Mitchell, Johnnie Walker Red, Mike discussed on Phil Valentine
If you were listening to show we had a caller, Mike Telling me to relax because he says, I'm freaking out about Corona virus. And I have no idea what he's talking about. He says that I'm nervous and the God's in control. And that I need to just relax. And that I'm I'm letting the mainstream media get me worked up about stuff and I have no idea what he's talking about. So I got this from Mitchell out there. And Mitchell says. Relax, Phil. Corona viruses. Corona virus, God is in control. Johnnie Walker Red or Johnnie Walker Black. Whether tape or liquor. It's blended because if we had some ham, we'd have some ham and eggs if if we had some eggs, no. What I mean, what time is it? Gotta cigarette. Give mea like am I making sense? So anyway, relax. All right. Ah Lord I could hear is liver, you know, crying for help. ISS crying Uncle. So let me give me give you some good news, others for his economy. New third quarter 2020 economic numbers out today show record growth, confirming a rapid V shaped recovery. From the nature by economic shutdown induced in this spring in response to the spread of the codeword 19 again understand this is not because of Corona viruses because of the response to Corona virus. In the third quarter GDP grew at an annualized rate. Now I want you to just hold on to your hand for this because people going Oh my gosh, We're in a depression and so and so GDP grew At a rate of 33.1%. Economists expected 32%. They got 33.1% making up ground lost. During a sharp 31.4% contraction that occurred during the second quarter following the initial pandemic induced economic shutdown. The 33.1 annualized expansion piece was slightly higher than the widely predicted figure of 32%. So if we ever were in a recession because this Corona virus we ain't no Mo. This. I can tell you. The Federal Reserve Bank of Atlanta. Chicago Fed the conference board Goldman Sachs at all. Expected growth between 30 and 35%. On an annualized basis. This level of growth, economists noted, would be the highest in the history of American GDP calculations. Which began during the Great Depression. Economists Art Laffer who lives here, by the way in Nashville, and I understand listens to this show. High art big fan love to have you on sometime. He told Justin News, he says it's the best ever recovery. But, you know, bottom line. The reason that's the best is because the 1st and 2nd quarter were the two worst. They were caused by something not economic. They were caused by the pandemic. And so it's not a normal recovery in the sense of the great Depression. He's right about then. So what we do. If you've got like the great Depression or the great recession and these other stuff that came along these were economic downturns. This was we're going to shut the economy off for a time. So that we can try to protect people. Now. I think it was an ill advised thing to do, But we did it anyway. And so as I was telling folks about this early on, I said, Look, They're saying it's going to be years and years before we recover from this. They're looking at it like a normal economic downturn. That's not what this was. You turn the switch back on and everything goes back to what it was before. Remember, get wait. Retail sales are above what they were before We did all of this shutdown stuff, and it makes perfect sense. I don't think there was anything there was never any doubt with me that would have a V shaped recovery now. What we've got with Biden is a threat to shut down everything again. Ah, threat to mandate mask everywhere even though there are plenty of places well, most 99% of the country. Doesn't have a problem with Corona virus, And I will say that unequivocally because you can look it states that the state is going and when you look at those states, it's in small areas. With high populations. So geographically speaking, the vast majority of America does not have a Corona virus problem. And really, quite frankly. That was the case all along. The vast majority of American never had a Corona virus problem. It's just you had these high population centers. Naturally, when you have a pandemic, that's where it's going to be worse and so geographically these air small areas compared to the rest of the country, most of the country JIA Graham, tell my population wise until my geographically most of the country didn't have a problem. So you go out of these places in the middle of Montana or whatever. And you're gonna have a mass mandate and they're going for what? I don't even have any cases out here, much less any death. Which brings me to the other salient point about this. The deaths nationwide are still running at about 1/4 of what they were at the peak. And they're starting to go down again, and we're gonna have this little up and down, but it's going to be a relative up and down at the bottom of this thing as we're getting on the other side of this pandemic, it is not like it Wass in April and May. It's just not anywhere close to it. We peeked in this country on April 20 seconds. On April 22nd and we had about 2800 deaths. Per day around that time. Now we've got about 800. It's still.