Wednesday - March 18, 2020

Here Come The Big Gibbs

Hey, throwing piles of money at everything is the Democrat solution, so they can’t complain if Trump does it, right? Besides, what’s another trillion or two in debt?

Trump To Inject Massive Green To Heal Ailing Economy

Because just 10 days ago everything was super wonderful. And then??

Ahead of an expected surge in coronavirus cases, President Donald Trump on Tuesday moved to blunt the impact of the pandemic on a U.S. economy fundamentally altered by a push for the nation to stay home.

As the global markets fluctuated amid fears of a recession, the president conferred with tourism executives as well as restaurant leaders, retailers and suppliers. His administration was expected to propose a roughly $850 billion emergency economic stimulus to address the free-fall, including considering the sending of checks to American workers trying to make their way in the deeply unsettled economy.

U.S. businesses large and small were reeling from shutdowns, cancellations and public fear about the virus as the number of cases rose nationwide. Stocks moved higher on Wall Street on Tuesday, a day after plunging to their worst losses in more than three decades.

And in an instant they all line up with their hands out ...

NYC MTA wants $4B to keep empty subway cars running. Um, what??

Retailers want debt payment pause and billions in cash.

Hotels and BnB are hurting and needful too. Bigly, with everyone staying home.

$1000 for everybody? And $50B for the airlines

As the coronavirus begins to take its toll on the economy, the federal government on Tuesday said it was working to put cash directly in the hands of Americans.

“We are looking at sending checks to Americans immediately,” Treasury Secretary Steven Mnuchin told reporters. “Americans need cash now and the president wants to get cash now. And I mean now, in the next two weeks.”

The cash infusion would be part of an $850 billion stimulus package that Mnuchin is discussing with Senate Republicans — $50 billion of that which go to the embattled airline industry.

~~~~

Meanwhile, the stock market takes another dive, oil drops to lowest price since 2003

U.S. equity markets plunged in the opening minutes of trading, gutting a rebound on Monday.

The Dow Jones Industrial Average fell 1,268 points, or 5.9 percent, while the S&P 500 and Nasdaq Composite were lower by 5.4 percent and 5.5 percent, respectively. Trading is halted if the S&P 500 falls by 7 percent.

The early selling comes as the Trump administration and Congress hammer out the details of a $1 trillion stimulus package designed to prop up the most harshly pummeled sectors of the U.S. economy and give cash to those out of work.

Looking at stocks, Boeing shares were rocked as the company called for a $60 billion bailout for aerospace manufacturers.

Airlines, restaurants, hotels and casino operators remained under pressure as the Trump administration weighs assistance for the industries hit hardest by the pandemic.

Meanwhile, plunging oil prices hammered energy giants ExxonMobil and Chevron and weighed heavily on Hess Corp. and Continental Resources. West Texas Intermediate crude oil was down 8.1 percent at $25.10 a barrel, its lowest in 17 years.

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And just for fun, Canada and US are closing the northern border, except for essential traffic.

Canada relies on the U.S. for 75 percent of its exports. Much of Canada’s food supply comes from or via the U.S., and 98 percent of its oil exports go to the U.S. About 18 percent of American exports go to Canada.

Trudeau is currently in self-quarantine after his wife Sophie tested positive for the virus.

Future plans for the southern U.S. border remain in development.

Posted by Drew458     on 03/18/2020 at 09:11 AM   
Filed Under: • Border Security • Economics • Pandemic Pandemonium •  
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