Re: Financial topics
Posted: Wed Apr 15, 2020 12:21 pm
Almost everywhere is less than 300 deaths per million population from covid-19, so 0.03% overall. The vast majority of these are older and have co-morbidities. As people realize that the 3.4% deathrate is just not true, the panic will fade.
People generally think the Fed can save the stock market and economy by printing money. I think if we keep seeing nearly 1 million people per day lose their jobs every thursday morning that people may start to lose their foolish faith in the Fed. Tomorrow's number will be interesting.
People who have lost their jobs need to drastically reduce their budget. One way is moving in with someone else. This means they no longer pay rent, a bunch like this no longer buying expensive coffee means that business may close and stop paying rent, these landlords can't pay their mortgages, etc, etc. There is going to be a cascade of problems.
Even as covid-19 panic goes down, the economic problems will get worse and worse. Over the coming weeks and months the panic should move to the economy and stock market. But exact timing unclear...
People generally think the Fed can save the stock market and economy by printing money. I think if we keep seeing nearly 1 million people per day lose their jobs every thursday morning that people may start to lose their foolish faith in the Fed. Tomorrow's number will be interesting.
People who have lost their jobs need to drastically reduce their budget. One way is moving in with someone else. This means they no longer pay rent, a bunch like this no longer buying expensive coffee means that business may close and stop paying rent, these landlords can't pay their mortgages, etc, etc. There is going to be a cascade of problems.
Even as covid-19 panic goes down, the economic problems will get worse and worse. Over the coming weeks and months the panic should move to the economy and stock market. But exact timing unclear...