I am talking, of course, about Coronavirus.
In the past 24 hours, after Donald Trump gave the least reassuring political speech since Pennsylvania State Treasurer R. Budd Dwyer’s resignation speech 1n 1987,* things have gone to hell in a hand-basket.
The NCAA has canceled the collegiate basketball championships, AKA March Madness, because of COVID-19 19 concerns.
This is the most ppopular sporting event in the United States, normally pulling in about 50% more in ad revenue, and even more in eyeballs, than the Superbowl, and it’s canceled.
In addition, the Baseball Spring training has been suspended, the NBS has suspended its season,
Heard on every trading desk for last 10yrs: “Fck Dodd-Frank.”
Heard on every trading desk for the last 10d: “Thank fck for Dodd-Frank”
— Joseph S. Mauro (@jsmauro13) March 10, 2020
And then, for the second time this week, but only the third time in more than 20 years, circuit breakers temporarily halted stock trading after the S&P 500 entered free fall.
I am certain right now that there are a lot of brokers who are VERY happy that Dodd-Frank strengthened these market protections.
Finally, in Maryland, all public schools will be closed for 2 weeks, Catholic Schools in Baltimore are shutting down, Episcopal Churches are suspending services, and both state and federal courts are suspending cases, with most public entertainment events cancelled as well.
This all went pear shaped rather quickly.
* Following his conviction on bribery charges, he blew his brains out at a press converence.