Never have I seen anything move as swiftly as coronavirus. Dr. Fauci warned yesterday it would get even worse over the next 10 days. I believe him.
The virus is affecting every phase of our lives.
An example is a dear lady friend who resides in another State. She had called me. “I’m afraid,” she said. She is a widow. Has some money and stocks. Cash in the bank a little over $200,000. Value of stocks, who knows anymore.
What do I do, Louis?
I suggested she take all her money out of the bank. Not to hoard it. Buy gold. The stocks I had no judgment on. She said her husband said never sell when the market goes down because it always comes back.
My thought was she should not follow her husband’s advice. We are heading for a 1929 market. She would be dead before the stocks bounced back. Sell and buy gold.
I pressed her to get her money out of the bank swiftly. People are going to begin runs on their banks. The banks will not have sufficient monies to pay off everyone.
She called me later yesterday. She called her bank and asked to have her money ready in cash. She was coming down to close out her accounts. She was told the earliest the bank could have her money available was next wednesday. A major bank.
Those of you reading, do not follow my thoughts. I am not an economist. My only claim to some minimal knowledge is I am 84 and have experienced many things in my life.
Which now brings me to the stock market.
The market was down 1,400 points at close yesterday. Opened this morning already 1,600 points down. At 11:30 this morning, the market was down more than 2,000 points.
With everything closing down, it ain’t going to come back fast!
My yesterday. Blog in the morning. Reworked a part of Growing Up Italian early afternoon. Napped 3 hours later in afternoon.
It was supposed to be Shana Key for dinner last night with Susan. she begged off. Monday was supposed to be dinner with another charming lady who also backed off.
I’m doing good!
I’m beginning to wonder if my age has anything to do with it. None are in their 80’s. They are in less danger than I to acquire the virus. Whatever.
My evening turned out to be a good one. Watched Syracuse play North Carolina in the ACC Tournament. Syracuse destroyed North Carolina 81-53. It was a no competition game for Syracuse.
The amusing part of this tale is that North Carolina demolished Syracuse 2 weeks ago 92-79.
It’s Syracuse/Louisville tonight. I will remain home to watch.
The ACC announced after last night’s game that fans will not be permitted to any further games. A “limited fan policy” has been instituted. A mere handful of visitors will come through the doors. Family and friends.
Coronavirus being felt again.
Trump sits in the hot seat these days. He has heavy decisions to make. All with far reaching consequences.
Is he capable? I do not believe he is.
He did an Oval Office presentation to the nation last night. I assumed to reveal how he was going to handle the crisis from this point forward.
He was totally unimpressive. Totally depressed me.
A couple of solutions suggested which would, per his usual custom, aid the wealthy and screw the poor.
Paid leave. Trump would fund it with a “payroll tax holiday.” Intended to put a “pay check” in a worker’s pocket while he/she remains home because of he virus, to care for someone with the virus, etc.
The payroll tax is 12.4 percent. Sole purpose to pay Social Security benefits. One half paid by the employer, the other half by the employee.
If the employee is self employed, the employee pays the full 12.4 percent.
The reasoning behind eliminating the payroll tax is that it leaves more “disposable income” in people’s hands. They will spend more money, thereby stimulating the economy.
Two negatives involved.
First, the rich will benefit more. They earn more. They will have significantly more disposable income than ordinary persons.
An example of more for the rich and less for the poor.
The second reason even worse. Money will not go into the Social Security account for a long period. Such threatens future retiree benefits. They will be much less than anticipated. Could also affect present retirees. Many need that check, no matter how small. At some point, check amounts will of necessity have to drop.
Washington always wants to cut Social Security. Trump included. It was a mere 2 weeks ago he said at a rally he would not cut Social Security and Medicare. He would protect those benefits for the American people.
Certain businesses are struggling. No question about it. More will be also. Just as the American people themselves will be.
Trump wants to “bailout” certain businesses. Just like we bailed out the auto industry and banks.
The man is a pig, however. One of the industries he wants to bail out are the hotels. Is he mad! He who may still have a financial interest in some or all of his hotel empire. His children own the Trump hotel industry with or without him.
Then there is the oil industry.
Coronasvirus has nothing to do with oil and gas producers. Zip!
The industry is in trouble because of a Russia/Saudi Arabia oil war. Trump’s “friend” Putin behind the war. He hopes it will ultimately adverse the U.S. shale oil industry.
It already is doing so. America’s shale oil industry is and has been heavily debted. A bailout is need. Trump wants to use the virus as an excuse to bail out the shale oil people.
One of he hardest hit companies is Continental Resources. Owned by Harold Hamm. A Trump supporter and also an adviser to Trump on energy issues.
Some additional coronavirus irems.
American movie star Tom Hanks and his wife Rita Wilson tested positive.
They are in Australia. They went for pre-production work for the movie Elvis Presley. Hanks will play Presley’s long time manager Colonel Tom Parker.
Hanks said he and Rita “felt a bit tired, like we had colds, and some body aches. Rita…..chills…..came and went. Slight fevers too……tested for coronavirus, and were found to be positive.”
Hanks said they would follow protocol, be tested, observed, and isolated for as long as public health and safety requires. “We’ll keep the world posted and updated.”
The last sentence may be one of the greatest practical help to all. Hearing first hand from a person we all respect and admire he and his wife’s experiences with the virus.
Google has sent its staff home. All 120,000 of them. They are to work from home.
Princess Cruises announced it has ceased sailing for 60 days.
Dr. Anthony Fauci a medical great. An infectious disease expert. Respected by all. Perhaps not Trump.
He is Director of the National Institute of Allergy and Infectious Diseases.
He reported yesterday before a Congressional Committee that coronavirus is 10 times more lethal than the seasonal flu.
I was a professional. I expected my clients to listen to me.
My life experience as a lawyer has trained me to listen to doctors. I do to the letter what I am told.
I sense based on their advice that this 84 year old man should spend more time in house rather than out on the town. I will. I have already begun storing food and other necessities. I expect a huge supply of Pruell any day. Even ordered plastic gloves.
N95 face masks difficult to obtain. A 1-2 month wait. Supposedly a friend was going to get me some. I am still waiting.
What I am trying to say is I will be spending more time in the house rather than out.
Must entertain myself in some fashion.
Recall Irma and Me. Well, there is going to be a Coronavirus and Me. Beginning with yesterday. Diary fashion. Not my blog reprinted.
Eventually to be published. Assuming the virus does not kill me.
Enjoy your day!