Posted on 02/25/2020 6:50:40 PM PST by SeekAndFind
National Economic Council Director Larry Kudlow tried on Tuesday to assuage concerns over the cornavirus and its impact on the U.S. economy.
“We have contained this. I won’t say [it’s] airtight, but it’s pretty close to airtight,” Kudlow told CNBC’s Kelly Evans on “The Exchange.” He added that, while the outbreak is a “human tragedy,” it will likely not be an “economic tragedy.”
“There will be some stumbles. We’re looking at numbers; it’s a little iffy,” Kudlow said. “But at the moment ... there’s no supply disruptions out there yet.”
Kudlow’s comments came as the stock market tanked for a second straight day amid worries that the coronavirus outbreak would lead to a prolonged global economic slowdown.
The Dow Jones Industrial Average was more than 700 points lower Tuesday, down 2.7%. On Monday, the 30-stock average had its worst day in two years, dropping more than 1,000 points.
Investors dumped equities in favor of U.S. Treasurys, which are traditionally seen as a safe haven during volatile stretches for the stock market. The benchmark 10-year Treasury yield dropped to 1.32% to reach an all-time low. The 30-year also traded at a record low. Yields move inversely to prices.
Still, Kudlow said the U.S. is “holding up nicely,” adding, “All I can do is look at the numbers.”
(Excerpt) Read more at cnbc.com ...
I think Trump is doing a perfect job. The last thing he should do is say anything to create a panic. I’m simply saying that it’s prudent to take some precautions in case this ends up hitting us hard. Buy some extra canned goods and make sure your prescriptions are filled. Common sense. Hope for the best, but plan for the worst.
I can only conclude that Kudlow wants to see Trump DEFEATED in November. Nothing else makes sense, given that China is STILL fully shutdown.
Thanks...
Dick Morris is for contra-indicator Politics.
Paul Krugman is the contra-indicator for Economics.
“Yet Apple has no iphones.”
OH PLEASE - the iphones no longer being made are for OVERSEAS customers. The iphones for the United States materialize out of thin air, so we’re not impacted.
Exactly.
China is shut down because this is 100% their F-up and the entire world knows it.
China knows if they don’t stop the spread before it gets to Africa, or Latin America, or other 3rd world shitholes that China was trying to buy off, these places will drag Chinese people into the streets and set them on fire.
This virus threatens China’s dreams of world domination so they will take the economic hit for a quarter or two until the chances of spread are lower.
That’s what I’m thinking. We are heading into Spring, and the temps rising should help.
Strange math you have there...not all of the “currently sick” will die, so I think your 15% “mortality rate” # is way off. I prefer deceased / # of cases so you can compare it to past U.S. flu seasons....for example...the 2017-2018 U.S. flu season had roughly 44.8 million sick with flu with 61,099 deaths for a “back of the napkin” “mortality rate” of 0.14%. So for Western countries (I am taking out China & Iran #’s due to possibly “way off” numbers), we have 2805 cases of COVID-19 with 29 fatalities for a “mortality rate” of about 1.03%. (7.4 x higher than the regular flu). This is way early in the pandemic so these %’s are subject to a large change. For Australia they have had 22 cases with 18 recovered and 4 still sick for a mortality rate of zero so far. (Small sample size). Without accurate “# of people who got it” and “# of deaths” numbers, any “mortality rate” calculations are kinda bogus...how many people in China (3.5 billion of them) got coronavirus and stayed home (not counted) how many of those died? How many recovered? Too much margin for error.
https://www.cdc.gov/flu/about/burden/
https://www.cdc.gov/flu/about/burden/2017-2018.htm
https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6
Hr>February and March seem to be the last two big virus months. Yet the incitement of panic by the media seems to be starting to accelerate. Big disconnect.
My mortality rate for the global number was over 60% at one point, as more
and more people became infected, but very few people had the illness long
enough to recover.
At that point a 2.2% mortality rate was showing using your method, and I
think that’s going to wind up too low.
In the end, we will take the people who died, and divide that number by
the people who died plus the people who recovered.
That will be the final accurate percentage, when the last case is resolved.
Not trying to give you a hard time. Others may prefer your way of doing it.
Well I’m feeling assuaged...
In the end, the death toll will be less than SARS, and SARS will be less than that from the flue!
The stores seem to be full of junk food as always. We import very little food from China except for some seafood
Canned goods so you don’t have to venture out if COVID becomes widespread. Pharmaceuticals because we are dependent on China for them.
NO. They are worried that what they STOLE from Canada--and modified--is more than they can handle. We have to use this opportunity to get EVERYTHING out of China--move some or even most of it to India (our FRIENDS) and China can literally go to HELL.
You concern trolls are such busy bees.
I’m digging a hole and buying 10 years of food to stock it. And more guns to prevent Corona-Zombies from stealing my food.
OK. Not really. I’m too old to run around in circles and scream.
“HEY STUPIDS...China has locked down ENTIRE cities, barricading them in with dirt, and guards...for a glorified FLU?” yep. Not sure why it’s not sinking in... sigh.
Except maybe Houston.
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