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Senior Advisor

US cases flattening

which right now means that new cases are diminishing modestly in NY.

But on our way to the highest daily death total.

If the urban hotspots begin to be contained, what the future is starting to look like is smoldering embers there and everywhere and little (hopefully) hot spots popping up anywhere for a year or more. Might very well see daily death totals in the hundreds for many months after the big curve is well into decline.

I don't know what life, or economic activity, will look like. I assume that unemployment will remain above GFC levels for many quarters and economic activity and profits will remain subdued.

Tens of millions of people who have been hit hard in the last month- employess and business owners- will not be made whole by whatever assistance they received plus the return of a bad job market vs. a horrible one.

But for now, Wall Street loves that Fed and Govt. cash. I'm going to sell this bounce sometime soon but in a fashion that I can live with- it can go on longer than you can remain solvent.

1 Reply
Senior Advisor

Re: US cases flattening

Treasury just gave approval for banks to seize individuals' emergency relief payments.

Did not require clawbacks of incentives to corporate managements and boards that ran their companies out of cash with buybacks in order to cash in.

Can't be true! The next thing you're gonna tell me is that the Senate Majority Leader's wife was on the board of Wells Fargo during one the greatest white collar crime sprees in history and received $Ms in compensation. Then she was made Secretary of Transportation.