you hear these buffoons yap
about how quick things are going to recover?
Treasury Secretary Steven Mnuchin on an economic rebound:
"I think it will be months,
I definitely don't think it will be years.
We are going to conquer this virus,
we are going to have terrific breakthroughs"
You can count on it getting worse.
1 Thessalonians 5:3
While people are saying,
“Peace and safety,”
destruction will come on them suddenly,
as labor pains on a pregnant woman,
and they will not escape.
Daddys boy billionaire wall street banker.
Yep, daddy was a wall street banker too.
He couldn't have any kind of vested interest in keeping the markets as high as possible could he?
Especially when he knows his pronouncements can have a impact on the stock markets performance?
He's trying to save as much of his money as possible.
Good luck.
This
is the much more likely scenario:
"you can no longer take the stock market as a barometer of where the economy is headed."
It's merely investors, trying to save their ass.
"We already have unemployment of about 15%–the worst since the Great Depression. Granted, it’s likely temporary, but it’s also still rising. While it has been the fastest rate of rise in history, its increase has actually been slowed by the government’s inability to process applications. So, we know a backlog of additional unemployment is already pouring down the pipe.
Yep.
Sounds like some thing we should be able to fix in a few months right?
But wait, theres more.
"Even if Gilead’s treatment for coronavirus proves to be all that and gets fast tracked, look at how quickly the pandemic spread in a month’s time even under extreme containment efforts."
"We’ve seen consumer sentiment fall off a cliff...this coronavirus treatment has a lot of production and distribution pipeline to travel to get to us, even if approved today. Sentiment will keep dropping.
"We were already three years into a Retail Apocalypse before the coronavirus hit. Are those brick-and-mortar stores that remained as marginal going to re-open when they already struggled to survive? Are marginal malls going to return to business? Restaurants run on thin margins as it is. With fewer returning stores, there will be fewer shoppers, so fewer returning restaurants."
"Will people return to hotels and airplanes and cruise ships anytime soon?
If no, then fewer jobs will be returning there, too."
Side note:
United Airlines announced today lost 2.1 billion in the first quarter of this year.
"United expects to receive $5 billion from the US in payroll grants and loans as it weathers the health crisis. The Chicago-based firm said it has also applied for up to $4.5 billion in government loans.
Wanna protest something?
Go protest business receiving billions that are gonna fail anyway.
Were just gonna do this every month?
For how long?
Oh but it gets better.
Not.
"Some local governments are now asking that all summer events be cancelled as a precaution. That’s another full quarter of planned downturn after the present quarter. Even if Gilead’s new treatment rapidly clears all studies, it cannot be approved in time to save summer. The loss of summer employment and economic activity hasn’t even entered the sewer pipe yet."
Yep.
Gonna be all better in a few months.
"Massive local and state government tax losses will force governments to make permanent layoffs."
"Defaulting consumer debt, defaulting home mortgages, defaulting commercial mortgages."
"Then there will come the flow of defaulting banks into the pipeline as they choke on all the above defaults."
I've always said the to big to fail banks will fail someday.
It's all on here.
Multiple times.
"What about Carmageddon? Detroit has been misfiring for years. Are presently unemployed people going to take out a big loan to slam it down on a new Ford or Chevy as soon as a coronavirus cure gets them back to work?"
A lot more people drive cars than fly on airplanes.
I'ts not only that people won't be buying cars any time soon it's the small and medium sized parts suppliers who won';t be able to stay afloat and go under as well. That logic applies to the energy sector also as oil services companies are the ones that actually get the oil from the ground to the refinery.
These are the drillers and technicians and transporters etc.
They are all subcontractors for the energy giants.
They're not gonna make it either.
So when we finally do get a vaccine?
And things do start to come back to life?
All the oil in storage (Storage capacity will be full in a few weeks despite the OPEC+ production cuts BTW) will be used up quickly and the supply/demand curve will switch because there won't be enough oil to produce the products needed to meet demand when the time comes.
"How can anyone claim that a stock market that is only down about 15% from its formerly overvalued level has come close to pricing in all that we know is in the pipeline for 2020?"
It's really simple.
You can't.
Few months my ass.
Fucking moron.
Trust me, they know whats gonna happen.
It's not what they are telling you.
Trying to save every penny of his own he can would be my best guess.
2 Timothy 3:13
while evildoers and impostors will go from bad to worse, deceiving and being deceived.
Quoted text are from the following article:
Christians should rejoice, your book is being proven true.
Revelation 19:6-7
“Hallelujah! For our Lord God, the Almighty, reigns.
Let us rejoice and celebrate and give Him the glory."
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