Join Jim and Greg as they discuss how the final debate was much more pleasant to watch and far more substantive than the first one. They also dissect Joe Biden’s many lies in the debate – from saying he never promised to ban fracking to suggesting that the Hunter Biden laptop story is just Russian disinformation to inexplicably contending no one lost their private health insurance plans because of Obamacare. And they appreciate many lefties revealing just how little they know about immigration policy by misunderstanding and mocking Trump’s reference to “coyotes” smuggling kids across the border.
On Thursday, the Department of Labor reported more than 4.4 million jobs lost in the past week. Over the past five weeks, 26.4 million people have filed first-time jobless claims.
What are the short-term and long-term economic impacts of this hemorrhaging of jobs, productivity, and revenue? How much has the Paycheck Protection Program helped? And how aggressively can our economy re-engage when we’re already hearing some schools may not be opening in the fall and the Centers for Disease Control believes the coronavirus could be worse in the coming winter than it is now?
Brian Wesbury is chief economist at First Trust Advisors in Wheaton, Illinois, and formerly served as chief economist for the Joint Economic Committee of Congress. He walks us through these difficult questions, explains the indicators for and against a rise in inflation, and sizes up the recent volatility in the oil markets.
Don’t miss this critical conversation on the state of our economy.
Join Jim and Greg as they slam AOC’s economic lunacy and callously partisan response to Monday’s plummeting oil futures. They also shake their heads as CNN says Kim Jong Un is in grave condition and NBC has him brain dead, while Reuters has him fine just hours later. And they gag as Gayle King of CBS gushes that “everyone know” Stacey Abrams is “extremely qualified” to be Joe Biden’s running mate.
Join Jim and Greg for three crazy martinis that could easily be all bad. First, they comment on oil prices plummeting faster than we can keep up with them and discuss why our economy suffers if prices are too low for too long. They also recoil as one vaccine expert says the public should brace for the possibility that it may be very difficult or impossible to develop a coronavirus vaccine – although he is from the WHO. And they hammer New York City Mayor Bill de Blasio for urging New Yorkers to rat on their neighbors for not properly social distancing.
Join Jim and Greg as they discuss the gut-wrenching loss of another 6.6 million jobs over the past week but also note an economic silver lining. They also react to Dr. Fauci suggesting people permanently stop shaking hands and then muse about what should replace it. And they lose their appetites as they discuss another way China is a breeding ground for illnesses.
Coronavirus fears are driving the massive Wall Street sell-off, but turmoil in the oil market is also contributing to the instability. Even with demand falling due to the virus, Saudi Arabia is increasing production in order to drive prices down. Their goal is to drive American energy producers – particularly fracking shale producers out of business.
So how dire is the financial condition for U.S. energy producers and what is the Trump administration considering to help these companies?
American Petroleum Institute President Mike Sommers details what’s on the table and why he doesn’t want any federal interference in the energy market. He also explains what government action would do some good and why the energy industry is built for the long haul.
For the past couple of weeks, Wall Street has looked like a roller coaster. And while there have been days of big gains, the Dow Jones has dropped more than 4,000 points as of Tuesday’s close. Monday witnessed the worst losses since the 2008 financial crisis.
Concerns over coronavirus are attracting the most attention but upheaval in the oil market and record-low yields in the bond market also have investors jittery.
Wall Street hates uncertainty but a top economist says the wild fluctuations we’ve seen recently are a major overreaction.
“I just believe that the markets have panicked,” said Brian Wesbury, chief economist at First Trust Advisors in Wheaton, Illinois. He is also a former chief economist for the Joint Economic Committee of Congress.
“Our models suggest right now that investors…are pricing in a 50-80 percent drop in corporate profits in America. I think that’s a panic. That’s too much.
“That doesn’t mean we can’t go down from here, but it does mean that once this passes, we will snap back, I think, very quickly,” said Wesbury, noting that all previous outbreaks ran out of steam when the weather turned warmer.
Wesbury does think the volatility could last until May or perhaps longer and that oil prices and the bond market add to the uncertainty.
But while acknowledging that plummeting oil prices are a nightmare for debt-ridden fracking companies, Wesbury explains why he thinks this could lead to a much more stable industry in the long run.
Finally, Wesbury tells Greg Corombos whether the government ought to intervene to ease the economic pain of the coronavirus or whether the markets should sort themselves out.
There’s not a lot of good news Monday, so let’s just tackle the bad stuff on Three Martini Lunch. Join Jim and Greg as they react to the massive Wall Street sell-off as investors are spooked by coronavirus, oil prices, and the bond market, and once again they call out irresponsible figures either whipping up panic or openly cheering for the virus to spell Donald Trump’s political doom. They also wince a bit as Montana Democratic Gov. Steve Bullock launches a challenge to GOP Sen. Steve Daines, adding another race where Republicans will have to work hard to keep a seat. And they react to the news that a CPAC attendee has tested positive for coronavirus, prompting Sen. Ted Cruz and Rep. Paul Gosar to self-quarantine themselves after interacting with that person.
The United States is accusing Iran of attacking two oil tankers Thursday. Montie Montgomery reports.
American energy is booming at levels virtually unthinkable a decade ago, but will the good times continue or get derailed by the Green New Deal?
American Petroleum Institute President Mike Sommers explains how the U.S. grew from energy dependence to a net exporter of energy in recent years and who deserves the credit.
He also tells us why the new trade deal with Canada and Mexico could help the energy sector even more and why he believes the Green New Deal is not grounded in reality.