by Peter Schiff, Schiff Gold:
What is the NFL telling us about the economy?
The conventional wisdom seems to be that the economy will quickly recover once governments open things up again. But recent moves by the National Football League indicate its leadership isn’t so confident.
On Wednesday, NFL Commissioner Roger Goodell announced deep cost-cutting moves for the league, including employee furloughs and pay cuts.
“It is clear that the economic effects will be deeper and longer-lasting than anyone anticipated and that their duration remains uncertain. The downturn has affected all of us, as well as our fans, our business partners, and our clubs,” Goodell wrote in the memo. “We hope that business conditions will improve and permit salaries to be returned to their current levels, although we do not know when that will be possible,” he added.