Two of the nation's biggest banks reported plummeting profits during the first three months of the year as they sought to prepare for an onslaught of defaults in debt that ranged from credit cards and mortgages to business loans.
The country's largest bank, JPMorgan Chase, said its profit fell by 69% as it set aside $8.2 billion — the largest amount since 2010 — to prepare for defaults.
Web player: https://podplayer.net/?id=101777806
Episode: https://media.libsyn.com/media/skepticsguide/skepticast2020-04-11.mp3
While their COVID-19 Update is fascinating the must listen to section of the podcast in their take on the toilet 🚽 paper shortage. I bet it will get you thinking the next time you are on the pooper. 💩
According to a press release on Thursday, April 9, around 86 businesses (95 percent) reported a negative economic impact, 40 businesses (44 percent) reported they’ve laid off employees and 31 businesses (34 percent) reported supply chain problems. Such supply chain problems included increased prices on supplies and shipping delays.
The survey also found that all the surveyed businesses have operated for 21 years on average. The press release did not name the businesses that took the survey though.
Now is not the time for finely crafted solutions. The economy is in crisis, and Congress is tackling it by doing what they do best: Spending inconceivable amounts of money.
The economic rescue package coming out of the Senate will send an avalanche of cash to small businesses, large corporations, state and local governments — and, mostly importantly, regular Americans. Almost everyone will have more money in their pockets, but where exactly will that money come from?