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Live Stock Market Tracker During Coronavirus Pandemic

by ace
Live Stock Market Tracker During Coronavirus Pandemic

President Trump is a blockbuster and some journalists and public health experts say this can be a dangerous thing.

Since reviving the White House daily briefing – a practice abandoned last year by a government that is irritated by outside scrutiny – Trump and his coronavirus updates have attracted an average audience of 8.5 million on CNN, Fox News and MSNBC, approximately the audience for the season finale of "The Bachelor". On Monday, almost 12.2 million people attended Trump's cable news briefing, according to Nielsen figures – "Monday Night Football".

Veteran news anchor Ted Koppel said on Wednesday that television news executives had overlooked a crucial distinction in their profession. “Training a camera at a live event and just letting it work is technology, not journalism; journalism requires editing and context, ”he wrote in an email.

The Rescue Law

As part of the country's largest emergency spending plan, US lawmakers agreed to provide direct payments of up to $ 1,200 to certain taxpayers in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic.

But it seems that checks can take a while to reach bank accounts.

The massive legislation is not yet completed, so only the outline is known. The Senate is expected to vote on the bill on Wednesday.

But Democratic aides in the Senate said on Wednesday that eligible Americans with direct deposit bank account information filed with the IRS for tax refunds – about 70 million people – should see their payments arrive within weeks of signing the bill. law. law.

Qualified Americans who do not have this information on file and therefore await a check in the RI post office, will need to wait up to four months to receive one, advisers said.

The latest version of the bill, which has not yet been finalized, notes that the Treasury Secretary must make payments "as soon as possible".

If you want to close an economy to fight a pandemic without bankrupting millions of people and businesses, the government must cut some checks. The coronavirus response agreement that Congressional leaders made earlier Wednesday will receive many checks in the mail, but will only ease a few months of financial pain.

The legislation, which is expected to be enacted in a few days, is the biggest fiscal stimulus package in modern American history and more than double the $ 800 billion stimulus package that Congress passed in 2009 to facilitate the Great Recession. .

Invoice items include:

  • $ 350 billion in small business loans to help reduce your expenses for up to 10 weeks. Companies would not need to pay up to eight weeks of loans if they refrain from firing employees or move to June to rehire workers who had already laid off workers.

  • $ 500 billion in aid to airlines and other large corporations that have been hit by the craters of consumer demand in the midst of the crisis. Much of the money would be used to contain loans and other aid that the Federal Reserve said it plans to extend to companies.

  • Payment of $ 1,200 for each adult and $ 500 per child for families earning up to $ 75,000 per year for individuals or $ 150,000 for couples. Assistance kills people who earn the most.

Economists hailed the emerging deal as a good start, which works on several fronts to keep money flowing through parts of the economy that have suddenly become inactive. But some have warned that it may not be big enough, given the enormous economic challenge the United States faces today.

"A large part of the small business community is facing an extinction level event," said John Lettieri, head of the Economic Innovation Group's innovation group in Washington, which pushed hard for a small business loan package in the deal. “Will this account help? Absolutely. But the borrowing capacity needed to prevent mass closings and layoffs can be four or five times greater than what is being provided. "

Trading on Wall Street was volatile on Wednesday, when investors began evaluating a $ 2 trillion coronavirus rescue package designed to sustain the American economy.

The S&P 500 fell at the start of trading before rising more than 3%. In Europe, the main benchmarks were generally higher.

Some of the companies expected to benefit from government assistance have led the gains. Boeing rose nearly 30%, helping to raise Dow Jones' industrial average by more than 5%; American Airlines jumped more than 15% and Carnival Corp. jumped over 14%. All three posted double-digit gains on Tuesday, as negotiations on the package moved forward.

On Tuesday, Wall Street shares had their best day since 2008 with expectations of the stimulus deal. Democratic and Republican leaders in the Senate finally reached an agreement in the early hours of Wednesday.

Governments elsewhere are also making plans to help. On Monday, Germany prepared an emergency budget and rescue fund for companies that include state-backed loans. European Union leaders are working on additional measures to help free up money for some countries in order to ease the economic blow of the virus.

While investors have welcomed the plans, few are willing to say conclusively that the worst of the market's liquidation is over.

In the United States, extensive social distance measures adopted to control the spread of the coronavirus have hammered consumer spending, the heart of the American economy. Economists expect almost unthinkable drops in gross domestic product in the second quarter. Capital Economics analysts said on Wednesday that they now expect US growth to drop 40% in the second quarter at an annualized pace, with the unemployment rate jumping to 12%, up from a peak of 10% in 2009.

One of the most controversial questions about the negotiations on the $ 2 trillion economic stabilization law was who would be in charge of a $ 500 billion "slippery fund" with few restrictions and how to ensure that this comprehensive bailout is managed fairly. and without treatment preference.

The final project is expected to include the appointment of a new special inspector general to oversee the disbursement of funds to companies and ensure that they qualify, according to a congressional aide.

The legislation would also create a five-person supervisory panel, chosen by congressional leaders, that would monitor whether companies that received ransom money were fulfilling the obligations detailed in the bill to retain workers and limit executive salaries.

And Treasury Secretary Steven Mnuchin would be required to attend Congress regularly to discuss the bailout package and how it was going.

These guardrails are similar to what lawmakers implemented for the Troubled Asset Relief Program, the $ 700 billion bank bailout that Congress passed during the 2008 financial crisis.

President Trump's questions about the sustainability of a normal life halt to protect health raise a question that economists have long debated: How can a society assess the balance between economic well-being and saving lives?

Government agencies regularly calculate these exchanges. The Environmental Protection Agency has set a cost of about $ 9.5 million per life saved as a benchmark to determine whether it is necessary to clean a toxic waste site.

In an article this week, three economists tried to find the ideal way to slow the spread of the new coronavirus without economic costs that exceed the benefits.

On a set of assumptions – letting people decide to isolate themselves – the authors say that about 1.7 million people in the United States would die within a year and that consumer demand would decline by $ 800 billion by 2020, or about 5.5%.

They say that under an alternative approach – involving tighter restrictions on movement and trade – the decline in consumption in 2020 has more than doubled, to $ 1.8 trillion, but deaths have fallen by half a million. The difference is $ 2 million in economic activities lost for life saved.

More than 1,200 health professionals used a private online document to share their stories of fighting the coronavirus pandemic on the front lines.

According to them, the outbreak turned American hospitals into "war zones". They talk about being afraid to go to work and anxious to be infected. They describe managers who don't seem to care about their situation.

"But we show up and we have to keep showing up," wrote a nurse, "and we have to test ourselves."

The document was created on March 19 by Sonja Schwartzbach, a nurse in New Jersey who studies as a doctoral student. She said she started to compile the accounts after determining that the conditions in the hospital were "much worse" than most people imagined and that her fellow healthcare professionals needed a place to share what they were seeing.

HUB FOR HELP

Older Americans are at a high risk of serious illness because of the coronavirus, and the majority over 65 are covered by Medicare.

Medicare already covers its subscribers for much of what they need if they contract the virus and become seriously ill – and expanded some services and loosened some rules in response to the crisis. Read more about how to browse Medicare right now.

Ask us your questions about money at this difficult time. If you have any questions or ideas, write to hubforhelp@nytimes.com and Ron Lieber, Tara Siegel Bernard and our personal finance team will read all messages.

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