No worries, we'll be right back up to ATH in no time. By the end of the year, we'll have doubled the profit from the start of the year. S&P will be trading at 8000 and everybody will sing kumbaya. The sun will never go down and greed will be your ticket to paradise.
Economy metrics? Try these economic numbers on for size: cities and counties receive a portion of the sales tax from the BOE of the State. Cities receive a TOT/hotel tax from hotels and the like, at least in California. It can be as much as 14% in cities like San Francisco, which are de facto locked down. Who is travelling? nobody to very few, which means no tourists->no tot tax, no sales tax, limited parking tickets, etc. In a city like San Francisco whose annual revenue is $12 billion+, this is more than a little damaging, try ($billion+/month in one city). San Francisco is not the only one. Los Angeles has issued a shelter in place order. That pretty much obliterates the revenue stream: no sales tax (who is going outside to buy taxable things). Who is going to be writing ticket to non-existent drivers? Or parking meter? Los Angeles city alone has an annual revenue of $8 billion. That's billions of dollars a month lost in one month in 1 of 58 counties in the State. The State and Federal governments will be paying for leave to teachers and municipals employees all while not receiving the billions in tax base from those cities. Add insult to injury, people will have horrible tax years. CA received $151 billion in taxable dollars. That number will be slashed deeply when numbers come out. Let us not forget that State and local liabilities to foreign governments, etc. There are conservatively 3.643 million people soon to be unemployed and without pay seeking unemployment benefits. Businesses with >500 employees will not be giving paid leave because current legislation does not cover it, unless they are feeling beneficent. We have spent $500 billion upon treasury and MBSs. It doesn't matter if a cure were to be produced tomorrow; the damage is done. The Rubicon has been crossed. Social distancing is likely here to stay regardless of Coronavirus. But if that utopia makes you happy, so be it. To each their own.