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U.S. GDP plunges by 33% in the second quarter, the worst drop in history — Connie Lin

Summary:
In case you didn't catch this.The US federal government is  running a fiscal deficit that is also recordbreaking. But it is not targeted and is also doesn't do much for state and muncipal governments that are otherwise constrained by taxing or borrowing in financial markets.Not looking good at this point, especially now that medical authories are saying that the pandemic is not going to be "over" as was and still is commonly expected, and it is a condition of life that the world will be living with for some timem, so adjust.The tradeoff between health (publilc safety) and economics (prosperity, standard of living and welfare) is getting more obvious. There are as yet no criteria for dealing with this tradeoff in a way that is satisfactory for a majority, and in any case there will be

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In case you didn't catch this.

The US federal government is  running a fiscal deficit that is also recordbreaking. But it is not targeted and is also doesn't do much for state and muncipal governments that are otherwise constrained by taxing or borrowing in financial markets.

Not looking good at this point, especially now that medical authories are saying that the pandemic is not going to be "over" as was and still is commonly expected, and it is a condition of life that the world will be living with for some timem, so adjust.

The tradeoff between health (publilc safety) and economics (prosperity, standard of living and welfare) is getting more obvious. There are as yet no criteria for dealing with this tradeoff in a way that is satisfactory for a majority, and in any case there will be losers, including fatalities.

Radical uncertainty in a complex adaptive system (world system including global economy) owing to emergence. Not only is this an epistemological issue involving knowledge but also an ontological one involving changing real conditions based on "an act of God" — meaning like really, really exogenous.

Fast Company
U.S. GDP plunges by 33% in the second quarter, the worst drop in history
Connie Lin

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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