S&P down 9.51%
Dow down 9.9%
Nasdaq down 9.4%
We are witnessing a market Crash – the madness of Trump closing the borders to Europe was possibly the single worst thing he could do – there is no V shaped recovery this is a meltdown.
During trading, The Fed threw $1.5T at supporting liquidity in Treasuries – it halved the Dow losses for just 5minutes and the Dow started falling again – folks, that’s the fastest $1.5T thrown into a fire you’ll ever see.
I’ve watched Markets as a hobby since the 2008 crash, I’ve never seen anything like this.
Trump’s insane plan to close the borders to Europe effective midnight tonight was madness!
The issue is the utter lack of testing inside America where the virus is now out of control, it’s not the threat of infection from bloody Europe!
By closing the border, the Market has been spooked into a full blown collapse.
Once it becomes a pandemic you could get 60-70% of a population infected.
This is a black swan event, the political, economic, physical and cultural infrastructure isn’t ready for the ramifications of these shock waves.
The Vaccine is 12-18months away and until we have it, things are only going to get much, much, much worse.
The Labour Government have squandered the time our distance has bought us, the time now is for urgent decisions on using the military to continue critical services, public service announcements of what to do once the pandemic gets here and a huge borrowing campaign to pay for benefits, guarantee business stay afloat and also funds to pay 3 times the normal KiwiSaver bonus from the Government over the next 5 years to help counter the utter destruction many people’s Kiwisaver accounts will have suffered.
The time for pretending that criticism of the pandemic is racist and that this won’t be a big deal is over.
If we could somehow harness the energy woke activists spend on NZ Twitter screaming the virus isn’t serious, mocking ordinary people for panicking & denouncing any criticism as racist, we could make all energy in NZ renewable and solve the climate crisis!
The Black Swan is here you fools.