Wilbur Ross Roundly Ripped For Predicting Coronavirus Will Be Good For U.S. Jobs

Probably sensitive for some folks, but he is the Commerce Secretary, whose job it is to watch things that affect commerce. Not sure what people watching THE COMMERCE SECRETARY SPEAK ABOUT THE CORONAVIRUS FOX BUSINESS expected him to say. Get a grip, folks.

It’s probably unfair to single him out but it seems like all financial networks see various disasters as opportunities instead of challenges. Bloomberg is no different. Ross has always been optimistic in financial affairs and nothing wrong with that. So is Cramer et al. But these people need to step back once in a while and let the markets work by themselves.

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I guess, economists could look at this in this manner, it’s unfortunate, even oil was under $60 a barrel 2 days ago and they were saying the virus worries were at least, part to blame for the low price.

But the fact is it does give businesses yet another thing to consider when they go through their review of their supply chain. On top of all the other things, you had SARS, you have the African swine (fever) virus there, now you have this. It’s another risk factor that people need to take into account. So I think it will help to accelerate the return of jobs to North America ― some to U.S., probably some to Mexico as well.

Ross initially responded to Fox Business host Maria Bartiromo’s speculation that the virus could cause the Chinese economy to “grind to a halt” by saying: “Every American’s heart has to go out to the victims of the coronavirus, so I don’t want to talk about a victory lap over a very unfortunate, very malignant disease.”

Am I missing something? Are his words being cherry picked. You have to deal with some realities and right now, China is being heavily quarantined and its economy couuld suffer.

I would think so.

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