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Here It Comes
The Washington Post. “Roughly $2 trillion,” countered
CNN.
These were spending estimates for Mr. Biden’s proposed “vaccination and economic rescue legislative package.”
Our spies have spent days sleuthing for the correct figure. But they too heard conflicting whispers. They expressed the most confidence in
CNN’s crystal gazing.
They were correct… evidently.
We are reliably informed that the proposal will enter the record at $1.9 trillion. Why it is not $1.8 trillion… or $2 trillion… we do not know.
But we are further informed the package will furnish wherewithal for state and local aid. Education grants. The child tax credit. Unemployment insurance. And “stimulus” checks.
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Mondays might get a bad reputation on Wall Street if they keep starting out like this.
For the second week in a row, stocks begin in a slump. Last week they recovered to hit new record highs by Friday, so there’s that. Rising cases of coronavirus and the swirl of events around President Trump could be contributing to this early weakness. Also, the employment report last Friday didn’t look all that bad when you drill down into it, but over the weekend some analysts were questioning the data and worrying about what it might reflect.
Additionally, there seems to be a bit more of a “risk-off” sentiment taking shape today. Volatility is on the rise, bitcoin is down, and gold is edging higher. Bonds are holding in place, however.
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