2020 Recession

[Draco-Onis]

I never said the global supply chain is going to vanish. But China has already turned back shipments of medical supplies that we purchased for their own use, and has threatened to withhold even more. You must live in a fantasy land yourself if you think only China has the resources, man power or expertise to manufacture those things.

Roflmao and you think every country has the resources to produce everything on the scale they need? really now? besides this is in a time of crisis when things get back to normal companies have no financial incentive to reverse course and pay extra to produce things at home.

[Chairman Sheng-Ji Yang]

Global economy will suffer for years to come, says OECD

Mr Gurría said the economic uncertainty created by the virus outbreak meant economies were already suffering a bigger shock than during the September 11 terror attacks or the 2008 financial crisis.

He said: "And the reason is that we don't know how much it's going to take to fix the unemployment because we don't know how many people are going to end up unemployed. We also don't know how much it's going to take to fix the hundreds of thousands of small and medium enterprises who are already suffering."

Governments around the world have taken unprecedented steps to support workers and businesses during the outbreak.

The OECD is calling for a four-pronged plan to deal with the outbreak, including free virus testing, better equipment for doctors and nurses, cash transfers to workers including the self-employed and tax payment holidays for businesses.

Mr Gurría compared the level of ambition to the Marshall Plan - which helped to pay for the reconstruction of Europe after the Second World War.

[PC2]

Global economy will suffer for years to come, says OECD

Yeah there are always be setbacks, then we grow back bigger and stronger. Right now is the perfect time to work on at-home education projects and businesses.

[Shadowferal]

Trump is already signalling a possibility of reopening things up at the end of the month.
Politics...it'll have the last say.

[Gaidax]

Even if China communist in name only.

I chuckled a bit. I had firsthand experience with that, I did quite a few business trips there on capacity of a customer representing a company that was developing various electronic appliances to the local ODM.

And yes, that's just so true.

Shanghai is basically a western city through and through, but with capitalism spiking up to truly dystopian levels. Quite literally, if you have money, then there is only one rule - "shut the fuck up about government". As long as you follow this rule AND you have money - you are god walking the earth, where every wish is your command.

I remember going to some "spa", which was a frikkin' decent sized establishment in a good location, there with our Japanese partners who were familiar with China (and various "spa" and so on places there apparently). You have to see how you actually select your partner there, hentai level of bullshit.

So as we were "relaxing" I asked them - "Isn't prostitution banned in China? How this can operate?" - they replied that the whole place belongs to some big wig in the party ranks, so naturally he makes the rules and nobody will dare to say anything.

So yes, "law" and "communism" there is for the poor. I had the pleasure of going to some more remote location - Fuzhou where they had electronics factory (big and impressive complex), very impressive presentation "museum" for the customers where they show off their work. So there, I met some middle management representative - Mr Wang - he told me that in the factory they had 2 shifts of 12 hours each, 6 days a week and if they get a directive - they can do the 7th day too.

So yes, these workers there working, 12 hours a day and living on premises - they had communism allright. While I did not spot outright kids at the production, there were some clearly barely 18 years olds. Workers live on premises of the factory, because it's located half an hour drive from the city and they come from all over China. They are not allowed to marry and stay, which for many of them means no marriage or else you lose a job - in China it is terrifying.

But hey, they had nice big banners with red background and black Chinese hieroglyphs. I bet it was some communist bullshit about building better future for workers together, while they are literally being bled dry.

[Theodarzna]

Suspect this sudden pressure to reopen the economy before we control the virus is a reaction to the realization that the economy as structured cannot survive a month and the necessary restructuring will be in the direction of everything the Establishment has fought against for decades.

Expect a lot of big figures in finance and business to start floating the "acceptable losses for the value of my stock portfolio!" I give it about one week before both Trump and Democrats get together and are saying to the sickly masses "back to work" and still haven't come up with any aide package because proles dying in masses is an acceptable loss for the DOW and GDP.

[PC2]

Suspect this sudden pressure to reopen the economy before we control the virus is a reaction to the realization that the economy as structured cannot survive a month and the necessary restructuring will be in the direction of everything the Establishment has fought against for decades.

Expect a lot of big figures in finance and business to start floating the "acceptable losses for the value of my stock portfolio!" I give it about one week before both Trump and Democrats get together and are saying to the sickly masses "back to work" and still haven't come up with any aide package because proles dying in masses is an acceptable loss for the DOW and GDP.

Yeah maybe the lockdown can only last a couple months before the economic damage surpasses the damage from the virus. But it'd still be a good amount of time too prepare and work on solutions.

[Low Hanging Fruit]

Suspect this sudden pressure to reopen the economy before we control the virus is a reaction to the realization that the economy as structured cannot survive a month and the necessary restructuring will be in the direction of everything the Establishment has fought against for decades.

Expect a lot of big figures in finance and business to start floating the "acceptable losses for the value of my stock portfolio!" I give it about one week before both Trump and Democrats get together and are saying to the sickly masses "back to work" and still haven't come up with any aide package because proles dying in masses is an acceptable loss for the DOW and GDP.

The economy surely cannot. Any surplus goings into the pockets of the top execs and stock buy backs. Zero stock, zero floating capital, zero planning for the future. Just 100% rich handing out to rich.

[Theodarzna]

The economy surely cannot. Any surplus goings into the pockets of the top execs and stock buy backs. Zero stock, zero floating capital, zero planning for the future. Just 100% rich handing out to rich.

I expect Trump and friends to start that push soon. You will see a LOT of calls to just let people die and get the economy back running as before.

[Low Hanging Fruit]

I expect Trump and friends to start that push soon. You will see a LOT of calls to just let people die and get the economy back running as before.

Oh they are for sure. That is why he wants to start up the economy but only AFTER the 2 trillion is handed out. Once that is out suddenly it will be back to work, get sick, die, whatever, you lower costs, just work and make us money. Oh, and because of this virus no raises for anyone either. We are only at 10% profit growth. We said we would be 15%. So you get fucked, we get the 2 trillion, and we toss Trump a tip for the good service. #republicanlife

[Shadowferal]

With the constant deluge of all this stuff, 24/7, people will become numb...I listened to the news once a day for 15mins...about as much as I can stomach anymore.

[Draco-Onis]

With the constant deluge of all this stuff, 24/7, people will become numb...I listened to the news once a day for 15mins...about as much as I can stomach anymore.

Frankly I don't expect the American public to start caring until people start dying in large numbers, you have people going to the beach in CA like nothing is going on.

[Gaidax]

People are already starting dying in large numbers. In a week from now US will be another Italy.

[Draco-Onis]

People are already starting dying in large numbers. In a week from now US will be another Italy.

Not sure what the magic number is frankly for the US to be shocked besides there are several propaganda outlets that will hail whatever Trump does as perfect. The new plan is to quarantine the old and have everyone else go back to work.

[Dug]

With almost 3 million people dying per year from other causes in the US I can't see Americans giving too much of a shit. Life goes on

[breadisfunny]

18,591 and it just keeps going lower. it's like 2008 all over again.

[Vash The Stampede]

I expect Trump and friends to start that push soon. You will see a LOT of calls to just let people die and get the economy back running as before.

That's sadly what I expect. The problem is going to be the states and hospitals because they're at max capacity. Andrew Cuomo is my new favorite guy because he puts human life over profits, and he said that the lock down for NY can't be lifted anytime soon. Some states will likely ignore what Trump is asking but most will go about as business as usual.

Frankly I don't expect the American public to start caring until people start dying in large numbers, you have people going to the beach in CA like nothing is going on.

That's what I expect unfortunately. Without a vaccine this won't stop, and to make matters worse if we spread the virus around, it will eventually mutate and become worse. It can and will get a lot worse if we decide to treat this as a flu or common cold.

18,591 and it just keeps going lower. it's like 2008 all over again.

This is worse than 2008 because this is a cumulation of 2008. The 2008 recession never ended, and we can see this because no American today is prepared for this event. Everyone lives paycheck to paycheck, and everyone accumulated huge debt. Americans still don't have a Universal Health Care system, which is just making the situation much worse, and Joe Biden still doesn't believe in a Medicare for All.

Even if Trump decides that in 1 week everyone goes back to work, the depression will just get much worse. People will be afraid to buy anything and already hoarded mass amounts of food and toiletry. People have lost their jobs and are now unable to pay rent or mortgages. The damage is done, and a financial sacrifice must be made to save people. We either eat the rich or we begin the Bell Riots.

[Theodarzna]

That's sadly what I expect. The problem is going to be the states and hospitals because they're at max capacity. Andrew Cuomo is my new favorite guy because he puts human life over profits, and he said that the lock down for NY can't be lifted anytime soon. Some states will likely ignore what Trump is asking but most will go about as business as usual.

2010 MarketCELS: "Obama will create death panels to save money"

2020 MarketCELS: "Death is better than losing money"

[lockybalboa]

This virus is seriously blown out of proportions by the media who played a part in the big panic. The common flu is equally infectious and kills even more people yearly but doesn't get much attention. This one does because it has a name. And the media is rubbing it in and sensationalizing just for more readership and profits. Totally revolting.

[Rogue Karl]

This virus is seriously blown out of proportions by the media who played a part in the big panic. The common flu is equally infectious and kills even more people yearly but doesn't get much attention. This one does because it has a name. And the media is rubbing it in and sensationalizing just for more readership and profits. Totally revolting.

I mean... it has a extremely high chance of causes permanent organ damage to even young people with it including lung scarring.

It's a but more of a concern then the flu.