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WHO haunted by January tweet saying China found no human transmission of coronavirus
March 19, 2020 Read in Browser Good morning. We have some good news to share during this craziness: Susan Suttich, a business teacher at Oregon’s Tigard High School, was the winner of the $5,000 golden ticket during our Brew sock giveaway last week.Congrats, Mrs. Suttich! When school comes back, please use the $5,000 to teach your students about compound interest.MARKETS
NASDAQ6,989.84- 4.70%S&P2,398.10- 5.18%DJIA19,898.92- 6.30%GOLD1,485.90- 2.62%10-YR1.185%+ 10.20 bpsOIL22.40- 16.88%*As of market close- U.S. markets: Wrong end of the seesaw. The Dow watched practically all of its gains since President Trump’s inauguration evaporate, and the circuit breaker was called into action again to give the S&P a 15-minute breather.
- Energy: Oil had its third-worst day in history. Both benchmarks (WTI and Brent) are on pace for their worst month ever.
- Trading: The NYSE is temporarily closing the trading floor and going all electronic after two people tested positive for coronavirus at screenings it held this week.
ECONOMY
World Economies Go Full Turtle
Francis ScialabbaTo save their economies over the long run, countries around the world are actively putting themselves into recessions.Here's why: We don’t live in Ready Player One’s virtual universe just yet, which means humans still generate trillions in economic activity by coming into close, physical contact with one another—sitting at restaurants, assembling auto parts, traveling on planes, getting haircuts.But public health officials stress that to slow the spread of the coronavirus, we must all maintain a safe distance from each other, even if we’re healthy. That doesn’t square with our economy’s structure.The only solution for governments?
Shut it down.- Hedge fund manager Bill Ackman: “Mr. President, the only answer is to shut down the country for the next 30 days and close the borders. Tell all Americans that you are putting us on an extended Spring Break at home with family,” he tweeted yesterday.
- Gregory Daco, chief U.S. economist at Oxford Economics: “The more rapidly you want to contain the virus, then the more severe the lockdown has to be and the more severe the disruption to economic activity is,” he told the AP.
Daco calls it the “Lockdown Paradox.” The steps we need to take to solve the health emergency, such as social distancing, closing shops, and foregoing travel, are the same steps that will plunge us into a recession.- Already, U.S. industries ranging from restaurants to airlines are asking for tens of billions in bailout funds. Soon, millions of perfectly healthy Americans will be laid off from perfectly healthy businesses.
That’s why everything hinges on lawmakers’ response to the economic fallout. Yesterday, the Senate overwhelmingly passed a relief bill that includes free testing and an expansion of unemployment insurance.The Trump administration and congressional leaders are also negotiating an additional $1 trillion stimulus package that may involve direct payments to American households. The question is whether that’ll be enough calories to get us through this self-imposed hibernation.If it is, we’ll be out of commission for months, and emerge tired and much skinnier. But...at least we’ll emerge.WORK
Time to Stop Calling It Funemployment
Today, the Labor Department will release its weekly report on jobless claims, a proxy for U.S. unemployment. Because our time travel project is still in beta, we don’t know what the report will say, but we have a few indications from state unemployment benefits sites that process unemployment claims. They’re pointing south.- A rep for New York’s labor department said the spike in claims was similar to the aftermath of 9/11.
- On a typical week, Kentucky processes 2,000 applications. It received over 9,000 on Tuesday alone.
- “I've never seen anything like this,” a Labor Dept. deputy commissioner told the Hartford Courant.
We should mention—some states have broadened unemployment insurance eligibility to those who are quarantined or don’t have paid leave. That may have driven more Americans to seek unemployment insurance recently.Zoom out: Thus far, companies have tried to tiptoe into the coronavirus crisis by furloughing and cutting down hours instead of outright layoffs. But economists say layoffs are inevitable.Looking ahead...today’s report covers last week; we won’t know the extent of this week’s damage until next Thursday.U.S. Federal ReserveThe Federal Reserve has taken unprecedented action to stymie the economic fallout of COVID-19...and markets have responded with an unenthusiastic “k.” So what is the central bank’s role in all of this?Over to Janet Yellen and Ben Bernanke for the answer. In a Financial Times column yesterday, the former Fed chairs strung together highly technical words to say this: All the Fed can do is soften the inevitable blow.Because unlike 2008’s financial crisis, this one can’t be solved by monetary policy. Jerome Powell can’t exactly conjure vaccines or time machines.- That leaves the Fed responsible for 1) making any recession as short as possible and 2) limiting chain reactions.
How that happens: The Fed needs to ensure responsible borrowers who fall on temporary hard times can tap into credit when needed. That insulates businesses from needing to lay off workers, which can force families to default on mortgages, which can lead to foreclosure, which can...you get it.Bottom line: Keeping borrowing like a gas station dinner—cheap and easy—is important. But without Congressional backup, the Fed can only do so much.SPONSORED BY THE MOTLEY FOOL
We Are Still Unable to Make This Up
You’ve heard us extol both the rigor and ironclad-ness of The Advertiser Oath—that hallowed document every copywriter must sign before being unleashed on a BS-averse public. So understand that what follows is true. It must be, or else.The Motley Fool’s legendary founders, investors David and Tom Gardner, have been on a stock market tear for 27 years. Some of their biggest wins: Amazon (up 10,933%), Netflix (up 16,016%), and Baidu (up 976%).While it may seem like they’re always in-cahoots, it is actually exceedingly rare that both founders recommend a stock at the same time. Around The Fool, they call this an “All In” buy alert. And readers: It’s happened again.Why is this a big deal? The 25 stocks they’ve agreed on have an average return of 773%. And their latest “All In” stock is only available to members of Motley Fool Stock Advisor.But what else do members get? Access to video Q&As with The Fool’s CEO, CIO, and investment analysts to help give further guidance.Returns as of March 17, 2020.GiphyYesterday, meal kit delivery service Blue Apron’s stock (+148%) was the seared salmon swimming upstream in a river of bummer.The reason? Restaurants are shutting down just as hoarding shoppers are clearing out some grocery stores. Blue Apron’s meal kits are looking more attractive as a sustenance option...and thus its stock is looking more attractive as a money option.The backstory: Up until recently, Blue Apron was being shunted into the “promising startup that flamed out post-IPO” category with Grubhub and Uber. It went public in 2017 at a nearly $1.9 billion valuation, but even after this week's jump its market cap is down to $216 million. Last year, Blue Apron had to engineer a “reverse split” to support its plummeting stock price.Bottom line: That maneuver makes Blue Apron’s resurgence look surgier than it is, and it's unclear whether the company's shaky business pre-virus will find sturdier ground post-virus. Still, you couldn't imagine a better customer base for Blue Apron than a country of hermits.COMMUNITY
Brew Readers Share Good Coronavirus News
BRENDAN SMIALOWSKI/AFP via Getty ImagesNo, that’s not an oxymoron. Inspired by the example of Chef José Andrés, we asked readers to share stories of people banding together in their own communities. Here are a few responses...Brittany in Lawrence, KS: "The Raven Book Store began a book benefactor program yesterday, delivering curated books to folks who might need them."Monica: "People are stepping up and helping animal shelters by applying to be emergency fosters since adoption events are getting canceled and shelters are closing."Ryan in Los Angeles, CA: "Something local grocery stores are doing that deserves recognition is some are starting to open their doors an hour earlier for people who are over 60 and those with weakened immune systems."Anita in College Station, TX: "There is one restaurant I am very proud of called MESS Waffles, which stated they will feed all school kids with free breakfast."Chris in South Bend, IN: "In order to alleviate the struggles for low-income students without access to high-speed internet, the district put wifi-enabled school buses throughout low-income neighborhoods."Brew Crew: We found the website Rally for Restaurants, which allows you to buy a gift card from a local restaurant and challenge friends to do the same.Hit reply if you would like to share something positive happening in your local community.WHAT ELSE IS BREWING
- The Big 3 Detroit automakers—Ford, GM, and Fiat Chrysler—will close their U.S. plants to protect workers from the coronavirus.
- Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development are all suspending mortgage foreclosures.
- JPMorgan is temporarily closing about 20% of its branches because of the pandemic.
- Apple unveiled a new MacBook Air and a new iPad Pro.
SPONSORED BY THE MOTLEY FOOL
More stuff we aren’t making up. David and Tom have found a stock that could be like buying Amazon at $3.19. It’s a chance to cash in on the legalization boom, and where there’s smoke there’s a chance to become a green-rush millionaire. Their report is available for free to members of Motley Fool Stock Advisor. Sign up today.BREW'S BETS
Need a distraction? We got you covered.- Alternative sports: Marble racing on YouTube or tic-tac-toe with pets on TikTok and Twitter (say that five times fast).
- You may have only heard of Wuhan this year, but the so-called “Chicago of China” is more than the virus it’s now known for. Here’s a comic detailing some of its culture and history.
- Baby Goat Cam.
- No joke, we've been told we should win the Nobel Prize for this: The Brew's Guide to Living Your Best Quarantined Life (updated daily).
FROM THE CREW
Egg on our face: We want to acknowledge an error in the newsletter yesterday (on the same day we rolled out our writing blog, no less). We wrote that the IRS postponed the tax filing deadline for many Americans and businesses when it’s the payment deadline that’s delayed 90 days. We apologize for the error.FEELING CRABBY
PixabaySince we’re all hermits these days, we might as well spend some time learning about our cousins: hermit crabs. See if you can answer these questions:1. What best describes a hermit crab’s diet?- Carnivorous
- Vegetarian
- Scavenger
- Keto
2. What's the max lifespan of the longest-living species of hermit crab?3. Hermit crabs come in two types: terrestrial (land) and aquatic (sea). True or false?4. A hermit crab is a crustacean. Which of the following sea creatures is NOT a crustacean?- Barnacle
- Mussel
- Shrimp
- Krill
If you can pick out the non-crustacean and identify the phylum it belongs to, well, you are probably named Ken Jennings. But let us know if you got it.SHARE THE BREW
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FEELING CRABBY ANSWERS
1. Scavenger
2. 70 years
3. True
4. A mussel belongs to the mollusk phylumAnd since you made it to the bottom, you deserve a prize: a video on how hermit crabs exchange shells.FOX
Daily update ⋅ March 19, 2020NEWS Today on Fox News: March 19, 2020
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