Carr: “This (lack of spending) could mean the economy will suffer through an extended recession, and that could set up growth in the future. In fact, a deep recession would set up a repeat of the 1920s.”
The IRS started sending stimulus checks to Social Security beneficiaries and others opting for paper checks last week.
“I do believe the next major move for the market is lower. We will likely test the lows of the crash in May, and possibly fall further.”
El-Erian: “This is not an environment where you go out and buy the index. We’re going to have bankruptcies; we’re going to have destruction of capital. One has to be very careful and very selective.”
Over 20 million people have filed for unemployment since mid-March, so that’s 20 million payrolls that aren’t getting taxed anymore.
Enter your username and password below