There is a real risk of significant social unrest if Trump tries to pressure states and localities and employers to re-open in mid-April before we have any real handle on the spread of COVID-19 or a hospital system prepared to treat victims
-- Former Pence chief of staff Nick Ayers has been running backchannel between WH and corporate America, stressing dire impact of a long-term shutdown.”— Our Victoria Guida: “The Federal Reserve has been thrust into the lead role of saving the U.S. economy from the coronavirus pandemic, taking on the extraordinary task of rescuing households, businesses and local governments as Washington lawmakers have spent weeks debating how to come to grips with the crisis.
“In just over a week, the Fed has slashed its main borrowing rate to zero, pledged unlimited purchases of U.S. government bonds, announced plans to back state and local governments, and even promised to buy debt from large corporations.”— Our John F.
“He is eager to own the only good thing about a crisis that has paralyzed the country and left millions of people in housebound despair: The reality that life will at some point slowly lurch back to normal. He is determined to make other people — specifically, governors and public health officials—own everything else, including the reality that massive shutdowns will continue long after the Christian holy day on April 12.
— Our Zachary Warmbrodt: “Wall Street is facing a grim question as stock prices plunge on most days with no end in sight: Is it time to shut the market down for a while?”— Via Maurice BP-Weeks, Co-Executive Director the Action Center on Race and Economy : “The legislation, as it stands, is nowhere close to sufficient -- and will only worsen the already existing racial wealth gap.”
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