Confidence unexpectedly pulled back in october. Prospects for employment, income, and of course the economy. Perhaps they should be. Cities forcing to slow down reopening plans. Thee do see further dips in economic recovery, then this would not be good news for state and city budgets already left strained by the pandemic. Many states predicting billions of dollars of shortfalls in 2021. Some states are getting innovative in how to make ends meet, including putting Legal Marijuana sales on the pallet for tax revenue. Joe this has been one area that we have hoped well, some hoped there have would be further aid to state and local governments with a stimulus deal. It has not happened. Largest number of defaults since 2012. Expectations are, at least for that ithat continues. Romaine anything that can be done to sort of bump that backup. A time that they are trying to get out from under. Joe lets bring in Bloomberg Intelligence senior municipal strategist. Lets start with the big picture.
Caroline bloombergs economic model is seeing a doubledip downturn. There was much good news on the vaccine front, but joe, the euphoria has ended. Investors are trying to work out how they get through until spring when the vaccine is going to be more widespread. Joe weve had a powerful rally for the first couple days, but then you look at the action with the nasdaq surging and itrything else lagging, and does seem like the vaccine opposition is running head to head with reality, which is that right now the covid situation is bad. Hospitalizations, hitting a record. Ineurope, you see the surges germany, italy. At some point, it seems likely we are going to get a vaccine, but the current situation, not good. Romaine it is really the sustained trajectory of this latest wave that is most concerning. The one thing, if we are going to find some silver lining, his hospital seem to be more prepared this time around than where they were back in march and april. Joe absolutely. With more, tech r
President biden, if he does become president , can be. Can he reach across the isle . Aisle he reach across the . He spoke and talked about the need to unite america at this moment. Oflor i think thats one the key points coming out of this election. Its clear that perhaps maybe by popular vote or electoral vote, there is a clear winner, but it is deeply divided, and there is not a clear mandate and we are seeing that in the house and senate, that there was not a sweep. There was a much less strong mandate that we saw coming in through the polls. Can we at least find something we can agree on in terms of stimulus and pass that . Theine lets bring into conversation our reporter who covers a lot of what is going on in washington with our Bloomberg Government product. This message we heard from the former Vice President , joe biden biden, a few minutes ago that basically, the government is not your enemy. The idea that he, if elected president , will represent all people. The idea that he
Most well litigated. One legal tracker is already following around 400 lawsuits filed. It is not just the white house and congress. Americans will be voting on everything from the gig economy to marijuana to taxes. Joe, we all know, after brexit, after the 2016 election, pulls, you have to take with a healthy dose of salt, but we are going to look at them anyway. Joe even in the absence of perfectly reliable data, we will tell stories on the data that we have. Polls all seemhe to be saying the same thing. Most people seem to think that joe biden is going to win. You can see how similar trumps pulling his versus the same time last year. The polling is, similar. Not sure what that chart tells me. Should i panic . Joe sell everything, by and back in the morning. Up a lotwhat tripped of people in 2016 was not the popular vote, it was the Electoral College trumps into thosereally go swing states and dominate there. We just had ed ludlow talking about what is going on in arizona. Us, keeping
70,000 for the First Time Since july. In europe, it is dark. France, italy, along with other countries seeing daily records. Today we focused on what this means to your money. There might still be time to find a potential haven. Wholee are going to get a slew of Economic Data next week. The covid numbers, how is that going to affect the future recovery . Joe we had a second wave in the summer if you want to call it that in sun belt states. We are seeing this third wave really hitting the midwest hard. The economy has recovered even as covid has picked up. Clearly this has a dampening effect on activity. The longer this goes on, the worse it gets, not good. Numbers continue to surge in the u. S. Europe looking very bad. Than inf cases higher the spring. This is very much still with us. Romaine and those pmi surveys out of europe provided some potential taste of what is to come for the rest of the world. We saw manufacturing in those pmi surveys. Line going is services. That is the conce