Trump to hear ideas on coronavirus economic response as markets tumble

[Formerly Once-Ler]

https://www.cnn.com/2020/03/09/politics/donald-trump-economic-response-markets-coronavirus/index.html

Washington (CNN)President Donald Trump will huddle with aides Monday to weigh options for possible economic stimulus meant to blunt the economic fallout of coronavirus, White House officials said, as stocks plunged and concerns continued to grow over the administration's handling of the crisis.

The agenda for the meeting, which will convene at the White House after Trump returns from a political fundraising event in Florida, wasn't immediately clear. While some members of Congress have publicly floated ideas to spur the US economy and help affected industries, the President has not yet endorsed any specific action and officials have offered differing views of how sweeping a stimulus plan could be.

Some ideas under consideration include steps to defer taxes on the airline, cruise and hospitality industries, all battered by the virus. The White House has also weighed an expansion of paid sick leave — a major focus for some White House officials, who fear the virus could spread further if service workers go to work sick.

More at link.

Republican bailouts are my favorite kind of bailouts.



Mr. Breedlove @breedlovewho

1h
So hospitality tax deferrals that apply to Trump resorts and hotels? What a fortuitous coincidence!

[Hoodat]

The title is confusing.  Is this about the economy, or is it about the stock market?  The two are not the same.

[Gefn]

Dow is down right now 2,000 points

https://www.marketwatch.com/

[EdinVA]

The title is confusing.  Is this about the economy, or is it about the stock market?  The two are not the same.

 

[Hoodat]

Dow is down right now 2,000 points

And the economy is not.

[Absalom]

Washington (CNN)President Donald Trump will huddle with aides Monday to weigh options for possible economic stimulus meant to blunt the economic fallout of coronavirus, White House officials said, as stocks plunged and concerns continued to grow over the administration's handling of the crisis.
The agenda for the meeting, which will convene at the White House after Trump returns from a political fundraising event in Florida, wasn't immediately clear. While some members of Congress have publicly floated ideas to spur the US economy and help affected industries, the President has not yet endorsed any specific action and officials have offered differing views of how sweeping a stimulus plan could be.
Some ideas under consideration include steps to defer taxes on the airline, cruise and hospitality industries, all battered by the virus. The White House has also weighed an expansion of paid sick leave — a major focus for some White House officials, who fear the virus could spread further if service workers go to work sick.

Republican bailouts are my favorite kind of bailouts.
Mr. Breedlove @breedlovewho
So hospitality tax deferrals that apply to Trump resorts and hotels? What a fortuitous coincidence!

------------------------------
For some, adversity reveals character; for others cowardice.
Way past time Trump deep-sixed his Nero Face & Fiddle and got real.
The CaronVirus, exposing us to the unknown has generated fear.
Yet the crash on Wall Street is equally, if not more ominous, as it reflects a
major collapse in the vital energy industry; for which we are a leading exporter.
The repercussions of this may well be grave and lasting.
The latest yip-yap from the policos, is that Trump will impose fiscal measures
to halt the market collapse but here he will need the support of the D House?
Perhaps, if they can cease urinating on each other for a few hours, something may get done.
Trump can thank the Almighty that we are in March not late October.

[Formerly Once-Ler]

And the economy is not.

G. Elliott Morris @gelliottmorris
Good thing the president didn't spend the last three years touting the stock market as the single best barometer of the nation's economy /s

https://www.chicagotribune.com/politics/ct-donald-trump-chicago-police-chiefs-speech-text-20191028-njvjdf3pzjbpnid7xvyvzmlw2y-story.html

But I was at an event in New York, and came out. I was shaking hands. And this one policeman said, “Sir, I want to thank you.” “Why?” “My 401(k) is through the roof. And for the first time in my life, my wife thinks I’m a financial genius.” (Laughter and applause.) It’s true. It’s true.

Said he was up, now, 72 percent. I said, “That’s not bad.” He said, “She always thought I was incompetent, financially.” (Laughter.) “But you have made me into a genius, sir.” (Laughter.) He hugged me. He actually wanted to kiss me. I said, “No, thank you, but you can.” (Laughter.) It’s not my deal, but that’s okay. (Laughter.) But he was great.

[Cyber Liberty]

It's inaccurate to believe the 2,000 point drop today was because of the Corona Virus. 

The crash in Oil Futures prices had far more impact.  The development concerning the virus in Italy would have been good for 300 to 500 points, tops.  The ramifications of what's going on in the energy sector are far more important to the Stock Market and the economy in general than a ginned-up hysteria.

The price of oil, however, was as low as 28 bucks a barrel today.

[truth_seeker]

Oil prices tumbled, in  part due to price war between Russia and Saudi Arabia.

Lower prices harm American enhanced recovery producers.

[Cyber Liberty]

Oil prices tumbled, in  part due to price war between Russia and Saudi Arabia.

Lower prices harm American enhanced recovery producers.

Exactly, which is why the market's decline today.

[thackney]

It's inaccurate to believe the 2,000 point drop today was because of the Corona Virus. 

The crash in Oil Futures prices had far more impact.  The development concerning the virus in Italy would have been good for 300 to 500 points, tops.  The ramifications of what's going on in the energy sector are far more important to the Stock Market and the economy in general than a ginned-up hysteria.

The price of oil, however, was as low as 28 bucks a barrel today.

But the drop in oil is due to the corona virus causing a significant drop in transportation fuels.

[Cyber Liberty]

But the drop in oil is due to the corona virus causing a significant drop in transportation fuels.

You don't think the Russian-Saudi price war has anything to do with it? 

[thackney]

You don't think the Russian-Saudi price war has anything to do with it?

The Russian-Saudi price war was in response to the initial drop in consumption caused by the virus.

https://www.atlanticcouncil.org/blogs/new-atlanticist/saudi-arabia-and-russia-feud-over-coronavirus-oil-response-will-everyone-lose/

[EdinVA]

The price of oil has been artificially propped up for decades and I believe, once again, the Trump administration has shone the light on the manipulation.

[catfish1957]

The price of oil has been artificially propped up for decades and I believe, once again, the Trump administration has shone the light on the manipulation.

OPEC as cartel has not been effective for years.  Not totally discounting your claim, but I think market forces have been pretty indicative of the true price since OPEC's demise.

[Hoodat]

G. Elliott Morris @gelliottmorris
Good thing the president didn't spend the last three years touting the stock market as the single best barometer of the nation's economy.

He hasn't.  Low unemployment is what has been touted as the single best barometer.  Again and again.

[Cyber Liberty]

He hasn't.  Low unemployment is what has been touted as the single best barometer.  Again and again.

Straw men are great opponents to have. 

[Fishrrman]

Ed wrote:
"The price of oil has been artificially propped up for decades and I believe, once again, the Trump administration has shone the light on the manipulation."

You win the thread, Ed.

What's going on now shows what the REAL "market value" of oil should be, not the artificially-inflated prices that started with the first oil embargo in 1973, and has not abated since (except for a brief period in 2008)...

[EdinVA]

Ed wrote:
"The price of oil has been artificially propped up for decades and I believe, once again, the Trump administration has shone the light on the manipulation."

You win the thread, Ed.

What's going on now shows what the REAL "market value" of oil should be, not the artificially-inflated prices that started with the first oil embargo in 1973, and has not abated since (except for a brief period in 2008)...

@Fishrrman

Win?  I was not even aware I was racing... lol

[truth_seeker]

Oil value since 1973, 47 years, falsely "inflated?"

Who the hell let that happen, then Nixon, Ford, Carter, Reagan, Bush I, Clinton, Bush II, Obama, Trump, all producing and consuming nations, etc?

Deep water platforms, North Sea, fracking came along.

It seems to me, a whole lot of "willing sellers and buyers," under both parties, with OPEC power moving from strong to weak.

But who am I to say? I WIL listen to the members in the oil and related industries.

[Cyber Liberty]

Oil value since 1973, 47 years, falsely "inflated?"

Who the hell let that happen, then Nixon, Ford, Carter, Reagan, Bush I, Clinton, Bush II, Obama, Trump, all producing and consuming nations, etc?

Deep water platforms, North Sea, fracking came along.

It seems to me, a whole lot of "willing sellers and buyers," under both parties, with OPEC power moving from strong to weak.

But who am I to say? I WIL listen to the members in the oil and related industries.

I listen to them.

[Fishrrman]

truth seeker protests:
"Who the hell let that happen, then Nixon, Ford, Carter, Reagan, Bush I, Clinton, Bush II, Obama, Trump, all producing and consuming nations, etc?"

With the possible exception of Mr. Trump, THEY ALL "let that happen".

What the United States (and Western Europe) SHOULD have done in October 1973 is tell the Saudis that if they did not end their embargo, that we would march in there and "end it" for them.

And then we should have followed through and done EXACTLY that.