The U.S. stock market's plunge this year has been faster than at any other time in history. What's driving the speed and severity of the bear market is the escalation of algorithmic trading, which is more prevalent than it was during the Great Recession in 2008. Sadly, wealth preservation is at stake as funds in retirement accounts compete, and are defeated, by programmed machines.
President Donald Trump says he's willing to help blue-state governors who are struggling to contain coronavirus outbreaks " but only if they're willing to stop criticizing him in exchange. "It's a two-way street," Trump told Fox News on Tuesday. "They have to treat us well, also. They can't say, Oh, gee, we should get this, we should get that.'"
Jimmy Moore barely leaves the house. When he does, the 74-year-old is usually parked outside his local pharmacy in Dorton, Kentucky, until someone brings out his regular meds. As soon as Moore arrives home, he changes his clothes and washes his hands. Religiously. This wasn't his routine before, but Moore can't take any chances with the coronavirus. Moore mined the coalfields of Appalachia for 22 years. He suffers from diabetes and black lung, which covers a range of lung diseases that makes breathing difficult and damages the lungs. His 51-year-old son who followed him into the mines is also dealing with black lung, which is a common malady for patients exposed to coal and silica dust. That's why black lung is formally known as coal workers' pneumoconiosis.
Bailout is a dirty word. The Merriam-Webster dictionary defines bailout as "a rescue from financial distress." So it is accurate to call the $1 trillion-plus package being debated in Congress a bailout. But let's not call it that this time. During the 2008 financial crisis, after the world economy was brought to its knees, the federal government had to prop up U.S. banks despite their destructive behavior. Hundreds of billions of dollars of taxpayer money flowed into the financial system to prevent a total collapse. Millions of people lost homes, jobs and their livelihood. An entire generation is still trying to come to terms with the repercussions of that time.
Newt Gingrich was on Fox News this morning explaining that all Americans should prepare for the covid-19 pandemic. But Gingrich has pulled quite a 180 during a very short period of time. Just a few weeks ago the former Republican Speaker of the House was on Fox News ridiculing San Francisco for making preparations as the threat of the new coronavirus became clear to people who were paying attention. And Gingrich's about-face seems to be part of a larger trend of assholes changing their minds about the seriousness of the public health threat that has infected at least 3,813 Americans and killed 69 in the U.S. alone.