A staggering 16.8 million Americans lost their jobs in just three weeks in a measure of how fast the coronavirus has brought world economies to their knees. Meanwhile, religious leaders around the globe Thursday urged people to celebrate Good Friday and Easter from the safety of their homes.
Just two months ago, it was so puzzling to see all-time highs for the US stock markets. I thought: if the pandemic is serious, then surely people will be taking their money out? Where is the collapse? And then, we got the most epic selling in over three decades.
Now, in just one month, the job market is utterly dead. The unemployment rate is racing towards the worst in almost a century. The really bad news will be when mortgages go unpaid and banks start failing. That's the global nightmare triple failure: stock markets, housing markets, and banks. For the average person that's the massacre of their equity investments, real estate, and savings.