The Great Recession Blog

Let us speak of megabanks and global corporations, chicanery and swine, and speak of how the great have feasted in the troughs of trillions dumped out by the present administration, congress, and the Fed, for 2020 makes the bailouts of the Great Recession look like childhood snacks.

The major knock-on effects of the COVID shutdown are now starting to stack against each other, pushing city centers into the dust. Here are some of the big moves that are as characteristic of the US as they are of the world overall.

Throwing the Trump administration and campaign into turmoil, COVID-19 has struck the president, the First Lady, White House staff and key Republicans. The virus the president “downplayed” has imprisoned him for being a viral scofflaw. He can no longer attend rallies in person or shake hands or talk face-to-face with voters. He’s cancelled events.

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Bill Gates, a plague and central banks have converged like the perfect storm to propel the US toward becoming a cashless society and toward using digital ID’s for all personal financial transactions. The coronavirus bound these forces together, compounded them with fear to overcome inertia, and is accelerating society down the digital-currency highway.

Many people are warming up to the idea of digital currency in a cashless society due to coronavirus because going touch free is cleaner than cash. Many businesses are already moving to make digital currency the only form of transaction they will engage in so their customers and their employees feel safe.

This may be my most important article to date. Bill Gates went viral in several controversial interviews last month, advocating mandatory digital ID as proof of coronavirus vaccination as soon as a vaccine is available. The proof will be required, if Gates has his way, before anyone is allowed in large public gatherings.

Two days ago Elon Musk cussed out the State of California during an earnings call for being “fascist” because of its coronavirus shutdown of Tesla. Now Mark Cuban has called him out for it. Elon Musk Earnings Call Goes Corona Viral The battle began with Elon Musk ranting, The expansion of shelter-in-place, or as we call it, forcibly […]

It was the best of times, it was the worst of times. April closed as the best month for the US stock market since the V-shaped recovery that followed the Black Monday stock market crash of 1987. April also delivered the deepest, broadest economic collapse of any month in history.

U.S. first-quarter GDP plunged profoundly negative, but real GDP would have crashed even harder if not for bogus BEA data revisions. According to the Bureau of Economic Analysis (BEA), the U.S. economy contracted 4.8% annually in the March quarter. Stocks soared on the news for two apparent reasons. First, many media outlets immediately reported the number as +4.8% […]

Public criticism of big businesses getting a bailout from the Paycheck Protection Program (PPP) is working as effectively as boycotts to prevent abuse that appears designed into the program by lobbyists. Presented as a way to save employees of small businesses, devastated by state and federal coronavirus lockdowns, the program doled out loans to only 19% of […]

FedMed proved dead awhile ago with the whole Bulls team looking dead on the field, until Team Trump, the owner’s club, joined Coach Powell. Then Powell’s coaching team upped its game; and, finally, the Wall Street Bulls revived. “Big deal!” the Bears now yell. “Let’s get back to playing ball!”