Coronavirus will hit US economy harder than 2008 financial crisis: J.P. Morgan

johnN

https://www.foxbusiness.com/markets/coronavirus-gdp-impact-bigger-than-financial-crisis-j-p-morgan

Coronavirus will hit US economy harder than 2008 financial crisis: J.P. Morgan

J.P. Morgan is calling for a sharper U.S. economic contraction in the second quarter, due to the COVID-19 pandemic, than the country experienced during the worst of the 2008 financial crisis.

WABAC

As discussed in many threads around here, corporate America learned nothing from the last two crashes. And in fact, like the kids down in Florida, they just kept partying harder.

So it's not too surprising to contemplate things getting worse when you pile trade wars and pandemics on a house of cards

sma3

nope after Boeing spent what 50 or 100 billion on buybacks in the last ten years. But the taxpayer will bail them out again

Let us at least pray the US gets an equity stake or warrants like Warren could get

Mark

Like sma3 I say no bailout, loans to be determined. And I like the idea of the same terms as Warren gets.

LewisBraham

Airlines that can't manage their own finances should go through a structured bankruptcy and be nationalized. But the way it works here is capitalism on the way up--they gouge customers, cut services and keep all the profits--and socialism on the way down--taxpayer funded bailouts. Frankly, I'm sick of this one-sided socialism for the rich with regard to bailouts. Companies don't want to be regulated and they boast about the wonders of the free market and the moment there's a problem they have their hands in taxpayers' pockets. Either be capitalist thoroughly as a corporation and accept the fact that you now must go bankrupt or be thoroughly socialist, have a national airline system as the service is too vital not to be. Nor is this a revolutionary concept. For many years Qantas, Australia's airline, was nationalized: https://en.wikipedia.org/wiki/History_of_Qantas

royal4

Individuals are always told to have 6 month to a year in safety net funds.... corporations not so much..... socialism has always been one way toward the rich. They are also the first ones on TV promoting how bad it is for the average American. Yelling don't be like Venezuela. We should be more like Norway, Denmark but that's not how you scare some Americans who don't see through the BS. Keep telling them we have the best everything and they'll believe it.