There is no indication that the politicians have a clue on how to fight Covid or save the economy. As a result Americans are going hungry and cannot pay their rent. Meanwhile Washington twiddles it’s thumbs. Corporate greed has wiped out the economy. There is nothing left of value.
And then the stock market is going to crash. Because it was a bubble all along. How can you have a stock market that keeps going up despite catastrophe everywhere:
Yet it would appear that disaster is looming for equities.
Though Wall Street and Main Street aren’t attached at the hip, three economic indicators would suggest that the stock market is in very big trouble and headed for a crash.The Motley Fool
There is no recovery coming soon. Which is the only thing that save the economy. And it’s happening because the politicians have mishandled the Coronavirus pandemic:
Stark evidence of the damage the resurgent viral outbreak has caused the U.S. economy could come Friday when the government is expected to report that the pace of hiring has slowed significantly after a brief rebound in the spring.
As the coronavirus continues to transform a vast swath of the economy, it’s becoming evident that millions of Americans face the prospect of a permanent job loss that will force some to seek work with new industries or in new occupations. If so, that would lead to a slower recovery in the job market than if restaurants, hotels, bars and retail shops were able to fully reopen and recall all their laid-off employees. Few expect that to happen.
Things have gotten so bad that investors are fleeing the U.S. dollar and turning to Gold:
Safe-haven gold scaled an all-time peak on Wednesday, extending a record run above the $2,000 mark on a weaker dollar and bets for more stimulus measures to revive a pandemic-ravaged economy.
Spot gold hit a record high of $2,030.72 in early Asian trade around 0234 GMT, but later dipped to $2,014.41, with the slight retreat attributed to profit-taking.
Trump and the Republicans are so insane that they are willing to burn the country down because doing a deal with Democrats is sacrilegious. America is literally being hostage:
The headline from last Thursday’s report by the Bureau of Economic Analysis (BEA) on second quarter GDP was horrific: The economy contracted 9.5 percent from April through June. On an annual basis, GDP fell at an astounding rate of nearly 33 percent. Still, there’s another ominous aspect to the agency’s findings that has gone largely unnoted: The pandemic-driven collapse in GDP occurred even with trillions of dollars of government aid dispensed through emergency checks to households, expanded jobless benefits, and payroll grants.
Now, as the pandemic worsens again—infections are surging across much of the South, Southwest and Midwest—we may well need to face another period of largescale shutdowns, like those that stalled out the economy in April and May. But the White House and congressional Republicans are balking at a second, comparable round of emergency assistance. The data suggest that their quibbling and stalling risks a national depression.