Breadlines growing

[demi-conservative]

https://www.zerohedge.com/personal-f...new-breadlines

On Thursday, hundreds of motorists waited hours to collect food from a food bank in Orlando, a city that has seen a surge in unemployment after the town's famous theme parks were forced to close its doors to the coronavirus outbreak.

Last Monday, motorists were forced to wait on a mile-long line for a drive-up emergency food distribution set up in Pittsburgh to meet social distancing requirements due to the coronavirus outbreak.

The Greater Pittsburgh Food Bank in Duquesne, Pennsylvania, had only 1500 food boxes as local police set up portable toilets every 3/10ths of a mile to handle the large crowds who showed up.

https://www.dailymail.co.uk/news/art...-600-cent.html

A Depression has started.

[Sparko]

I bet Bernie is so happy to see bread lines in the USA. "Bread lines are good!"

[KingsGambit]

One well known Christian apologist insisted to me the other day that "every economic expert" he'd read thinks the economy will bounce right back. I don't know how anybody could seriously think that in light of what we're seeing.

[seanD]

One well known Christian apologist insisted to me the other day that "every economic expert" he'd read thinks the economy will bounce right back. I don't know how anybody could seriously think that in light of what we're seeing.

Cognitive dissonance. Normalcy bias. Optimism bias.

[demi-conservative]

One well known Christian apologist insisted to me the other day that "every economic expert" he'd read thinks the economy will bounce right back. I don't know how anybody could seriously think that in light of what we're seeing.

"Every economic expert" tends to be wrong when it matters.

[demi-conservative]

https://www.wsj.com/articles/a-secon...fe-11586872387

Situation is getting worse.

[demi-conservative]

5 million more jobless claims, 22 million total.

[seer]

A Depression has started.

No it hasn't.

[seanD]

No it hasn't.

It has, it's just that we can't compare it to any other depression of the past. Had the government in the 30s distributed stimulus money to tax payers, beefed up unemployment insurance, used literally trillions to bail out companies and keep the market propped up, it would have been an entirely different outcome back then. There's no way to predict what the outcome will be now because we've never done this before, heck, no one has ever done this. But all indicators is that this is worse than the last depression when it comes strictly to the data even if the immediate effects aren't the same.

[Sparko]

It has, it's just that we can't compare it to any other depression of the past. Had the government in the 30s distributed stimulus money to tax payers, beefed up unemployment insurance, used literally trillions to bail out companies and keep the market propped up, it would have been an entirely different outcome back then. There's no way to predict what the outcome will be now because we've never done this before, heck, no one has ever done this. But all indicators is that this is worse than the last depression when it comes strictly to the data even if the immediate effects aren't the same.

I was looking at the stock market crash of 1929 and comparing it to today's market. After the initial crash, the market rallied up fairly well but then came the downward tumble that led to the great depression. Right now our market is looking like the 1929 one, including the rallying part.
I guess the big question is, will we follow the previous curve downward in a few months?

1929 CRASH.jpg

2020.jpg