We are now over 150 days into “15 days to stop the spread,” which began in mid-March. Consequently, a quick, “v-shaped” economic recovery is not possible. The recovery will be gradual and prolonged, though there are signs of recovery. Monthly job growth has exceeded expectations since May, and the economy contracted by less in the second quarter than people were expecting. The unemployment rate peaked at 14.7%, well lower than the Great Depression level of 25% that many also expected. The economy is recovering, albeit more slowly than we had hoped it would when the shutdowns first began.
This month, as I began brainstorming, it came to mind and I thought, “Nope. Not that.”
A getaway. That’s what we’ve been craving during the coronavirus craziness – an opportunity to escape the confines of our houses and masks and the constant bad news online and on television. I booked us a cabin in a park full of socially distanced cabins. Trees, paths, wilderness, woods, some time in nature and away from our big city lives.
“So, Ed, what did you do on your ‘summer vacation’ from movies at the FIA?” Well, since you’ve asked, I had enough time to finish work on a book that was published in June – with an inadvertent reminder of the current global pandemic.
The Mott Community College Campus has a guardian. Standing in front of Mott’s Ballenger Fieldhouse, a 600-pound, six-foot tall bronze bear statue keeps constant vigil over the campus and its students.
This year, it’s been just one thing after another. It feels as if we’ve been relentlessly bombarded with tragedy, challenges, negativity and fear. Every exhalation is a sigh and every new headline a headache. Feeling overwhelmed? It’s okay to take a break from time to time. If you need to relax and unwind, then Saturday, August 15 is your day – because nothing comes before your inner peace on National Relaxation Day.
The story begins with the purchase of pizza and a salad, and then a bagel. Next thing you know, you have slowly stolen $11.2 million over the course of your career. Your ultimate goal: make your school district No. 1. Based on the true story that rocked the town of Roslyn, NY in 2004 and garnered attention nationwide, “Bad Education” starring Hugh Jackman and Allison Janney focuses on the impressive impact and aftermath of a multi-million-dollar embezzlement scheme uncovered by a high school newspaper. The movie is reminiscent of “Erin Brockovich,” in which one clue leads to another until the truth is revealed in a dark, comedic way.
Strange things start happening when your passport is basically useless. Check any travel map, and it appears that the world is blacked out if you hold an American visa. Stay out. Not welcome. Scram!
As we continue to press forward into what I have branded as “the year of uncertainty,” we continue to navigate markets in an environment of extremely high volatility. The volatility index, often referred to as the VIX, or the “fear index” is currently trading at around 30. During normal economic environments, when not dealing with a global health crisis, nationwide shutdowns of certain industries and weird executive orders being implemented on a unilateral basis, the VIX is perfectly happy trading around the 10-12 area. What this indicates is how much investors are willing to pay for protection of their portfolio.
COVID-19 and the wave of shutdowns that followed resulted in the worst recession since the Great Depression. Had the pandemic not occurred, 2020 would have been a lot like 2019, a year of peace and prosperity. Certainly, there are reasons to be pessimistic. What are some reasons to be optimistic?
Summer is in full swing and boy, has it been a hot one! I usually love to take long walks in the early morning or evening but it has been so hot, I find myself sitting in the air conditioning, reading a good book – one of my favorite pastimes. I recently finished The Chef by James Patterson: a fast-paced thriller about a New Orleans police detective by day and a food truck chef by night. It was a good summer read that I thoroughly enjoyed.
