The Great Depression 2 ? - Page 8 - Politics | PoFo

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Drlee wrote:Where is Nixon when we need him.

Nixon is looking good. Hell, Herbert Hoover looks a lot better than a psycho tweeting out dozens of hate filled messages @ 5A.M. trump's incompetence is REALLY showing as he flounders about day after day.
As Andy Slavitt, who ran Medicare and Medicaid under Barack Obama, puts it, Trump is a quitter. Faced with the need to actually do his job and do what it takes to crush the pandemic, he just gave up.

And this retreat from responsibility won’t just kill thousands. It might also turn the Covid slump into a depression.

Trump’s search for an easy way out, his lack of patience for the hard work of containing a pandemic, may be precisely what turns a severe but temporary slump into a full-blown depression. Trump is like a surgeon who starts cutting out a cancer, decides it's too messy, loses interest and walks away. So he abandons the patient halfway through the procedure and walks off.
Federal Reserve Chair Jerome H. Powell said more government support might be needed to restore economic prosperity as a downturn “without modern precedent” strikes the United States.

“The recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems,” Mr. Powell said, according to prepared remarks set for delivery at a Peterson Institute for International Economics virtual event.
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