THREAD: When you look at the market reaction, there are a couple very concerning things.
It can fuel this OBVIOUS falsehood that the market = the economy.
But, it also takes the pressure off President Trump to do more to support the financial hemorrhaging happening.
It can fuel this OBVIOUS falsehood that the market = the economy.
But, it also takes the pressure off President Trump to do more to support the financial hemorrhaging happening.
You can already see it with Republicans and the White House (Kudlow said it today) wanting to pump the brakes on more financial support.
Consider: the ✈️ industry (which has access to raise $ in the cap markets) got a bespoke bailout deal & a defecto airline bailout czar in Mnuchin
- these companies got a tax cut in ‘17 & poured their free $ flow into buybacks over last few yrs
- charged more for bags & leg room
- these companies got a tax cut in ‘17 & poured their free $ flow into buybacks over last few yrs
- charged more for bags & leg room
Now consider the restaurant industry: which IN THEORY is beloved by the American people, just not our lawmakers.
The estimated contribution restaurants have to the US economy = $1 trillion.
Job losses for food & beverage industry for April = $5.5 million.
The estimated contribution restaurants have to the US economy = $1 trillion.
Job losses for food & beverage industry for April = $5.5 million.
The structure of #PPP does NOT work for the restaurant industry.
Many sole proprietors aren’t just at risk of losing their businesses, but they are personally liable for debts owed - so they could lose everything.
Many sole proprietors aren’t just at risk of losing their businesses, but they are personally liable for debts owed - so they could lose everything.
There is NO FEDERAL program for restaurants - not even a rental easement.
The stock market vs. unemployment is a damning picture that will likely result is crushing small business, while big business keeps on trucking.
The stock market vs. unemployment is a damning picture that will likely result is crushing small business, while big business keeps on trucking.
*REMEMBER*
Restaurants with drive-thrus, fast casuals and chains.... they can pivot.
And think about big box stores - many are still open because they sell essential goods, but many are also allowed to sell everything else.
Restaurants with drive-thrus, fast casuals and chains.... they can pivot.
And think about big box stores - many are still open because they sell essential goods, but many are also allowed to sell everything else.
For example, I can pick up a beach chair and a boogie board at Walmart or order it on Amazon...but my local surf shop and toy store owners can get a citation if they turn a light on.
