rtmark
LearnBonds.com

Blackstone boss Steve Schwarzman: Virus will wipe $5trn from US economy

Blackstone founder and chief executive Steve Schwarzman (pictured) said the effect of the coronavirus pandemic will be to wipe out almost a quarter of the US economy this year.

“We have a gross domestic product of somewhere around $21 trillion and we’re probably going to miss $5 trillion of it,” the billionaire asset manager told Bloomberg TV. “Fortunately it’s going to be temporary but it’s putting stress on everything.”

Lockdown measures have all but stalled the US economy, temporarily closing down everything from shops and bars to factories.

Around 10 million people have made jobless claims in the last two weeks as the pandemic grips the nation, according to the Labor Department. The US jobless rate has exploded to 4.4%, which is the highest since 2017.

Blackstone boss Steve Schwarzman:...

The White House signed legislation for a $2trn stimulus package last month that earmarks funds for large corporates, small firms and individual Americans. However, Schwarzman says the government will have to find another $1.5trn to ensure the country does not stumble into a lasting downturn.

The market selloff, sparked by the health emergency has seen the S&P 500 fall by some 16% this year.

But the money manager said there are opportunities to be had from firms with cash to deploy.

“There are very significant investments that can be made,” Schwarzman said, adding that his firm was “looking aggressively” to put some of its $150bn of assets to use.

Blackstone boss Steve Schwarzman:...

Last week, Oaktree Capital co-founder Howard Marks also said that the chaos thrown up by the outbreak is a good time to “do some buying”

Blackstone on Monday said it would contribute $10m to the New York State Covid-19 First Responders Fund, established by New York Governor Andrew Cuomo to buy a range of materials such as ventilators and personal protective equipment for health care workers. It also said it will donate an additional $5m to organizations that provide food delivery to health-care workers and first responders.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Nicholas Say

Nicholas Say is originally from Ann Arbor, Michigan, and has a long-standing interest in the global financial markets. In addition to writing, Nicholas also enjoys making arsenal condiments.