Daily Mail: Ex Federal Reserve chair Janet Yellen says the real unemployment level could be 21 MILLION and that GDP is down by 30% as she warns of a depression
* Yellen said: 'If we had a timely unemployment statistic, the unemployment rate probably would be up to 12 or 13% at this point and moving higher'
* She warned the downturn is 'absolutely shocking' amid the coronavirus outbreak
* 'This is a huge, unprecedented, devastating hit', Yellen told CNBC Monday
* New claims for unemployment benefits rose to 6.65 million last week
Former Federal Reserve Chair Janet Yellen said Monday the real unemployment level could be far higher than officially recorded as she warned of a depression.
Yellen told CNBC second-quarter GDP could decline by 30 per cent and unemployment is already at 12 per cent and 13 per cent amid the coronavirus outbreak.
She warned the downturn is 'absolutely shocking', adding: 'If we had a timely unemployment statistic, the unemployment rate probably would be up to 12 or 13% at this point and moving higher.'
With a labor forced of 165 million that means up to 21 million Americans unemployed by Yellen's calculations.
Read more ....
Update #1: Janet Yellen says second-quarter GDP could decline by 30% and unemployment is already at 12%-13% (CNBC)
Update #2: Janet Yellen warns coronavirus-hit US economy could contract 30% next quarter, says unemployment might already be 13% (Business Insider)
WNU Editor: The U.S. markets have a different view, with massive gains today on all of the indices .... US STOCKS-Wall St soars on hopes of slowing coronavirus deaths (Reuters).
17 comments:
The DJIA jumped 1627 points today on some pretty good news on the downturn on virus deaths. The market is volatile and will react to ANY coronavirus news with a large swing one way or the other. Just imagine if hydroxychloroquine started to have an effect on the disease and people begin to recover in huge numbers.
It must be difficult for US Democrats and media to fathom a rebound from this disaster in any sort of timely fashion. Why, a good economy is the last thing that can happen. Trump my get reelected. Horrors!
That's why these same people are blasting both Trump and the drug as foolish fantasy. It will probably work exactly as its been advertised.
And reliably, a Democrat hack from the Obama admin is cheerleading a US economic depression. She ran the San Fran federal reserve bank as well. So its easy to discern where she's coming from and its an evil place.
Models
Models are not actual data. They are quasi data or meta data or something, but they are not actual data.
"On Monday the Institute for Health Metrics and Evaluation (IHME) model cited by the White House Coronavirus Task Force lowered its projections of coronavirus deaths in the United States by August 4 to 81,776, down more than ten percent from the 93,765 projected on April 1, as Breitbart News reported on Wednesday." - Breitbart
So they revised their scary children's story from 2 million to 100k to 200k. Yesterday I read Bill Gates say under 100k.
Now, we have 81, 776.
From 2,000,000 to 81,776. That is 2 orders of magnitude. That is not ballpark. Is it even a good WAG?
For this the Democrats crash an economy and try to impeach a president. They were and are going to try to impeach for whatever course of action he takes.
When are the Democrats going to fucking apologize for being Hitlerite, power grubbing scumbags?
We could make a fair trade with China. We take their Uighurs and they take our greedy liberal MFers.
I thought I heard a doctor say that chloroquine works by opening ion channels in cells allowing more zinc in.
So you have to take chloroquine with zinc. This makes a little bit of sense to me as the body also use copper and copper is a poison. The body uses copper sparingly (It is a poison after all.) as part of the immune system to kill things. I think it is the valence of the copper and probably the zinc that does the trick.
Chloroquine with zinc works. Liberals abstain from the unholy chloroquine and can go visit their local shaman instead.
Talk about being a Debbie downer
Why might the US go into recession?
Because Democrat leaders are shithead lunatics
Rep. Tavia Galonski of the Ohio House of Representatives and Chair of the Ohio Women’s Caucus
In 2020, she said that President Donald Trump should be tried for crimes against humanity in The Hague, which is the site of the International Criminal Court (ICC), for recommending the use of hydroxychloroquine as a treatment for COVID-19."
Just when you think Democrats can go no lower, they shit all over American citizens again and again.
It is what they do. It is all they. They feel no pity...
Is still a projection, the markets are volatile and, more than that THEY NOT CONTROL ITSELF, neither aid to emergency!
The system is failed and coronavirus has expose all its weakness.
Have yours insulted Bernie Sanders because he wants a more social democratic America, more humanity and state control in economy. Boycotted even by Democrats, brainwashed by liberism, he was right.
Thinking only to make money, waging wars for that, killing workers for that, pushing inequality for that, destroying environment for that, crushing welfare system leaving the poor facing a privatized care for that, cutting labor and fiscal laws for that.
As it happened in my Italy.
Now, thanks to conserworms policies, you have the Nazist State of America.
"The system is failed and coronavirus has expose all its weakness."
Dogs & Cats are living together.
Give us good old fashioned communism with its empty store shelves like under the good ole Soviet Union.
"Give Bolshevism another try" - Young Communist
Italy has the 4th oldest population in the world. With a preponderance of elderly, it is not a surprise that Italy would have a high death toll.
Italy has a relatively high smoking rate. So again it is not a surprise that Italy has a lot of deaths per capita.
Now Young Communist, Mr. Know Nothing, I married a communist. Between that and reading current events and history, I know communism is shite.
Why are yous still living at home with your mother? Go out and get a job. Don't regale us with how much better living in a commune is, ya dope.
In late January, President Trump's economic adviser Peter Navarro warned his White House colleagues the novel coronavirus could take more than half a million American lives and cost close to $6 trillion, according to memos obtained by Axios.
The state of play: By late February, Navarro was even more alarmed, and he warned his colleagues, in another memo, that up to two million Americans could die of the virus.
Navarro's grim estimates are set out in two memos — one dated Jan. 29 and addressed to the National Security Council, the other dated Feb. 23 and addressed to the president. The NSC circulated both memos around the White House and multiple agencies.
In the first memo, which the New York Times was first to report on, Navarro makes his case for "an immediate travel ban on China."
The second lays the groundwork for supplemental requests from Congress, with the warning: "This is NOT a time for penny-pinching or horse trading on the Hill."
Why it matters: The president quickly restricted travel from China, moved to delay re-entry of American travelers who could be infected, and dispatched his team to work with Congress on stimulus funds.
But Trump was far slower to publicly acknowledge the sort of scenarios Navarro had put in writing.
One senior administration official who received Navarro's memos said at the time they were skeptical of his motives and thus his warnings: “The January travel memo struck me as an alarmist attempt to bring attention to Peter’s anti-China agenda while presenting an artificially limited range of policy options."
"The supplemental memo lacked any basis for its projections, which led some staff to worry that it could needlessly rattle markets and may not direct funding where it was truly needed."
Navarro declined to comment for this story.
Former White House chief strategist Steve Bannon defended Navarro's motives, calling the memos "prophetic" and saying Navarro was forced to put his concerns in writing because "there was total blockage to get these facts in front of the President of the United States."
The "naivete, arrogance and ignorance" of White House advisers who disagreed with Navarro "put the country and the world in jeopardy," Bannon said, adding that Navarro was sidelined from the task force after the memo.
"In this Kafkaesque nightmare, nobody would pay attention to him or the facts."
The Jan 29 memo set out two stark choices "Aggressive Containment versus No Containment."
Navarro compared cost estimates for the choices and wrote that the Council of Economic Advisers' estimates for stopping travel from China to the U.S. would be $2.9 billion per month. If the virus turned out to be a pandemic, that travel ban could extend 12 months and cost the U.S. $34.6 billion.
Doing nothing (the "No Containment" option) could range from "zero economic costs" to $5.7 trillion depending on the lethality of the virus.
On the high end, he estimated a scenario in which the coronavirus could kill 543,000 Americans.
The Feb. 23 memo did not advertise its author as did the first but it was written by him and distributed to numerous officials through the National Security Council. It was titled as a memorandum to the president via the offices of the national security adviser, chief of staff and COVID-19 task force, and the subject line described as a request for supplemental appropriation.
How many news articles will squirrel cut and paste today with Elmers?
Copying and pasting entire news articles is breaking the law.
Especially without quotes or attribution.
But I would expect no less from a Biden voter.
How many pics of naked white women will squirrel peruse, copy and paste? Funny but there is never seems to be minorities ogled by the squirrel.
Earth to squirrel
Earth to squirrel
Earth to squirrel
Come in squirrel
People dying in old folks home do not destroy the economy.
Idiot Democrat governors locking down the US and putting young people out of work does.
Logic was never squirrel's strong suite. but really squirrel does not have s strong suite.
SISSY BOY WITH MORE INSULTS? MOMMY LET HIM OUT OF BED JUST NOW?
Last month, rumors that Fox News was bracing itself for a potential “legal bloodbath” after misleading its millions of viewers about the coronavirus pandemic began circulating. Now, it’s finally happening.
The network and its billionaire owner, Rupert Murdoch, have just been slapped with a lawsuit by a nonprofit in Washington State that is accusing the network of “willfully and maliciously” spreading false information about the severity of the coronavirus pandemic.
Related: Fox News purportedly bracing for “legal bloodbath” after peddling coronavirus misinformation
The 10-page complaint was filed last Thursday by a watchdog organization called the Washington League for Increased Transparency and Ethics (WASHLITE). In it, the network is accused of launching a “campaign of deception and omission regarding the danger of the international proliferation of the novel coronavirus.”
The lawsuit specifically names Fox News anchors Sean Hannity and Trish Regan, who it says “acted in bad faith to willfully and maliciously disseminate false information denying and minimizing the danger posed by the spread of the novel coronavirus.”
Three weeks ago, Fox announced it had “parted ways” with Regan after she called the coronavirus a politically motivated “scam” by Democrats on her March 9 show. That same day, Hannity called it a “hoax” on his show, but for whatever reason he remains on the air.
Many believe Regan’s firing was a preemptive move on the network’s part to try and stave off any potential lawsuits. Unfortunately for them, the plan didn’t work.
SISSY BOY WITH MORE INSULTS? MOMMY LET HIM OUT OF BED JUST NOW?
Is that the best you got Fred R. Lapides?
People’s patience may be waning. After early poll numbers showed that a majority of Americans approved of Trump’s response to the outbreak, his ratings have started to slip. An ABC News/Ipsos poll showed only 47 percent approved of his efforts, with 52 percent disapproving.
By contrast, New York Governor Andrew Cuomo, who also has been holding televised daily news conferences during the crisis, enjoys 87 percent approval. That’s the sort of rating leaders normally get at the early points of a national crisis—a level Trump has not been able to match.
Trump isn’t about to stop talking; the cable networks won’t stop filming. One person who will be watching is Montanino. She told me that a friend’s husband recently died from the disease and that she’s seen more people getting sick. There’s something she’d like to hear Trump say, an unadorned message free of any politics: “I don’t have this under control, but we as a nation will get through this,” and then, perhaps, step aside for the experts to give life-and-death answers.
"WASHLITE was incorporated in September 2017 by an Onalaska, Lewis County, man, according to the Secretary of State’s website, but the nonprofit does not appear to have any other web presence." - Seattle Times
"One of WASHLITE's board members, 59-year-old Arthur West, bragged ... " - The Blaze
"The Daily Beast notes, however, that lawsuits such as WASHLITE's will likely fight an uphill battle in court on First Amendment grounds." - The Blaze
Liberals like Fred have a very good track record. Flynn is still not in jail and it has been shown that the government broke the law many times over. Meanwhile liberal heart throb, Michael Avenatti, is or will soon be in jail.
Trust me Fred, we will get the "Rest of the story" on Arthur West. But that time you will have MovedOn(.org).
Meanwhile, there are these stubborn things called facts. I know your hero, Quid Pro Joe, said "We choose truth over facts", but facts are stubborn things.
"How does the new coronavirus compare with the flu?"
"The new coronavirus causing COVID-19 has led to more than 454,000 illnesses and more than 20,550 deaths worldwide. For comparison, in the U.S. alone, the flu (also called influenza) has caused an estimated 38 million illnesses, 390,000 hospitalizations and 23,000 deaths this season, according to the Centers for Disease Control and Prevention (CDC). "
Panting!
ut this pandemic has also functioned like an MRI scan, revealing in stunning detail the disfigured organs and systemic afflictions of our political economy—the underlying conditions that preceded today’s disgraceful leadership. As financial markets crash and unemployment surges at a historically unprecedented pace, it’s evident that it’s not just humans, but also our economic system, that is acutely susceptible to the virus.
Stillness is lethal for a capitalist economy. That vulnerability of our economic engine is why the GOP has dropped its odes to rugged individualism and self-reliance and emerged as a champion of big government in a matter of weeks. Republicans have been happy to dispense government handouts, spearheaded the largest stimulus measure in modern American history, and signed off on free medical testing. Trump panned the Defense Production Act, which requires private companies to prioritize any federal government orders for products, as a socialist policy—and then went ahead and used it.
For evangelists of laissez faire capitalism, the jig is up. The $6 trillion package of loans and grants for corporations, businesses and individuals has shown that the issue has never been whether the government can afford to spend a great deal of money to deal with the shortcomings of a market economy, but rather whether those in power wanted to spend it. If Sen. Mitt Romney (R-Utah), a former private equity executive who famously characterized 47 percent of Americans as self-victimizing parasites on government, is leading an effort to distribute no-strings-attached checks to Americans, then Republicans have confessed that their argument that it’s bad for the economy to assist ordinary Americans was a ruse.
It took a crisis that cuts mercilessly across class, race and geography—and frightens many people on a visceral level—to unveil how much of the way we think about money and services and who deserves them is not just a technical economic calculation, but also a moral and political one. The American politician who has demonstrated the best grasp of this reality is Sen. Bernie Sanders, who now faces almost impossible odds of becoming the Democratic presidential nominee, but whose case for pursuing democratic socialism is more compelling than it’s ever been.
Covid Is Forcing the GOP to Admit Its Ideology Is Delusional
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