The Pandemic Economy

Running pandemic tally……3.5 million cases…..138,000 deaths

Here is something to think about…..A country like India with a massive population and a worse health system than the US has only 1 million cases and 25,000 deaths…..YOU explain that!

Now on to the meat of this post……

We have all heard that the economy needs to get back to doing business…..right?

But why?

I mean the economy as defined by the media is the markets and the markets are doing very well as the bodies of the dead pile up……so what economy needs to return to doing business?

There were 71,670 new cases of COVID-19 recorded, the second-worst day on record. Nearly 1,000 people lost their lives to the disease, according to official figures.

With Texas hospitals at 90 percent capacity, dozens of mobile morgues are being dispatched to the state. In Florida, 54 hospitals now have zero available beds in their intensive care units. And, amid a full-on drive to reopen schools, officials said that one third of children who were tested in Florida were positive, adding to the body of evidence that children can play a major role spreading the disease.

The Institute for Health Metrics and Evaluation at the University of Washington reported that it estimates 224,089 people will die from COVID-19 by November 1, an upward revision of 20,000 from just one week ago.

Meanwhile, the most basic medical supplies, such as masks, gowns, gloves and disinfectants, “simply are not readily available from the usual sources our physicians use,” the American Medical Association reported.

Look into your finances…..are you doing as well as the media says the markets are doing?

My guess is NO.

The Real Economy sucks……financials soar……

Reports issued by four major US banks this week have highlighted the widening dichotomy between the real economy and the financial system.

The US is set to record the worst recession since the Great Depression, threatening elevated levels of unemployment well into the future and a wave of bankruptcies. Yet the banks are raking in billions of dollars through speculative operations financed by the massive intervention of the Fed into all corners of the financial markets.

On Tuesday, JPMorgan Chase, Wells Fargo and Citigroup set aside a combined total of $28 billion for current and expected losses on their loans. The second quarter provisions bring the total for the three banks for 2020 to $47 billion, more than they set aside in the last three years combined.

At the same time, two of them, JPMorgan and Citigroup, reported major increases in revenues derived from financial market trading.

Please do not base your life on what the media tells you is the truth……the truth is unless you are wealthy then the economy sucks!

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2 thoughts on “The Pandemic Economy

  1. People dying in the ten of thousands, and millions unemployed. Rich getting richer, and protests all around the country. But nothing changes, and there’s not even an apology, just more bullshit. Can you imagine how bad he will be if he gets another four years?
    Best wishes, Pete.

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