyes on the waters and become caretakers not manipulators.

  112. @Angelsea Right. It shows that greed is NOT good.

  113. @Angelsea What is good for you is not necessarily what is good for a $Billion multi-national monopoly. And hence, the country. Crony capitalists cannot afford do lose the corporation.

  114. It doesn't matter what the market does, it matters if we can live on this earth. If we can't, what else matters?

  115. How often do the Democrats have to clean up the destruction of our economy and constitution before citizens wake up? I just don't know and have no confidence in the voters. Reagan tanked the economy with his huge deficits and uncontrolled spending. Bill Clinton to the rescue. George W. gave enormous tax cuts to the wealthy and hurt many of the programs that most of our citizens depend on. He also started two wars, one was legit and one was not. Both were not financed. Sadly, the latter has hurt our country and its economy and, more importantly, completely destabilized the Mid-East. Obama to the rescue with the Republican Senate led by McConnell only interested in a modern day 'lynching' of the first black president.Tthey blocked every good effort Obama proposed to save us from a depression and bring our economy back. They fought ever measure that he proposed. And now Trump keeps claiming he's the one who saved America and its economy. This would be laughable except that a large amount of Americans believe him And a large percentage of Evangelicals believe God, their god, sent him here to restore a moral path for our country. How they think this is beyond me and I resent that they have damaged the image of Christ in our culture.

  116. We will have to use socialism to save our economy. Call it "fiscal policy" if you're afraid of the s-word. It's what we have to do in order to save ourselves from capitalists and capitalists from themselves. In the end, we'll have to elect Democrats to clean up the mess once again. And the GOP will complain and subvert all the way.

  117. I guess the old adage tops it all off. You can fool some of the people some of the time, but you can't fool everyone all of the time. Somehow I sense that having this crisis with Donald Trump in charge was doomed to happen! It will be his seventh bankruptcy. It will be interesting to see how his supporters react. Will they have to go broke, or die, before they will let him go???

  118. Went to a nearby town up here, needed last minute essentials. The main street was almost deserted. The market had numerous bare shelves. A notice said this was the last day the business I visited would be open for walk in's. I cursed the Trump for playing his fiddl, err 'Golf', back on Jan 8th when the WashPost reported on a virulent virus and pandemic brewing in China. The Trump's response? He cancelled the White house subscriptions to the NYT and WashPost, demeaning them as "Fake" news. Then, as I gazed down the vacant main street, this must have been my imagination,... In the distance, like an apparition, a bell was tolling to the slow clop, clop, of an old horse, pulling a ominous black wagon. I could hear the rider intoning with a voice that belonged to the devil's own,.... "Bring out your dead"

  119. This is the end of the world as we know it.

  120. Why are the traders in the pictures standing so close to each other? Does not look like social distancing to me.

  121. Wait awhile and “buy low”

  122. Why will the stock market be open tomorrow? Are we afraid of a “panic “ Seems too late to worry about that

  123. Financial markets tanked at the last photo op where the microphone was spit on while Carson and ump talked. They were in close proximity to each other and shook hands. C R A S H My father was an economist. He drew an analogy to Dumbo the elephant (nope, pre ump - he's an elephant in the room but was just a speck of dirt when dad and I talked). Jiminy Cricket is on Dumbo's ear when he's flying. Dumbo is insecute! An elephant can't fly. Jiminy knew the magic - whisper in Dumbo's ear that he could fly. With that confidence, Dumbo did indeed fly. The stock market reacts to what a government does or doesn't do. When ump talks or moves fingers, Wall Street's watching. Each time he opens his mouth or types investors lose confidence that consumers will start saving (heaven forbid) and throws the market into a tailspin. The fix - remove the blasted elephant.

  124. What does Larry Kudlow have to offer the poor stiffs who get laid off or are otherwise unemployed and are about to lose their homes as a result of Trump's failure to recognize the control of contagious diseases as an important aspect of national security? Socialism only for corporations or the super rich?

  125. @James : Freedom. Socialism is bad for Americans because it takes away FREEDOM! Sure, it also takes away FREEDOM away from the rich, but the Rich can buy their way back, so its OK to give them money. MAGA!

  126. Had the Senators who swore an oath to be impartial. actually been impartial, allowed evidence, documents and witnesses; he would have been promptly removed. What is the use of the system if you do not use it? Now at the most perilous moment in US history since 9/11 there is an incompetent buffoon endangering way more American lives than the number lost at the World Trade Centre. The Senators who were complicit in the predetermined acquittal and by definition bearing false witness to be impartial; should be held accountable in real time. They surely will be in the history books.

  127. We have a Constitution on paper only. It has been hijacked and trashed by the Trump administration and his Congressional sycophants.

  128. This time it's the virus that's keeping people in their homes. When that passes, people will come out spending again. And if China's situation is anything to go by, this will take the world at least another month or 3, and the stock market another month after that, I think. I didn't sell when I had the chance. Luckily I have a little extra cash. Waiting.

  129. @Tony I didn't sell either because of an underlying confidence in Mr Obama's steady stewardship during a catastrophic economic time. Well done Barrack. You did it without self-exalting bragging. I have had over 50 grand wiped off my value in a few days. But I am not suffocating yet in my own phlegm and the situation (so far) seems more orderly over here in the antipodes. That's because we have paid sick leave and universal coverage. I can do little about the market but I can socially distance myself and wash my hands all the time. I'm hoping to survive, touch wood- if nobody else has touched it first that is.

  130. Who is trump going to aim his anger at this time? This is what he cares about more than the health of his constituents. He talked about being "So happy" on Sunday. He's probably in a blue rage right now, probably because he doesn't know who to pin blame on.

  131. @Zobar Pence is dead meat...Trump wants Nikki Haley on his ticket as his "salvor"!

  132. This is truly all Trump cares about.

  133. Why wasn’t all stock trading stopped a week ago? Just put it all on hold for a month so it reduces panic and loss.

  134. "... the eight largest U.S. banks announced that they would suspend buybacks of their stock — a move that would help them keep cash on hand in case conditions..." They're suspending buybacks. If that's not heroic self-sacrifice, what is?

  135. Why in the world don't they suspend computer trading? All it does is feed on volatility and stimulate more volatility. But intervention by the government would be antithetical to Republican's cherished "free market" myth, which of course doesn't exist anyway. So here we stand watching as our house burn down. And Trump is off worrying about pardoning Flynn, he isn't interested in watching the house burn.

  136. @Roger It is only "free market" until they need to be bailed out. And then socialism is fine. But just for them. It is still bad if it helps the rest of us.

  137. Today we will review the will, and tomorrow get it notarized. Not fatalism, but realistic for those of us over 65 with conditions that might make us more vulnerable.

  138. The debt can was kicked down the road in 2008. Trump then picked it up & launched it into space, at a time when the economy was ticking over and the deficit had been steadily reduced. To make it even worse, he then slashed government income on utterly ridiculous tax cuts to companies already awash with cash. At the same time, he increased government spending back up to $1tn deficit levels. So although the virus was not foreseen, all recessions are NEVER foreseen - that's why they are recessions. And we enter a recession with low levels of government income, high government spending and record levels of domestic, corporate, state & federal debt. The increases for the last 3-4 years are illusory. Companies are not more profitable, the share price has been driven 90% by interest rates being too low, basically forcing share purchases as the only way to get a decent return. Take the Dow's gains of the last 5 years away. Then take more away because we're in a recession & smothered in debt. The Dow may be just above 20,000 now, but it'll end up at between 12,000-15,000 before the end of the second quarter. The only silver lining is that Trump's one-tricky pont has just keeled over and died, ensuring that come November, he & his circus of an administration will be out of office and under investigation,

  139. Well, I certainly love seing that the oil-producing dictatorship of the world (Saudi Arabia and Russia, to name a few) are going to have a hard time. As well as all some of the the Ponzi-Scheme economic models: Dubai comes to mind. Who will travel 9 hours in a jet to stay in an air-conditioned hotel built by slave labor? For what? Spend hard-earned cash in some shopping mall? I think this crisis will have a lasting impact on our economies, no matter the number of dead. I think it will force many people to re-establish their priorities.

  140. The disappointing part of the business news is the lack of help for small businesses. Here's what we have so far: 1. Fat cat companies get grants and loans to cover operations while the CEO still gets paid millions. 2. Small business are being forced closed by government but no grants being provided only loans. So small businesses are being allowed to fail. That means small town America is doomed. 3. The Feds action this weekend were two fold- 1 give trump what he wants- some action. now the FR has no other card to play. And I wonder why MBS are being bought? Hmm. smells like something corrupt. Want to fix this mess republicans? block grants to small businesses to pay their rent. Here's how to do it: 1. Provide 3 months rent to Small businesses. 2. Require a copy of the lease.- pay the lease directly to the holder of the lease. 3. Verify the lease with the lessor. Done. (Of course, it's more fun to give CEO's grants and other money because that's the golf club membership.)

  141. @Vet.bizowner.father.american Vote GOP, Always. Party of Personal Responsibility as Trump has demonstrated. Party of Small Businesses. Trump is a business man. Like Boeing in Seattle. Cut from the same cloth.

  142. @gratis Or vote GOP lite......Biden Harris 2020. Biden looked really presidential in the debate.

  143. The Trump admin has to come to its senses and use common sense and lead us in the right direction. Preparation is fine and precautions are absolutely necessary but shutting down the normal essential functions of the nation will be counter productive. Who is going to pay people to stay at home if they cannot work remotely and not work ? The markets are spooked , the economy has tanked, key medical services are becoming scarce and the panic pandemic is killing the world more than the Corona virus. Panic is causing paralysis. Sorry those already on the death bed are going to die if they are not properly cared for. That is the reality, no govt can ensure that everyone can live forever and ever. Death is inevitable. Face it. There are 1000s of ways a human dies. Corona is just another way. Snap out of it. Some current draconian restrictions will not get us out of this crisis. We are seeing the dire consequences of our actions. I have to try to stop the YMCA from closing their facilities for 2 wks. For some of us our very survival depends on staying fit and maintaining optimal blood pressure. Understand the concept of the survival of the fittest? Living in a bubble is not the solution. Do you know what happened to the bubble boy? Well that will happen to us. The difference is the bubble boy was severely genetically immunocompromised. Most non smokers below age 60, with no underlying conditions, have a robust immune system. CORONA INFECTION WILL BE NATURALLY CURABLE. Get it.

  144. Sadly the only metric Trump cares about is his own and his supporters’ financial status. The DJI average is nearly back to the same level on his Inauguration Day. So now the recovery time is admittedly far, far more than a few days away, his estimate of a week ago. It’s standard Ticker Tape Trump. He declares he is not responsible for mismanagement of the threat to our nation’s health but still gave himself a “10 out of 10” on his presidential performance. It’s the same hubris he exuded before his casinos, real estate, university, vitamin and other scams all collapsed and multiple bankruptcies filed for. Undoubtedly, this phase will be followed by blame handed off to a collection of scapegoats, or, complete credit for its success. What those reporters need to inquire - PLEASE - what would Trump have screamed from the peanut gallery if someone else had been elected?

  145. Currently the streets are not awash in blood and we are on a quasi lock down. So I am confident we will not get as bad as Italy and beat this thing back in a month or two. Quite frankly I can use the rest from the maddening consumer spending.

  146. The horrid GOP owns this awful mess, from coronavirus to the disastrous market collapse. Collins, McConnell, Cruz, et al, you own this misery. You allowed a lying, incompetent idiot drive the bus right into a brick wall. We don’t know how many casualties there will be, but rest assured when the nuclear fog clears the damage will be unfathomable. You owe America a HUGE apology, and a viable explanation. History will record that this happened on your watch, and when you had an opportunity to intervene, you smiled and looked the other way. A pox on you and your miserable existence!

  147. It’s not over yet. Are you comforted knowing that millions can’t afford to see a doctor? Do you think hospitals have enough beds and ventilators? Aren’t socialists solutions being offered (give everyone $1000)?

  148. @jaco - No one in Europe goes bankrupt because of medical bills.

  149. @Jaco. Which socialist? Did you mean that as a singular or a plural?

  150. How does the Trump economy look now?

  151. Put in perspective, the market has fallen a net of about 3% over the last 2 days. We have a bear market, and, while huge, the current epidemic is a temporary condition. Prudence is called for, not sensationalism.

  152. What? The market has lost a third of its value since this started.

  153. @Andy Maxwell And it is still overvalued imo. P/E ratio of S&P is still over 20 to 1. I guess it all depends on what type of investor you are. I look long term. Daily fluxuations don't interest me.

  154. This isn’t a “fluctuation”

  155. Welcome to 1929. A lot of us saw this coming, but we just didn't expect a virus to be the cause. This is going to keep getting worse, and it's not going to change until they develop a vaccine and the threat goes away. As usual the GOP has tanked the economy, and the democrats will be the ones who have to repair it. Unfortunately, a lot of people don't have the resources to weather this storm, which could easily take 2 years to get resolved.

  156. Waiting for the autographed images of the 12% drop.

  157. I am utterly exhausted by all this winning under Trump.

  158. Trump telling governors to purchase ventilators etc on their own is outrageous. If this isn’t the time for the federal government to step in, when is? That we can spend trillions on war and leave the purchasing of medical equipment to the states during a pandemic speaks volumes. Every American should be furious and demand action NOW.

  159. Trump looks better, shellshocked. Problem is, he keeps opening his trap.

  160. We’re in good hands with Trump, Mnuchin and Kudlow leading (not!).

  161. Please quit saying that Trump is now on board with the handling of the corona virus. The "Chef de Nile" has gone from calling it a Democrat and media hoax to claiming he deserves a ten out of ten rating. We need an intervention now. Future historians will ask why was this man left in power for so long? Continue with the primaries and of course the federal election.

  162. @jaco And Who are the socialists in Europe? You should check first.

  163. @jaco Maybe for now. But the socialists Canada is doing better than USA

  164. @jaco - No he isn't. Really, get a clue.

  165. President Caligula, born with a silver foot in his mouth, His only expertise driving businesses and economies straight south. He destroyed a booming, inherited economy faster than even Bush/Cheney. The happiest person in Trump World is surely now hapless Mick Mulvaney. And what every happened to Republicans like Scalise bewailing national debt? They’re busy weaving for corporations and the wealthy a cushy and expensive safety net.

  166. A debt-based economy dependent upon short-term consumer spending (while most consumers are actually getting poorer year-after-year). Did the top 1% think this kind of economy could be sustained? Answer: Until a big bump in the road was met. The markets are telling us now how fake the value is/was. Anyway, stocks have always been a short-term casino. I hear the phrase "wealth destruction" and it makes me laugh. If you are playing dice and you say "let it ride", then when it comes up wrong, you can't really say "wealth destruction." You can say 'bad bet'. Got unlucky. Rode the wave too long. Bound to fail. The house always wins. House = reality. Our economy has too little in it that has lasting value. It is inherently too susceptible to a big bump. What would be the value of a clean atmosphere? Of healthly oceans full of life? Of land full of truly-sustainable fertile lands producing foods without negative side-effects? Of tropical forests full of CO2-eating trees and biological diversity? What would the the value of strong government institutions that have the power to make positive impacts on the pandemic be? These kinds of inventories would be really valuable and would help stabilize our economic markets. But of course, investing in these things would reduce "private" profits.

  167. @Ken Biden won. Integrity and vision are words that come to mind. He has the skills to reverse this.

  168. America's boat has a leak. Trump shoots holes in the bottom of the boat to let out the water. Trumpers cheer.

  169. Very few people who are the "top" of government or industry live paycheck to paycheck. They may have never lived that way. They do not understand that a box of cereal costs 30 minutes (or more) of work. They do not know that people have to account for every subway or bus ride and gallon of gas in order to get to the job that pays them minimum wage and provides little to no "benefits" like paid days off or sick leave. They have long ago lost touch with how hard it is for those folks to survive, if they every knew at all. The way to a great economy is to educate people well, provide them with good jobs, allow them to prosper and enjoy life without undue worry. Having affordable insurance and healthcare is necessary. Most people need a car and a way to keep it running. We all need food, shelter and clothing. It works well if there is money left for entertainment. The "economists" who figure out that having lots of debt is good are wrong. The big banks including the Fed deal only with international currency balances and the worth of the dollar on the open market. They don't care what a loaf of bread costs any more than a garage mechanic cares how much the Yen is up and the Pound is down. Foolish, stupid, arrogant men, caught in a web of their own egos, striving to look important and wise, failing at anything of use. If this crisis were to teach us all to have better values, (not religious ones) it would be worth it. Wanna bet nothing changes? Almost a sure thing!

  170. @Jeanie LoVetri Very good comment. I could not agree more. It is past time for some changes to be made.

  171. The brave among us will reach out to grab this falling knife. We've got 40-50% more to go down. At minimum.

  172. The American people need to call their senator and congressmen and demand Universal basic income to start TOMORROW. We need not want NEED mobile hospitals set up by the military TOMORROW. We want test kits TOMORROW. You can buy them on Amazon from S Korea for god sake. Not waiting for Trump or anyone else to start saving Americans. WE DEMAND IT! WE PAY TAXES FOR A RESPONSE!

  173. @gene We do not want it. We voted for Biden. We crushed Sanders. We crushed Yang. We crushed Gabbard. Americans do not want UBI. Biden looks presidential. Biden Harris 2020, 2024

  174. @SF You may have Biden the liar in chief , worse than Trump but you better hope Republicans vote for him. No progressives will vote for the liar.

  175. How about no more government handouts for businesses until sick leave is guaranteed and workers who’s jobs are shuttered get a living stipend?

  176. "The wealthy live off the rest of us" - quote of the day: interpolate the scale of the problem from there.

  177. When asked how he would rate his performance relative to C-19, Trump said "10". The best response to this was someone saying that, yes, it was 10. That is 10 out of 100.

  178. The market have given a vote of no confidence to our government.

  179. Challenger Gray & Christmas clearly have no idea what they are doing. Dozens of my friends are reporting they’ve been laid off or let go. And that’s just the ones posting about it. A manager at a candy store in ala moana mall in Honolulu told me she laid off 6 workers last Monday. I’m a gig worker, writer and interpreter, lost my highest paying gig and all others are on hold. You need a better source for your articles. Blair Fell

  180. Coronavirus - the trump correction.

  181. I see this catastrophe as an opportunity for Donald to declare martial law, suspend elections, and declare himself king, with the Senate presiding over his CORONAtion. Maybe Tiffany & Co. can work up a nice crown for him.

  182. Trump has been put to the test, and he is a massive failure. Imagine the uproar on Faux News if a Democrat has acted in the same manner.

  183. If we want a stop to the panic, the press needs to be locked a room not the President. From the start of this issue the press has chosen to try to harm the president rather than report the news. From the initial gleeful stories about how this would hurt his re-election chances to the blowing up of all new cases as if it was a world ending event, the media has caused us to be where we are right now. The worse part is the lies on the part of even the NYT where they pretend that they ( the MSM) had not criticized every move to limit travel by the President. The criticism has been managed and manufactured to criticize such things as the race of the people leading the charge to mitigate this disease ( too many white people!). We will get over this eventually, because of some of the early moves of the President and time. I hope there is a clear analysis of the media’s actions and how they have acted as “ enemies of the people” for ratings and clicks.

  184. @Alfredo "If we want a stop to the panic, the press needs to be locked a room not the President."... Sorry, but I'm not ready for complete authoritarianism. If articles in the NYT bother you so much, there's always The Washington Times, Breitbart News, and the ever Trumpworthy Fox News. The rest of us can read from various sources and make our own decisions.

  185. @Alfredo I think the loudest voice against the current administration and it's policies can be heard from the financial markets. This is capitalism rejecting incompetence!

  186. @Alfredo The markets aren't tanking because of people criticizing Trump. If that were the case, they'd never have gone up in the first place. No - the real issue is that they have no faith in Captain Queeg to steer the ship America through these choppy waters.

  187. I think former Mayor Bloomberg, instead of funding his pet-project Presidency by stuffing media companies with advertisement spent could have put $500m into a research lab. I just saw, that the German company that Trump wanted to bribe to defect over to the US had received $90m in funds from the EU to accelerate its research into vaccine - imagine what $500m could have achieved. Or he and Jeff Bezos and the Waltons could use their money to provide for sick leave for all the Amazon and Walmart employees delivering viruses with their packages.

  188. @CitizenTM Haven't heard much from Bezos and Zuck lately. The must be in their doomsday bunkers already.

  189. @CitizenTM Amazon workers already have paid sick leave. I'm not so sure about the staff at Mar-a-Lago and New Bedford.

  190. It is the logical end of " small-government." Fantasy that has passed for conservative philosophy for almost 50 years. It is where you wind up if you give government jobs to people dedicated to destroying the agencies they are supposed to oversee, and that’s a straight line from Anne Gorsuch and James Watt to Scott Pruitt and Betsy DeVos. And to Seema Verna, for that matter. And, ultimately, to a press conference outside the White House that was little more than a parade of sycophantic CEOs.

  191. Fortunately, the survivors will be able to pick up some real bargains. You laugh -- Look what happened in the 1664-65 plague epidemic. For the first time people had disposable income because of inheritance or simply squatting on land or in an abandoned home. It was the real birth of capitalism.

  192. @Mark riding it out in the Caribbean?

  193. @Mark What actually happened back in the Middle Ages was that the Black Plague decimated the workforce that kept feudalism going. Not so far from where we are today.

  194. It never was a bump. It was and is a bubble. Stock prices, already high from Obama era growth, entered a buyback bubble after Trump's tax cuts for the rich and corporations. By buying back their own stock, corporations created a market where average Price/Earnings were at 50 or so, instead of 12-15, where they belonged. Until now, this looked like a reverse Robin Hood act, with middle class taxpayers responsible for the deficit being robbed to pay investors, and the poor being robbed of the safety net. But it turns out to be much more sinister. Investing in stocks until their value is so diminished is like burning money. And easy money to banks from the Fed is just burning more money. The stock market is not finished eating its own bubble.

  195. There is no antecedent for this crisis. Liquidity of the markets is not the problem. There is no demand, nor an expectation for demand in the near addition, the entire supply chain is in jeopardy, and adds to the uncertainty to make investment decisions. No question there is a pull back and a 'wait and see' attitude prevailing. But whether there is actually a Fed action that can make a difference is questionable.

  196. In NZ our PM is urging hospitals to test as many people as possible and says we have the capacity to test. Our government had a pandemic plan and is well stocked up on everything.

  197. The panic will subside, but just as in any storm the damage is long lasting and recovery for many is a very long haul and for some, there is none. The market is melting down as the scope of the problem becomes clearer and the scale of incompetence in the administration looms ever larger. Incompetence that has spread to the Fed as it cut interest rates seemingly in response to a raging Tweet from the president that further illustrated their impotence and horrifies the market anew.

  198. @Mark In PS what is the over under on there being less than 1,000 deaths in the US? Less than 1,000 Way less than the current Flu bug....

  199. I’ll take your bet. There’s no way it’ll be less than 1k. Anyone in healthcare can see the deaths will come and they will come swiftly. What you’re seeing is rightful panic in the face of an unprecedented healthcare crisis.

  200. What amazes me, among all the stockmarket trades and rumors, is how little talk there is on the impact of mass store closings, the losses in corporate earnings and pricing that impact stock projections, and the wholesale loss of losing the part of the economy geared toward monetizing "being outside." Considering the recent stock prices through the last decade, it's hard to believe this is close to the bottom, unless the market truly is disconnected from the reality on the ground...

  201. Our markets close at 4pm in NZ and it is nearly 1.30pm on Tuesday and if what I'm reading is right, they're only down about two and a half per cent. Probably because the government is making a multi billion dollar announcement to prop up businesses and workers this afternoon. We all have confidence in our governments organisational skills and preparation to contain the coronavirus. And bail out businesses and workers. The government owns just over 50% of Air New Zealand so they'll probably get a bail out; Air NZ have cut 85% of their flights between Australia.