Desperate times call for daily NP/NR
A quick preamble: Given what’s going on in the world due to the coronavirus outbreak, I thought I’d start sending this newsletter out on a daily basis.
That means I’ll be abandoning my typical structure for the time being and write to you with some of my own thinking, along with some information that I hope will be useful and help keep things in perspective during this crazy time. It may not make you feel better, but like Mike from Suicidal Tendencies once said, “I’d rather feel like shit than be full of shit.”
And so, reality unfolds. Welcome to what I’m calling ‘NP/NR Daily’.
Everyone’s getting clobbered. There’s a unique blend of people panicking and others not taking the current situation seriously enough. Well, a look at the stock market should give you an idea of how deep in the muck we are. As of 3/18, the market’s lost all of its gains under the Trump presidency. There’s really nowhere to hide from that, so don’t feel like if you had made smarter moves with your money, you’d be fine.
Remember: Everyone’s getting wrecked financially. It’s not just your 401(k).
The numbers are grim. Some fresh GDP projections from J.P. Morgan:
Full year: -1.5% overall, and the uemployment rate goes to 6.25% by the middle of the year, and to 5.25% by the end of the year.
So, yeah. Even if you avoid getting sick, you’re likely to be affected no matter where you live or who you are.
The good news: The government is finally doing something. It took a while, but the government is finally stepping in, and it looks like we could all receive stimulus checks, similar to 2008/2009, in the coming months. It likely won’t be enough, but it’ll be something, and the best thing most people can do with that money is to sit on it. Put it in the bank, and only use it if you need to, say, buy food or pay your rent.
Things are going to get weird, and you’ll probably need every dollar you can get your hands on.
Finally, stay inside. Don’t go out. I saw some people outside of a bakery today throwing a fit because it was closed. Apparently they thought their scone needs outweigh a public health crisis.
I know that a lot of people live in places that have been, thus far, seemingly unaffected by the virus. And even if you’re not worried about getting sick, you can still transmit it to others. So grow up, make your own scones or whatever, and we’ll get through this together.