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Economy Week Ahead: Jobless Claims, Fed Minutes


She is not a doctor but she is a financial doctor that would be any Wagner simply money here at six a six week nights with Nathan Bacharach on fifty five KRC our sister station and the question is if you have an tight your belt or haven't cut costs you probably are the only one who hasn't done this in a business as well as a personal sense it's about about pulling it back right now which is the exact opposite of the message we're kind of getting from the government or from the I guess the financial people is that Hey we want to give you stimulus not to pay bills often not this pad your bank account but to go out and actually stimulate the economy so right away me those two things are at odds with one another I think they are in and that's the thing right sometimes what you're given and if it what you do with it two different things because the government does they want the garden center right now they want to keep the economy rolling again but from an individual standpoint for most Americans were not at a place where that makes the most sense right now so you can't look at it with what's the attention here you look at it okay what's best for my family right now you know we just passed April first last week for many that your mortgage with you know your rent would you build for deal and it was probably also the first time you get a paycheck coming in at eight thirty so that at this point more than half of Americans say because of this coronavirus you have cut back on your spending intentionally right now because either you don't have the job anymore you don't have the paycheck you've been furloughed or you think it could be coming and I think there's probably very few people out there who can be really confident that on the other end of this their financial situation is going to be as good as it was going into this at least you know not the first few months after we come out of that so I think the fact that the Americans are pulling back which is a good sign right that we get it we get the gravity of the situation you know with all these checks are supposed to go out well I think checks the money supposed to go out to leave the latest that we have seen beginning April nineteenth so this week right Thursday from the fourteenth but here's the thing it will be directly deposited into your account yes you have provided that information to the IRS when you have filed your taxes so it's going to be direct deposit if you got a refund the yes and the government yeah absolutely and the government has access to that information already here's the problem for someone who has like I have a friend who owns a little bit every year she does that cancellation thank account information that's the thing to get the actual physical check could take as long as five months wow yeah I mean that's the physical check because it takes your everything shut down so it was not yeah yeah if you're able to really look back and say if I if I file taxes do they have that information on me and if they don't understand if you were counting on that money if your account to pay your bill this month to pay your rent does not care mortgage whatever it is even be much longer before you know that that white horse come galloping into your bank account well you've got to cut costs in the main that's what's happening right now you're looking at you're probably spending less to because you're stuck inside you know go to the grocery store obviously is a lot cheaper than going out to eat or even going to carry out you know because you're going to get it Indian people are there is nothing on the store shelf that told me people are not only buying food but they're they're cooking food combine this with the fact that some six point six million Americans have now filed for unemployment last week which numbers we haven't seen in a generation I mean well I'm from just a few hundred a week or a thousand a week to six point six million and that's our main number is well today we will six point six million in the week the closest this was during the Great Recession and during the Great Depression a weekly jobless claims were about six hundred and fifty six hundred and seventy five thousand dollars during the time that was the historical Hyde Park right going into the S. eight now where it can hide that point six billion in one week and it's only getting worse if you know people and I know people too I think it's one thing to talk about the numbers six point six billion but I think they well you know I know people who've been settled I know people who've lost their jobs I know people who do not know how they're going to pay their bills she said it either it is scary yes cutting back at this point the only thing that makes sense I think you do make a great point out here even if you tried probably that bloody on the level that you were before you know you're not going on vacation I think that you don't have a hell of a commute getting to and from work every day you know thirty minutes when I usually thought my gas tank about twice a week I guess thinking about three weeks now well you know I mean I I do TV for fox nineteen I do it here at my house you know we do your show that's your mind also I don't go anywhere really except maybe to Kroger once a week you know in in that for a lot of people is the phone number you mentioned if you go get Kerry out what did you do before you went down down maybe you had a beer or a glass yeah maybe you had an appetizer all of those things it really would be hard pressed to stand at the level that you were before and I think that's a good thing personal standpoint south of an economic standpoint making the economy up and running again you've asked a great question the possibility which is that I think this is gonna be different for every person coming out of the office spending look like when we come out of this what is that look like for you what does this have to do with what the GDP forecasts are in it right now here's the other one to Amy is that we just heard yesterday that file to the president said that the next two weeks are going to be our Pearl Harbor eight and when the present United States who's been in some cases overly optimistic about things right to be criticized for being too optimistic about this says it's like a pearl this can be like a Pearl Harbor it is going to be it two weeks like we have never seen before what does that tell you then about the economic realities of not only these two weeks but the subsequent two months I think it's gonna get worse for me look at today the market's opening up markets are up today because there were some good sign in Europe you know Germany number that allows the numbers are getting better at that side of hope somewhere I'll try to you know ability to our market right now saying okay maybe there's hope out there but the reality is you're here in the United States however we have not yet seen the worst of it you know it and I think that you don't have a crystal ball here I cannot say you know how much worse the market's going to get really get worse what day will be the bottom it'll come back up with no idea but I think it's probably safe to say we haven't seen the worst of this we're going to continue to have days that we're going to continue have down there as this plays out because I don't think we probably have seen the worst of it how about a health standpoint in our country yeah from humanitarian perspective and it got worse there the park it will respond to that but I do think if it's worth repeating thirty that coming into this situation we had a strong economy really across the board on all fronts any way that you would expect it anyway that you wanted to look at it it was shot then we have this we can call it a similar package it was incident packed it with what our country regardless of politics at this point people needed tax businesses need cash businesses need a way to keep people on the table is it going to be enough I don't know is what the fed is doing right now right it did not interest rate but the store closed at the same time and putting money into the bond market China right the ship they are all of these things together hopefully are getting everything lined up to where okay when we get to a point in the United States will retail these cases are starting to decline we are starting to see the light here people are starting to go out again and it in turn okay about spending money again at that point we hope everything is that in place where the economy takes back off and I will across the board most economists feel like okay when this is done how we will rebound from this late in for some individual people it may take longer than others it's it's really kind of how you have yourself set up coming in today she can lead to the point that we make still on a radio show pretty often the fact that like we had a really good stretch there where it's not like you could do no wrong she felt like every time you open your four oh one K. it would look good were brilliant you know you were making smart decisions her name we did during this time when that when there is the calm before the storm think about what it feels like in the storm what a Johnson CD tray to prepare for the storm right to you are you interested in what does that look like you have urgency five do you have a all of these things in place for a day like today well it doesn't help yeah and if you if you don't A. B. Wagner from simply money it's that you're not gonna do it today this is why I have the plan going into it so if you're in the state right now what can you do right now if you were to by cutting costs we're not cutting costs will personally to look at what where the money is going and where it is essential hi I'm calling and it also communication is key here because if you're looking at it if you're saying it doesn't matter even if I cut down to the bare bones budget here there's still a lot of money coming in to cover what have to go out did you have to prioritize what bills cannot cover what bill can I not and you have to communicate with whoever that is she didn't do better G. is that your landlord you know what isn't the water bill whatever reading if the call those places and ask you understand that there's two sides to this queue you know in a lot of states right now you're not going to be affected I think there's at least thirty four states have enacted rules right now saying listen if you're a renter you can't pay your rent right now you have so much time if you can't pay your mortgage right now you have so much time but on the other side is that person who owns ten unit who count on that income rate in into the give and take about parts on the other side deserves to be in the loop what can you reasonably be able to do can can they come back and still get something that this is a conversation that has to go on and for those of you who I think everyone in this place I'm gonna put my head in the sand and dumping it back down until this is over and I don't deal with it you're going to be a far worse situation at that point you have to be communicating right now gotcha you can cut those things down so warn about cutting your costs on yeah I mean we're not now suffer what about gonna even like subscriptions and things like that right and you know now well but you know what you gotta do something while you're inside you're gonna get ready your Netflix account now well I don't think you have to get rid of Netflix but I guarantee if you look back at your credit card bill over the past few months our subscription ball there but you're really not using even during normal times researchers such as if I asked you study how much you spend on this computer probably about eighty Bucks a month and then we look at your credit card bill and if we go through with a fine tooth comb and the

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