Stocks open lower as investor hopes for more fiscal stimulus fade
Is the lack of fiscal stimulus to deal was the homegoing fallout from the Corona virus. Can you really see anything meaningful getting done? Before the election. Absolutely not. I mean, my bass case was hopeful that we would be able to get a fiscal stimulus down about a month ago. But now with the tragic passing of justice, revenge that we have this situation toward now, people are really battling on Capitol Hill on getting the next fiscal. Sammy was done. We saw today the Democrats coming out talking about At $2.4 billion English package, which did crop up the markets, But then it quickly faded away. And that's kind of been the name of the game. We see these conversations happen, and then they just fizzle out so The political uncertainty happening. We just don't believe that that will be the next Case going forward with the fiscal stimulus, so investors still have to embrace that left policy. So included in this planet's being sketched out by the Democrats. It includes some relief for the airline industry here in the U. S. Has a way of averting those a massive jobs losses that could come next week when the cares act goes away today, Mnuchin Treasury secretary said. Hey, I cannot tap the unused Corona virus lending authority to get grants to the carriers. What is the outlook for domestic carriers? And you've in your view? You had the outlook's pretty dim right now. We definitely do need that fiscal stimulus to coat into those airlines air into those domestic carriers just because of the multiplier that they have on economic conditions that it's not just the airlines and the employees that we need to worry about. It's all of the subsidiaries of small companies that go into helping those airlines operate on a daily basis. And so monetary stimulus has been a very big conversation. I think that's kind of not with focus needs to be because we need direct payments to these airline companies. We need direct payments from a fiscal support into the paychecks or to the pockets of airline workers.