On the Edge of Recession
The coronavirus hit the National Basketball Association (NBA) and Hollywood yesterday, sounding a decisive wake-up call to any lingering doubters. President Trump addressed the nation last night on the virus threat and government response, but the financial markets were not pleased with the vagueness of the proposed action. Today, the National Hockey League (NHL) followed the NBA’s lead by suspending the remainder of its season. Major League Baseball’s (MLB) Opening Day is two weeks away – and just minutes ago, the 2020 MLB season was abruptly suspended. Both Kansas and Duke just halted their athletic programs, signaling that suspension of the NCAA tournament is just a matter of time. Broadway theaters are going dark effective today. Theme parks, including Disney, are likely to follow suit. All of this represents massive amounts of lost revenue and more than a few broken hearts.