In this excellent but disturbing graphic by Visual Capitalist, major cities are averaging 30% drops in small business activity with San Francisco HALF closed and New Oreleans not far behind. When you break it down to liesure and hospitality businesses, it's a devastating 65% and 72% in those cities and even Washington, DC has 55% of their L&H sector closed among 37% of all small businesses still shut down.
Yet out Congresspeople can't see the need for more stimulus? Do we need any better reason to throw the bums out? And it's not like we're having some fantastic recovery. Overall Small Business Activity in the US is down 21% – no better than it was in June and that's AFTER the first $4Tn in stimulus has been spent.
There's been some spillover from Main Street to Wall Street as Bank of America's (BAC) profits are down 16% in today's report and Wells Fargo's (WFC) are down 56% but Goldman Sachs' profits almost doubled expectation at $9.68 per $215 share in a single quarter – very impressive.