Bear MarketDaily Bear Market News

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“We Are In Deep Trouble”

By Jason Rivera,
Bear Market
Friday, June 26

On June 24th, 2020 California reported 7,100 new coronavirus cases.

Governor of the state Gavin Newsome threatened to “withhold pandemic related funding from local governments that brush off state requirements on masks and other anti-virus measures.”

Florida saw a single day record in new cases of 5,500 on the same day. Cases in the state jumped 25% from last weeks record setting amount of new cases.

Several cities and counties in the state recently made it mandatory to wear facemasks ([link removed]) in public places after the huge increase statewide.
Texas Governor Greg Abbott said his state is facing a “massive outbreak” that might require new restrictions to tame the virus.
These states are the latest major hotspots in the US for new coronavirus infections.
But they’re not the only ones…
27 states ([link removed]) are now seeing increases in the percentages of new coronavirus cases nationwide.
Houston Mayor Sylvester Turned said Houston area’s intensive care units (ICU) are nearly full.
Only 17% of all ICU beds were available in Alabama according to Dr. Don Williamson of the Alabama Hospital Association.
North Carolina governor Roy Cooper ordered people in the state to wear masks in public places as new cases approached record levels in the state.
And emergency rooms in Arizona are seeing 1,200 suspected Covid-19 patients per day. This is up from 500 a month ago according to Dr. Joseph Gerald of the University of Arizona.
This led Dr. Gerald to say “we’re in deep trouble” ([link removed]) while he urged Arizona state governor Doug Ducey to impose new restrictions on the opening of businesses in the state.
And on June 25th a University of Washington model projected that the continued outbreak of the coronavirus could lead to a total death count by October 1st, 2020.
As of this writing we’re sitting around 125,000.
If this projection is correct it would mean a 44% increase in deaths in the next 13 or so weeks.
Since the virus first hit America in mid-March, it and the subsequent lockdowns and closures of business activity devastated the US economy.
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We’ve outlined some of the effects of this on you and the entire economy in the following recent articles.30% of Homeowners Didn’t Pay Their Mortgage In June ([link removed])29.1 Million Americans Remain Unemployed ([link removed]) – This is from last week. Now an estimated 30.5 million are on unemployment nationwide ([link removed]) as of the updated numbers from this week.Millions of Americans Are No Longer Paying Their Bills ([link removed]).
The scariest thing about all this though isn’t the actual numbers of new cases… Although that’s scary enough.
Or even any of the economic issues covered in the articles above.
It’s not any of those things.
The scariest thing to me is that we’re now 4 months into this pandemic here in the US… The first time we locked down cities, states, and businesses nationwide it devastated our economy in ways we haven’t seen since the Great Depression.
We’re still dealing with the initial affects of these now months later and had just begun reopening things nationwide.
If we lock down things again what’s going to happen then?
I don’t think anyone knows.
And as I’ve said in many of our recent articles…
I don’t know what the answer to all these problems are… But I do know that if we don’t fix them soon the economy and the stock market are likely to face devastation.
And no one else is talking about this.
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This is still true… But now there’s zero margin for error in anything we do going forward because people are running out of money ([link removed]).
I don’t know if we can afford to lock things down again.
But I also don’t know if we can afford keeping things open either.
Yet, still no one is really talking about any of this in the mainstream media or elsewhere.
Even crazier than all of this though is that the market keeps going straight up.
Today, the market was up by 1.2% again. On the same day that job losses continued at historic levels.
On the day news broke that Chuck E. Cheese parent company ([link removed]) is filing for bankruptcy due to the effects of the coronavirus.
On the day news broke that Macy’s is laying off 4,000 more employees ([link removed]) due to the continued effects of the virus.
And on the day news that the US and the world is seeing massive increases in coronavirus cases.
It makes no sense.
Protect yourselves and your family by raising as much cash as you can and staying healthy.
And also make sure to read our recent article – One Thing To Do Today To Protect Your Investments ([link removed]) – to learn our #1 recommendation to protect your portfolio during these uncertain times.
Always In Your Service,
Chief Editor - Jason Rivera

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