Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Even Wall Street Is Asking Trump Not to Restart the Economy Amid Coronavirus Pandemic
Posted on Tue, Mar 24th, 2020 by Alan Ryland
Even Wall Street Is Asking Trump Not to Restart the Economy Amid Coronavirus Pandemic
President Donald Trump has courted significant controversy since announcing he will look into loosening federal guidelines for social distancing and urge businesses to reopen even as the nation grapples with the coronavirus pandemic.
“Our country wasn’t built to be shut down,” Trump said during a briefing at the White House. “America will, again, and soon, be open for business. Very soon. A lot sooner than three or four months that somebody was suggesting. Lot sooner. We cannot let the cure be worse than the problem itself.”
Health experts have advised against it, saying that relaxing social distancing could increase the death toll from the virus, which has claimed at least 582 lives in the United States.
But even big business appears to side with the experts, and several prominent investors and financiers warn that the economy could take even harsher blows should Trump go ahead with his plan.
“You may get a [market] bounce on the headline,” Quincy Krosby, chief market strategist at Prudential Financial Inc., told The Washington Post‘s Tory Newmyer. “Or the market could down even more if the community of investors and traders believe this is the opposite of what is needed. Above all else it will be the empirical data that suggests the virus is receding.”
Adam Sarhan, CEO of investment firm 50 Park Investments, concurred.
“What the world, and the market, needs to see is that number stop going up,” he said. “Think of it as a trade: What’s the risk of reopening early?” Sarhan said. “The risk is the number of cases continues to skyrocket, and longer term, you’re just digging a much deeper hole.”
Last week, Bill Ackman, the CEO of Pershing Square Capital, made headlines after he demanded the president order a 30-day nationwide shutdown to curb the spread of the coronavirus. Ackman warned that postponing a shutdown would cost possibly “millions of lives” while decimating the economy.
more...
https://www.politicususa.com/2020/03/24/even-wall-street-is-asking-trump-not-to-restart-the-economy-amid-coronavirus-pandemic.html
