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March 25, 2020

Markets Roar Back on $2T COVID-19 Rescue Package

This Day in History | 1911

The Triangle Shirtwaist Company factory in New York City burns down, killing 146 workers, on this day in 1911. The tragedy led to the development of a series of laws and regulations that better protected the safety of factory workers.

Good morning Middle Americans, 

Well, we have a massive $2 trillion spending bill aimed at rescuing the economy from the nearly nationwide shut down we’re all experiencing. The coronavirus, or COVID-19 has sent shockwaves through the stock markets. The major indexes came roaring back yesterday – with the Dow seeing it’s largest day gain since 1933. But no one wants to go back to 1933 and the Great Depression. The Dow has lost about 8500 points in the last five trading days. And for a President who has consistently bragged about the strength of the stock market – that’s a talking point that could and should be exploited his political opponents. By the way – Congress tried to act in 1993, but it didn’t work.  Most economist agree that the Great Depression didn’t end until 1936. 

Most Americans think the response to COVID-19 is ‘going badly’. But they don’t blame President Trump. The data comes from a CBS News poll, and it’s interesting to see the breakdown. Get this, 57 percent of American adults say – efforts to fight the virus are “going badly,” while at the same time 53 percent say they support President Trump handling of the situation. But they also seem to have their doubts. The president and the media are underwater when it comes to public trust. Both the president and the national news media suffer, with 44 percent and 43 percent of respondents saying they believe the president and the news media, respectively.

Meanwhile, state and local governments are enacting lockdowns and restricting movements and our constitutional rights. Look no further than Los Angeles where Sheriff Alex Villanueva says he’s closeing gun stores. This while concerned citizens line up to arm up during these uncertain times. 

A Mayor in Kentucky has posted an explicit Facebook rant hoping to get his constituents off the streets. Many Americans continue to resist the advice of public health officials and the consequences could be dire, they say. 

When it comes to the economy, everyone is getting a beating. Well, everyone except short-sellers.  New data from the Commerce Department shows – the real estate industry is experiencing a significant dip, and it started before the coronavirus really started to take root here in the U.S.  Real Estate experts predict deeper declines in coming months as the coronavirus puts a major crimp on home sales.

Read all about it!

-Fraser Dixon 

Trump, Congress Agree on $2 Trillion Virus Rescue Bill

(AP) — The White House and Senate leaders of both parties announced agreement early Wednesday on unprecedented emergency legislation to rush sweeping aid to businesses, workers and a health care system slammed by the coronavirus pandemic.

The urgently needed pandemic response measure is the largest economic rescue measure in history and is intended as a weeks- or months-long patch for an economy spiraling into recession and a nation facing a potentially ghastly toll.

Top White House aide Eric Ueland announced the agreement in a Capitol hallway shortly after midnight, capping days of often intense haggling and mounting pressure. It still needs to be finalized in detailed legislative language.

Learn more here

Most Americans: Efforts to Combat COVID-19 ‘Going Badly’

(The Hill) – Most Americans say they believe coronavirus prevention efforts in the U.S. are having little effect in slowing the spread of the virus, with a large majority saying they expect it to take months to contain the disease, according to a new poll.

A CBS News poll released Tuesday found that 57 percent of U.S. adults surveyed said that efforts to fight the virus are “going badly,” with 72 percent saying they think it will take months or longer to contain the virus while a quarter said it could be contained within a few weeks.

President Trump’s handling of the situation, however, is still supported by a majority of Americans in the poll, 53 percent.

See the results here

Kentucky Mayor: ‘Listen up Dips—s,’ Coronavirus Is ‘a Big F—ing Deal’

(NY Daily News) – Hopefully his town is cleaner than his mouth.

Gabe Brown, mayor of Walton, Kent., begged his constituents to take coronavirus seriously in a profane Facebook post that began “Listen up dips—s and sensible people” and reminded everyone that COVID-19 is “a big f—ing deal. Stay at home.”

And while Mayor Brown doesn’t want residents joking about the virus and going outside, he wasn’t above a little sarcasm himself.

“If you ignore this problem, the worst thing that could happen is that your mother, father, grandmother, grandfather, aunts, uncles could die,” he wrote. “Be responsible. If you don’t, then screw you. Warmest regards, Mayor Gabe Brown.”

See the Facebook rant here

LA County Sheriff Orders Gun Stores to Close; Adds 1,300 Deputies to Patrol

(Fox LA) – Sheriff Villanueva also said he’s adding 1,300 deputies to patrol, that he’s released 1,700 nonviolent inmates from county jails, and criticized how local politicians have handled the messaging behind the numerous stay-at-home orders.

“This is about taking care of people, not elected officials or politicians,” Villanueva said.

He pointed out that the routine press conferences routinely involve politicians thanking each other, and minimal important information.

“When I see the same faces and they’re saying a lot but there’s no substance, you eventually become background noise and people just tune you out,” Villanueva said.

The Sheriff is also the Director of Emergency Operations, meaning he is the number one person in charge during a crisis like the coronavirus. All FEMA requests go through him, and all National Guard requests go through him.

One clear message that Villanueva is sending, is on gun stores.

“We will be closing them, they are not an essential function,” Villanueva said. “I’m a supporter of the 2nd amendment, I’m a gun owner myself, but now you have the mixture of people that are not formerly gun owners and you have a lot more people at home and anytime you introduce a firearm in a home, from what I understand from CDC studies, it increases fourfold the chance that someone is gonna get shot.”

Get the latest here

New Home Sales Drop 4.4% in February

(AP) – U.S. new home sales fell 4.4% in February with bigger declines expected in coming months as the coronavirus puts a major crimp on home sales.

The Commerce Department said Tuesday that February sales dropped to a seasonally adjusted annual rate of 765,000 homes, down from a rate of 800,000 homes in January.

The January figure was revised up from an initial estimate of 764,000 but economists are warning that home sales, along with many other parts of the economy, are expected to take a big hit in coming months due to the shutdowns that have occurred to try to limit the spread of the coronavirus.

Find out more here

Toilet Paper ‘Ninja’ in Colorado Springs Makes Surprise Deliveries

(KRDO) – Toilet paper can be pretty hard to find right now. Luckily, there’s a mystery man going around Colorado Springs making stealthy — and in some cases timely — deliveries.

The above video was sent to us by Joshua Turner in the area of Circle and Monterey.

A man in a ninja mask is seen walking up to his front porch and dropping off a roll of toilet paper before dashing off into the night.

See the video

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