There are enough jokes to go around on what businesses are considered “essential” in this age of coronavirus. In this case, sure, we can only think of one thing people are scrambling to get their hands on more than sanitizer or chicken – and that’s a boarding pass for their next Carinival cruise…
At least we know the Fed has our back.
WSJ: How Fed Intervention Saved Carnival
“The previously unreported tale of Carnival’s rescue shows how effective the Fed has been in turning the debt spigot back on for large corporations. Carnival may still founder if tourists shun cruises over the long term, and its new debt carries a far heftier price tag than previous offerings. But the immediate survival of the company, which employs about 150,000 people, is no longer in question.”
“Elliott’s owner, Paul Singer, and others have warned that this success story comes at a cost. The Fed could be setting the U.S. economy up for a harder fall down the road, they contend, by flooding markets with cash and spurring investors to prop up firms that may not be fit to survive.”