2020 Recession

[JohnBrown1917]

Wish for what? I am not Trump or the governors what the fuck do you want me to do? Sob in bed and whine in forums all day?

But you're already doing that.

[Acidbaron]

Don't worry, we'll get to see what Covid does without it getting slowed down in a bunch of US states, you'll get your wish.

Actually he'll be proven wrong, despite local governments action to prevent it that is causing some delay but not for long since everyone has to comply or it keeps spreading anyway.

It is still as we call it here "far away from my bed show" for some, the closer it hits home the harder reality becomes to deny.

[lockybalboa]

But you're already doing that.

The whiners are the ones raging at me for not panicking like a mouse

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Actually he'll be proven wrong, despite local governments action to prevent it that is causing some delay but not for long since everyone has to comply or it keeps spreading anyway.

It is still as we call it here "far away from my bed show" for some, the closer it hits home the harder reality becomes to deny.

Ok i get it. The disease is infectious. 2% mortality rate. Then what?What more is there to do but to sit and wait it out? I mean do you spend every waking minute worrying about getting ill the next day and some other misfortunes. What more can we do but to follow guidelines and take precautions? I'm just saying it's not a doomsday scenario and people just rage at me for no reason

[kamuimac]

If we were living in a World with no healthcare, were as soon as one would get sick we'd consider him done for, that virus wouldn't make much of a difference indeed.

Because that is what this disease is creating, a situation were healthcare facilities become so overwhelmed that not only salvageable new coronavirus cases cannot be treated, and thus become doomed to die, but all the other normal time patients face a situation where they might not be able to receive necessary care : ones appendicitis, another's car accident, that mother who faced complications in labor, this kid with severe asthma...

In countries such as Italy, France and Spain, we've got situations where :
-people are left to die, doctors having to select which patients they'll try saving
-some retirement homes have been outright abandoned, most if not all their residents dying, the most lucky at least receiving palliative care.
-less lucky ones are dying alone in their homes, or sometimes with an equally aged relative, with the corpse remaining for days before the overwhelmed funeral services can recover it
-the health workers themselves are heavily afflicted, making a significant percentage of case, taking casualties when they're the most needed.

oh ... wait just a week and US will be way passed that point with the speed that infection spread.

[Acidbaron]

Ok i get it. The disease is infectious. 2% mortality rate. Then what?What more is there to do but to sit and wait it out? I mean do you spend every waking minute worrying about getting ill the next day and some other misfortunes. What more can we do but to follow guidelines and take precautions? I'm just saying it's not a doomsday scenario and people just rage at me for no reason

The situation is dire, asking people to not become comfortable about this is wise, nobody is asking people to worry to the point they panic. As for people raging at you, looking at your last few posts acting the victim here is misplaced.

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oh ... wait just a week and US will be way passed that point with the speed that infection spread.

No actions being taken such as a total lock down or enforcing social distancing leads to a doubling of the infections every third day.

[Skroe]

Ok i get it. The disease is infectious. 2% mortality rate. Then what?What more is there to do but to sit and wait it out? I mean do you spend every waking minute worrying about getting ill the next day and some other misfortunes. What more can we do but to follow guidelines and take precautions? I'm just saying it's not a doomsday scenario and people just rage at me for no reason

The literal mass-societal treatment for this is to sit in your home and play video games for 60 days. And when you go out, which should be rarely, engage in social distancing. And you should wash your hands with soap and water frequently.

Economically, it is a doomsday scenario, but that boat has sailed. We're already going to face a $3 trillion deficit this year, Unemployment in the range of 15%-30% and ~40% annualized GDP contraction. It's going to take a decade to fully recover from this. Some people never will.

All for an avoidable catastrophe because Donald Trump ignored US intelligence and spent 2 months mean tweeting.

But make no mistake, with the population of China, South Korea, Japan, India, the European Union, the United States, Canada and many, many smaller countries in between on formal or de facto lockdown, most of the global economy and international travel all but halted, this is the biggest single event since the Second World War. And because of our larger population than the 1940s, it's effecting far, far more people. It's far bigger than the financial crisis, 9/11 or fall of the Soviet Union.

Its ramifications may very well define the 21st century. And it certainly will do so far more than 9/11 / the War on Terror and the Financial Crisis. Not that they weren't important. But this changed the lives of well over half the world's population in about three weeks. In some cases over night.

[Vash The Stampede]

Economically, it is a doomsday scenario, but that boat has sailed. We're already going to face a $3 trillion deficit this year, Unemployment in the range of 15%-30% and ~40% annualized GDP contraction. It's going to take a decade to fully recover from this. Some people never will.

The truth is we never recovered from 2008, hence why this is so bad now. We need to change the fundamentals of how our economy should work if we have any hope of recovering. To continue as pre-corona would doom some people into perpetual poverty.

All for an avoidable catastrophe because Donald Trump ignored US intelligence and spent 2 months mean tweeting.

As most children do.

[Chairman Sheng-Ji Yang]

The literal mass-societal treatment for this is to sit in your home and play video games for 60 days. And when you go out, which should be rarely, engage in social distancing. And you should wash your hands with soap and water frequently.

Economically, it is a doomsday scenario, but that boat has sailed. We're already going to face a $3 trillion deficit this year, Unemployment in the range of 15%-30% and ~40% annualized GDP contraction. It's going to take a decade to fully recover from this. Some people never will.

All for an avoidable catastrophe because Donald Trump ignored US intelligence and spent 2 months mean tweeting.

But make no mistake, with the population of China, South Korea, Japan, India, the European Union, the United States, Canada and many, many smaller countries in between on formal or de facto lockdown, most of the global economy and international travel all but halted, this is the biggest single event since the Second World War. And because of our larger population than the 1940s, it's effecting far, far more people. It's far bigger than the financial crisis, 9/11 or fall of the Soviet Union.

Its ramifications may very well define the 21st century. And it certainly will do so far more than 9/11 / the War on Terror and the Financial Crisis. Not that they weren't important. But this changed the lives of well over half the world's population in about three weeks. In some cases over night.

1914 enough said
1929 Depression
1939 enough said
1948 Cold War begins & PRC established following year
1958 Great Leap Forward and Berlin Crisis (cementing the Berlin Wall and the Iron Curtain)
1968 peak Boomer and a grim year for Praag and Czechoslovakia
1973 1st Oil shock
1979 2nd Oil shock, islamic revolution in Iran, Soviet invasion of Afghanistan (those guys have not had peace for 40 years now...)
1989 fall of Berlin Wall, prelude to the collapse of the Soviet Bloc and the ruin of many of its allies.
2001 9/11
2008 Subprime crisis
2020 Xi Plague

...can't we get some slack seriously?

[Draco-Onis]

1914 enough said
1929 Depression
1939 enough said
1948 Cold War begins & PRC established following year
1958 Great Leap Forward and Berlin Crisis (cementing the Berlin Wall and the Iron Curtain)
1968 peak Boomer and a grim year for Praag and Czechoslvakia
1973 1st Oil shock
1979 2nd Oil shock, islamic revolution in Iran, Soviet invasion of Afghanistan (those guys have not had peace for 40 years now...)
1989 fall of Berlin Wall
2001 9/11
2008 Subprime crisis
2020 Xi Plague

...can't we get some slack seriously?

You can argue that we at least got 12 years in between this time

[I Push Buttons]

Department of Labor released unemployment stats, new unemployment claims increased from 282,000 the week ending 3/14 to 3,283,000 the week ending 3/21.

[Adam Jensen]

I'm fairly sure this will be the worst recession globally at least in the past century.

Yep.

A global pandemic shutting down production, while the economy was already slowing down, and during an election year (at least in the US) during a very politically divided time . . . November is going to be interesting.

[xenogear3]

Department of Labor released unemployment stats, new unemployment claims increased from 282,000 the week ending 3/14 to 3,283,000 the week ending 3/21.

Don't you need unemployed for 4 weeks to apply for unemployment?

[Shadowferal]

Don't you need unemployed for 4 weeks to apply for unemployment?

Uh...no. Do need to have been working. That's one criterion. Other criteria may depend upon individual states.

[Hellobolis]

the coming recession isn't because of corona. it's because we failed to put stricter rules on business loans in 2008, we only did that for the loans that caused a problem that time.

So right now business have so much debt that even a few days in lost revenues cause massive problems, instead of it merely being a setback you can toughen out. and to make it worse, the debt owners have debt too so they can't temporarily stop collecting.

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1914 enough said
1929 Depression
1939 enough said
1948 Cold War begins & PRC established following year
1958 Great Leap Forward and Berlin Crisis (cementing the Berlin Wall and the Iron Curtain)
1968 peak Boomer and a grim year for Praag and Czechoslovakia
1973 1st Oil shock
1979 2nd Oil shock, islamic revolution in Iran, Soviet invasion of Afghanistan (those guys have not had peace for 40 years now...)
1989 fall of Berlin Wall, prelude to the collapse of the Soviet Bloc and the ruin of many of its allies.
2001 9/11
2008 Subprime crisis
2020 Xi Plague

...can't we get some slack seriously?

If you have a very similar problem every decade orso, it means you've been getting to much slack, not too little. periodic economic crisises are pretty fundamental result of how our economic system is set up.

people are encouraged to go into debt. and when shit hits the fan, it's usually solved with quantitative easing, meaning responsible people who saved money are footing the bill, which encourages them to take on debt, which sets up the next cycle.

[xenogear3]

I predict that both Stock market and unemployment rate hit record high at the same time.
20% unemployment rate, and this year, stock market up 50%.

Higher unemployment rate promotes more quantitative easing.
Hire people slows the quantitative easing.
Don't hire people. Put the money in the stock market instead.

[Shadowferal]

^^
Well safe to say that prediction is wrong, laughably so.

[Draco-Onis]

I predict that both Stock market and unemployment rate hit record high at the same time.
20% unemployment rate, and this year, stock market up 50%.

Higher unemployment rate promotes more quantitative easing.
Hire people slows the quantitative easing.
Don't hire people. Put the money in the stock market instead.

I don't think you understand how unemployment, QE or any of this stuff works.

[Shadowferal]

Consumer based economies without consumers...something wrong there.

[ErrandRunner]

We need to design and implement an economic system that does not collapse when something like a pandemic hits. Maybe instead of using our best and brightest to explore other planets we should use them to set up such a system.

[Ettan]

We need to design and implement an economic system that does not collapse when something like a pandemic hits.

Why should we do that?