The economy as we knew it might be over, Fed Chairman says

[Joe Nation]

Source: CNN Business

The economy as we knew it might be over, Fed Chairman says
By Anneken Tappe, CNN Business

Updated 4:57 PM ET, Thu November 12, 2020

New York (CNN Business)The Covid-19 pandemic brought the economy to a screeching halt, and while it has started its long road to recovery, the economy we knew is probably a thing of the past, said Federal Reserve Chairman Jerome Powell on Thursday.

"We're recovering, but to a different economy," Powell said during a virtual panel discussion at the European Central Bank's Forum on Central Banking.
The pandemic has accelerated existing trends in the economy and society, including the increasing use of technology, telework and automation, he said. This will have lasting effects on how people live and work.
While technological advances are generally positive for societies over the long term, Powell said, on a short-term basis they create disruption, and as the market adjusts to the new normal the pain isn't shared evenly.

Read more: https://www.cnn.com/2020/11/12/economy/economy-after-covid-powell/index.html

[underpants]

1. Selling my whale oil futures

Dammit!

[bullimiami]

2. Shit. I just put all my money into Excelsior.

[ProfessorGAC]

4. And, I'm Still Waiting On Buggy Whips...

...to make a big comeback!
So much for that!

[cannabis_flower]

15. And

typewriters and word processors!

[Yavin4]

20. What?! You crazy.

Whale blubber is renewable energy!

[Moostache]

26. Just heard the 2 most beautiful words...

Tulip Bulbs!!!

[underpants]

27. I'm not walking away am I?

🤓😏🤩

[Ferrets are Cool]

3. Post pandemic, IF we get there, if certainly going to be different.

In the meantime, it's going to be a difficult road. Our new POTUS is going to have one of the hardest jobs ever. Even harder than President Obama had...and that was a steep mountain.

[Rebl2]

6. He certainly is

going to have a difficult road ahead. He has a terrible mess to clean up courtesy trump and his gang.

[mdbl]

7. so true

Democrats never get the chance to govern in the economy they spent 4 or 8 years fixing after Repugs screwed it all up. The voters always put some repug back in office to squander it all. Wonder if they'll ever wake up and not be self-defeating?

[Rebl2]

9. You are

exactly right. We clean up their mess then they somehow get back in power and screw it up all over again.

[ancianita]

11. Self-defeating? That's their exact game plan. Mess it all up, hold guilty those cleaning it up,

Last edited Fri Nov 13, 2020, 12:30 AM - Edit history (1)

then sweep in again to F it up again.

While Dems govern, Repubs obstruct and blame until everyone forgets they made the mess in the first place.

They got defeated this time because, just in time, Americans finally figured out how Repubs destroy the good done for them.

[Joe Nation]

5. Opportunity, Opportunity, Opportunity, ....

Remember that concept?

[Javaman]

8. I've been working from home since March. I suspect I will probably be working from home

for the next year at least.

[Generic Brad]

16. Same here

There’s upsides and downsides to it. I miss working with people in person. On the other hand, I’m glad I can continue to contribute without being exposed to a deadly virus.

[Javaman]

29. agree with both things.

I'm hoping after another year, my employer will allow me to work from home permanently. My GF and I have been wanting to move to the NW part of the US, but my job, which apparently doesn't need me in the office, but still claims that it eventually will, won't let me unless I quit. just so stupid.

[ancianita]

10. With banks already bought into blockchain tech, the currency, I think, is about to change.

Of course it will because I've finally got fiat money saved.

My daughter's been invested in cryptocurrencies for at least six years and is making a killing.

[ancianita]

23. Oh, I'm very aware. Everything you say is right.

[ancianita]

28. Me, too.

Haha get in line.

[PSPS]

19. LOL. "making a killing"

I hear that from everyone who returns from las vegas too.

Crypto is a royal scam. Your daughter wants you to be proud of her, but you should still watch out for her.

[ancianita]

22. haha yeah... I don't mean in the Wall St or Vegas sense, but in the working class clever sense.

I've read up on both blockchain, darknet issues with bitcoin, kept up with crypto hacks and steals, and YET the central banks move to buy into blockchain ...

I don't claim to know where this is going, but she thinks a currency reset is coming. She's also sure that her XRP investment, XRP being the replacement for the Swift money transfer system, is doing well and will be a great return.

You are very right about my watching out for her, and I very much appreciate your sentiment.
Then again, it's hard to tell a grown-ass woman what to do.

[keithbvadu2]

12. when Trump claims the economy is going down the drain if he is not reelected.

Pay attention when Trump claims the economy is going down the drain if he is not reelected.

He is telling us what condition he is going to leave the country in.

Modify it slightly now with the election.

Still true.

[jalan48]

13. Our current economy, based on endless consumption, wasn't going to make it though climate

change anyway.

[PETRUS]

31. Thank you. nt

[orangecrush]

14. Tired of winning yet?

[roamer65]

18. The commercial real estate market is going to crash.

[not_the_one]

21. You can rest assured that the economy of Wall Street will continue, unabated.

That is just how it goes...

[Fiendish Thingy]

24. Put Krugman at Treasury, and go full Keynesian- once in a century chance. Nt

[BlueNProud]

30. Can't see myself hanging out in a bar for quite a while

and I was certainly no stranger to the barstool pre covid