US President Donald Trump Announces Defense Production Act to Fight the Coronavirus CORONAVIRUS U.S. President Donald Trump announced he will invoke a federal provision that allows the government to marshal the private sector to respond ...
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President Trump announcing Defense Production Act to combat coronavirus
So where are "things" headed some two weeks or so after the coronavirus was taken seriously in the US?
Well here's a quick thumbnail sketch of a few significant happenings as of Friday March 20 as this is being written:
Trump under the "Defense Production Act" is compelling companies (none named) to produce masks and test kits to counter the coronavirus.
The Senate is debating a $trillion dollar proposal to directly help people with up to a $1200 payment to individuals. Majority Leader Mitch McConnell wants it on Trumps desk by Monday. It also includes "assistance" to businesses large and small as well as tax cuts.
New York Governor Andrew Cuomo has announced except for essential businesses-food stores, pharmacies, utilities, banks, public transit-gatherings of any size are banned. New York has confirmed 7102 cases of the virus with 40 deaths.
In China where it all began there's been no new reported cases of the virus. That's the good news. Meanwhile Italy is in virtual lockdown with a surge of 627 deaths in the last 24 hours and total fatalities at 4032.
The stock market continued to tumble with the DOW having lost almost a third of its value ($trillions lost) since its all time high of 29,569in late February. Trading this afternoon was in the 19,460 range.
Oil(WTI) was trading at $23.70 per barrel as of 4PM.
This appeared two days ago on Zero Hedge. People in Los Angeles were standing in line to buy guns. I mentioned this to an acquaintance who said she witnessed the same thing where she lived in a rural area of Maryland.