Dan Celia: Fiscal Policy, Innovative Thinking and Ingenuity Needed to Keep U.S. on Positive Course
March 18, 2020
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia said that after yesterday’s market “rally,” there’s still much to consider about the “death grip” on the U.S. economy.
“We saw the markets rally a bit on Tuesday, if you can call it a rally,” Celia said. “There was a time when the markets were up 5½% that you certainly would consider it a rally, but not after yesterday and not after Monday. But it was good news. Things were up, and there seems to be a little bit more of an optimistic tone in the markets. The breadth in the market, when you compare how many shares were up to how many shares were down, was very good. As a matter of fact, the shares that were up were double those that were down. So that was good news. There was a lot of volume, so there’s some conviction in the uptick. So all of that is very good.
“But this is coming at the very same time that auto unions could be asking for a shutdown,” Celia continued. “So obviously the auto stock markets haven’t done well, as they may be shutting down for a period of time. We saw a historic slide in the cost of oil, so the energy industry now is concerned about thousands of jobs, as it begins to pull back on its rig count and slow things down. That is a huge problem that will impact the economy for quite some time.”
Celia also pointed to Treasury Secretary Steve Mnuchin’s announcement Tuesday that the Trump administration is looking to get cash into the hands of all Americans immediately.
“That cash in the hands of all Americans is a good thing and certainly may relieve some pressures from families that need it the most, but it won’t do anything for industry,” Celia said. “Once all industries start the spiral downward and we can’t head off layoffs—if we don’t do something for businesses to keep layoffs from happening—then that spiral will not be easy to stop, and it will be another big problem.”
Celia added that airline companies negatively affected by travel restrictions also went to the administration and basically asked for a blank check after $39 billion has been spent on buybacks.
“While it doesn’t look like there will be any blank checks for airline businesses from this administration, I would suspect that they will do what they can to support the industry. This virus, along with the oil sector, has grabbed our economy in a death grip, and we’ll have to wait and see what happens. But it will take a lot of fiscal policy, innovative thinking and ingenuity coming out of the financial sector for us to stay on any kind of a positive course.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.
To book Financial Issues Stewardship Ministries’ Dan Celia, contact Media@HamiltonStrategies.com or Patrick Benner, 610.584.1096, ext. 104, or Deborah Hamilton, ext. 102.