But what will the results be? How many Non Corona Deaths will this cause???
The unemployment may hit 30% because of coroanvirus with an unprecedented 50% drop in gross domestic product, a Federal Reserve chief has warned. This would outpace the Depression when the highest unemployment rate was:
James Bullard, President of the St Louis Fed, said that 'everything is on the table' for lending to replace up to $2.5trillion lost as a result of job losses in the first quarter. 'There is more that we can do if necessary,' Bullard told Bloomberg, 'There is probably much more in the months ahead depending on where Congress wants to go.'
Last night top-level negotiations between Congress and the White House churned over a now nearly $2 trillion economic rescue package as the COVID-19 death toll soared to 414, with more than 35,000 cases.
The Fed last week began drastic measures to breathe life into the economy, cutting interest rates to almost zero and promising to increase its holdings of Treasuries by $500billion and of mortgage securities by $200billion.
Bullard added: 'This is a planned, organized partial shutdown of the U.S. economy in the second quarter ... The overall goal is to keep everyone, households and businesses, whole.'
As President Donald Trump took to the podium in the White House briefing room and promised to help Americans who feel afraid and isolated as the pandemic spreads, the Senate voted Sunday against advancing the rescue package. But talks continued on Capitol Hill. 'I think you'll get there. To me it's not very complicated: We have to help the worker. We have to save the companies,' Trump said.
The overreaction of government and media spreading undue panic at the same time saying don't panic! Like "calm down," simply saying "don't panic," without providing evidence and facts that is actually available to ease the mind, is largely ineffective.
Abdu Sharkawy, a doctor and expert at the University of Toronto in Canada, wrote late Friday that the disease is indeed dangerous but that the often self-interested measures to contain are in some cases proving worse.
His post, which has been shared around 310,000 times at the time of writing, attacks the "spellbinding spiral of panic" he observes around the world as the number of cases increases.
"I am not scared of COVID-19," Sharkawy wrote, using the scientific name for the disease caused by the coronavirus.
You can read the full post here.
However, he continued:
"What I am scared about is the loss of reason and wave of fear that has induced the masses of society into a spellbinding spiral of panic, stockpiling obscene quantities of anything that could fill a bomb shelter adequately in a post-apocalyptic world.
"I am scared of the N95 masks that are stolen from hospitals and urgent care clinics where they are actually needed for front line healthcare providers and instead are being donned in airports, malls, and coffee lounges, perpetuating even more fear and suspicion of others. I am scared that our hospitals will be overwhelmed with anyone who thinks they 'probably don't have it but may as well get checked out no matter what because you just never know…'"
So take the doctors advice DON'T PANIC.... I wish the Media, government and CDC would do the same!