[In a telephone interview Sunday,] Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product.
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“Everything is on the table” for the Fed as far as additional lending programs, Bullard said....
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Bullard urged that unemployment insurance cover 100% of lost income for workers, and call it “pandemic insurance” since the disruption is intended to block the spread of the coronavirus.
Link: https://www.bloomberg.com/news/articles/2020-03-22/fed-s-bullard-says-u-s-jobless-rate-may-soar-to-30-in-2q
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consequences I am afraid.
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Bed time for me. I'm not reading any more.
Real estate billionaire Tom Barrack said the U.S. commercial-mortgage market is on the brink of collapse and predicted a “domino effect” of catastrophic economic consequences if banks and government don’t take prompt action to keep borrowers from defaulting.
Barrack, chairman and CEO of Colony Capital Inc., warns in a white paper [posted late Sunday] of a chain reaction of margin calls, mass foreclosures, evictions and, potentially, bank failures due to the coronavirus pandemic and consequent shutdown of much of the U.S. economy. ...
“Loan repayment demands are likely to escalate on a systemic level, triggering a domino effect of borrower defaults that will swiftly and severely impact the broad range of stakeholders in the entire real estate market, including property and home owners, landlords, developers, hotel operators and their respective tenants and employees,” he wrote.
Barrack said the impact could dwarf that of the Great Depression.
Link: https://www.bloomberg.com/news/articles/2020-03-22/colony-s-barrack-says-commercial-mortgages-on-brink-of-collapse?srnd=premium
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Bloomberg: Democrats Block Senate Economic Stimulus Bill as Talks Falter
Senate Democrats blocked Majority Leader Mitch McConnell’s attempt to advance a coronavirus economic rescue package Sunday after leaders in both chambers disagreed on how to spend nearly $2 trillion.
The 47-47 vote, with 60 needed to advance the measure, puts in question McConnell’s plan for the Senate to pass the bill Monday.
Late Sunday night, McConnell set up a redo of the procedural vote for 9:45 a.m. Monday, “15 minutes after the markets open, and see if there’s a change of heart.”
Link: https://www.bloomberg.com/news/articles/2020-03-22/mcconnell-s-rescue-package-expands-but-democrats-not-on-board?srnd=premium
Bastards.
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Those are the facts. Given the threat to our economy, anyone who blocks this bill is irresponsible. Schumer is playing his leverage for political gains with the country’s well being in the balance. This is not a normal political circumstance to play such games.
In typical fashion, you trot out one Justin Amash type outlier to pretend there is bipartisan support for this traitorous action. But we both know the chip you carry on your shoulder motivates your posts.
In fact, the House is now moving forward with its own bill because the Senate's was so messed up.
And don't you find it weird that you immediately write off any Republican that goes against the party line?
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But that still makes Baron's point about the House being on board erroneous, correct?
due to the strings attached.
on the tax cut.
And in 09, GM’s problem was that it wasn’t selling its cars before the crash.
You are incapable of seeing the reality of who is playing games here.
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