Just because something is going to happen doesn't mean a steady and wise hand can't mitigate the damage and manage it responsibly.
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CNBC: Stock market being halted for 15 min to combat dramatic 7% plunge of stocks, DOW and S&P 500
- Thread starter BAD
- Start date
Just because something is going to happen doesn't mean a steady and wise hand can't mitigate the damage and manage it responsibly.
Trump's Katrina was Puerto Rico. And Puerto Rico was handled worse than Katrina.
He doesn't even realize that he just confirmed the virus is 60x more lethal than the flu, according to those numbers.
Looking up those numbers, over 35.5 million Americans got the flu last year, with 37,000 dead, which is a mortality rate of ~ 0.1%.
According to these same numbers, Trump's saying the Corona Virus has a kill rate of over 6% (significantly higher than the global average of 2% as well).
That's an INSANELY lethal virus.
I would go halfway with this. A recession was probably happening sooner than later as a market correction was inevitable. The administration's handling of the virus outbreak doesn't help at all with the situation.
He most certainly exacerbated it with his handling of the uncertainty.
That's what I keep thinking. Interest rates are at a ridiculous low right now so it's tempting.
Trump's gutting of the CDC's pandemic preparedness and the absolutely inept response from the government has certainly contributed to it.
The US and South Korea both announced their first cases of coronavirus on the same day. Since then, the US has tested over 6,000 people, while South Korea has tested over 196,000.
I would take a cheaper house later for a bit higher interest rate. When things dropped in 2008, they dropped hard.
Imagine living in a country that prioritizes public health...
Do you have evidence of this? It's plausible, but I think people need to recognize that the 2008 crash isn't a copy/paste of the current issues.
Very true. Good point.
Makes sense since houses that go up are getting snatched same day for record high prices.
The mortality rate in South Korea, where more than 1,100 tests have been administered per million residents, comes out to just 0.6%
Yes, significantly. When this gets bad it cascades in ways that the flu doesn't.
Honestly? This combination of scenarios is so bad, I don't think there is a direct comparison for Trump.
once you break down the mortality rates by cohort "it's not as bad as the flu" turns into a bad joke. The curve on covid is not close to peaking, millions of people are probably going to fall victim before it does.
The fact that it will be closer to 1 million then 100 is somewhat comforting but it's not nearly enough to make the societal impact of covid marginal
The fact that it will be closer to 1 million then 100 is somewhat comforting but it's not nearly enough to make the societal impact of covid marginal
Tried to explain that to my dad and he wouldn't believe it because "where did they get the test kits from?" If America, the best country in the world, doesn't have enough kits, no other countries with less freedom and production can't have more or have a more effective response, is the conservative logic
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South Korea has roughly half the GDP per capita vs. the U.S. But they have universal health care.
They've tested far more people, with roughly 12x the number of confirmed cases, but only 2x as many deaths (44 vs. 21, as of an article yesterday).
It just kind of drives the point home - here in the states, we really have no clue how many people actually have this. And instead of that being a comfort, as our dumb President* suggests, it's scary because that just means it spreads so much easier. Especially when he's telling folks to keep going to work if they're sick, and so many people are un-/under-insured, fearing bills they can't pay were they to visit a doctor for their symptoms. (With horror stories about that already in the news.)
You might want to check what South Korea is doing regarding the COVID-19 virus. Hint: it's exactly the opposite of what US is doing.
It's pretty likely that the actual number of cases in the US is much much higher than it currently is, so I doubt the mortality rate is as bad as it looks right now. The CDC putting out that useless test, being slow to correct it, and slow at scaling up testing has all contributed to the low confirmed case number and high mortality rate. I hope as testing scales up that we have a more accurate case count and the mortality rate isn't as awful as it is here compared to everywhere else. Then again our healthcare system is absolute trash, so maybe we just get fucked...
Stopping high frequency trading algorthims from spiraling into the dirt before flesh and blood humans can react? That's my wild ass guess.
Just a couple more days of this hysteria and it will be time for me to come in and buy up all the cheap stocks
3,000 lives lost. Almost twice as many as Katrina. We should never forget.
Everyone's retirement would be fucked.
It would hurt a lot of people, not just the 1%.
To be fair, south Korea has a huge amount of people tested and has a low death rate (less than 1%)
There's hope that the only reason the virus has a high death rate in certain countries (USA, Italy) is because they are only testing people who have significant symptoms, and all the mild cases fall under the radar. Making the death rate much higher than it really is.
True, but remember this is the same administration that refused to acknowledge over 3000 dead Americans in Puerto Rico, claiming the numbers were misleading. Crazy to realize the White House's official death toll is still around 64 people. Total.
We could have thousands dead of this virus and Trump would claim it was something else or ignore the deaths entirely.
I get the reference but let's use someone other than Kanye this time, I have a feeling he won't rag on trump like he did Bush even though it's 100% still applicable.
His base is already locked in, and accepts no other source of information than Trump and Trump surrogates. Any deaths of friends or loved ones will be because of the democrats.
Trump will have to be, as he has always been, outvoted by vast superior numbers. You can not bank on alienation.
I know people are freaking out, and maybe this speaks to my own lack of understanding of economics, but historically speaking, still looks like the rich are doing just fine... :-/
You don't have to be rich to buy stocks. Anybody with a smartphone and an ID can do it.
The lack of financial education/literacy in this community and social media at large is seriously alarming
Trump's base is not enough to win re-election; defeating him is not contingent on his FOX News zombies abandoning him.
I can't even begin to express how much I miss having Obama at the helm right now.
It won't be his response that does him in. We are still far away from the election for it to have an impact. What will do him is the economic impact and what could be a recession brewing. The economy is the only thing Trump has going for him. Everyone hates him besides his cult like base, but some people will continue to support him as long as the economy is strong. That's far from certain anymore.
Even "not rich people" have retirements locked up in pensions and 401ks that are directly hit by this.
Wealthy people will be fine, buy more houses, own more businesses, etc.
Normal people will lose their houses, jobs, and retirement as they age.
Wealthy moderates might actually swing for Biden because of all of this. Sure he has his base, but well off people will vote in their own interest and they'll see Biden as someone who is "back to normal" and won't disrupt that much financially, but will actually be an adult in the midst of the chaos.
This is bad for Trump (who barely won the states he needed).
Biden is visionless enough for independents to vote for him instead of Trump.