WH Adviser: Unemployment Will Be In Double Digits By November Election

[paleotn]

6. Do ya think?!

And no, the V shaped recovery won't happen. It can't at this point. That ship done sailed. Congress can tide Americans over somewhat, but it's going to be a very long, painful slog back to where we were. Whole businesses are being destroyed as I type this, and the jobs they provided will disappear for months if not years to come.

And there's nothing "creative" at all about this destruction. It wasn't caused by innovation or natural changes in markets. It was caused by one man's stupidity. Once a small to medium sized business burns its capital in a failed attempt to survive this debacle, it's done, finished. Some companies are becoming debt zombies, floating debt to survive that they can't possibly hope to cover the interest on much less principle, and will never, ever recover. They will continue to shed jobs for months and months to come.

A demand collapse will shortly become a balance sheet collapse, and it will be years before lenders will feel safe to lend again, making the housing collapse look like a picnic. The damage is done and continues unabated, because Donnie and Mitch screwed up, continue to screw up and fucked it up for everyone. Mark my words....this will go down as the singular most destructive administration in US history.