Another day, another rude awakening. The 701,000 jobs loss for March was the worst monthly drop since the bottom of the Great Recession, when the NFP count plunged by 706,000 in December 2008.
Based on today’s shocking 6.6 million of new unemployment claims, we’d bet they’ll be some explosive political fireworks soon in this country about Covid-containment versus keeping the main street economy alive. There have now been an unprecedented, off-the charts 9.96 million new unemployment claims in the last two weeks.
Could we please keep Chris Cuomo quarantined in his basement without any CNN cameras, the Donald’s big fat motor mouth locked hard on idle, the US Congress on self-isolation as far away from the Imperial City as possible and the Fed heads on home arrest without email, phones or smoke signalling equipment?
When it comes to the Covid-19 pandemic itself, there are actually two Americas—the tri-state region of New York, New Jersey and Connecticut and all the rest of the USA. The rates of testing, positives, hospitalizations and deaths are in two different ball parks.
When it comes to pandemics, we can see what appears to be light at the end of the tunnel with respect to Covid-19. But owing to Washington’s hysterical efforts to spend it into submission, what we also see in the tunnel is a runaway budgetary train heading hard upon the wall of national fiscal solvency.
Did we say it’s getting stupid crazy down there in the Imperial City?
You could call it the Senate’s Night of Infamy, but even that would hardly do justice to the catastrophe at hand. We are speaking, of course, of the upper body’s 96-0 vote on the 883 page $2 trillion bailout that passed at 11:50 PM last night without a single Senator having read it (some of them …
When you consider Washington’s lightening rush to enact this $2 trillion Everything Bailout and the real purpose of its coast-to-coast soup lines, there is but one unassailable conclusion.
The level of hysteria in Washington today has probably not been exceeded in America since the Salem witch trials of 1692. Nor has the level of pillage been matched since the Visigoths sacked Rome in A.D. 410.
WTF! Washington has well and truly lost what little collective mind it had left. Its panic driven assault on financial sanity apparently has no limits whatsoever, which means there will be hell to pay when trillions upon trillions of mindless monetary and fiscal “stimulus” comes flooding into an already debt and speculation enfeebled economy now …