Another Hard Shutdown Suggested

| August 18, 2020

Real buttermilk pancake

Here’s an article from Minneapolis Federal Reserve Bank president Kashkari, regarding another hard shutdown to stop the pandemic from spreading further.

https://www.reuters.com/article/us-health-coronavirus-fed/feds-kashkari-suggests-4-6-week-shutdown-says-u-s-congress-can-spend-big-on-coronavirus-relief-idUSKBN24Y0IM

From the article:   WASHINGTON (Reuters) – The U.S. economy could benefit if the nation were to “lock down really hard” for four to six weeks, a top Federal Reserve official said on Sunday, adding that Congress can well afford large sums for coronavirus relief efforts.

The economy, which in the second quarter suffered its biggest blow since the Great Depression, would be able to mount a robust recovery, but only if the virus were brought under control, Neel Kashkari, president of the Minneapolis Federal Reserve Bank, told CBS’ “Face the Nation.”

“If we don’t do that and we just have this raging virus spreading throughout the country with flare-ups and local lockdowns for the next year or two, which is entirely possible, we’re going to see many, many more business bankruptcies,” Kashkari said.

“That’s going to be a much slower recovery for all of us.”

He said Congress is positioned to spend big on coronavirus relief efforts because the nation’s budget gap can be financed without relying on foreign borrowing, given how much Americans are saving. – article

MN’s Fed President says ‘have another shutdown, hard one this time, 4 to 6 weeks, and support people financially, the Fed can handle it.” Congress critters involved in the next economic support package are quibbling about the size and volume, and have now gone on a break unitl September. Unfortunately, unlike those executive orders that Pres. Trump signed a short while ago, unless an economic support package is filed as a separate bill (unlikely right now), you have to wait and see what who does what and to whom. If you think this has nothing to with the coming elections, you aren’t paying attention. They’ve agreed on the dollars and cents, but not on the bottom line, which is the multiperson targeted (e.g., family, dependents) payout. If anyone thinks the delay has nothing to do with the fall elections, I have a nice condo in Antarctica that I’d like to sell you.

Maybe it’s time that the President did what J.P. Morgan did, when his bank officers couldn’t agree on something that required an immediate solution: lock the doors and tell them they can “go home” when they solve the problem, and then sit back and watch them duke it out.

Unfortunately, the economic recession we’re in now, which was forecast in back 2018 with no cause included, is also projected to last until about mid-2024 and then we’ll be out of it by 2025.

 

Category: "The Floggings Will Continue Until Morale Improves", COVID-19

Comments (18)

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  1. ChipNASA says:

    Yeah, this is bullshit.
    Your pancakes, not so much….

  2. 5th/77th FA says:

    “…Congress can afford large sums…”

    DaHell!!??!! Congress don’t got no money! Congress gets its money from US, WE THE PEOPLE!!!

    Glad to see what’s for mid-rats, I been waiting. Is the bacon to go with them flapjacks over to the left?

    Speaking of a shut down, Imma a shutting down, going dark, and off net for a bit. (Cheering heard in the background from all hands)

    See y’all in a day or so. (Waves at Chip)

    • ninja says:

      “Speaking of a shut down, Imma a shutting down, going dark, and off net for a bit. (Cheering heard in the background from all hands)”…

      Nooooo!!!!

      Come Back!

      All Is Forgiven!

      Please!

      (Now how did I do with my theatrics, KoB? Not bad for a Black Knight/Crimson Tide/Bulldog Fan, eh?)

      Yes, we know…even Bobby Lee’s children need a break now and then…😉

      Hurry Back Soon!

      😎

      • 5th/77th FA says:

        I’ll be baaaack. Oh, I already am back. Lots to catch up on, and yes you done good. Not that I expected any different. Bobby Lee’s Children do their duty in all things; They will never do less.

        Mission out side the wire was a success, tho I was on short rations. Was determined to be back in time for Thursdays are for Cooking. May be late to that chow call too, a follow up mission is required in the Big City for FIRST thing in the AM.

        Guess you saw how badly the Chinesecommunist Originated Virus Infecting Disease of 2019 has turned our SEC Schedule topsy turvey. Another reason to hate on Chinese Communist.

        gabn/rtr/hbtd 😉

  3. Ex-PH2 says:

    To ChipNASA and Gun Bunny: just make sure the maple syrup is real maple syrup and the butter is real butter, and use either really good bacon or really good sausages. Bacon makes the best grease for the pancake batter.

    I don’t do flapjacks any ore, because when I used to toss them, my dog Bandit would snatch them in mid-flip and I never got nuttin’. Boy, do I miss her.

    • Ex-PH2 says:

      I would like to add here that Kamala Harris wants to bypass the whole stimulus package thing and send everyone in the USA a monthly check/payment of $2,000. Now, the gesture is generous, but it has to be voted into law. And she does not say whether or not it’s taxable or tax exempt or a tax refund credit. Those technicalities have to be addressed.

      And while any one of us would certainly enjoy that largesse, the question is obvious: where does this cash money come from? Obviously, there are people still working even in this recession and they aren’t all postal workers or bank personnel or whatever, so where does this money come from?

      She doesn’t specify the source, and obviously, people who are losing unemployment compensation could us it. But would it replace welfare funds or unemployment compensation?

      My guess is that she’d hit on the Federal Reserve to fund it, and the debt at the national level will (not would) soar like a kite ahead of a storm front.

      I also know that the Fed can tell the Mint to create two platinum coins, worth $1 trillion each, to be put on deposit with the Federal Reserve. However, in this case, and taking into account the projection of a 3 to 4 year grinding recession, you have to start asking if she really understand how these things work… and I do not think she has a clue.

      I also surmise that Trump is very aware of it, and wants to avoid that kind of debt load, which may account for his reluctance to go over the second $1200 stimulus payment.

    • ninja says:

      Ex:

      Thought for a minute you were gonna provide a recipe for homemade buttermilk pancakes…

      😉

      Bandit?

      Shades of “Johnny Quest”!!

      Speaking of “Johnny Quest”…

      That cartoon that was shown in the evening in the 1960s (I think it was on NBC) was the FIRST TV show I saw in COLOR.

      Our next door neighbor purchased a Color TV. He & his family invited several of us Army Brats (we all lived in military housing on a military installation) to watch “Johnny Quest” at their home.

      Wonderful memories.

      Thank You for sharing your fond memories of Bandit with us.

      • Ex-PH2 says:

        Bandit – forlorn German Shepherd at the animal shelter, who stood up when I asked if she wanted to ‘go outside’ and went happily with me, then got into the car with me and went home. Went to dog school every Monday night, dog shows, and on long walks in the woodlands.

        Best dog ever. And now I have an ornery black half-siamese cat with a mind of her own. Some things never change.

  4. 2banana says:

    Right before a presidential election?

  5. George V says:

    I hope no one in a position of authority is actually listening to this guy. Many countries that supposedly defeated the virus with severe lockdowns and lost of testing and contact tracing are having outbreaks. All his idea will do is kill the economy also and maybe give a few weeks of quiet before the outbreaks start again.

    • Ex-PH2 says:

      Absolutely. New Zealand had a “clean” record – -0- cases – on a hard shutdown, and now, they’re still on lockdown but the CV19 bug is starting to show up at doctor/hospital visits.

      It’s not something that is easily controlled.

      Also, when I asked my sister about the probability of a vaxx before long, she said ‘Don’t hold your breath’. She teaches undergrad, grad, and post-grad students, so she knows her business.

  6. ninja says:

    “Those of us who are fortunate enough to still have our jobs, we’re saving a lot more money because we’re not going to restaurants or movie theaters or vacations,” Kashkari said.”

    Says the Dude (Kashkari) who not only came up with the idea, but also is still employed.

    So…what about those folks who lost their jobs or businesses because of the shutdown?

    Or children not physically going to school?

    Sheesh…some folks can be SO shallow…or out of touch with reality..

    • Jay says:

      I really want to know where they are getting their data, because whatever money I saved on not eating out/going to movies im spending on fruit/veggies/meat at the damn store…..because they decided to jack the damn prices up.

  7. Dr. Crypto says:

    “Sheesh…some folks can be SO shallow…or out of touch with reality”

    Is Kashkari an alternate spelling of Clinton??

    Inquiring minds and all….

  8. E4 Mafia '83-'87 says:

    A hard shutdown would be as popular as a fart in a space suit.

  9. 11B-Mailclerk says:

    Idiot.

    Smallpox and polio were defeated without his “lockdown” bullshit.

    Fucking cowards.

  10. Old tanker says:

    All this doom and gloom over the economy and yet the stock market just set another record high, recovering everything lost during the previous shutdown(s)…