* Steven Mnuchin reportedly said on Tuesday that unemployment may reach 20%
* The Treasury secretary made the comment during a meeting with US senators
* Mnuchin reportedly said he believes economic fallout from the coronavirus is potentially worse than the 2008 financial crisis
* Morgan Stanley and Goldman Sachs said a global recession is already underway
* A recession is defined as two or more consecutive quarters of negative growth
* New poll finds 18% of US adults have lost jobs or had hours cut due to crisis
* Trump for the first time acknowledged that the US 'maybe' faces recession
* Marriott hotel chain is beginning furloughs for tens of thousands of workers
Treasury Secretary Steven Mnuchin has reportedly warned that the US could see an unemployment rate of 20 per cent as the coronavirus plunges the economy into a recession.
On Tuesday, it was revealed that a global recession has already begun due to the spread of COVID-19 as major companies begin laying off employees worldwide and a fifth of US workers say that they have already lost wages due to the crisis.
Mnuchin reportedly made his remarks about the economy during a meeting with senators on Tuesday.
Read more ....
WNU Editor: I concur with their analysis. Trillions have been lost in the stock markets. Literally every business in Asia, Europe, and the U.S./Canada is impacted. And as for unemployment rates. I cannot help but sense that this 20% rate that US Treasury Secretary Steve Mnuchin is talking about is actually a low-ball number. And then there is the nightmare scenario where the Covid-19 coronavirus pandemic continues to spread in regions like Latin America, Africa, and the warzones of the Middle East. In that case the disease will always be with us until a safe vaccine has been developed to counter this deadly disease, a frightening prospect since a safe vaccine is projected to be only available by the middle of next year. If that becomes the case, this will not be a recession, it will be a depression that will take a long time for the global economy to bounce back.
Update: I have a lot of friends who own their own business in Montreal. When I think about their current situation, I cannot help but feel that half will be forced to close their doors permanently within three to four months.
More News On Morgan Stanley and Goldman Sachs Declaring A Global Recession Is Already Underway
Morgan Stanley says a global recession in 2020 is now the firm’s ‘base case’ -- CNBC
US entering coronavirus recession: S&P Global -- The Hill
Coronavirus has plunged the world into a recession, according to S&P -- CNN
Morgan Stanley officially says a global recession is now its base case as the coronavirus outbreak escalates -- Business Insider
11 comments:
We went from the 1918 flu Pandemic to the Roaring Twenties.
There will be no depression unless one is mandated by the aristocracy.
How the CDC Botched Basic Science in Its Attempt to Make a Coronavirus Test
"How the CDC Botched Basic Science in Its Attempt to Make a Coronavirus Test"
Wonder if squirrel regales its medical professional spouse with his latest headline that it has found?
This I do not wonder. Squirrel will not dig to find out why the reagent was bad or who provided it.
Squirrel will not tell us what the throughput yield of the reagent typically and what it was for the bad tests.
Squirrel will not trace the reagent chemicals back to the precursors and who provided them.
Is the company providing the reagents ISO certified and to what ISO standard?
What is the track record of the company providing the reagent.
Did the government go through the lowest bidder by law?
Will squirrel dig or will squirrel wait until the Washington Compost or NYT tells it. That is if it is advantageous for the Left.
On a scale of 0% to 100% squirrel makes B Poster look 10% not a troll. Squirrel merely dreams of breaking double digits.
10:09
You clearly did not read the last article, The New Yorker article, you posted. You are the one that should STFU.
10:09 aka Dumb Fuck
Fleet Admiral Ziemer of the brown shoes had 1 to 3 years to shape the CDC?
Did he make any personnel changes? Did he fire any incompetent employees?
How would a layer of Bureaucracy above the CDC Emergency Operations Center (CDC EOC) help?
Are any employees going to be fired now from the breathless Vice.com expose?
All I read in the story is a hit piece. Nothing in depth.
All I read is a 10:09 a statistically illiterate Dumb Fuck posting stories that he skimmed at most written by statistically illiterate 'reporter'. And I use the term reporter very loosely.
PS: Please post you IQ. It's okay to use post a value less than 1. We all need a good laugh in these troubled times.
Are Democrats Now the Party of Open Borders?
Are Democrats Now the Party of Open Borders?
As many Chinese as China wants
No health screenings
As many Mexicans as the Democrats want
No health screenings
Come on Down! The price is right!
COME ON DOWN! THE PRICE IS RIGHT!
COME ON DOWN! THE PRICE IS RIGHT!
Are Democrats Now the Party of Open Borders?
- MOTHER JONES
COME ON DOWN! THE PRICE IS RIGHT!
www.youtube.com/watch?v=zHoPx9jj_us
there have never been open borders between Mexico and our southern border
n retrospect, it’s now clear that when President Trump defiantly declared that “I don’t take responsibility at all” for key aspects of his catastrophic response to the coronavirus, he meant it both seriously and literally.
Two new developments drive this home with great clarity. Trump just rolled out a remarkably dishonest effort to rewrite the early history of this pandemic, and to blame the media for his own failings — at exactly the moment that a new report in the New York Times has now illustrated those failures in extraordinarily damning detail.
When Trump declared that “I don’t take responsibility at all,” he meant it seriously, in that this was more than a mere passing effort to dodge one reporter’s tough question. Rather, it was a clear statement of purpose and intent: Trump will not take responsibility for whatever we learn about his government’s failures, no matter how bad they are established to be.
Trump also meant this literally, in that he literally does not believe it’s his responsibility to effectively manage this response, and literally does not believe he is responsible for the consequences that will now unfold, which may end up proving unbearably awful.
“I always treated the Chinese Virus very seriously, and have done a very good job from the beginning,” Trump just tweeted, hailing his early decision to restrict travel from China. “Many lives were saved. The Fake News new narrative is disgraceful & false!”
This effort to erase the early history of the response is concerted and deliberate. It has been wholeheartedly embraced by some of his leading media propagandists. This rewriting effort will continue, and it will grow worse. Trump is set to hold a news conference on Wednesday, and when pressed about various failings, he will surely falsify key aspects of what really happened.
Nearly 500 Homeland Security employees are quarantined because of the novel coronavirus, and at least 13 are confirmed or presumed COVID-19 positive, according to documentation reviewed by POLITICO.
A DHS spokesperson would not to comment on the record for this story.
The department previously revealed that eight Transportation Security Administration officers had contracted COVID-19.
But the latest numbers are higher and highlight the challenge the novel coronavirus poses to the federal workforce. More than 240,000 people work for DHS, making it the third-largest workforce in the federal government. Many of those employees interact with numerous people every day as part of their work, including employees with Customs and Border Protection and the TSA.
“The department’s leadership is going to have to pay very close attention as this public health crisis evolves,” said John Cohen, former acting undersecretary of intelligence and analysis. “It has to be concerned that its ability to carry out its core mission could be compromised if there’s a widespread outbreak of the virus among DHS personnel. And quite frankly, that’s something that federal, state, and local officials need to be concerned about across the board — that this virus will spread among first responders, law enforcement, and Homeland Security personnel, compromising the ability of those organizations to protect the public.”
Anonymous said...
there have never been open borders between Mexico and our southern border
Never has been open borders because anon anonymously posted it on the internet?
We have a 400,000 to 1 million illegals caught every year at the border. Estimates are that only 1 out 3 people who attempt to cross are caught.
That means 8000,0000 to 2 million people cross into the US illegally ever year.
And to you that is not open.
You must be real fun at the dinner table or at a bar.
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