Author: wazup

Trump has said the White House will move ahead with reopening the economy even without the capacity to test every American for the virus. Roughly 328 million people live in the U.S., with only 2 million coronavirus tests completed as of Friday. Dr. Tony Fauci, director of the National Institute of Allergy and Infectious Diseases and a member of the White House coronavirus task force, said last wee...

“People want to get back to work. … We are setting up a council of some of the most distinguished leaders in virtually every field, including politics, business and medical. And we’ll be making that decision fairly soon,” Trump said in a Saturday interview on Fox News. Fauci on Sunday called for a “rolling reentry” and a solution “that is not one size fits all” to prevent a potential r...

“There’s something good going to happen. I really believe that. There’s something very good going to happen. We have to get back,” Trump said at a Friday news conference. Nearly 17 million Americans have filed claims for unemployment benefits over the past three weeks, already exceeding the total number of jobs lost over 18 months from the Great Recession of 2007-09. “People aren...

The new group comes as the president has expressed his eagerness for several weeks now to shake the country from its self-imposed social and economic lockdown, though medical experts have warned that resuming business as usual before the virus is under control and widespread diagnostic measures can be implemented could have dire consequences. Trump indicated Friday that the new group would look fu...

Markets aren’t infallible, and sometimes their read on the situation is wrong. But often when they’re wrong, they skew toward pessimism, reacting quickly and aggressively to negative news or even the hint of it. At the end of 2018, for instance, stocks plummeted 20 percent or more based on the fear, unfounded, that rising interest rates would cripple activity. It’s often been said, derisively, tha...

While banks have said they have been unable to send money to small business borrowers amid the chaos, Kudlow said there were “$50 billion in loan commitments” and 178,000 loans being processed. “If the demand is that high, which I would regard as a good thing because we just want to get folks through this tough period, why not ask for more money?” he said. The Treasury Depa...

Though the ballooning economic destruction is largely being induced by the government’s efforts to combat the virus, consumers’ outlook for the economy is rapidly darkening as the virus claims more lives and shuts down a broad swath of the country. The growing number of job losses has been a central focus as Congress considers further injections of funds into the economy and as the Fed delib...

Dimon, who just returned to work after emergency heart surgery, took a veiled swipe at the Trump administration and other U.S. leaders for failing to prepare for the outbreak. He said the pandemic “is only one example of the bad planning and management that have hurt our country.” “Sometimes extraordinary events in history can cause a change in the body politic,” he said. &...

The left flank is increasing pressure on Joe Biden, the party’s likely nominee, to adopt more progressive economic policies. Activists accuse Trump of prioritizing corporate America over low-wage workers, while many moderate Democrats are leery of drawing such distinctions, training their criticism of Trump solely on his initial mishandling of the pandemic. “This is not just about saying, ‘Trump i...