JPMorgan officially forecasts a coronavirus-driven recession will rock the US and Europe by July

[90DayFinancier 910]

https://markets.businessinsider.com/news/stocks/coronavirus-fuel-recession-forecast-us-europe-economic-july-market-jpmorgan-2020-3-1028994637

• A new economic-growth estimate from JPMorgan projects that a recession will hit the US and European economies by July.
• The bank said its views of the coronavirus outbreak "have evolved dramatically in recent weeks." JPMorgan economists now expect US GDP to shrink by 2% in the first quarter and 3% in the second.
• Eurozone GDP could contract by 1.8% and 3.3% over the same periods, the economists added.
• The "sudden stop" to economic activity through quarantines, event cancellations, and social distancing contributed to the downward revision, alongside recent weeks of financial-market chaos.
• "As we resign ourselves to the inevitability of a large and broad-based shock," nations' economic policy responses are key to preventing an even longer downturn, the economists added

[Orangesapples 1,954]

Scary stuff

[90DayFinancier 910]

28 minutes ago, Orangesapples said:

Scary stuff

It is a dramatic drop.

[Dashinka 24,744]

Seems sort of obvious.  I tend to look at the positive, when this thing passes, the economy will rebound.  Heck, someone has to fill all those empty store shelves.  I do though wish President Trump would halt all tariffs to help out businesses.

 

https://www.bloomberg.com/news/articles/2020-02-21/ecb-s-lane-sees-euro-area-economy-bouncing-back-from-coronavirus

[Nature Boy 2.0 8,378]

Quick shot of Pelosi and gang celebrating

 

[Voice of Reason 10,298]

22 minutes ago, Nature Boy 2.0 said:

Quick shot of Pelosi and gang celebrating

 

 

"If we can't impeach him, we can get him another way..." Pelosi (probably)

[Cyberfx1024 7,980]

51 minutes ago, Dashinka said:

Seems sort of obvious.  I tend to look at the positive, when this thing passes, the economy will rebound.  Heck, someone has to fill all those empty store shelves.  I do though wish President Trump would halt all tariffs to help out businesses.

 

https://www.bloomberg.com/news/articles/2020-02-21/ecb-s-lane-sees-euro-area-economy-bouncing-back-from-coronavirus

Exactly what we were talking about at work yesterday. Short term pain for long term gain

[Voice of Reason 10,298]

19 minutes ago, Cyberfx1024 said:

Exactly what we were talking about at work yesterday. Short term pain for long term gain

Sounds good, but what about the hundreds, if not thousands of small business that will go under in the next two weeks?  Or the large businesses which will lose billions of dollars? 

 

What's the point of that?

[Cyberfx1024 7,980]

Just now, Voice of Reason said:

Sounds good, but what about the hundreds, if not thousands of small business that will go under in the next two weeks?  Or the large businesses which will lose billions of dollars? 

 

What's the point of that?

I know all of this but what I was referring to was my 401k

[Steeleballz 7,550]

33 minutes ago, Voice of Reason said:

Sounds good, but what about the hundreds, if not thousands of small business that will go under in the next two weeks?  Or the large businesses which will lose billions of dollars? 

 

What's the point of that?

 

  It would really suck to have started a small business on January 1st. My dad got involved in opening a bar once. They had ~100K in operating capital and decent customer support, and they still watched that reserve dwindle down to almost nothing before they had enough of a customer base to start seeing a profit margin. It's going to be tough on restaurants and those kinds of venues when people don't want to go out anywhere.

[Voice of Reason 10,298]

1 hour ago, Steeleballz said:

 

  It would really suck to have started a small business on January 1st. My dad got involved in opening a bar once. They had ~100K in operating capital and decent customer support, and they still watched that reserve dwindle down to almost nothing before they had enough of a customer base to start seeing a profit margin. It's going to be tough on restaurants and those kinds of venues when people don't want to go out anywhere.

As I said above, it's not just small businesses.  Amazon will probably be ok. But the cruise lines, the airlines, and perhaps rail will suffer.  Some of the stock market will bounce back quickly, sure.  But it will take some organizations a year or two to get back to the level they were 30 days ago. 

 

And WHY?  Because 5,700 people died around the world?  No.  Simply because of the mass hysteria promoted by the media, and the fools who are buying into the fake panic.  It sickens me to think how many will continue to suffer after the public wakes up and realizes this was so unnecessary.

[Orangesapples 1,954]

5 hours ago, Voice of Reason said:

As I said above, it's not just small businesses.  Amazon will probably be ok. But the cruise lines, the airlines, and perhaps rail will suffer.  Some of the stock market will bounce back quickly, sure.  But it will take some organizations a year or two to get back to the level they were 30 days ago. 

 

And WHY?  Because 5,700 people died around the world?  No.  Simply because of the mass hysteria promoted by the media, and the fools who are buying into the fake panic.  It sickens me to think how many will continue to suffer after the public wakes up and realizes this was so unnecessary.

I think you're underestimating the virus. It has the potential to turn into a huge disaster and it's important to take precautions so that not everyone gets infected. See what's happening in Italy now that medical professionals have to choose who lives and who dies because they don't have enough resources to take care of all the patients. This is a highly contagious disease with a long incubation period and a high mortality rate among the elderly and people with a compromised immune system (the latter category includes pregnant women). It makes sense for society to take action to prevent all the deaths that might occur.