America lost more than 5 million jobs the past week, giving us a grande total of at least 22 million jobs lost. This does not include the millions of small business owners, sloths, and people with money who didn’t want to file a claim. We’ve now lost 10 years worth of jobs and Wall Street is snoozing agin, with the Dow barely down 200 and the Nasdaq ripping +80.
I get it. Liquidity and the future is so fucking bright. I’d be curmudgeon if I was to suggest the market was GRAVELY underestimating the severity of the economic collapse at hand and how the weak have inherited the earth and we’ve become a society filled with self-absorbed narcissists whose only desire is for a higher Nasdaq.
You hear the term “bending the curve” being thrown around — because less and less people are being admitted into hospitals. The death rate, for the time being, will remain very elevated — roughly 5% of patients admitted — which is insanely high. The idea is getting back to work by mid May to early June and every back to normal. But you know that’s not going to happen. We have a world filled with PTSD victims and consumer behavior has been permanently altered by this event. There will be no V shaped recovery because things cannot go back to the way it was.
Nevertheless, we’ll try and harken back to the halcyon days of Jan 2020 when everyone was rich and happy and leveraged to the hilt trading SAAS stocks.Comments »