Thursday, March 19, 2020

"Our economy will come roaring back better than ever"



View this post on Instagram

While efforts to contain the COVID-19 pandemic forced the U.S. to a virtual standstill in a matter of days, it can start work again just as rapidly, former New York Stock Exchange CEO Dick Grasso said. ⁣ ⁣"There is a morning coming," Grasso, whose tenure included an exchange shutdown after the 9/11 terrorist attacks, told Fox Business' @MariaBartiromo. "Our enemy today is not al-Qaida or someone carrying an AK-47, it is a virus. But we have the best scientists in the world, the best medical facilities in the world. We will defeat it." ⁣ ⁣Grasso, who said during a coronavirus-related drop in late February that slides in financial markets give investors a chance to beef up their holdings, doesn't believe a temporary halt in floor trading at the New York Stock Exchange will last forever. ⁣ ⁣The exchange is switching to electronic trades only as of Monday after a floor worker and exchange member tested positive for COVID-19, the disease caused by a new coronavirus that has killed thousands of people worldwide. (via @morningsmaria)

A post shared by Fox Business (@foxbusiness) on





View this post on Instagram

From @scottwalker: On the morning of Sept. 11, 2001, both of my sons were eating breakfast before heading to their elementary school when my wife called from work. She told me to go to the living room and turn on the television. To my disbelief, I watched images of another plane crashing into the South Tower of the World Trade Center. Later, as our carpool headed to work, we listened in disbelief as they reported that the twin towers were falling to the ground. At first, we thought it was a mistake. It hardly seemed possible to imagine two buildings so large crumbling to the ground. • Full story on our website #wuhanvirus #coronavirus #coronavirusoutbreak #coronavirusupdate #covid_19 #covıd19 #opinion #commentary #washingtontimes #trump

A post shared by The Washington Times (@washtimes) on



View this post on Instagram

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. ⁣ ⁣The firm sees the U.S. economy shrinking by 5.3 percent from January through March and 14 percent during the following three months. By comparison, the U.S. economy contracted by 7.2 percent during the fourth quarter of 2008, its worst of the global financial crisis, according to the St. Louis Fed. ⁣ ⁣Still, a sharp snap back to 6 percent growth in the third quarter of this year and 2.3 percent in the fourth leaves the long-term outlook less dire than both the worst year of the financial crisis and the earliest years for which data is available on the Great Depression. ⁣ ⁣For all of 2020, J.P. Morgan sees an economic contraction of 1.9 percent, compared with a slump of 2.5 percent in 2009 and a drop of 8.5 percent in 1930, the year after the 1929 stock market crash, when the country was reeling from a drought and spiking unemployment.

A post shared by Fox Business (@foxbusiness) on