Markets brace for black Monday as Dow futures hit their 'limit' to stop panic after states started shutting down Dow Jones Industrial Average futures plunged more than 1,000 points, triggering 'limit down' levels on Sunday US stock futures also dropped 5% Sunday evening, hitting limit down levels, which means prices cannot trade any lower The halts occur during non-US trading hours, before the 9:30am Eastern open of regular trading Both limit down levels signaled investors were not assured by the Federal Reserve slashing interest rates to near zero on Sunday The Fed took emergency action to lower interest rates to near zero over coronavirus concerns The central bank said in a statement released on Sunday that it was cutting rates to a target range of 0 per cent to 0.25 per cent https://www.dailymail.co.uk/news/ar...limit-levels-Fed-slashes-rates-near-zero.html
In the long run it will be better. Whole industries shut down every year for 2-3 weeks during the holidays. So they can and will handle this. Just like the holidays certain sectors slow way way down. Other sectors become very active. The same is happening right now. Bottom line we must slow down certain areas to slow down the virus. We must continue to use and develop other areas that can make up some of the slack.
It's going to be sunny for the next week. Highs in the upper 50's to low 60's throughout the metro area. We can all "socially distance" without going stir crazy. Go for a walk/jog. Ride a bike. Hop on a scooter (if you can disinfect it first). Play outside with your kids. A few weeks of not being around others isn't all that bad.
I did this over the weekend even though the weather was cold. I spent time with my dog and did some much needed work around the house. The yard by next week should be coming around nicely.
they are going to have to kick down something for the plebes. check to check types are gonna be robbing gas stations more than usual.
Larry Summer does not think it's a recession yet, so I'm in good company and have the right to declare you wrong. You ain't seen nothin' yet. Coupled with the recession are going to be tens of thousands more deaths than the handful we've experienced so far. That's when you're going to experience a deep recession. This that we're having now is just a tickle compared with the raking we're all going to take in the future.
Technically it used to be a recession when we had 2 successive quarters of GDP contraction - but they have changed to multiple months of economic contraction - and as such, it is hard to see how this is not going to be a recession.
You do always have the right to say i'm wrong. However, after this week i'm betting you will see a slowing of the panic. Right now the markets are around 30% off the record high. That is recession territory.
I call preliminary part before the real onset of the recession. We're going to head into a sudden downturn in business far greater than we see today. Summer claims that we are only at an 80% to 85% odds of a recession at this time. I think the odds are more like 100%, myself, so I'm not quite in lockstep with Larry Summers who is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U.S. Treasury Department official throughout President Clinton's administration, and former director of the National Economic Council for President Obama. I don't think he has a grasp on the probably death toll due to the Covid-19 coronavirus which will most likely be in the several hundreds of thousands of American victims range. I believe that we're going to have to greet each other with an elbow bump in the future followed by a cleansing of the elbow when we get home. And implore as much as you want but I am NOT sharing a mug of beer with you.
For you? When sufficiently drunk and in normal times, yeah, maybe. That would have been in my 20s and 30s but when I hit 40 something happened and now I no longer get drunk, ever. In these times, with me getting more and more conservative the older I get? Not a chance in hell 'cause that's where I'd be headed after my wife got through with me. When she gives me the third degree I become a blathering mass of organic matter in her complete control.
Here is the part i really don't get. Oil is around $29 a barrel. Way Way down but of course at the pump we are still paying close to $3 a gallon. If the price of Oil had gone up from $60 to $70 a barrel you can bet your life we would have immediately seen a spike in the cost of gas at the pump. Oil has been around 30 a barrel a few times in the last 20 years. every time it has been a different price at the pump. The last time it was this low was around 2003. yeah $2 a gallon. Then there was 98' around a buck a gallon. If you want to go all the way back to 1990 it gets even worse. Gas prices should fall.
