By Jon Dougherty @JonDougherty10
(TNS) After opening down Wednesday morning, Wall Street bounced back nicely by the close of business this afternoon, adding another 1,100 points to the Dow Jones Industrial Average while the other indices gained as well.
We have no idea when House Speaker Nancy Pelosi will bring her chamber back into session so lawmakers can vote on an emergency spending bill aimed at saving lives and keeping American businesses from folding amid the ongoing coronavirus hysteria. After bringing the House into session for a couple of minutes Wednesday morning, she dismissed lawmakers with a pledge to vote on a Senate-passed measure Thursday.
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At some point.
Because this is what a-hole, tone-deaf, multimillionaire Democratic House Speakers do.
In any event, as financial experts begin to see a crack or two of daylight at the end of a long tunnel, they are beginning to assess our chances of coming through this ‘crisis’ alive and in a position to jump-start the Trump economy.
The St. Louis Fed president, James Bullard, said he believes that we’re set up for a meteoric rise once all the COVID-19 dust settles, Americans get back to work, and the economy begins to percolate once more.
As reported by One America News:
In an interview Wednesday, he said the Central Bank is expecting the unemployment rate to skyrocket as high as 30 percent after months of hovering at a record low.
Bullard noted that short-term hit to the economy will be “unparalleled,” but emphasized this is not a traditional recession as the downturn is being implemented intentionally to stop the spread of COVID-19.
“The whole idea is to hunker down, lie low, let the virus go away, but I guess my point on talking about this is that the numbers will be unparalleled,” he said.
“But don’t get discouraged because this isn’t at all comparable to past events in U.S. macroeconomic history; this is a special quarter and once the virus goes away, if we play our cards right and keep everything intact, then everyone will go back to work everything will be fine,” Bullard added.
He’s not alone.
Former Fed chair Ben Bernanke reiterated that message in an interview Wednesday when he said he also expects a quick rebound after the sharp downturn.
“If there’s not too much damage done to the workforce, to the businesses during the shutdown period, however long that may be, then we could see a fairly quick rebound,” he explained.
For what it’s worth, and to tens of millions of Americans it’s worth a lot of paychecks, President Donald Trump and members of his administration are hinting that they’ve had enough of the coronavirus crazy and, though Americans in some parts of the country are definitely at risk, the vast majority of us are not in New York City and California. As such, the trial balloons of getting Americans back to work with precautions and continued health advice to the most vulnerable are already being floated.
And the fact that Left-wing hacks in the ‘mainstream’ media hate the idea makes us think that it’s a darned good one since those clowns haven’t been right about anything in recent years.
More Americans are coming around to Trump’s way of thinking, too. As noted by Harris Polls, more Americans are becoming more concerned about their economic prospects than about their health.
Once we get our stores and shops open again and Americans back to work, we agree that the markets will rebound and Trump’s economy, which was already steamrolling, will rocket forth once more.
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