2020 Election

[GMDino]

(10-06-2020, 04:43 PM)CKwi88 Wrote: Wow. That's a throwing of the towel if I've ever seen one. I figured another round of checks the last week of October was a lock.

(10-06-2020, 04:55 PM)BmorePat87 Wrote: He told McConnell to only focus on SCOTUS, but McConnell ignored the house bill for months, so I guess this isn’t a change.

And it's really working out well for him.  

https://www.dailymail.co.uk/news/article-8811961/Roid-rage-Trump-crashes-markets-tweeting-NO-stimulus-election.html

Quote:'Roid rage' Trump crashes markets by tweeting that there will be NO stimulus until after election - as doctor voices fears his COVID medication causes mania, aggression and psychosis

• Trump tweeted in middle of Tuesday afternoon that he was stopping all stimulus talks with House Democrats
• He banned White House chief of staff Mark Meadows and Treasury Secretary Steve Mnuchin from cutting deal with Nancy Pelosi
• Markets plunged because hopes of economic recovery had been based on belief that deal was imminent and around $2 billion would be pumped into economy 
• But Trump accused Pelosi of 'not negotiating in good faith' and told Senate Majority leader Mitch McConnell to push ahead with filling the SCOTUS seat
• The Dow fell more than 300 points within minutes on a day when Federal Reserve chair Jerome Powell said stimulus was vital to the country's future
• Dean of Brown University's School of Public Health, told Fox News up to 40% of patients on Trump's prescribed steroids get mental health side effects 
• Dexamethasone is linked to mania, aggression and psychosis
• Pelosi slammed Trump   
  

Donald Trump sparked a panicked stock market sell-off Tuesday afternoon as he tweeted that he would not allow talks on a stimulus plan to go on before the November election.

In a series of tweets sent from the White House residence where he is still on drugs to fight his COVID, Trump canceled talks with Nancy Pelosi over a multi-trillion relief package and said: 'Immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.'

He banned White House chief of staff Mark Meadows and Treasury Secretary Steve Mnuchin from cutting deal

The Dow Jones crashed more than 300 points within minutes. Traders had thought a deal was close.
Pelosi slammed Trump saying he was 'putting himself first at the expense of the country, with the full complicity of the GOP Members of Congress.'

  His sudden move came as doctors warned that the steroid he is being treated with for COVID comes with risks of serious side effects, including mood swings, aggression and confusion.

Trump's medical team on Sunday said the president was started on dexamethasone, a generic steroid long and widely used to reduce inflammation associated with other diseases. The steroid was begun after Trump experienced low oxygen levels. 




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Sell: How the markets reacted to the news

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Is he stable? Dr Ashish Jha, Dean of Brown University's School of Public Health told Fox News as many as 40 per cent of people on the steroids given to Trump suffer short-term mental side effects including agitation
Dr Ashish Jha, Dean of Brown University's School of Public Health,  told Fox News: 'We definitely see in 30-40 percent of people pretty substantial effects...[of] the anxiety, the agitation.' 

Research has shown that just a few days on dexamethasone can leave patients with memory and cognitive deficits. Corticosteroids - the class of drugs dexamethasone belongs to - may cause psychiatric side effects in anywhere from 1.8 to 57 percent of patients taking them.  

Experts' first worry was that the use of dexamethasone to treat Trump suggested he was very sick, since the $6 steroid may be dangerous to people with mild COVID-19. 

But because it's been linked to everything from mania to memory problems, and aggression to psychosis, some are also concerned that the president's judgement could be impaired as he reportedly continues to work through his illness. 
Ending stimulus talks however goes deep into the most damaging territory possible for a president whose only path to re-election had been on high stock market numbers and a belief in his economic record among swing state voters. 

Pelosi accused him of being 'unwilling to crush the virus,' saying: 'He shows his contempt for science, his disdain for our heroes – in health care, first responders, sanitation, transportation, food workers, teachers, teachers, teachers and others – and he refuses to put money in workers’ pockets, unless his name is printed on the check.'

Earlier in the day Federal Reserve chief Jerome Powell had said recovery from the pandemic downturn would be 'stronger and faster' with more government aid to protect against the possibility of accelerating job losses.

'Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,' Powell said in an address to an economics conference.

'Even if policy actions ultimately prove to be greater than needed, they will not go to waste.'

Powell, who has long said more economic support is likely needed, warned that if economic improvements slow, that 'could trigger typical recessionary dynamics, as weakness feeds on weakness.'

A long period of 'unnecessarily slow progress' could continue to exacerbate existing disparities in the economy, he said, which 'would be tragic.'

In Congress, Democratic House Speaker Nancy Pelosi had proposed an economic stimulus measure costing $2.2 trillion but President Donald Trump's administration wants to spend no more than $1.6 trillion.


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While Pelosi last week again began talking regularly with Treasury Secretary Steven Mnuchin, her Republican counterpart in the negotiations, the two sides have yet to find a compromise weeks before Trump stands for a second term in office against Democratic challenger Joe Biden.
'Chairman Powell's warning could not be more clear: robust action is immediately needed to avert economic catastrophe from the devastation of the coronavirus pandemic,' Pelosi said on Tuesday.

The CARES Act passed as the pandemic struck in March included extra $600 weekly payments to the unemployed as well as a program of loans and grants for small businesses but those expired around the start of August.

Powell noted the positive effects of both programs on the economy, with a feared rise in bankruptcies among small firms not occurring and many consumers saying their financial well-being had improved during the pandemic.

'Still, since it appears that many will undergo extended periods of unemployment, there is likely to be a need for further support,' he said.
And despite the early success in protecting against job losses, there has been an increase in permanent job cuts and layoffs, Powell said.
'There is a risk that the rapid initial gains from reopening may transition to a longer than expected slog back to full recovery,' he added.

Limiting the continued spread of the virus will be key to sustaining the economy, the Fed chair said, including following medical advice about wearing masks and social distancing.