Wall Street is only now coming to grips with the dislocation being wrought by the coronavirus.
The most brutal stretch for global markets since the financial crisis likely isn’t over yet, say investors and analysts who believe it is too early to assess the possible scale of economic damage from the coronavirus.
In just a few weeks, U.S. stocks have lost roughly a third of their value. In recent weeks, investors have even fled assets like U.S. government bonds and gold that typically do well during times of turmoil, underscoring the extent of the panic and the shock to once-robust investor sentiment delivered by the global health emergency.
But many analysts and portfolio managers warn that neither those declines nor recent extraordinary actions by the Federal Reserve are likely to signal the end of the market crunch. They note that by historical standards, stocks’ declines look modest compared with some prior downturns, given the early indications of how much damage virus-related shutdowns are likely to do to global growth. The S&P 500 is down 32% from its February peak. In comparison, stocks tumbled 57% during the financial crisis and 49% after the dot-com bubble burst in 2000 before beginning to rebound.
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WNU Editor: I am not buying the narrative that it is "too early to assess the possible scale of economic damage from the coronavirus". IMHO it is very easy to determine what the economic damage is (and will be) for the simple reason that it has already happened. This global pandemic is hitting us now, and it is going to be with us for the next year or two. The shock and trauma of what people have experienced and/or are experiencing right now is going to take a long time to dissipate. I should know because I experienced something like that when the Soviet Union imploded in the 1990s. No one thought that the economic collapse of the former Soviet Union would last for a long time, but it did. It is bad enough when you experience an economic dislocation and the hardship that it brings. It is worst when everyone around you is experiencing the same thing. This is going to be the reality for most Europeans and Americans in the coming months. No job and/or a job with limited hours. Dwindling or limited savings. And pressure from loved ones for help. In this environment the last thing people are going to be doing is investing in the stock market.
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It’s Barack Obama's Fault There’s a Shortage of N95 Respirator Masks
“after the H1N1 influenza outbreak in 2009, which triggered a nationwide shortage of masks and caused a 2- to 3-year backlog orders for the N95 variety, the stockpile distributed about three-quarters of its inventory and didn’t build back the supply.” - Bloomberg
"That's right, the shortage of N95 masks can be traced back to the H1N1 (swine flu) pandemic of 2009... when Barack Obama was president." - MATT MARGOLIS
Obama's Fault
And now Democrats will delay or end and effort to help fellow Americans unless, we fund Planned Parenthood to the hilt.
Obama has been out of the office for three years! who does the buck stop with, moron!
Exclusive: U.S. axed CDC expert job in China months before virus outbreak
Marisa Taylor
10-13 minutes
WASHINGTON (Reuters) - Several months before the coronavirus pandemic began, the Trump administration eliminated a key American public health position in Beijing intended to help detect disease outbreaks in China, Reuters has learned. Reuters
Washington (CNN)President Donald Trump began March with a barrage of false claims about the coronavirus pandemic -- understating the extent of the crisis, overstating the availability of tests, inaccurately blaming his predecessor and wrongly insisting that the crisis was unforeseen.
Trump made 50 false claims from March 2 through March 8, then 21 false claims from March 9 through March 15. Of those 71 false claims, 33 were related to the coronavirus. That is on top of some additional misleading claims from Trump about the coronavirus (we only count the false claims here), plus some false and misleading claims from members of his administration.
Trump is now averaging about 57 false claims per week since we started counting at CNN on July 8, 2019. From that date through March 15, he has made 2,062 false claims in all.
The most egregious false claim: The availability of coronavirus tests
On March 6, as doctors and health officials around the country were reporting a shortage of coronavirus tests, Trump said, "Anybody that wants a test can get a test. That's what the bottom line is."
In reality, Americans needed authorization from a doctor to get tested -- and even many people who did have a doctor's order could not get access.
This was Trump deceiving the country about one of the most critical problems of the crisis.
The most revealing false claim: Trade with Europe
Trump is serially reluctant to admit error, even trivial slips he makes while reading prepared speeches. Instead of correcting himself, he usually pretends that he has not slipped at all.
During his Oval Office address to the nation about the coronavirus on March 11, Trump, speaking from a script, announced that he was imposing restrictions on travel from Europe -- and then added that "these prohibitions will not only apply to the tremendous amount of trade and cargo, but various other things as we get approval. Anything coming from Europe to the United States is what we are discussing."
As he was forced to explain on Twitter after the speech, he was not actually banning trade and cargo from Europe.
So what happened? The usual, according to reporting from The New York Times and The Wall Street Journal. Trump's speech said the prohibitions would not apply to trade and cargo; Trump accidentally added the word "only," reversing the meaning; Trump plowed ahead as usual.
The most absurd false claim: Handshakes in India
Trump is regularly willing to make false claims that can be disproven using widely available video footage.
While meeting with the prime minister of Ireland on March 12, Trump was asked whether he was fine shaking hands with foreign prime ministers. Trump said they hadn't shaken hands that day -- then added, "You know, I just got back from India, and I didn't shake any hands there."
An Indian news website promptly published a photo gallery of seven Trump handshakes during his trip.
Obama has been out of the office for three years! who does the buck stop with, moron!
- Posted by the Screamer
Rebuttal
A) 3 years is a long time. Would you agree that 7 years is longer than 3 years?
I have to ask because you have demonstrated that you are illogical and duplicitous. You make those two an Xtreme sport.
If 3 years is sufficient time to replenish the N95 stockpile, then why did your God Obama not do so?
B) A person or a group can only perform so many actions in any given time. Democrats have filed lawsuit after lawsuit. These are not merely intended get people not elected, thrown out of office, or imprisoned, but also intimidate and wear down the political opposition. Make them expend time and money until they have none to do anything else. This the Jackass party has done in spades.
Thornberry says impeachment 'sucking all the oxygen out of the room' as defense legislation stalls
Thus whole thing started with allegation of hookers. Do not hookers not have names? How come you cannot provide the names?
Note you jihad against Team Trump is faltering
People *I use the term loosely in your case) like you were gloating that Flynn was convicted. Such a great day in your eyes. Now the FBI has 'conveniently lost all files. Looks like the the malfeasance was all by Team Jackass not Team Trump.
Sorry but you are guilty. You are part of Team Jackass, a proud member. You team, the Jackasses prioritize Planned Parent hood, illegals and everything else ahead of the citizenry of the US.
As I type, the Jackasses led by Head Jackass, Pelosi, are demanding the Panned Parenthood get more money or they won't pass any Corona Virus funding
Jackasses are shits.
"Dems BLOCK stimulus bill as Donald Trump calls for lawmakers to vote remotely after Rand Paul becomes first senator to contract coronavirus - and president jokes it's 'too bad' Mitt Romney is self-quarantining " - DAILY MAIL
Of course they did.
They want the country to suffer, so that they can get back into power.
Democrats: The Evil Party
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