But Other Than That, Steve Doocy, How Was The Theater?
The coronavirus put a major wrench in Donald Trump's reelection plans. It was also a major inconvenience to the more than 170,00 Americans who've died. Trump claims he built the greatest economy in history (that's a lie) and now everyone's too dead and unemployed to appreciate it.
This morning on "Fox & Friends," Steve Doocy was pleased to report that the stock market is booming. This is great news for the health of the 401k's we might not live to spend. He thinks it's bad news, though, for Democrats.
DOOCY: Democrats for the last couple of months have thought, “OK, Donald Trump's not going to have the economy to run on."
No, we've thought, “Oh my God, this idiot's gonna kill us all with his bleach-swilling incompetence." Democrats aren't monsters. That's why we're not Republicans. We don't see any upside in the deaths of 172,100 people, the shuttering of small businesses across the country, and the loss of American theatre. I even miss Broadway musicals based on bad movies. We didn't use a monkey's paw on the Trump campaign. No one wants this.
Steve Doocy: "Democrats for the last couple of months have thought, 'OK, Donald Trump's not going to have the econo… https://t.co/8CyVCEvkRw— Bobby Lewis (@Bobby Lewis)1597842391.0
Doocy claimed Trump was right when he predicted without evidence that we'd experience a “V-shaped recovery." However, CNN reports that most investors with brains in their heads believe that's a fantasy.
Just 17% of fund managers expect a rapid V-shaped economic recovery, according to a Bank of America survey released Tuesday.
Far more (31%) anticipate a gradual U-shaped recovery. Worse, the Bank of America survey showed that 37% of fund managers expect a double-dip recession via a W-shaped recovery.
Great, Trump double-dipped our economy. Economist Stephen Roach warned that this was coming in June.
"The odds of a relapse, not just the virus but in the economy itself — the so-called dreaded double-dip, is very real," the former Morgan Stanley Asia chairman told CNBC's "Trading Nation" on Wednesday.
He notes recessions are historically double-dip. Roach anticipates this contraction will follow the same pattern despite its unusual origin.
"This behavioral capitulation on the demand side of the U.S. economy is going to continue to create a lot of problems for businesses, business hirings, [and] potential corporate bankruptcies in the second half of this year," he said.
No matter how reckless Trump and the GOP are in an effort to goose up the economy before the election, businesses are going to suffer because people won't risk a painful, lonely death so they can eat at Applebee's. But that's just what intelligent people think. Let's get back to Doocy's cheerleading routine.
DOOCY: But right now, aside from the unemployment which is still staggering, the economy is doing OK.
The stock market isn't the economy. As market analyst Joachim Klement said, "Wall Street has very little to do with Main Street." The unemployment rate is in double digits, higher than it's been in the past 70 years. Almost 20 million people could face eviction by the end of September. Does Doocy even care what happens to them?
Fox News spends most of its time terrifying white people into believing minority mobs are going to drag them from their homes and kill them. They live in eternal fear of the French Revolution but won't lift a finger to prevent it because that might mean a slight increase in their tax burden. They'd rather sic the police on the “Marxists" and “anarchists." That wasn't a winning strategy for Louis XVI.
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Stephen Robinson is a writer and social kibbitzer based in Portland, Oregon. He writes reviews for the A.V. Club and make believe for Cafe Nordo, an immersive theatre space in Seattle. He's also on the board of the Portland Playhouse theatre. His son describes him as a “play typer guy."