Coronavirus disconnect between Wall Street and Main Street

Bloomberg/Mohammed El-Erian

“Main Street is dealing with historic collapses in employment (30 million workers have applied for jobless claims in just six weeks) and economic activity (a 4.8% contraction in gross domestic product at an annualized pace in the first quarter with a further 30% to 40% decline in the cards for this quarter). Wages are falling for many of those still lucky enough to have jobs. The pain and suffering associated with all this is visible not only in the long lines outside food banks around the country but also in reports of mounting domestic violence and mental anxiety. Yet Wall Street is coming off the best month for stocks in 33 years.”

USAGOLD note: According to El-Erian all is not well at the corner of Wall Street and Main – Anytown USA ………

Repost from 5-5-2020