The economy is a "psychology engine." If we can hold our psychology together in a productive way, and we can feed those in need while we do it, the economy is waiting and ready for a full comeback. Nothing broke. Just reassemble and press play.
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Economics is like no other field of study. It might be the only one in which you can "will it into existence" so long as everyone is on the same page and there are no material shortages. If we keep our minds right, the economy follows.
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I'm making it my job to help you do just that. We'll come out of this stronger if we all agree we will. (Spoiler: We will.) Focus forward. Winning is certain. Timing is anyone's guess.
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I think that a lot of small businesses will close as a result of the shutdown, and many people will lose their jobs and years worth of savings.
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Thank you Scott!
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My investment counsellor agrees with you. But the sooner we get out of quarantine/shelter in place mode, the better.
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My dad is in the financial sector and taking care of my investment portfolio and he thinks the same.
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Because of this virus, jobs will be created in places we did not expect. We also will see job losses in sectors like hospitality and retail that were already straining due to behavioral changes which resulted in less foot traffic. I feel sad for any business owner that closes.
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General mainstream economists have likely not even heard of Mises, or what he says. It's a very abyssmal school of science.
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I'd say the corporate model of stock buybacks, unsustainable leverage and and cheap offshore labor are broken. The drop in stocks had only begun to price that reality. Even good companies won't return to ridiculously inflated stock prices (unless we get big inflation).
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Cruise ships aren't permanently broken but darn near. Air transport isn't permanent but much more than after 911. Hotels will go bankrupt and out of business. That's permanent for those particular hotels. Many, many, many restaurants will go outta biz for good.
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