Posted on 02/25/2020 11:33:06 AM PST by Zhang Fei
The COVID-19 illness has not become a global pandemic, according to the World Health Organization, but it’s starting to act like an economic one. And the financial costs are mounting.
Near-panic over a spreading coronavirus sheared more than 1,000 points off the Dow Jones Industrial Average DJIA, -3.12% on Monday, with more and more companies having followed in Apple’s AAPL, -2.78% footsteps by warning of lower sales and supply disruptions that could cause even more damage in the next few months.
Just a few weeks ago, most economic forecasters were predicting a small impact from the viral outbreak in China. Since then the virus has made its way to South Korea, Italy and other countries, raising the prospect that it will spread worldwide.
The U.S. economy has been shielded from direct impacts of the virus, but the side effects are becoming more evident each day. Declining travel. Fewer foreign tourists. Supply bottlenecks for automobile makers and tech companies. The closure in China of popular American retail chain stores such as Starbucks SBUX, -3.01% and McDonald’s MCD, -0.65% . And so on.
Goldman Sachs on Monday raised its estimate of the economic damage to the U.S. for the third time in as many weeks. The bank now predicts the virus will shave eight-tenths of a percentage point from U.S. growth in the first quarter — double its original estimate. That’s a fairly big chunk of growth.
The truth, of course, is that no one really knows how much the disease will cost, especially if most countries that encounter the virus take the same steps as China in quarantining millions of people and shutting down large parts of their economies. The globe hasn’t suffered from a true pandemic since the Spanish flu in 1918 swept the world and killed up to an
(Excerpt) Read more at marketwatch.com ...
Maybe because of this...we’ll have less casualties from Regular Flu this year???? Just thinking out loud.
Who manufactured it? I hope they don’t use parts from China.
And why? I hear how this is made up, but I am not sure why. Can you enlighten me.
Dont forget EBOLA. Obola? Er ...
Still got my gallons of colloidal silver and moonstones.
OTOH, I have five of the indicators for worst fate.
The human fatality rate is 100%. Been a good run. Cheers, brother.
Is it unreasonable to think that this is planned...and now exaggerated by the dishonest media?
“...Just stocked up on 30 days supply of food. If it turns out to be nothing, I can still use it....”
Yep. Right there with ya. We live in a pretty remote, hurricane-prone rural area so we always try to stay well-stocked up anyway on the necessary supplies. Usually, this time of year, we’ll use up most of it, and let our time-limited supplies dwindle down in order to replace with fresh stock just prior to the hurricane season....not this year. We left at 7am this morning and just got back here with 6-8 week’s supply of non-perishables, potable water, OTC-type medicines, batteries, toilet paper, diesel fuel, gasoline etc. Almost $300 dollars worth of fresh supplies. I know someone will probably ask: The answer is: yes. Plenty of ammo (5.56 for the wife and 300 Blk for me) for both of our ARs, as well as plenty of .45ACP and .357SIG for the Glocks.
We feel about as ready as we can be, but hoping/praying all this utter deep state BS just blows over into nothing. IF so, no harm, no foul as we’ll already be well-stocked for the upcoming hurricane season.
But, why? I am naive, I guess. What purpose does this fear serve? There was a Stephen King book where the beast lived on fear. Star Trek too.
Are we really living in Star Trek? I want a green lady.
1) It is the flu, not typhoid.
Right its a bio warfare agent
2) Primarily the elderly are at high risk.
nope, plays no favorites
3) Wuhan is in central China. Most manufacturing is far, far from here.
But just handful of hours by planes that left 60-90 days ago. And we will feel the loss of those manufacturing facilities especially in medicine.
4) Most of those infected seem to be primarily of Asian decent, regardless of country, and regardless of the MSM blackout of this information.
The Italians, Egyptians and Iranians will be glad to hear that.
5) More people die from the garden variety flu than of the Coronavis.
Misnomer, as this is far more virulent that the ‘garden variety flu’ and may soon be approaching par with the Spanish flu
6) Some people don’t mind the drama surrounding a potential scary unknown.
Some people don’t keep up or have their head in the sand.
7) 99% of the people who get the virus fully recover.
Not COVID19 with a current death rate hovering between 3-4% (annual flue death rate 0.02%); recovered are often carriers and can have a second bout which is usually fatal - organ failure from the stress of the first attack.
8) It’s the flu.
We all wish is was but is not, especially the CCP, Xi and a host of grieving Chinese people.
The CDC keeps creating panic.
Cnbc is doing it right now.
I'm struggling to think of any competent government agency.
ok keep on believing, but be sure to check with the WHO and CDC soon which are on verge of declaring a pandemic
The Stand by king. Read it several times. Can’t stand POD author though.
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
*snicker*
never seen such hysteria over nothing.
Still ZERO deaths in the US.
No...not unreasonable...but, I’m trying to live in RealityVille....being prudent...and hoping our President really DOES have a handle on this. I think the supply line interruptions could be a problem. I also fear flu...I have an Immune System disease myself. So, all the people over the past few years who thought I was weird because I would not shake hands with them (I tried to be polite)....now may understand...Now...my husband is a little more paranoid than I am, but we balance each other out...lol.
BUY.
The Italians, Egyptians and Iranians will be glad to hear that."
I think MOST of the Italians, Egyptians and Iranians affected are of Asian descent, are they not....or do we know?
I thought of Perillo tours when I learned Italy was involved with corona. They were a mainstay in NYC for tours and limousines for decades. And yes, they’re going under as are the cruise lines.
I KNOW! I was posted that to point out that even flu kills, and that LOTS of folks died from the flu last year- whikle not many are dying from coronovirus YET
some are, some are not - this neither an agist nor a racist virus - equal opportunity infection virus
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