Coronavirus fears dominated the news over the weekend.  We know the virus has been spreading but because the government was asleep at the wheel, critical virus tests were not ordered when news of the virus first broke.  Instead, tests were ordered after the spread had already reached our shores.  So we still don’t have any idea just how widespread the illness is, nor will we know much more in the coming days–whcih hampers our ability to contain it.  Meanwhile Trump continued to lie and misinform. He said that anyone wanting a virus test could get one, which was patently false. And he said the virus in America was contained, which can only be true in the sense that, yes, America now contains the virus.

A growing sense of unease has descended on our discourse due to the inept and often conflicting statements from the Trump White House, and it’s becoming clear that the epidemic is neither a hoax nor a liberal plot to destroy Trump but rather will have broad consequences for our daily lives and economy.  First, the airlines and travel sector are already reeling, with talk circulating in financial circles that the airlines will ultimately need to be bailed out.  Second, as tourism plummets and citizens go out to public places less, restaurants and entertainment suffer.  In the Hudson Valley and Catskills small businesses are already seeing a drop in activity.  And the financial markets overseas are reeling this morning, implying that the Dow is set to drop around 5% AT THE OPEN.  Treasury bonds are trading a record low yields, with the 10yr treasury at .49% and the 30yr treasury under 1% for the first time ever.  Healthy Americans should be less afraid of the virus than the panic it is generating.

Like every other member of Congress, Rep Antonio Delgado will be concerned about the people and small businesses of his district, and will ultimately need to petition the federal government for help if the epidemic causes grave financial hardship to our citizens.  If you’ve been affected negatively, let him know.  That’s what he’s there for.

The virus is obviously bad news, especially for senior citizens and people with compromised immune systems, and we should do whatever we can to prevent it’s spread and contain it.  But it’s also bad news for the Trump regime, as it has exposed Trump’s callous incompetence.  The market crash isn’t the kind that will suddenly reverse itself when news about the virus improves.  The markets will only recover when investors see that earnings have rebounded, which could take months or, in some cases, years.  And that means the economic mess will destroy the main pillar of Trump’s re-election pitch.  Trump isn’t responsible for the virus, but he’s responsible for our feeble and delayed response, as well as the horrible and conflicting messaging surrounding it. Trump is also responsible for firing the Executive Branch’s entire pandemic response team in 2018.  Markets and economies rely on transparency, predictability and competence, and Trump has consistently delivered none of these.  So part of the market mess is his responsibility.  What was Trump doing yesterday in the midst of this crisis?  Golfing.

If you need more info about the coronavirus, click here:

Most importantly, wash your hands thoroughly, often.



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