White House plan for economic response to coronavirus is ‘not there right now,’ officials say

The White House is far from ready to roll out specific economic proposals in its response to the widening impact of the coronavirus outbreak, administration officials said.

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The revelation comes as U.S. stock futures pointed toward a rebound following President Trump’s suggestion that a payroll tax cut and other stimulus measures may be in the works.

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However, inside the administration, some officials were stunned by Trump’s claim that he would hold a press conference Tuesday to announce an economic plan as the actual details remain up in the air.

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Source: (CNN) White House plan for economic response to coronavirus is ‘not there right now,’ officials say

Apparently the administration's says they're economic plan is,

"not right there now"

And the market responded by saying,

"Neither am I, then"

And then the market erased its 1K point comeback from yesterday's 2K loss. It is now back up +300 for the day.

I have no idea why the administration is having difficulties formulating a stimulus plan. You would think with the long lead-up with the virus to get to this point, they'd have some contingencies in place?

But saying that, I am of mixed mind with Trump giving a press conference to announce he's working on the economic problem. On one hand he does have to calm the markets, and show them he's addressing the problem. But coming-out unprepared without a specific plan can cause it's own economic harm, to say nothing of causing a general lack of confidence.

So since we don't have any specific plan to discuss, what is your opinion? Should Trump have come-out to try to quell the markets without a plan? Or, should he have waited until he was ready with something concrete to announce?

+300 is still good though. Better than zero, or negative.

Fundamentally, I'm not sure there's much the government can do about it. I do think Trump could have handled this situation better and perhaps could have reduced some of the magnitude, but it would never erase the downturn. Wall Street is run by swindlers and those pretending they're capable of being mathematicians. All they're ever going to really do is overreact to stuff. So nothing could have prevented the stock market from falling.

That being said, it will recover and be fine on its own. We don't need to play favorites to Wall Street and Banks like we have in the past. It will stabilize and grow again, it will be fine.

If there is someone the Government should be looking for "stimulus plans" or something for, it should be the people. Because if Coronavirus spreads too much, people can't afford to take 2+ weeks off from work or be hospitalized. They should find ways to make sure the People are taken care of during this outbreak.

Stop the overreacting. That's a good economic stimulus plan

FFS. We don't need a "stimulus plan"

Roadvirus said:

Stop the overreacting. That's a good economic stimulus plan

FFS. We don't need a "stimulus plan"

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Don't you know that is just an excuse for 'tax cuts to the rich'?

The fake reality star can’t handle reality.


Diseases don’t react to tweets......

Rexedgar said:

The fake reality star can’t handle reality.


Diseases don’t react to tweets......

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Anti-Trump swipe noted.

Now how about adding something intelligent to the discussion.

Try this: What would you do to "stimulate the economy in the current uncertain atmosphere of fear"?

Roadvirus said:

Anti-Trump swipe noted.

Now how about adding something intelligent to the discussion.

Try this: What would you do to "stimulate the economy in the current uncertain atmosphere of fear"?

Click to expand...

Truth would go a long way to settling the situation.

As to the “atmosphere of fear,” have you ever lived near a large urban center when there is a winter storm predicted?

As we speak, Trump is extolling his handling of this situation.

I'm against a payroll tax cut. Those programs are already underfunded enough, and I'd rather have them than an extra grand.

Ikari said:

+300 is still good though. Better than zero, or negative.

Fundamentally, I'm not sure there's much the government can do about it. I do think Trump could have handled this situation better and perhaps could have reduced some of the magnitude, but it would never erase the downturn. Wall Street is run by swindlers and those pretending they're capable of being mathematicians. All they're ever going to really do is overreact to stuff. So nothing could have prevented the stock market from falling.

That being said, it will recover and be fine on its own. We don't need to play favorites to Wall Street and Banks like we have in the past. It will stabilize and grow again, it will be fine.

If there is someone the Government should be looking for "stimulus plans" or something for, it should be the people. Because if Coronavirus spreads too much, people can't afford to take 2+ weeks off from work or be hospitalized. They should find ways to make sure the People are taken care of during this outbreak.

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it is no longer up 300. The DOW sits at up 98.46. We will have to see where it is when the market closes.

ClaraD said:

it is no longer up 300. The DOW sits at up 98.46. We will have to see where it is when the market closes.

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Well it, at least, doesn't seem like it will be another -2000 sort of day, so that's good.

Still, not really worried about Wall Street. I'd be far more concerned for Main Street.

Chomsky said:

Source: (CNN) White House plan for economic response to coronavirus is ‘not there right now,’ officials say

Apparently the administration's says they're economic plan is,

"not right there now"

And the market responded by saying,

"Neither am I, then"

And then the market erased its 1K point comeback from yesterday's 2K loss. It is now back up +300 for the day.

I have no idea why the administration is having difficulties formulating a stimulus plan. You would think with the long lead-up with the virus to get to this point, they'd have some contingencies in place?

But saying that, I am of mixed mind with Trump giving a press conference to announce he's working on the economic problem. On one hand he does have to calm the markets, and show them he's addressing the problem. But coming-out unprepared without a specific plan can cause it's own economic harm, to say nothing of causing a general lack of confidence.

So since we don't have any specific plan to discuss, what is your opinion? Should Trump have come-out to try to quell the markets without a plan? Or, should he have waited until he was ready with something concrete to announce?

Click to expand...

Trump floated some ideas. Problem is Republican lawmakers then popped out of the woodwork to say they don’t want to do it.

Rexedgar said:

The fake reality star can’t handle reality.


Diseases don’t react to tweets......

Click to expand...

Nor will it react to hyperbolic Trump supporter's fake news, no matter how adamantly they shout it.

Roadvirus said:

Anti-Trump swipe noted.

Now how about adding something intelligent to the discussion.

Try this: What would you do to "stimulate the economy in the current uncertain atmosphere of fear"?

Click to expand...

I would not:

- satisfy an anti-Obama agenda by gutting the entire global-health-security unit of the National Security Council.

- satisfy an anti-Obama agenda by eliminating the US government's $30m Complex Crises Fund.

- Satisfy an inflated ego that needs these things not to have been a clear mistake while telling all the world that he alone knows better than any trained and experienced health official.

- satisfy a false "god of economy" complex by pretending that all the world is crazy as governments deny cruise liners, shut down schools, and quarantined entire towns.

- satisfy my re-election agenda by wearing a Keep America Great re-election campaign hat to the Centers for Disease Control and Prevention and then clearly lying about the amount of test kits we have.

In the end, I would:

- do the opposite of these things.

- I would acknowledge that we have to face this...and properly.

- I would try to create confidence by telling the truth and that we, the most wealthy and powerful country in history, will work with all governments to attack this.

- I would accept the mere $8 billion and then immediately call for more just to create a mood that I am serious about protecting not only Americans but all the world's citizens who need a greater power to demonstrate some morality during this "crisis."

- I would work closely with health officials and publicize often that they are going to get whatever they need.

...or I could just be a Republican or Democrat and wait for the economic bottom to fall out and then issue bail-outs to the wealthy out of a tax system in which most of the national wealth isn't even a part of anymore. Of course, the oil issue between Saudi Arabia and Russia is a foreign policy matter that involves more countries than just those two, in which I do have plenty to say on. But I digress.

Roadvirus said:

Try this: What would you do to "stimulate the economy in the current uncertain atmosphere of fear"?

Click to expand...

Clear, consistent, urgent messaging about
1) the proper steps to slow the spread of the virus and
2) the proper steps to prepare for the arrival of of the virus in our communities

Crowing about how concerns over the virus are a plot by Trump haters
looks like Trumpco concerns are primarily about the political implications for Trump.

It may've been more market calming if Trump had adopted a "We're all in this together," approach
instead of the "They're out to get me," approach.
Too late to do anything about that **** up now, though.

Roadvirus said:

Anti-Trump swipe noted.

Now how about adding something intelligent to the discussion.

Try this: What would you do to "stimulate the economy in the current uncertain atmosphere of fear"?

Click to expand...

Oh, I might go on the Newsreel, like they did, once upon a time, and give an uplifting high minded speech, saying something like:

"We have nothing to fear, but fear itself".

Besides that, there isn't much a president can do about the business side of things, except assuage fears and try and prevent panic.

A tax cut? That's rediculous. People are not in a spending mood, they'll just buy doomsday prep stuff, but that industry is doing just fine without a stimulous.

Rexedgar said:

Truth would go a long way to settling the situation.

As to the “atmosphere of fear,” have you ever lived near a large urban center when there is a winter storm predicted?

As we speak, Trump is extolling his handling of this situation.

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He is also using the crisis to play to the isolationism and parchochialism of his base. He has been trying to relabel this as a “Chinese” flu from the beginning, and managed to work it into his remarks both yesterday and today.

While the right wing media whines about the fact that no one really trusts Trump or has any faith in his leadership or his word, he continues to engage in precisely the needlessly accuaatory and divisive rhetoric that gained him this reputation in the first place.

Roadvirus said:

Stop the overreacting. That's a good economic stimulus plan

FFS. We don't need a "stimulus plan"

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You better tell that orange stain that: Coronavirus stimulus information coming soon, Trump says | Latest News Videos | Fox Business

Coronavirus stimulus information coming soon, Trump says

Mar. 10, 2020 - 5:35 - President Trump tells Americans to ‘be calm’ and says the U.S. consumer is strong despite coronavirus after a policy lunch with Republican lawmakers on economic stimulus.

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The use of federal government money with respect to the novel virus should, morally, first address the life and death matters of the citizens. Those most at risk of death are those with underlying problems combined with age. One important consideration here is to remove financial barriers to seeking early identification of the disease and seeking medical care. To this end, those who are of low income and are either uninsured or have policies with high co-pays should be of greatest concern. They are the ones who may put off seeking help. They are the ones who may come in contact with lots of people and become spreaders of infection. To date, some relief has been provided by some state governments, including New York. The federal government has not yet acted.

[Disclaimer. My position is informed by secular humanism and the issue-based political position it requires.]

Chomsky said:

Source: (CNN) White House plan for economic response to coronavirus is ‘not there right now,’ officials say

Apparently the administration's says they're economic plan is,

"not right there now"

And the market responded by saying,

"Neither am I, then"

And then the market erased its 1K point comeback from yesterday's 2K loss. It is now back up +300 for the day.

I have no idea why the administration is having difficulties formulating a stimulus plan. You would think with the long lead-up with the virus to get to this point, they'd have some contingencies in place?

But saying that, I am of mixed mind with Trump giving a press conference to announce he's working on the economic problem. On one hand he does have to calm the markets, and show them he's addressing the problem. But coming-out unprepared without a specific plan can cause it's own economic harm, to say nothing of causing a general lack of confidence.

So since we don't have any specific plan to discuss, what is your opinion? Should Trump have come-out to try to quell the markets without a plan? Or, should he have waited until he was ready with something concrete to announce?

Click to expand...

Biden for President and Sanders for VP and President of the Senate could ensure a leading role for that administration and they have a federal health service and corps of engineers to work with.

danielpalos said:

Biden for President and Sanders for VP and President of the Senate could ensure a leading role for that administration and they have a federal health service and corps of engineers to work with.

Click to expand...

Biden and Sanders will not be on the same ticket..... its one thing to run someone in their late 70's, but they have to be balanced my a much younger VP candidate. That person needs to be positioned to run in 2024 and give voters the assurance that would be a capable POTUS if the 80 year old guy suddenly had 80 year old problems.

One thing you can take to the bank -- The Dem ticket will NOT be two old white guys...

upsideguy said:

Biden and Sanders will not be on the same ticket..... its one thing to run someone in their late 70's, but they have to be balanced my a much younger VP candidate. That person needs to be positioned to run in 2024 and give voters the assurance that would be a capable POTUS if the 80 year old guy suddenly had 80 year old problems.

One thing you can take to the bank -- The Dem ticket will NOT be two old white guys...

Click to expand...

I agree to disagree. Simply having Sanders as VP will make it less likely the right wing will waste too much time and effort on impeachment. The left should be for healthcare reform and infrastructure.

Chomsky said:

Source: (CNN) White House plan for economic response to coronavirus is ‘not there right now,’ officials say

Apparently the administration's says they're economic plan is,

"not right there now"

And the market responded by saying,

"Neither am I, then"

And then the market erased its 1K point comeback from yesterday's 2K loss. It is now back up +300 for the day.

I have no idea why the administration is having difficulties formulating a stimulus plan. You would think with the long lead-up with the virus to get to this point, they'd have some contingencies in place?

But saying that, I am of mixed mind with Trump giving a press conference to announce he's working on the economic problem. On one hand he does have to calm the markets, and show them he's addressing the problem. But coming-out unprepared without a specific plan can cause it's own economic harm, to say nothing of causing a general lack of confidence.

So since we don't have any specific plan to discuss, what is your opinion? Should Trump have come-out to try to quell the markets without a plan? Or, should he have waited until he was ready with something concrete to announce?

Click to expand...

One of the many problems with Trump is that his words don't mean anything. He's made too much pointless or downright damaging noise to now be taken seriously by anyone who is serious. He would do better not to say a word and to send someone with a brain to talk to TV cameras.

Roadvirus said:

Anti-Trump swipe noted.

Now how about adding something intelligent to the discussion.

Try this: What would you do to "stimulate the economy in the current uncertain atmosphere of fear"?

Click to expand...

Like a different poster before me, I'm not sure anything needs to be done. A market correction is overdue anyway. The interest rate cuts from last week are good. I guess if anything else needed to be done, I would be onboard with an infrastructure stimulus, which continues to stymie the federal government.

danielpalos said:

I agree to disagree. Simply having Sanders as VP will make it less likely the right wing will waste too much time and effort on impeachment. The left should be for healthcare reform and infrastructure.

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Biden/Sanders ticket? Lets hope the next speaker is younger than the current one.

Ikari said:

Well it, at least, doesn't seem like it will be another -2000 sort of day, so that's good.

Still, not really worried about Wall Street. I'd be far more concerned for Main Street.

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"Main Street" is where plenty of 401k's live.