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Hunger Rate Amid Coronavirus Will Go Higher Than During Great Depression: Feeding America CEOJul 23, 2020 - 07:52:17 PDT
The current hunger crisis is even worse than the one the U.S. underwent during the Great Depression, says Claire Babineaux-Fontenot, the CEO of Feeding America, a hunger relief organization that has helped meet the suddenly heightened need.
Jul 23, 2020 - 07:49:42 PDT
One in 4 Americans with credit cards said they had an account involuntarily shut down from mid-May to mid-July, while 1 in 3 said their credit limit was reduced, according to a new report from CompareCards.com.
The economic shock from the coronavirus caused companies, consumers and investors to hoard cash like almost never before.
Australia, Facing ‘Harsh Reality’ of Pandemic, Braces for Biggest Postwar DeficitJul 23, 2020 - 07:32:58 PDT
Australia's budget is set to plunge into its biggest deficit since World War Two this year as the coronavirus crisis knocks the country into its first recession in three decades and forces policymakers to roll out hundreds of billions of dollars in stimulus.
Jul 23, 2020 - 07:31:23 PDT
If people in power were no longer able to hide secrets and spin lies about what’s going on in the world, all of our major problems would come to an end. Because secretive and manipulative power structures are the source of all of our major problems.
U.S. Treasury Secretary Steve Mnuchin said on Thursday the White House is interested in getting a trillion-dollar coronavirus relief bill out quickly and will not include the payroll tax cut long sought by President Donald Trump.
This is the key dynamic of the economy going forward: defaults on debt, declining wealth as assets are relentlessly repriced lower and sharp declines in income due to layoffs and debt defaults.
The readiness with which Americans accepted one of the most distilled forms of authoritarianism in a lifetime should shake us from our slumber, prompting an energetic return to Spencer’s liberalism, the humbler liberalism of granting a presumption in favor of individual people and their dignity.
A steady decline in the dollar has accelerated in recent weeks, as a resurgent coronavirus outbreak in the United States and improving economic prospects abroad sour investors on the currency.
Mnuchin Says Stimulus Package Will Not Be a Bailout for ‘Mismanaged’ StatesJul 23, 2020 - 06:57:53 PDT
"The president is not going to bail out Chicago and New York and other states that prior to the coronavirus were mismanaged," Mnuchin told CNBC.
Mnuchin Says GOP Plan for Unemployment Extension Will Be Based on ‘70% Wage Replacement’Jul 23, 2020 - 06:53:41 PDT
The GOP coronavirus relief plan will extend enhanced unemployment insurance "based on approximately 70% wage replacement," Steven Mnuchin said.
Jim Grant has long been skeptical of the mechanization of the Federal Reserve. He was warning about the distortions created in the markets and broader economy caused by the central bank's monetary policy long before the monetary Hail Mary it threw up in response to the coronavirus pandemic.Last month, Grant wrote an op-ed for the Wall Street Journal headlined, "Powell Has Become the Fed's Dr. Feelgood," and he recently appeared on Fox Business to talk more about how the Fed is further distorting an already distorted economy.
Initial Jobless Claims Reaccelerate For First Time Since March Led By VA & CAJul 23, 2020 - 05:37:37 PDT
...and this is before the $600 CARES Act "bonuses" stop flowing?
Jim Millstein, co-chairman at Guggenheim Securities, discusses the risks posed to the economy and financial system by a lack of aid to U.S. consumers dealing with the coronavirus pandemic. He speaks on "Bloomberg Markets."
U.S. Is on a Collision Course With a Double-Dip Recession, Economist Stephen Roach WarnsJul 23, 2020 - 05:20:37 PDT
Former Morgan Stanley Asia chairman Stephen Roach warns warns V-shaped recovery mania on Wall Street is leading investors astray.
‘The Stock Market No Longer Thinks It Needs the Economy if It Has the Fed,’ David Rosenberg SaysJul 23, 2020 - 05:17:16 PDT
Millions of jobs have been lost, some likely permanently. Small businesses are failing. Government debt is ballooning. And yet the U.S. stock market just keeps going up.
Permanent business closures are rising as the economic impacts of the coronavirus-induced government shutdowns continue to ripple through the economy.This is yet another sign that the promised "v-shaped" economic recovery will likely never materialize.
Real yields on US Treasuries fell to the lowest level since 2012 this week in a move that reflects the belief that a weak economy will need loose monetary policy for a long time — and which helps explain why equity markets are near-record levels despite the gloomy outlook.
Here’s Why Economists Don’t Expect Trillions of Dollars in Economic Stimulus to Create InflationJul 23, 2020 - 05:06:18 PDT
Many economists expect consumer prices will stay low despite trillions of dollars in government stimulus as unemployment remains near record-high levels and demand stalls.
Cash Payments to 2.7 Billion People Living in Poverty Would Slow the Spread of Covid-19Jul 23, 2020 - 05:04:34 PDT
A new report published Thursday by the United Nations Development Programme suggests cash payments to 2.7 billion people living below the poverty line or at risk of falling below it could help slow the spread of Covid-19.