Discussion: The Economy, Fiscal Cliff, National Debt, And Other Financial Issues IV

[Lily Adler]

 

[DJ Kornphlake]

Can someone explain to me how the Dow isn’t tanking right now regardless of the stimulus bill? If the stock market doesn’t tank for 3.5 million jobs being lost than it’s pretty detached from reality as far as I’m concerned.

I think it's the perfect illustration of how the stock market is a poor indicator of the actual economy.

 

[MagnarTheGreat]

The companies do business all over the world and stocks can be bought by foreigners. It would be one thing if they were only tied to the United States but the system is not a reflection of America activity only as well.

 

[Prison Mike]

I just read that the stimulus bill will suspend federal student loan payments for 6 months. This is going to help me greatly!

 

[Sithborg]

Its not perfect, but considering the GOP desires, I will take it.

Also, cruise lines who set up base out of the US are wanting to get in on the bailout, even though they are not legally allowed. So, **** them.

 

[Prison Mike]

The House just passed the stimulus bill. Now it’s up to the cheeto to sign it

 

[MagnarTheGreat]

Fortune - USPS warns it might have to shutter by June as $2 trillion coronavirus stimulus package provides no funding

 

[Teelie]

And that is almost certainly by Republican design. They have been trying to kill the USPS for decades so they can profit off it via privatization.

 

[Lily Adler]

 

[MagnarTheGreat]

NY Times - U.S. Oil Prices Plunge Into Negative Territory: Live Markets Updates
Something bizarre happened in the markets: The price of a barrel of oil went negative.

 

[MagnarTheGreat]

NPR - Europe's Economy Was Hit Hard Too, But Jobs Didn't Disappear Like In The U.S.

 

[MagnarTheGreat]

Business Insider - Fewer than half of working Americans will have a paycheck in May as devastating coronavirus layoffs persist, economist says

 

[Lily Adler]

 

[MagnarTheGreat]

USA TODAY/Suffolk Poll: Support for Big Government rises to record levels amid coronavirus crisis

 

[MagnarTheGreat]

NY Times - My Retirement Plan Is You
Americans without retirement savings are increasingly moving in with their millennial children.

NY Times - Government Orders Alone Didn’t Close the Economy. They Probably Can’t Reopen It.
Data shows there was a drop in spending and working even before any official mandates to stay at home.

CNBC - Billionaire divorce uncovers secretive world of trusts in South Dakota

 

[MagnarTheGreat]

U6 Unemployment Rate
April Official Unemployment: 14.7%
April U6 Unemployment: 22.8% ("U3 is the official unemployment rate. U5 includes discouraged workers and all other marginally attached workers. U6 adds on those workers who are part-time purely for economic reasons.")

33 Million Have Sought US Unemployment Aid Since Virus Hit

 

[MagnarTheGreat]

CNBC - Retail sales plunge a record 16.4% in April, far worse than predicted

JCPenney files bankruptcy - CNN

CBS News - The Trump administration still wants to cut food stamps

 

[MagnarTheGreat]

CBS News - More than 4 million Americans file for jobless aid, bringing pandemic total above 40 million

 

[Detective Conan]

 

[MagnarTheGreat]

 

[Detective Conan]

 

[MagnarTheGreat]

CNBC - The Fed says it is going to start buying individual corporate bonds

 

[DJ Kornphlake]

"But but but... how will we pay for it?"

 

[MagnarTheGreat]

With monopoly money.

 

[Detective Conan]