Posted on 03/17/2020 7:03:48 PM PDT by Red in Blue PA
WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin warned Republican senators on Tuesday that failure to act on a proposed coronavirus rescue package could lead to U.S. unemployment as high as 20% and lasting economic damage, a person familiar with the closed-door meeting said. Mnuchin met with senators to persuade them to pass a $1 trillion stimulus package that would send cash to Americans within two weeks and backstop airlines and other companies.
(Excerpt) Read more at reuters.com ...
I predicted that people would start openly defying bans on public gatherings within two weeks. Now I’m thinking many small business owners will start opening their doors within one week at most — regardless of what any government official says.
25% was the number during the Great Depression IIRC.
Thank you.
Hiring begets hiring, layoffs beget layoffs. The old economic multiplier. I pray that Mnuchin is wrong, but it is not out of the realm of possibility.
Pretty much all industry is whacked.
“This should be a 3-6 month problem then slowly back to normal.”
See #6.
Is it because everyone got quarantined and the national guard was called out in 2008? Yep sounds like 2008 to me...
Depression
A true time for choosing.
Yeah. It's crazy thinking, but I feel like there is a fundamental transformation going on, and not by accident.
We shut our biz down Friday. I spent the day issuing refunds......which means we paid the double service charge. I have about $4k in expenses coming in about the next month. And I’m better off than most to ride this out.
no the frantic demands to stop the bleeding, Hank Paulson begging, almost exactly like alarmist Mnuchin.
Don’t tell the Saudis and Russians that our cost of production is lower than 27 now.
What a clusterf##k.
My three shops shut down this week. My daughters work shut, other daughter just back from Miami (thank God) and wife iare telecommuting and kids are home. Two sons still working at the internet factory to keep everybody working from home. Gonna plant some beets and greens tomorrow. Fun times.
the airlines, travel and tourism, close Vegas, close the restaurant and bar industry, close theaters, close gyms, and let our dickhead Saudi allies drop oil
= = =
Ponder how ‘plush’ we US citizens are, if such a large portion of our spending is on these activities.
Not a criticism. An observation.
My farmer Dad (and us kids) enjoyed a Sunday afternoon drive to a lake, and maybe a stop for a hamburger or a soft serve.
This could be much worse than 2008.
Macy’s just closed a store where #1 son was assistant manager. 20% unemployment is a real possibility during this epidemic, and might last for six months.
Amazon is already putting tremendous pressure on the Macy’s of the world. Hard to see Macy’s and b&m retail in general recovering from this catastrophic event.
This could be much worse than 2008.
As crazy as it is now I think the aftershocks will be just as damaging. Housing and banks in particular. Most likely we are looking at several additional $1 trillion bail outs in the near future.
Has anyone seen Ivanka a lately?
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