US futures on the Dow Jones index Sunday night are pointing to another 1,ooo point plunge after the Plunge Protection Team came in late Friday to raise the market more than 2,ooo points.
Many people I speak to have totally no idea how the fear will effect this market now. They also don’t no clue how market professionals will react, but they will start looking at the Corvis-19 outbreak and how it extract thousands from their 401)K over the last weekend.
Yes The Federal Reserve will provide for the banks to keep ATMs open, but who will provide for the American service workers, who work for minimum wage and have no benefits?
New York City and many other county districts have closed down schools for too short a period initially. How does two weeks affect school children? Less teenagers together? Is that the demographic that is i danger? No.
Now, New York and many other states have short-term civil layoffs saying that the staff cannot file for unemployment for two week thinking that this blow over.
Also what also happens to the 41% of NYC nurses with school-age children looking for child care now? Not to mention the NYC kids who rely on their best daily meal from the school system. NYC Mayor Bill De Blasio said he will work it out with Gov, Andrew Cuomo.
What about older American who are the core group of people we should be sheltering. At this point confirmed cases in the US will soar everyday as testing expands and these are the people we need to shelter and provide assistance to until July at the least so as to not overwhelm critical hospital wards School kids should not be a priority.
This outbreak will be with us through most of the summer until 80% of the population develop the antibodies to stop it in its tracks. Our hope is that majority of Americans will not require hospitalization that will overwhelm the system as a result of the outbreak. This way hospitals and staff will not be burdened with cases as is the case in Italy.
I will be back today as news and market conditions as is dictated. Look for multiple daily postings until this pandemic ceases.