Some states are reopening, and some are extending lockdowns. Either way, the future of the world’s biggest consumer economy looks shaky at least. With this point universally understood, the chairman of the Federal Reserve, Jerome Powell, has stepped in to say that the Fed is prepared to print as much new money as needed in order to stabilize the economy as it currently stands on unstable grounds. According to The Washington Times, “Federal Reserve Chairman Jerome H. Powell said Wednesday that Congress might need to spend more on coronavirus relief to pull the nation out of an economic crisis that has cost more than 20 million jobs.”
Within the last several days, rumors have been bustling about a potential takeover of the crippled AMC Theaters by the godlike entity known as Amazon. According to Marketwatch, “Shares of AMC Entertainment Holdings rocketed on heavy volume Monday, after a media report that the struggling movie theater chain had held buyout talks with Amazon, as AMC’s value has shrunk since the COVID-19 pandemic led to theater shutdowns worldwide.” Now in AMC’s defense, their stock value wasn’t dropping because of poor earnings or business decisions, almost a majority of financial experts agree that when the full might of the American economy reopens, many large and small businesses alike will come back to life, meaning many conversations like the one with Amazon might be meaningless several months after we begin to see the new “normal.”
It wasn't too long ago when you were simply able to book a flight online, go to the airport, check-in for your flight, (be overcharged for your checked baggage, in the process), zip through security and board your flight to your destination. Most people have been through this process countless times and never thought twice about the worries or possibility of getting seriously ill. Because of Coronavirus (Covid-19), however, the times have changed, dramatically. Just as after 911, air travel, amongst many other industries will never be the same.
If you still needed any evidence that proved the Coronavirus is out to ruin good entertainment, consider the fact that Netflix has gone out of its way to create a $100 million fund to support all of the people that are out of work, thanks to the virus shutting down film and TV production across the board.
About a week ago, GameStop head honchos apparently thought it was a good idea to keep their physical stores open during the Coronavirus outbreak, even in states that required all non-essential retail stores to be closed. According to a memo the guys in charge left for their employees in case they were questioned by government officials, GameStop considers itself essential retail.
In the midst of this global health crisis which has now turned into a financial crisis for the foreseeable future, General Motors (GM) is offering a deal to consumers in order to stay afloat as well as increase aggregate demand, which is almost too good to pass up.
In the midst of one of the largest health and financial crisis of a generation, Tesla manufacturing plants have had to suspend production indefinitely in order to flatten the curve via social distancing so that we come out of the present and invisible threat of COVID-19, aka the coronavirus.
It is always a little difficult to imagine a company going on without the one who started it all, but Microsoft has announced that Bill Gates himself has stepped down from its board of directors in order to “dedicate more time to his philanthropic priorities including global health, development, education, and his increasing engagement in tackling climate change." Gates served as the chairman of the board since 2014.