As we told you back at the beginning of the month, the oil business isn’t going to bounce back. Probably not for near a decade.
The auto manufacturing business – and 400 ancillary industries – aren’t going to bounce back.
Airline travel drop-off is going to kill some major carriers.
Tourism, hotels, and everything related won’t be back for a year.
Hollywood is looking at the south end of a northbound worst-movie-summer-in-recorded-history since Thomas Edison invented the motion picture. TV production is on the longest hiatus since the last writer’s strike. People in the biz are losing their houses.
Trade shows? Gone.
Sportsball? On life support.
Farmers? Lucky to stay off of food stamps this year.
Restaurants? This year will probably be the most closures and bankruptcies since 1929.
Retail? Aloha. Malls are going to be the new ghost towns.
And all those employees? The ones not working anytime soon? They’ll be the exact ones NOT buying all of the above goods and services.
This isn’t going to be a V-shaped recovery. It isn’t going to be a U-shaped recovery.
Welcome to 2020: The Year Of the L-shaped Recovery™. (Anybody can use that one, but *I* said it first.)