Some financial indicators took somewhat of a shock over swine flu fears on the first day after the swine flu fears were realized.
"But on Wall Street today and overseas, travel-related stocks took a beating over flu fears," NBC correspondent Tom Costello said on the April 27 "NBC Nightly News," reporting that U.S. airline stocks were hit hard, down a little over 8 percent on the news.
Costello then ran video of Moody's Economy.com chief economist Mark Zandi, who lived up to his reputation for being very pessimistic in his economic forecasts and warned that things may get worse.
"If this lasts two months and spreads across the globe, then the global downturn will intensify," Zandi said. "Millions of more jobs will be lost, unemployment will rise, and this recession will last well into 2010."
We don't know whether Zandi offered more optimistic predictions for the scenario in which the swine flu pandemic turns out to be nothing more than a scare. If so, they were left on the cutting room floor.
However some think this flu scare is overhyped. Fox News Channel commentator Brit Hume pointed out deaths from flu illness of more common strains happen on a much larger scale on an annual basis.
"Consider this - tens of thousands of people, Trace, die every year from ordinary seasonal flu," Hume said on FNC's "The Live Desk with Trace Gallagher" April 27. "Here we have a case of a few dozen - only a couple of which require hospitalization and no deaths. What this is, is much ado about - I'm afraid to say this - not very much."
He explained this story has fed on itself, making it bigger than it should be - all due to a slow news cycle.
"I realize it's been a slow weekend in terms of news," Hume said. "The president went out and played golf on Sunday. The White House reporters don't have much to work with today, so they're trying to get a piece of this swine flu story, which you know, all the cable news channels are agog about, bug-eyed about. But so far, it doesn't amount to much in the United States of America."
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EU action
April 28, 2009 - 10:37 ET by StarAZI heard the EU has issued a warning on unnecessary travel to the US--this could sting.
Hume
April 28, 2009 - 10:45 ET by StarAZThirty-six thousand people die of regular flu in the US each yr.
This little Piggy went To Market this little Piggy Stayed home..
April 28, 2009 - 10:49 ET by lareeMarket Trend Not Going Unnoticed.
Whatcha Gonna Do Mama Now That The Roast Beefs Gone?
http://youhavetobethistalltogoonthisride.blogspot.com/2009/04/whatcha-gonna-do-mama-now-that-roast.html
Swine Flu and the markets
April 28, 2009 - 10:54 ET by halpHume makes a good point about the other deaths from normal flus that affect us on a year to year basis. I guess the fear is a redo of the 1918 pandemic from a fast moving strain of a cross spieces bug.
I need to look into it, but I wonder how the markets reacted in 1918 to the pandemic then?
Today I see that the market had a bit of a up tick with some of the consumer confidence data but now it seems to be fading. Even more suprising is what the precious metals have been doing. I was looking at the widget ExactPrice and am surprised to see them all falling over this scare. But people and the markets are weird. Maybe the majority agree with Hume. The only thing to tell will be time.
If we don't start seeing a wide spread epidemic with numbers quickly growing over the next two weeks then I think we will be out of the woods and this scare that the government and EU are somewhat creating of their own will fade.
I do find it disturbing
April 28, 2009 - 10:56 ET by StarAZI never bought into the Obama thing, but I do find it disturbing that I am immediately becoming a wizened little ball of distrust over this flu hype--I don't believe anything anymore!
Since the msm will be hard
April 28, 2009 - 10:57 ET by gopsteveSince the msm will be hard pressed to blame Bush for the bad economy much longer, they are already setting the stage to cover for Obama.
Millions of jobs lost?
April 28, 2009 - 11:44 ET by bioteachedShouldn't he have said that millions of jobs will come available if this is really the pandemic to end all pandemics that the MSM is making it out to be? I know that is a very macabre way of thinking, but just a thought I had. On that same theme, shouldn't this pandemic be the climate alarmist/environmental extremist dream come true? After all, aren't humans the problem? If so, this is the solution.
Swine Flu=deeper
April 28, 2009 - 23:54 ET by RR GOPSwine Flu=deeper recession=need for bigger government, more spending, more powerful government and more adoration for Dear Leader.
Simple cause and effect...come on folks, get with the program here!
One of the 34% who thinks George W. Bush was a great President. One of the 61% who wants to bring back the stock and pillory (yep...approval for Congress now at 39%...do you believe that!?).