[Mick]

H-ll, Mick, don't worry about drowning. The fall will probably kill ya.

I think either one will do the job.  I'm more worried about dying from the current economy in freefall.  People everywhere underestimate how bad it's going to get and don't understand that it won't come back to full strength.  Here's a few data points:

* Goldman Sachs initially predicted a 24% drop (annualized) during the second quarter, then revised it to 37%.  JP Morgan just projected 40%.

* 16,780,000 jobs lost in three weeks.  Jobs lost in the Great Recession was 15 million, and it took 18 months to get there.  We self-inflicted ours in three weeks.

* We were at 155 million employed, now at 138 million.  We lost 10.8% of our employment in three weeks.  The stock market crashed in October 1929.  Unemployment was at 3.5%.  It didn't reach 14% until mid-1932.  In other words, America has been through 47 recessions, but in three weeks we self-inflicted the jobs damage that it took a year and a half in the worst of the recessions in the Industrial Era, the Great Depression.


* Apart from the people I furloughed, I was asked to cut my budget on 3/20, then again on 4/5.  Then Friday, I was asked to come to a call today, the purpose of which is to cut my budget again.  Prior two cuts amounted to 30%.  Let's see what today's cuts bring.

And an aside to those who are tired of reading my posts about the economic devastation: I don't give a rip.  I'll keep being one of a few lonely voices who understand that the carnage we've inflicted on ourselves will ruin this country.  Read it or don't.  Care or don't.

[Mick]

H-ll, Mick, don't worry about drowning. The fall will probably kill ya.

I think either one will do the job.  I'm more worried about dying from the current economy in freefall.  People everywhere underestimate how bad it's going to get and don't understand that it won't come back to full strength.  Here's a few data points:

* Goldman Sachs initially predicted a 24% drop (annualized) during the second quarter, then revised it to 37%.  JP Morgan just projected 40%.

* 16,780,000 jobs lost in three weeks.  Jobs lost in the Great Recession was 15 million, and it took 18 months to get there.  We self-inflicted ours in three weeks.

* We were at 155 million employed, now at 138 million.  We lost 10.8% of our employment in three weeks.  The stock market crashed in October 1929.  Unemployment was at 3.5%.  It didn't reach 14% until mid-1932.  In other words, America has been through 47 recessions, but in three weeks we self-inflicted the jobs damage that it took a year and a half in the worst of the recessions in the Industrial Era, the Great Depression.


* Apart from the people I furloughed, I was asked to cut my budget on 3/20, then again on 4/5.  Then Friday, I was asked to come to a call today, the purpose of which is to cut my budget again.  Prior two cuts amounted to 30%.  Let's see what today's cuts bring.

And an aside to those who are tired of reading my posts about the economic devastation: I don't give a rip.  I'll keep being one of a few lonely voices who understand that the carnage we've inflicted on ourselves will ruin this country.  Read it or don't.  Care or don't.