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  • Saving lives or saving markets? Apparently, that's a tough choice.

  • I'm Francesca Fiorentini, and this is Newsbroke's “Helter Shelterseries,

  • coming to you from my one-bedroom LA apartment,

  • which, after three weeks of self-quarantine,

  • I've converted into my very own post-apocalyptic Pee-wee's Playhouse.

  • Today's secret word is

  • SACRIFICE.”

  • Now you all know what you need to do when you hear the secret word, right?

  • Scream!

  • Ahhhhhhh!

  • Today, we're looking at how defeating coronavirus will mean deflating the Dow.

  • And yet, accepting that reality is something the president,

  • and the hard-line conservatives advising him, are trying to prevent at all costs.

  • Yes, even our lives.

  • [Newsbroke opening music]

  • There still has yet to be a nationally coordinated effort to end the pandemic

  • through mass testing, mass production of medical supplies

  • or nationwide lockdowns, which many experts say need to happen for months.

  • That's partially why the U.S. has the most cases of coronavirus

  • so far in the world, and counting.

  • Instead, Trump first floated the idea of loosening social distancing restrictions

  • by Easter Sunday, because there's no better way to celebrate Jesus

  • than by letting millions meet him in the afterlife

  • Trump then graciously agreed to extend the CDC guidelines to April 30th.

  • Now, maybe that was based on science,

  • but it was probably because he realized Tiffany was going to be visiting for Easter.

  • And you know that would've been an awkward encounter.

  • Oh wonderful, we can all hug again. Yes, Tiffany, right after the egg hunt!

  • Is she still looking at me?

  • Either way, press conference after press conference has proven that Trump's brain

  • truly is a magnificent cocktail of ignorance to the reality of COVID-19,

  • and callous disregard for the human lives it claims

  • If we can hold that down,

  • as we're saying,

  • to 100,000 – it's a horrible number,

  • maybe even lessbut to 100,000.

  • So we have between 100 and 200,000,

  • we altogether have done a very good job.

  • Alright, first of all, that's not even an achievable number

  • without nationally coordinated action.

  • And, secondly, that's not a number to brag about.

  • Also, rest assured that no matter how many people die from coronavirus,

  • Trump will absolutely claim he did a good job.

  • Compared to the Black Plague, we're doing great.

  • Compared to the Spanish flu, we're doing fantastic.

  • Compared to the meteor that wiped out all the alleged dinosaurs,

  • we're winning bigly.

  • But Trump's thinking is honestly more sinister than crass,

  • because there is one number that he and his cronies,

  • and even media pundits, care a lot about: the stock market.

  • And they talk about its recent slide using an alarming metaphor.

  • Stop the bleeding.

  • Stop the bleeding.

  • Stop the bleeding.

  • Stop the economic bleeding.

  • Global markets just cannot

  • shake the coronavirus.

  • How will the president

  • try to stop the bleeding?

  • Yeah, the market is bleeding so much you wonder if it on its period.

  • 'Cause she is moody! Am I right? Up high! No? No? Insensitive? OK.

  • It's almost like they care more about markets bleeding than people bleeding.

  • Newsbroke has looked at the stock market before

  • and how it's just a legal casino that gambles away our future

  • so Jerry from Fidelity can get bottle service.

  • The stock market isn't a good indicator for a healthy economy,

  • given that “84% of all stocks owned by Americans

  • belong to the wealthiest 10% of households.”

  • Yet when it comes to coronavirus,

  • the market seems to be the only measurement that worries Conservatives.

  • This, at a time when the Fed estimates we may hit 32% unemployment,

  • which tops unemployment numbers during the Great Depression.

  • But, who cares? How's your portfolio?

  • In fact, some have been letting their free-market flag fly a little too high,

  • like Texas Lt. Gov. Dan Patrick.

  • We can't lose our whole country.

  • We're having an economic collapse.

  • Let's get back to work.

  • Let's get back to living.

  • Let's be smart about it.

  • And those of us who are 70+,

  • we'll take care of ourselves.

  • But don't sacrifice the country.

  • Sacrifice?!

  • He said the secret word!

  • [everyone screams]

  • What is he saying? That seniors should be left to fend for themselves

  • like some AARP Thunderdome

  • The first senior to master TikTok shall be granted a ventilator.

  • The same sentiment was echoed by radio host

  • and less-accomplished Tiger King, Glenn Beck:

  • I'm in the danger zone.

  • I would rather have my children

  • stay home

  • and all of us who are over 50

  • go in and keep this economy going

  • and working,

  • even if we all get sick.

  • I'd rather die than kill the country.

  • No, don't say that. What would we do without you?

  • Just so we're clear, these guys are saying they are willing to kill themselves

  • and millions of others, all to please the all-powerful line graph

  • representing the invisible hand of the free market.

  • How is this not a cult? I'm starting to think Jim Jones didn't actually die.

  • He just changed his first name to Dow.

  • 'Cause like Dow Jones ... It's the stock market. It's fine.

  • This morbid cynicism of putting the economyor rich people's poker chips

  • before human lives isn't just something media commentators have expressed.

  • It's what is guiding the Trump administration's response to coronavirus

  • and the money attached to it.

  • The $2 trillion stimulus package has both Wall Street and lobbyists

  • licking their chops.

  • Even though there are stipulations and oversight committees on the money,

  • Trump has pushed back and said implementation will pretty much

  • be up to him and Treasury Secretary Steve Mnuchin.

  • So we just handed over $2 trillion dollars to a corrupt, impeached president

  • and his treasury secretary, who earned the nickname, Foreclosure King,

  • after the last recession. But, on the plus side,

  • I just Bedazzled my jean jacket.

  • It's the little things.

  • Just listening to the way this administration explains

  • the goal of the stimulus package gives you a sense of who they hope it helps.

  • The assistance bill here,

  • which does have growth incentives,

  • will help lead us back to a very strong

  • economic rebound before this year is over.

  • I think that too. I think we're gonna

  • have a tremendous rebound

  • at the end of the year,

  • toward the end of the year.

  • I think we're going to have a rebound

  • like we have never seen before.

  • Even now it wants to rebound.

  • You can see it, feel it.

  • It wants to rebound so badly.

  • Why are we talking about the stock market

  • like it's getting out of a long-term relationship?

  • It wants to rebound so badly. Dust off that red dress,

  • hook up with some randos and just YOLO.

  • Maybe the market doesn't need to rebound.

  • Maybe it needs to learn to be alone. We're all doing it

  • Another thing to know about that clip,

  • besides the very overeager predictions about the market,

  • is that the guy talking aboutgrowth incentivesis Trump's top economic advisor,

  • Larry Kudlow. No, he's not an economist,

  • but he did play one on CNBC for many years.

  • Kudlow's entire legacy has been about bolstering finance

  • at the expense of people's lives.

  • In 2002, he advocated for the invasion of Iraq because the quote,

  • shock therapy of decisive war will elevate the stock market

  • by a couple thousand points.”

  • And in 2011, right after an 8.9 earthquake and tsunami hit Japan, Kudlow said this:

  • The human toll here looks to be

  • much worse than the economic toll,

  • and we can be grateful for that.

  • Grateful? OK. Now we know what the Kudlow family Thanksgiving looks like.

  • Dear Lord, we are grateful for the gang violence in Central America that has

  • provided the migrant labor that has given us this affordable meal.

  • So while everyone in the health care community was pleading with Trump

  • for weeks to take coronavirus seriously,

  • Trump instead was listening attentively to people like Kudlow,

  • who consistently puts markets over lives.

  • And this is what he was saying back in early March about COVID-19

  • from the White House press briefing room.

  • We don't actually know, uhh

  • what the magnitude

  • of the virus is gonna be,

  • although frankly, so far,

  • it looks relatively contained.

  • And we don't think most people, I mean,

  • the vast majority of Americans

  • are not at risk for this virus.

  • I mean do the math. A couple million isn't the vast majority.

  • We'll have 328 million Americans left over! That's plenty of low-wage workers!

  • Oh I did not wash that glass.

  • Finally, it turns out Trump's idea to have everyone back to work by Easter

  • might have been spurred by a meeting earlier that day

  • of some very Machiavellian minds.

  • The White House earlier today

  • convened a call with major Wall Street

  • and hedge fund investors

  • to get their views on what's happening

  • in the markets and the U.S. economy.

  • These individuals from Wall Street

  • were on the call.

  • Dan Loeb from hedge fund, Third Point,

  • Jeff Sprecher

  • from ICE [Intercontinental Exchange]

  • and the New York Stock Exchange

  • Yeah, Jeff Sprecher. You might not have heard of him, but he is the CEO

  • of the company that owns the New York Stock Exchange,

  • which apparently is a thing. But you might have heard of his wife,

  • Georgia Sen. Kelly Loeffler who was one of a handful of senators

  • to sell off stock after being briefed about coronavirus-

  • $3 million of both of her and her husband's holdings.

  • Like, how is that legal? How is any of this legal? It's probably all illegal.

  • Because even the cronies in DC and Wall Street know,

  • this economy isn't reboundingnot while the government

  • continues to have no game plan to test, save lives and quarantine communities.

  • The economy isn't just a line that goes up or down.

  • The economy is made up of people:

  • people who make businesses and banks a lot of money.

  • People who are now out of work. People who can't make rent this month

  • and who are struggling to get healthy themselves,

  • and people who sure as hell won't be rebounding with $1,200.

  • Maybe it's time to rethink this death duel between people and the economy,

  • and, for once, let finance make the sacrifice.

  • Uh oh!

  • Ahhhhhhh!

  • Thank you once again for watching Newsbroke. We really appreciate it.

  • So make sure to like this video, and also share it.

  • Share it with all the people who need to hear it,

  • and maybe people who don't want to hear it, but they need to hear it anyway.

  • And because the economy is made up of people, we wanna hear from you.

  • How are you doing? Do you still have a job?

  • What's going on with unemployment?

  • How is your state handling this current crisis?

  • Let us know in the comments below, and we will see you soon. Hang in there.

Saving lives or saving markets? Apparently, that's a tough choice.

Subtitles and keywords

B2 H-INT US bleeding market rebound trump stock stock market

Is the Economy Trying to Kill Us?

  • 743 9
    ally.chang   posted on 2020/04/16
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