I T MAY HAVE been lost amid the stockmarket panic but on March 9 America's bull market turned 11 years old. Two days later, it was history. Concerns about the covid-19 epidemic have caused a rout in the Dow Jones Industrial Average, pushing it down more than 20% from its high on February 12th—a fall that fits the definition of a bear market. The worst sell-off in history began with the Wall Street crash of 1929. Two big bear markets have occurred this century.
This article appeared in the Finance and economics section of the print edition under the headline "Entering a bear market"
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Obama adviser Jason Furman on coronavirus's economic threat: "This feels much worse than 2008" -
Coronavirus could do more economic damage than the financial crisis that led to the Great Recession.
Jason Furman was a top economic adviser to President Barack Obama, serving as deputy director of the National Economics Council from 2009 to 2013, and as chair of the Council of Economic Advisers from 2013 to 2017. He played a key role in designing the administration's response to the financial crisis and Great Recession. He's now a professor at Harvard's Kennedy School of Government.
Free exchange - Throughout history, pandemics have had profound economic effects | Finance and
It seems also to have ushered parts of north-west Europe onto a more promising growth path. Real incomes of European workers rose sharply following the pandemic, which struck the continent from 1347 to 1351. In pre-industrial times, higher incomes usually enabled faster population growth, which eventually squeezed incomes back to subsistence levels (as observed by Thomas Malthus). But in parts of Europe, Malthusian rules did not reassert themselves after the pandemic receded.
This article appeared in the Finance and economics section of the print edition under the headline "The ravages of time"
House will vote Friday on coronavirus relief bill, Pelosi says — with or without Trump's backing
The 363-40 vote — gaveled down just before 1 a.m. — capped two days of volatile negotiations between House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin that threatened to fall apart entirely for hours Friday amid GOP misgivings. But even after President Trump criticized House Democrats at an afternoon news conference Pelosi and Mnuchin kept at it, speaking by phone 13 times in the course of the day Friday and finally clinching a deal.
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"I encourage all Republicans and Democrats to come together and VOTE YES! I will always put the health and well-being of American families FIRST," the president wrote. "Look forward to signing the final Bill, ASAP!"
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Bloomberg - Are you a robot?
Berkeley businesses hit hard by the economics of social distancing — Berkeleyside
"This past weekend our sales dropped by half," said Floy Andrews, owner and founder of Bay Area Co-Roasters or Co-Ro, a coffee roasting co-op and café on Fifth Street. "Usually a busy work week day we'd be having a café full of customers; today we have three customers."
In Berkeley, as in other parts of the world, people seem to be heeding the public health call for "social distancing" or avoiding crowds to reduce the spread of the highly contagious upper respiratory virus which is transmitted through coughing, sneezing and physical contact. Many celebrations, meetings, gatherings have been canceled. UC Berkeley and Berkeley City College halted most classroom sessions for distance learning. The city has called for limiting attendance at large events.
Economics professor looks at impact COVID-19 could have
SAVANNAH, Ga. (WTOC) - As festivals and sporting events are called off and people are cancelling travel plans for the foreseeable future, some are worried about the economic impact coronavirus could have both locally and across the nation.
At Georgia Southern University's Armstrong Campus, Dr. Richard McGrath, an economics professor, says broader economic implications are still hard to predict, but expect the stock market to continue to show movement.
Robert Shiller says the coronavirus disruption is different from other economic crises — Quartz
Robert Shiller won the Nobel prize in 2013 for his work on financial bubbles , and more recently he has written about the narratives and popular stories that affect the economy.
The Yale economics professor says disruptions like the Great Depression can often be traced to a pessimistic idea, like the fear that the economy's best days are behind us. The spread of coronavirus is different because it's real—it is causing people to stay home and avoid going out, which is causing the gears of commerce to stop turning. Shiller says the coronavirus's affect on the US economy is something we haven't quite seen before.
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