Letter to my daughters 3/20/30

If we get a vaccine or a cure we could have a quick recovery. But that’s unlikely in the next 3 months. I wrote an article in my blog about changing the bankruptcy laws to provide for forgiveness of many small business monthly expenses other than payroll
for 120 days. We must also get money to people
who have lost their income. Even though some companies are not being hurt or are prospering there is a real possibility of a depression. Congress may act too slowly or provide grossly inadequate relief. The stock market could collapse. I don’t know the number of jerks who are subject to margin liquidations if the market declines further. Good stocks are sold to raise cash. Short selling should have been banned. Even if restaurants reopen until we have a cure for the virus only people who are virus survivors will be safe. We must test millions of people before that will be a significant number. How much business will they do and how many of the laid off employees will be rehired? How many people will fly or ride the subway? How many planes will be needed?

I have some thoughts to consider. If there is a depression capitalism as we know it is not likely to survive. Many strong companies will survive but the government may wind up owning numerous businesses. Some strong restaurants will survive, but customers of small restaurants may have to put up funding to reopen their favorite bar or restaurant. I believe that americans are imaginative and will find ways to get the economy going. We will need a huge make work program . My idea for an interstate fresh water pipeline would be perfect. Workers can be kept apart until we have a vaccine. They would be working instead of getting welfare. The problem is that people in the cities are losing their jobs and would have to relocate to where the jobs are. Other make work projects will be needed to reverse the decline in many major industries.

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