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JLeslie's avatar

Should the US close the financial markets?

Asked by JLeslie (61076points) March 12th, 2020 from iPhone

I’m watching the conversation on TV. Stop the stock market panic. Close for two weeks. Trading is stopped right now for 15 minutes. Also, talking about the government paying for people needing to take time off from work if sick. Also, the government giving money to businesses that lose a lot of revenue or can’t function if employees are sick.

Where are you at on these ideas?

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13 Answers

zenvelo's avatar

Closing the markets would be ridiculous. Look at the number of +1,000 pt up days in the last two weeks.

The markets are a real time expression of the confidence people have in the administration.

The markets closed for four days after 9/11, because of restrictions in traveling to lower Manhattan. Otherwise, it was a healthy functioning of the financial markets.

JLeslie's avatar

@zenvelo They are discussing all sorts of things on the channel I was watching. Catastrophizing.

I don’t think any of the extreme things they were talking about will happen in America. No way the government is going to fund lots of businesses, etc.

Of course, the market has automatic pauses that get triggered. It just paused for 15 minutes.

jca2's avatar

And…...the reason why the markets closed after 9/11 was that the whole area in lower Manhattan was a war zone. Now they moved the financial offices to Hoboken and other areas so it’s not so concentrated and reliant on the Wall Street area.

Tropical_Willie's avatar

@JLeslie Keep Trump off the TV! The opening numbers went down while he fumbled on TV. He tries to be “spin doctor” when he should be a leader.
“It’s a foreign disease.”
Is laying blame on someone else >>>>>>> “NOT ME” I“m running for POTUS again.

Tropical_Willie's avatar

Let it continue to hit circuit breakers. There is no benefit that I see for freezing peoples money, it’s a market with market pricing.

jca2's avatar

Someone I know has a theory that when this thing gets bad (as it will), Trump will blame Pence and not have Pence as his running mate. Then he can choose another person, such as Nicki Haley.

JLeslie's avatar

I just saw Trump on TV and he said a lot of things that I think will keep a lot of people calm and not worried. He framed everything like he has been doing all of the right things (of course). He said when he stopped travel and commerce from China he was called racist, but it was the right thing to do. He said people need to keep their distance from each other and America will get through this. That our cases are very low and deaths low, but that of course we don’t want any deaths. If you like Trump, and usually watch Fox, you definitely would be feeling fairly safe at this point.

jca2's avatar

I just read that Alex Azar stated that the actual number of cases is higher than is counted, because private labs that test for the virus are not required to report to the CDC. Why they’re not required to report to the CDC is beyond me, but that’s what he said, and so I believe him, since he’s high up.

JLeslie's avatar

I’ve been saying for weeks the cases here are for sure underreported. Not everyone who is sick gets tested. All illness is underreported. If someone isn’t sick enough to go to the doctor no one knows they were sick.

zenvelo's avatar

Proper testing (if you are approved for testing) runs about $1,300. That is oout of pocket for many people. I would have to pay that amount myself because I have not met my $6,000 per year deductible yet. so many people can’t afford to get tested.

”.... I think will keep a lot of people calm and not worried.” well that hasn’t worked so far. And he had to be corrected by his own staff after last night’s effort to “calm” things.

stanleybmanly's avatar

Trump made a crucial mistake yesterday in promising to throw money at those suffering consequences from the coming infections. And I say this because the nightmare of determining who is affected and how much they deserve will be raging just as it’s time to pull those levers in November. The acrimony and controversy over who gets what will exceed any panic around the contagion itself. His administration is now apparently panicked itself and has allowed (and perhaps encouraged) the fool to once again run his mouth before thinking this out.

Sagacious's avatar

That’s next I guess.

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