Mnuchin: 'You're Going To See The Economy Really Bounce Back In July, August, September'

The Hill ^ | 04/26/20 | Zac Budryk

[SmokingJoe]

If I get a haircut every month and then I’m forced to stay home for three months, I’m not going to go out and get 12 haircuts in the next nine months just because I missed three months. Instead, I’m going to get through the next three months as best I can and then return to normal after that.

Yes. But they are going to have long lines for weeks when they open up. However, the lockdowns need to end now. The longer it goes on, the worse it gets.
President Trump was way out of of line attacking Georgia governor Kemp for trying to open up quickly. He should be praising th the guy everyday.

[SmokingJoe]

Yes.

[Alberta's Child]

Kemp was the only one Trump publicly criticized in all this, so I suspect there’s more to that story than meets the eye.

[SmokingJoe]

As far as sports is concerned, the NFL has been lucky. They haven’t taken much of any hit so far.
However, the lockdowns need to end before the start of their season.

[SmokingJoe]

Only thing I can think of is the Georgia US Senate replacement. I thought all that had been settled long ago.

[euram]

Once more and more states reopen the ones deliberately being kept closed by their democrat governor won’t be able to withstand the pressure from their subjects, I mean constituents. Even the tyrannical dem governors won’t bring down the wrath of the people on themselves just to curry favor with the media/dem complex.

[Starboard]

But for that to happen, the lockdowns must end NOW.

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Agree. We’re in uncharted territory and don’t know what the break point is. It could all suddenly come undone with a string of spectacular bankruptcies. We are playing with fire.

[Mr. Jeeves]

...or that many of those business owners/entrepreneurs will just do nothing for the next 10 years?

"What prudent merchant will hazard his fortunes in any new branch of commerce when he knows not that his plans may be rendered unlawful before they can be executed?" -- James Madison

The lockdowns have destroyed the potential for new business formation by declaring certain categories "non-essential" and thus illegal to operate. Most of our political class in both parties thinks that if they save Walmart and Amazon, they have saved the economy.

Having been so badly burned by a government that stabbed them in the back - many entrepreneurs will indeed do nothing over the next ten years. Some will, perhaps, focus on developing online businesses with offshore supply chains, using the smallest number of American employees and smallest square footage of American commercial real estate possible.

The virus made the mask slip, and the hatred of our political classes for the entrepreneur caste became fully visible. Knowing that such collectivist rage is always out there - and is so deeply embedded in our systems of government and education and media - will give pause to any potential business operator who lacks the budget to own and operate his or her own politician.

[9YearLurker]

Smart. Just not the least bit conservative or trustworthy.

He was the Chief Information Officer at Goldman, which then was the senior investment position. An insider’s insider.

Just look at the guys who presented all that evidence of fraud at the Clinton Foundation to the IRS, which has reported to Mnuchin for the last three and a half years.

Crickets.

[glennaro]

Many thanks for the info. I’ll check it out.

[ThisLittleLightofMine]

I agree, but alot of people are fearful. I do already see the people are spending money doing home projects, diy.

[Alberta's Child]

In defense of Mnuchin, I’d say he’s considering a re-opening of these establishments as an indicator of “strong growth.” The barbershop will not replace its lost income, but looking forward it will be back on its “normal” cycle.

[caww]

As Mnuchin stated......“I think as we begin to reopen the economy in May and June you’re going to see the economy really bounce back in July, August, September,” ......

I agree...I see people here already going about their business slowly venturing out...And I think businesses should just open who want to, so what if they get fined $500...stay opened anyway....it’s time business devote their time at ‘saving their business’ and risk whatever.

[Alberta's Child]

Your post explains why the governors in small states in the Northeast have been working so hard to coordinate their shutdowns. The last thing any of them wants to is to keep his state closed while his neighbor opens -- and all his constituents subjects cross the border to do business in the next state.

[Buckeye McFrog]

As you pointed out one of the greatest threats to the business cycle is uncertainty.

The uncertainty over precisely WHEN businesses can re-open is hurting us as much as anything.

Perhaps Trump thought he addressed it with his three stage plan, but he did not. The only date given there is “things can maybe start to happen after two weeks of declining cases” which can always be monkeyed with by Democrat statisticians.

He’s got to just come right out and say “Date X I am lifting the States of Emergency and America is Open for Business”.

At that point everyone on the Task Force except Pence should be banned from approaching a microphone.

[fortheDeclaration]

Not if they let this continue into May and June it won’t. Demand will be there, but no supply!

[Socon-Econ]

I haven’t heard Trump criticize anyone other than Kemp on this, so I suspect there’s more to this story than what’s been reported.
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I thought I read about Trump trying to slow down a second Republican governor yesterday. Sorry if I was incorrect. Anyway, Trump needs to go on an issues offensive.

[Sequoyah101]

Just as easy to think good thoughts as bad ones. It will take time but probably not two decades. Maybe 5 or 10 years for some of the really sloppy bankruptcies to be worked out.

For every loser there is a winner somehow. Sad for the losers though.

[GailA]

Not just small business our food supply has been compromised by chinese owners Tyson, Cargill and more, just as muslims took over our Malls.

Even OTC meds like Nexium are hard to find.

CHINESE OWNED, BIO VIRUS. 12 plants closed whose labor speaks 40 langues, just not ENGLISH have the virus, meat destroyed. Milk dumped, CARGILL slaughtered 5 chicken/eggs farm more to come ‘chinese owned’, farmers need to plant less next year, beef ranchers are next, fewer breed of beef and pork, it cost a lot to feed a non producing animal. You slaughter them. tons of potatoes to be plowed under. Baby formula, diapers rationed more than TP is. No frozen or little frozen veggies/fruit. Ever see a empty FF Isle? Not since I stared grocery shopping at 18, 72 in Aug. Even dog food kibble is in short supply. GREAT DEPRESSION 2. SENIORS, low income, children hit hardest. Great Depression under FDR people SOLD the Children they could not feed.

I'm nearly 72 and I listened to my grandparents stories of hardship. They lived in the hard hit Appalachian area.

[GailA]

BETTER hunker down with plenty of food, guns and ammo. Because if government doesn’t try to confiscate, your poorly prepared neighbors will try. HEIRATIGE seeds only. Hybrids don’t reproduce.