By Kevin Swanson
How the Federal Reserve is propping up economy
The Federal Reserve has unleashed a rack of extraordinary measures to save the sagging US economy.
On Monday, the Fed announced it would open up $300 billion of lending for businesses to keep them open and paying employees. The Fed will buy Treasury securities and mortgage-backed securities from strapped financial institutions — with the agreement that the companies will buy them back later.
However, like the first attempt to intervene in the markets, the effect was minimal on the stock market yesterday. The blue chips dropped another 600 points, for a 38% correction over all during the last two weeks. That compares to the 2008 market correction which topped 53%.
Trump’s legislative package to stimulate economy
Congress is in a deadlock over a high-dollar legislative bundle intended to save the languishing economy. Two votes on Sunday and Monday failed along party lines.
Treasury Secretary Steven Mnuchin announced on Fox News Channel that the bill will provide about $4 trillion of stimulus to the economy, reports the New York Post.
MNUCHIN: “The President is very determined to protect American workers. We’ve ordered a major part of the economy to shut down and the President wants to protect them.
“So, the first part, small business retention loans. If you’re a small business, you’ll get two weeks of cash flow to pay your workers. You need to retain them. You’ll also get some overhead. And if you do that, those loans will be forgiven. That’s about half of our workforce. That will allow small businesses to keep people and make sure when we open the economy, they’re up and running.
“The second part is direct deposits. The average direct deposit or check for a family of four will be approximately $3,000. This, you can think of, is a bridge for them to get through this quickly.
“The third component is enhanced unemployment insurance for people that are laid off due to the coronavirus.
“And the fourth component is a significant package working with the Federal Reserve. We’ll have up to $4 trillion of liquidity that we can use to support the economy.”
However, Psalm 146:3-6 warns us: “Do not put your trust in princes, nor in a son of man, in whom there is no help. His spirit departs, he returns to his earth; In that very day his plans perish. Happy is he who has the God of Jacob for his help, whose hope is in the Lord his God, Who made heaven and earth, the sea, and all that is in them.”
Campus Crusade for Christ & Baptists delaying missions trips
Out of concern about the coronavirus, Campus Crusade for Christ has announced a halt of all international missions trips through July 31st.
Plus, the Southern Baptists are also recommending a delay of short-term missions trips until April 30th, reports the Baptist Press.
U.S. had 8,000 new coronavirus cases in a single day
The United States reached its highest single day increase of coronavirus cases yesterday, topping almost 8,000 cases in a single day.
However, South Korea has tapered to only 64 new cases of COVID-19 on Monday. That compares to an 851-case increase on March 3rd. The South Korea graph of new cases indicates an eight-day increase before flat lining. And China’s graph indicates an 18-day increase before flat lining.
China has dropped to 39 new cases, down from 4,000 on February 4th.
The United States is about 5 days into its uptick of additional people testing positive for the coronavirus.
Iran is on its 20th day on its increase of COVID cases with an indication of tapering on new cases over the weekend. Italy is on its 18th day on its increase of COVID cases with a tapering of new cases on Sunday.
As of Sunday morning, 300,000 people worldwide have the coronavirus and 13,407 people have died.
According to WorldoMeters, the US COVID-19 death rate is 1.2% which is about equal to South Korea’s death rate. China’s death rate is hovering around 4%, with Italy at 9.5%, Iran at 8%, and Spain at 6.7%.
Michigan Governor exempts churches from COVID shutdown
While Michigan Governor Gretchen Whitmer limited social gatherings to 50 and under, she exempted churches, reports the Detroit Free Press.
She told Fox News that her decision was made on the basis of “the separation of church and state.”
America slips to 17th most free nation over debt increase
The Heritage Foundation has issued its 2020 Index of Economic Freedoms.
The United States has slipped under the Trump administration from the 12th most free nation in 2018 to the 17th most free nation on earth this year. The decrease in economic freedom for America is largely due to the excessive levels of deficit spending.
The most free nations in the world are Singapore, Hong Kong, New Zealand, Australia, Switzerland, Ireland, the UK, Denmark, Canada, and Estonia.
Vice President Pence: Keep giving to your church
Vice President Mike Pence had a word for churches and pastors in a briefing on Sunday.
PENCE: “We want to thank all the religious leaders from every community of faith in the country, making the hard choice to suspend services, to have online services, even while those ministries are continuing to support food banks and come alongside of the most vulnerable. And of course, the chorus of prayers that is coming up from communities of faith around the country is making the difference that it always has in the life of this nation.
“One thing the President and I promised was to remind people that on the weekends that you’re not in the pews, it’s still a good idea, if you can, to go ahead and make that donation because all the ministries are continuing to play a vital role in our communities and we encourage your continued support.”
Ohio Attorney General closes abortion mills over COVID-19
The Cleveland Plain Dealer reports that Ohio Attorney General Dave Yost has ordered the abortion mills in that state to close, on the basis of preserving surgical masks and other personal protective equipment for the fight against COVID-19.
Hobby Lobby CEO: “God is in control”
And finally, the CEO of Hobby Lobby, David Green, sent a letter out to his employees, dated last Thursday, encouraging them that “we can all rest in knowing that God is in control.” The Christian-owned stores remain open in states where allowed by law.
God tells us in Isaiah 45:7 “I am the Lord, and there is no other; I form the light and create darkness, I make peace and create calamity; I, the Lord, do all these things.”
And that’s The Worldview in 5 Minutes on this Tuesday, March 24th in the year of our Lord 2020. Subscribe by iTunes or email to our unique Christian newscast at www.TheWorldview.com. Or get the Generations app through Google Play or The App Store. I’m Adam McManus (adam@TheWorldview.com). Seize the day for Jesus.