Coronavirus Central

CV Central - 5/7/2020 - "Contraction in Food and Spending in the Pandemic"

Coronavirus Central
CV Central - 5/7/2020 - "Contraction in Food and Spending in the Pandemic"
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Episode 64 picks up the discussion from the finance coverage last show to the pragmatic level of the problems of business.  We start first with the startling announcement the US military is not accepting anyone who had Covid moving forward as we consider what such a world means for consumer demand as some seek to reopen.  What do we end up?  Herds that are being sold for a fraction of the cost, fishermen in port, empty restaurants in Texas, and another 3 million plus unemployed today.  Banks continue tightening lines of credit as the Treasury signals resistance about helping businesses do what they need to cover overhead as the effort to force people back to work, profit be damned, seems to be stuck in DC and some states.  Amidst this, it's not hard to predict things will get worse rather than better as staple prices will rise, unemployment will rise, businesses will be broken, and mistrust will grow as the question of who eats the debt becomes a hot potato which will be brutal in the best case scenario and unimaginable should the predicted second wave snuff out any hope of a rapid recovery.

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Links: Latest statistics: 
https://covid19info.live
Case sources: https://bnonews.com/
Covid-19 news: http://covidreport.net/

Coronavirus survivors to be excluded from future military recruitment according to leaked memo: 
https://www.newsweek.com/coronavirus-...

Bottlenecks in processing due to restaurant closures make fishing as well as farming unprofitable: https://abcnews.go.com/US/fishermen-f...

Texas reopenings see empty businesses as customers stay home: https://news.trust.org/item/202005051...

Questions about labor living and working conditions look likely to stem apple and raspberry production in WA: https://spectator.org/apples-v-inslee...

Disruptions in supply are leading to rising grocery prices especially in meat: https://www.msn.com/en-us/money/marke...

A service sector led recession is dependent upon consumer spending and consumption to reopen - meaning more spending is needed during a time of mass unemployment and public insecurity: https://www.cnbc.com/2020/05/04/the-w...

Wells Fargo follows Chase in shutting access to home equity loans as credit contraction continues: https://www.forbes.com/sites/brendari...

Small businesses terrified they will have to repay loans because they have to pay overhead instead of employees given reduced demand just to be open: https://www.nytimes.com/2020/05/06/bu...

Another 3.169 million unemployed last week: https://www.cnbc.com/2020/05/07/us-we...

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