COVID-19 exposes market farce. Karl Smith discusses COVID-19 ramific.

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Why is the stock market up? It is a farce. Karl Smith discusses the ramifications of the COVID-19 pandemic in detail with respect to the numbers and government.

The president is talking, in spite of COVID-19, about the market starting to recover in the third quarter and take off in the fourth quarter.

If COVID-19 is somehow under control in those two quarters, it is clear that the market could only recover if it is stoked by the government. Could we develop Americans’ well-being in that manner as well?

In the second segment, Voter Education Project founder will discuss COVID-19 and its implications. Watch his bottom-up economics here. Karl provided some prescient links

Notes:

The Congressional Progressive Caucus is calling on House Speaker Nancy Pelosi to meet the coronavirus crisis with the urgency it deserves by advancing another sweeping stimulus.
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As Small Businesses in US Face Coronavirus Doomsday, Big Insurers Say: We Can’t Save You. We Won’t Save You.

“We may not have a Main Street left if we don’t take immediate action.”

As small business owners around the U.S. grapple with the financial losses they are suffering—and the suffering yet to come—as millions shut down and lose business under government orders to slow the spread of the coronavirus, property and business insurance companies are claiming they’re unable to cover those losses and are not equipped to handle pandemics like this.

As Roll Call first reported Wednesday, several trade groups representing large insurers sent a letter on April 2 to Reps. Gil Cisneros and Mike Thompson, both Democrats from California, in response to a request the lawmakers to explain why companies were not paying “business interruption loss” claims filed by small businesses.

The groups—including National Association of Mutual Insurance Companies, Independent Insurance Agents and Brokers of America, American Property Casualty Insurance Association, Reinsurance Association of America, and the Council of Insurance Agents and Brokers—said insurance companies are not “designed” to cover losses caused by a pandemic and called on the government to take action to provide relief.

“Insurance coverage works by spreading risk, but that model simply cannot account for a situation in which losses are catastrophic and nearly universal. Standard business interruption policies do not, and were not designed to, provide coverage against communicable diseases such as COVID-19, and as such, were not actuarially priced to do so,” the groups wrote.

Ahead of the Trump administration’s rollout of the $350 billion small business rescue fund, known as the Paycheck Protection Program (PPP) and comprised of taxpayer-backed loans, the organizations called on Congress to provide “additional liquidity…for impaired industries and businesses to avoid an unprecedented systemic, economic crisis.”

The grassroots network Main Street Alliance (MSA), which works directly with more than 30,000 small businesses to make sure their interests are represented in public policy, says both private and public entities should help to avoid “catastrophic closures” of small businesses as a result of the pandemic.

“We’re pushing hard for as many government interventions as possible in this unique time, including payroll support,” Cynthia Ward Wikstrom, campaigns director for MSA, told Common Dreams. “Insurance companies are some of our more profitable companies that should be picking up some of burden. It seems there could be a government-backed portion and also that insurance would pick up a portion.”

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