Will this stock market madness affect cards?

[drcy]

A key reason they are doing the steps they are doing is not because it's the black plague. They are doing it to lower and lengthen the curve. If there is a large peak, it would swamp the healthcare system, hospitals and hospital resources.

[Rich Klein]

"Treasury Secretary Steven Mnuchin warned Republican senators Tuesday that the coronavirus pandemic could drive up US unemployment to 20%, a Republican Senate source told CNN."

Skipping politics aside, if we get close to 20 percent unemployment the card market will suffer as many people will have to sell at reduced prices to put food on the table, pay rent, etc.

The 2008 recession led to 10 percent unemployment by October, 2009. This would be double that figure. If you remember how 2007-10 was, then you have an idea what 2020-22 would be and then some.

Rich

[Johnny630]

Originally Posted by Rich Klein

"Treasury Secretary Steven Mnuchin warned Republican senators Tuesday that the coronavirus pandemic could drive up US unemployment to 20%, a Republican Senate source told CNN."

Skipping politics aside, if we get close to 20 percent unemployment the card market will suffer as many people will have to sell at reduced prices to put food on the table, pay rent, etc.

The 2008 recession led to 10 percent unemployment by October, 2009. This would be double that figure. If you remember how 2007-10 was, then you have an idea what 2020-22 would be and then some.

Rich

I see ZERO CHANCE of US Unemployed going to %20 Won’t Happen......thankfully it won’t even get close :-)

[Rich Klein]

Originally Posted by Johnny630

I see ZERO CHANCE of US Unemployed going to %20 Won’t Happen......thankfully it won’t even get close :-)

For ALL of us Johnny, I hope and pray you are correct.

Rich

[Johnny630]

Originally Posted by Rich Klein

For ALL of us Johnny, I hope and pray you are correct.

Rich

Rich,

I hope and pray too :-) we all have to stick together and Keep America Strong

[Exhibitman]

No one is going to go bankrupt...the courts are closed.

Look on the bright side:

--Lots of old people won't have to worry about outliving their retirement savings.

--Full employment in the health care sector is guaranteed.

--Spirit Air might go out of business.

--Might kill a Kardashian or two.

--No jackasses pestering me to buy March Madness squares.

--More people are washing their hands after they pee...or finish other things.

--We won't have to go to Atlantic City.

Thanks, you've been a great audience. Enjoy REO Speedwagon.

[packs]

This crash is only damning for a small percentage of people: people who were looking to cash out their 401K's or other retirement accounts this year or the next. I have almost 30 more years to go before I'm retiring.

The crash won't affect my purchasing power. Everyone is always very sunny when it comes to discussing the future of the hobby. Only those nearing the end of their financial planning are really doomed. Let's see what happens.

[sbfinley]

Originally Posted by Johnny630

I see ZERO CHANCE of US Unemployed going to %20 Won’t Happen......thankfully it won’t even get close :-)

I also hope you are correct, but the service and retail sector is going to hit hard the longer this pandemic drags out. As someone in service sector operations I know the conference call I took yesterday was very bleak and I'm sure I wasn't the only one on a like that call recently. Do I believe "true" unemployment can reach 20% soon? Probably not. But I can absolutely see temporary layoffs and closures pushing the percentage of the workforce going a period of time without a full paycheck or without one completely well past 20%.