Bank of America warned its investors that the US is now in a recession, while the federal government is moving quickly to provide financial relief as Trump signs one stimulus package, with more on the way; plus mark today’s top stories in conservative politics.
Bank of America says the US now in a recession
The top US economist for Bank of America sent a note to its investors on Thursday warning that the country is now in a recession. The letter was written to the clients of Bank of America by economist Michelle Meyer.
“We are officially declaring that the economy has fallen into a recession,” Meyer reportedly wrote in the letter, adding that the US is “joining the rest of the world, and it is a deep plunge.”
“Jobs will be lost, wealth will be destroyed and confidence depressed,” Meyer predicted.
“The decline is severe, we believe it will be fairly short lived,” Meyer added.
Trump administration moving rapidly to approve stimulus packages
Trump signs off on second coronavirus aid bill, 3rd in the works
President Donald Trump signed off on a coronavirus aid bill approved by the Senate yesterday, while lawmakers now rapidly shift their focus toward a third proposal which is looking at direct payments to Americans in order to provide financial relief.
The coronavirus pandemic has forced the closure of businesses, as people are asked to stay home, leaving millions unemployed.
The Treasury Department is seeking to provide Americans with two payments to be sent out on April 6 and May 18, according to the proposal.
Exact figures and qualifications are still being worked out, but reportedly our tiered payments with the amounts determined by income level and family size.
In addition to seeking aid for businesses, the treasury is also asking for aid for the airline industry, small business loans, and money for other distressed sectors impacted by the outbreak.
Hell just froze over: Omar praises Trump’s coronavirus response
Strange times indeed… okay, hell didn’t actually freeze over, but you might wonder if it did considering the unexpected turn of events and surprising comments from a member of “the squad” who never seems to have a single good thing to say about President Donald Trump.
Minnesota Democratic Representative Ilhan Omar, normally a fierce critic of Trump, praised the president’s response to the coronavirus pandemic labeling it “incredible.”
Omar and Trump have traded barbs in the past, but the Minnesota Rep. is putting all that aside and giving credit where it is due.
It started after Omar responded to the following tweet by investigative journalist Lee Fang which praised Trump.
“Trump suspending mortgage foreclosures, demanding cash payments to Americans, now invoking the Defense Production Act to force private firms to produce needed supplies is incredible. Kind of a shell shock for anyone who reported on any economic policies in the Obama years.”
Omar responded by tweeting: “Politics aside, this is incredible and the right response in this critical time.”
Continuing, Omar tweeted: “.@AyannaPressley always says, unprecedented times require unprecedented leadership and we are seeing that in our country right now. I have faith that we will survive this as a nation and build together.”
In a third tweet, Omar wrote: “Finally, we should never let politics get in the way of good policy. This is a great start and hope others will be part of a united front to push for good policies that will help us work through the economic anxiety the country is feeling right now.”
Omar’s comments are astonishing, because they are out of character, but welcomed and the right thing to do.
Pompeo warns due to China’s lack of cooperation, similar outbreaks could occur again
Secretary of State Mike Pompeo is warning that China’s suppression of information, lack of transparency, and disinformation over the novel coronavirus could lead to situations similar to what the world is dealing with now if Beijing handles future outbreaks in the way they handled COVID-19.
China’s poor history of managing viruses
History is repeating itself. China has been the epicenter of numerous viral outbreaks in recent decades.
In 1997, the H5N1 (bird flu) virus spread to humans in China, had a mortality rate of 60%, and has since spread to numerous countries, including Canada, but not the US.
In 2002, SARS spread from China to 17 countries, killing 774. In 2012, H7N9 (bird flu) infected at least 1,223 people, killing 40% of those infected.
Despite the mainstream media continuing to criticize Trump over calling coronavirus the “Chinese virus,” the simple fact of the matter is the virus started there – and the Chinese government suppressed the information from getting out until it became too late to stop a worldwide spread.
But now, the Trump administration is taking China to task over its negligence and secrecy that prevented the world community from being aware of and combating the virus sooner.
Pompeo met with Chinese delegates, says future outbreaks could repeat
In an interview with Hannity, Pompeo acknowledged that he held meeting with Chinese representatives over the topic of its disinformation campaign, which included blaming the US military and America for the outbreak.
“We began to call out this risk that was created not only for the Chinese people, but now we can see people all across the world where the Chinese government knew about this risk, had identified it, they were the first to know, and they wasted valuable days at the front end, allowing hundreds of thousands of people to leave Wuhan to go to places like Italy that’s now suffering so badly,” Pompeo said.
“They tried to suppress this information,” Pompeo pointed out, “instead of trying to actually do the work to suppress the virus, which is what the world demanded.”
In the interview, Pompeo also addressed the question of whether information China is releasing now can be trusted.
“Well, this is one of the most important questions,” Pompeo replied. “We have had an incredibly difficult time getting professional medical people in.”
“Early on we offered to have America’s finest experts travel there to assist them, to assist the World Health Organization,” Pompeo continued. “We weren’t permitted in. These are the kind of things that the Chinese Communist Party has done that have put the world and the world’s people at risk.”
“If we don’t get this right, if we don’t get to the bottom of this, is this could be something that’s repeatable,” Pompeo added. “Maybe not in this form, maybe not in this way, but transparency matters.”