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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCoronavirus Matters, the Stock Market Doesn't, and Thinking It Does May Literally Kill Us
( Our country is very sick )
Jon Schwarz
March 6 2020, 12:38 p.m.
If youve been spending any time online or watching cable TV, youve gotten the message that humanity now faces two grave threats a novel coronavirus and the crashing stock market of roughly equal importance.
Yesterday CNBCs Rick Santelli went further, staking out the position that stocks losing value is actually more terrifying than millions of deaths. Maybe wed be just better off if we gave it to everybody, Santelli sagely explained. That way, lots of people would expire quickly, thereby removing the uncertainty thats been plaguing investors.
Its easy to criticize Santelli, but he was just taking the logic of Americas obsession with the stock market a few steps further than normal. For decades, whenever weve faced a choice between the reality of human beings and little numbers on a screen, weve always gone with the little numbers.
https://theintercept.com/2020/03/06/coronavirus-covid-19-stock-market-economy/
berni_mccoy
(23,018 posts)It just shouldn't matter more than people's lives.
Think about people who are about to retire or just retired based on the value of their 401k accounts.
frazzled
(18,402 posts)That's around 55 million people. For younger people, this won't matter. It's the long term that counts. For those workers who are nearing retirement, it's pretty important.
As is the general effect of the virus on the entire economic structure to every American.
Hoyt
(54,770 posts)BeckyDem
(8,361 posts)Same for rents, we have to do the right thing. Trump should be impeached for saying it was a hoax. It is insane how he gets away with dangerous tactics disguised as mere political discourse.
ace3csusm
(969 posts)If Dumpy's numbers drop it will be his next move...
llmart
(15,540 posts)After the 9/11 attacks, Dubya's first concern, after finishing his children's book of course, was to tell people to "go shopping".
It's always about money with these people.
Initech
(100,081 posts)There's no other way to describe it. It was the right short term move to make, but in the long run this is going to have disastrous economic consequences for Austin.