investmentwatchblog--2020-06-10--Collapse in Gambling Totally Crushes Macau’s Overall Economy

Other places so dependent on tourism face a similar fiasco .
But Macau had already been badly hit by China ’ s crackdown on corruption and capital flight .
Just how hard economies that mostly depend on tourism – and everything related to it – have gotten hit from the Chinese travel restrictions , and from travel restrictions more broadly , is exemplified by Macau whose economy depends largely on gaming : Not only gaming revenues , but also hotel bookings , restaurants , entertainment , fancy retail shops for tourists , money laundering services and other financial services , @ @ @ @ @ @ @ tertiary activity associated with them , such as the salaries spent by employees for food and rent and what not , and how this money then circulates .
So when gaming revenues collapsed because the casinos were shut down , and because tourism from Mainland China had halted , and the secondary activities also swooned , overall economic activity collapsed by half – and we ’ ll get to that in a moment .
Gaming revenues in April were down 79 % from April last year to 2.04 billion Macau pataca ( $ @ @ @ @ @ @ @ by 85 % in March , to just 1.25 billion pataca , according to Macau ’ s statistics agency DSEC .
At the peak in March 2014 , gaming revenues reached 14.5 billion pataca .
While revenues have ticked up just a bit in April from March ( see that little hook ) , and are expected to tick up in future months , they ’ ll remain far below where they used to be : Macau ’ s gaming industry had been struggling , to put it mildly , since the peak @ @ @ @ @ @ @ ’ s crackdown on corruption and its subsequent crackdown on capital flight did a job on Macau .
It is the only place in China where the Chinese can legally gamble .
And it was a convenient place to circumvent China ’ s currency controls and siphon money out of China and send it out of harm ’ s way , by , for example , investing it in a house in the US or Canada .
A whole industry had sprung up in Macau to make this convenient .
But the crackdown @ @ @ @ @ @ @ the subsequent crack-down on capital flight gave people a big reason not to go to Macau and find other avenues .
GDP started dropping in 2014 and continued to decline until Q2 2016 .
But even after the economy started growing again , in line with gambling revenues , it never returned to the peak levels of Q4 2013 ( 139 billion pataca ) .
In Q3 2018 , the high in this cycle , real GDP was 118 billion pataca , down 15 % from the 2013 peak .
Then in Q1 @ @ @ @ @ @ @ down the structural decline stemming from the crackdown on capital flight , Macau ’ s gambling revenues and therefore the entire economy got hit by the travel restrictions and the shutdown of casinos .
GDP collapsed to 54.4 billion pataca : In percentage terms , in Q1 2020 , GDP collapsed by 50 % from the prior quarter ( “ not annualized ” ) .
To put that into perspective in terms of how US headlines tend to look at US GDP .
In the US , the Bureau of Economic Analysis releases @ @ @ @ @ @ @ non-annualized as in Macau , and “ annualized , ” as shown in the US headlines .
Annualized GDP growth means that essentially the quarter-to-quarter percentage change is multiplied by four to give you the annual rate .
In the US , Q1 GDP dropped 1.3 % , not-annualized , from Q4 .
This is the method used in Macau and most countries .
But what you saw in the headlines was a 5.0 % drop “ annualized ” ( -1.3 % x 4 with seasonal adjustments ) .
In other words , @ @ @ @ @ @ @ Q1 , Macau ’ s GDP plunged 50 % .
The chart below shows Macau ’ s GDP percentage change ( not annualized ) , compared to the same quarter a year earlier : Note the reaction of Macau ’ s GDP during the Financial Crisis ( falling as much as 10 % year-over-year ) , during the Crackdown Crisis in 2015 ( falling as much as 25 % year-over-year ) , and then during the pandemic , when it collapsed as its one major industry – gambling – and all related activities @ @ @ @ @ @ @ other cities and small countries that are extremely dependent on tourism in all its forms .
And they ’ re facing a similar economic fiasco as Macau .

Other places so dependent on tourism face a similar fiasco. But Macau had already been badly hit by China’s crackdown on corruption and capital flight.
Just how hard economies that mostly depend on tourism – and everything related to it – have gotten hit from the Chinese travel restrictions, and from travel restrictions more broadly, is exemplified by Macau whose economy depends largely on gaming: Not only gaming revenues, but also hotel bookings, restaurants, entertainment, fancy retail shops for tourists, money laundering services and other financial services, etc., plus all the secondary and tertiary activity associated with them, such as the salaries spent by employees for food and rent and what not, and how this money then circulates.
So when gaming revenues collapsed because the casinos were shut down, and because tourism from Mainland China had halted, and the secondary activities also swooned, overall economic activity collapsed by half – and we’ll get to that in a moment.
Gaming revenues in April were down 79% from April last year to 2.04 billion Macau pataca ($250 million), after having collapsed by 85% in March, to just 1.25 billion pataca, according to Macau’s statistics agency DSEC. At the peak in March 2014, gaming revenues reached 14.5 billion pataca. While revenues have ticked up just a bit in April from March (see that little hook), and are expected to tick up in future months, they’ll remain far below where they used to be:
Macau’s gaming industry had been struggling, to put it mildly, since the peak in March 2014, after which China’s crackdown on corruption and its subsequent crackdown on capital flight did a job on Macau.
It is the only place in China where the Chinese can legally gamble. And it was a convenient place to circumvent China’s currency controls and siphon money out of China and send it out of harm’s way, by, for example, investing it in a house in the US or Canada. A whole industry had sprung up in Macau to make this convenient.
But the crackdown on corruption scared high-rollers away. And the subsequent crack-down on capital flight gave people a big reason not to go to Macau and find other avenues. GDP started dropping in 2014 and continued to decline until Q2 2016.
But even after the economy started growing again, in line with gambling revenues, it never returned to the peak levels of Q4 2013 (139 billion pataca). In Q3 2018, the high in this cycle, real GDP was 118 billion pataca, down 15% from the 2013 peak.
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Then in Q1 2020, while still struggling to slow down the structural decline stemming from the crackdown on capital flight, Macau’s gambling revenues and therefore the entire economy got hit by the travel restrictions and the shutdown of casinos. GDP collapsed to 54.4 billion pataca:
In percentage terms, in Q1 2020, GDP collapsed by 50% from the prior quarter (“not annualized”).
To put that into perspective in terms of how US headlines tend to look at US GDP. In the US, the Bureau of Economic Analysis releases GDP data in various forms, including non-annualized as in Macau, and “annualized,” as shown in the US headlines. Annualized GDP growth means that essentially the quarter-to-quarter percentage change is multiplied by four to give you the annual rate.
In the US, Q1 GDP dropped 1.3%, not-annualized, from Q4. This is the method used in Macau and most countries. But what you saw in the headlines was a 5.0% drop “annualized” (-1.3% x 4 with seasonal adjustments). In other words, while US GDP dropped 1.3% in Q1, Macau’s GDP plunged 50%.
The chart below shows Macau’s GDP percentage change (not annualized), compared to the same quarter a year earlier:
Note the reaction of Macau’s GDP during the Financial Crisis (falling as much as 10% year-over-year), during the Crackdown Crisis in 2015 (falling as much as 25% year-over-year), and then during the pandemic, when it collapsed as its one major industry – gambling – and all related activities were essentially shut down.
There are other cities and small countries that are extremely dependent on tourism in all its forms. And they’re facing a similar economic fiasco as Macau.


investmentwatchblog--2020-06-10--Deep State to Powell: Stop Goosing Stocks Higher Or You’ll Re-Elect Trump

Come on , Jay , you can always goose stocks back to new highs after the election .
Indulge me for a moment in some backroom speculation .
It ’ s absurdly obvious that the unelected , permanent , ever-expanding National Security State , a.k.a the Deep State , and its Democratic Party allies have been attempting to torpedo Donald Trump since the 2016 election took them by surprise .
( Imagine doing everything that worked so well in the past and failing at the last minute .
Ouch .
Revenge is best served cold , n ’ est pas @ @ @ @ @ @ @ a foul heap , the impeachment backfired , and so what ’ s left in the Deep State quiver other than its usual bag of , ahem , accidents ?
Some might argue that urban riots and civil unrest might be enough to cause Trump to lose the election in November , but this strategy can backfire just as easily as the previous Deep State strategies .
Assuming Americans will ultimately vote their pocketbook as in the past , the only sure way to sink Trump is to crash the stock market , @ @ @ @ @ @ @ .
This is blinding obvious , but the Deep State ’ s political allies have been wary of shrinking the bloated wealth of their donors , and wary of a backlash from the wealthy who want to see Trump lose but not if it requires the personal sacrifice of surrendering any of the $ 548 billion they ’ ve gained in the recent stock market melt-up .
But with the election just months away , the pressure is now so intense that the Deep State is demanding Powell and the Fed stop the @ @ @ @ @ @ @ .
Hints have been elevated to suggestions which are about to become demands .
Jay , we ’ re sure you understand the importance of this election for the country , and so you ’ ll understand why we need to see new lows in the stock market by September , October at the latest .
Can you do your duty , or do we need to find someone else willing to serve the national interest at this critical time ?
The Deep State has tapped Powell on the shoulder , and Jay @ @ @ @ @ @ @ some political-economic cover for stopping the money-printing that ’ s been goosing stocks to new highs ( tech stocks ) or gains for 2020 ( S & P 500 ) .
Presto , the bogus jobs reports is issued : good news !
OK , Powell responds , that ’ s good but not enough .
So we can anticipate the wheels are busy turning in the appropriate agencies to issue a surprisingly hot inflation number .
A sudden spike in inflation would provide the additional cover the Fed needs to withdraw the @ @ @ @ @ @ @ Barring a hot inflation number , the Fed can always fall back on some other pretexts to turn off the money spigot and let the stock market start sliding into late October .
We can also imagine the Deep State tapping on other shoulders in town , reminding them of various skeletons in the closet and suggesting it ’ s time to take one for the Deep State team .
After all , what ’ s a couple hundred billion dollars between friends ?
Come on , Jay , you can always goose @ @ @ @ @ @ @ election .
If Jay hesitates , fearing for his reputation as the rock-solid guarantor of new all-time highs in stocks , well , pressure can be applied on other players in various ways .
Or it might even be suggested that Jay ’ s health is looking rather iffy , what with the stress and all , and perhaps a resignation for health reasons can be arranged .
The pressure on the Fed to turn off the money-printing that ’ s goosing stocks ever higher will be increasing as the election draws ever @ @ @ @ @ @ @ every gambit so far in a humiliating string of failures , and killing the soaring stock market is the last best chance to torpedo Trump ’ s re-election .
This is for all the marbles , kiddies , and the gloves are about to come off .
If the tap on the shoulder wasn ’ t persuasive , a punch in the gut might bring hearts and minds around to the desired perspective .
After all , accidents can happen to just about anyone .

by Charles Hugh-Smith
Come on, Jay, you can always goose stocks back to new highs after the election.
Indulge me for a moment in some backroom speculation. It’s absurdly obvious that the unelected, permanent, ever-expanding National Security State, a.k.a the Deep State, and its Democratic Party allies have been attempting to torpedo Donald Trump since the 2016 election took them by surprise. (Imagine doing everything that worked so well in the past and failing at the last minute. Ouch. Revenge is best served cold, n’est pas?)
The comedy-of-errors RussiaGate collapsed in a foul heap, the impeachment backfired, and so what’s left in the Deep State quiver other than its usual bag of, ahem, accidents?
Some might argue that urban riots and civil unrest might be enough to cause Trump to lose the election in November, but this strategy can backfire just as easily as the previous Deep State strategies.
Assuming Americans will ultimately vote their pocketbook as in the past, the only sure way to sink Trump is to crash the stock market, the jewel in Trump’s crown. This is blinding obvious, but the Deep State’s political allies have been wary of shrinking the bloated wealth of their donors, and wary of a backlash from the wealthy who want to see Trump lose but not if it requires the personal sacrifice of surrendering any of the $548 billion they’ve gained in the recent stock market melt-up.
But with the election just months away, the pressure is now so intense that the Deep State is demanding Powell and the Fed stop the money-printing that’s goosing stocks higher. Hints have been elevated to suggestions which are about to become demands.
Jay, we’re sure you understand the importance of this election for the country, and so you’ll understand why we need to see new lows in the stock market by September, October at the latest. Can you do your duty, or do we need to find someone else willing to serve the national interest at this critical time?
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The Deep State has tapped Powell on the shoulder, and Jay has likely hedged his bets, demanding some political-economic cover for stopping the money-printing that’s been goosing stocks to new highs (tech stocks) or gains for 2020 (S&P 500).
Presto, the bogus jobs reports is issued: good news! OK, Powell responds, that’s good but not enough. So we can anticipate the wheels are busy turning in the appropriate agencies to issue a surprisingly hot inflation number. A sudden spike in inflation would provide the additional cover the Fed needs to withdraw the stock market’s free-money lifeline.
Barring a hot inflation number, the Fed can always fall back on some other pretexts to turn off the money spigot and let the stock market start sliding into late October.
We can also imagine the Deep State tapping on other shoulders in town, reminding them of various skeletons in the closet and suggesting it’s time to take one for the Deep State team. After all, what’s a couple hundred billion dollars between friends?
Come on, Jay, you can always goose stocks back to new highs after the election. If Jay hesitates, fearing for his reputation as the rock-solid guarantor of new all-time highs in stocks, well, pressure can be applied on other players in various ways. Or it might even be suggested that Jay’s health is looking rather iffy, what with the stress and all, and perhaps a resignation for health reasons can be arranged.
The pressure on the Fed to turn off the money-printing that’s goosing stocks ever higher will be increasing as the election draws ever closer. The Deep State has lost every gambit so far in a humiliating string of failures, and killing the soaring stock market is the last best chance to torpedo Trump’s re-election.
This is for all the marbles, kiddies, and the gloves are about to come off. If the tap on the shoulder wasn’t persuasive, a punch in the gut might bring hearts and minds around to the desired perspective. After all, accidents can happen to just about anyone.


investmentwatchblog--2020-06-10--Do You See What Is Happening, Message Sent, Message Received

The [ DS ] /MSM plans have now failed , the people ’ s movement is becoming very large , @ @ @ @ @ and people realize what is going on .
Trump once again points the finger at @ @ @ @ @ .
The patriots are in control , the people have the power now .

The [DS]/MSM plans have now failed, the people’s movement is becoming very large, the awakening is now happening and people realize what is going on. Trump once again points the finger at Antifa and sends a message. The patriots are in control, the people have the power now.
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investmentwatchblog--2020-06-10--Trumps Makes The Next Economic Move, The MSM Narrative Is Falling Apart

The MSM/D ’ s are now pushing their narrative that the economy is crashing , it will never recover , @ @ @ @ @ people see the economy recovering the narrative falls apart .
More states are now lifting @ @ @ @ @ opening , Macy ’ s is in the process of opening their stores .
Trump @ @ @ @ @ billion to help those who might have lost their home during the pandemic .

The MSM/D’s are now pushing their narrative that the economy is crashing, it will never recover, this will fail, once people see the economy recovering the narrative falls apart. More states are now lifting the lockdown, stores are opening, Macy’s is in the process of opening their stores. Trump has now set aside 3 billion to help those who might have lost their home during the pandemic.
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investmentwatchblog--2020-06-10--Timothy Sykes: Reviews of All of the Celebrity Day Trader’s Online Courses

Most beginning traders have heard of Timothy Sykes .
He ’ s a minor celebrity in the day trading space and arguably the world ’ s best-known penny stocks guru .
Investing in penny stocks is highly speculative and most traders lose their money .
Because of this it ’ s vital to find good teachers if you ’ re interested in pursuing a career as a trader .
Sykes mixes opinions .
Some consider him one of the best traders in the game .
Others claim that he ’ s basically a self-styled expert who makes money primarily from @ @ @ @ @ @ @ not our intention to defend either one of those positions in this post .
You can find information on that subject and read Timothy Sykes reviews elsewhere .
Instead , we want to provide a straightforward , unbiased overview of his courses so that you can make an informed decision about whether or not to part with your hard-earned dollars .
Like most penny traders , Sykes relies on forecasting techniques and indicators to predict short-term fluctuations in the market .
He makes profits from a mix of long and short positions , @ @ @ @ @ @ @ trend and shorting shares with diminishing value ( although he does say you have to be careful with the latter technique ) .
His approach incorporates a mix of market analysis , attentiveness to news cycles , and an ability to spot inflated prices which are the result of hype , celebrity endorsements , company promotions , and so on .
Similarly , there isn ’ t much of an emphasis on in-depth analysis of company financials .
Sykes advocates short-term positions based on a mix of historical performance and current market understanding @ @ @ @ @ @ @ sell quickly when market indicators shift and focus on high-volume opportunities , rather than stocks which trade at fewer than 100,000 shares a day , which can be difficult to get rid of .
Sykes also places significant weight on spotting inflated stocks , attributable to pump-and-dump schemes and other artificial mechanisms , and taking advantage of them .
Probably the best introduction to Sykes ’ training materials is his book The Complete Penny Stock Course .
It ’ s a comprehensive overview of penny stock trading and will provide you with a @ @ @ @ @ @ @ book is relatively linear in its approach and assumes no previous knowledge of trading , so it ’ s not suitable for people with experience beyond the basics .
Readers will learn how to implement core trading ideas , perform research into a company , build watchlists to track promising shares , and understand charts so they can find and predict profitable patterns .
Sykes also covers pump-and-dump schemes and how to avoid them ( as well as ethically profit from them ) , how to develop your own unique style as a @ @ @ @ @ @ @ ) , and how to keep up with macro-trends in the market .
Price : $ 74.95/month with a 24 % discount for an annual subscription .
“ Tim ’ s Alerts ” is Sykes ’ most inexpensive subscription service .
It ’ s made up of three core parts : access to the Profit.ly chatroom where members can discuss their strategies and trades with other traders , a daily stock watchlist , and alerts about promising trades .
Tim ’ s Alerts is better-suited to traders who already have some experience of @ @ @ @ @ @ @ profitable strategies .
If you already have a foundation and you ’ re ready to dip your toes in the water , or don ’ t have the time or inclination to consume more training materials , the alerts will provide you with good pointers .
You will also get access to the chatroom where you can bounce ideas off experienced traders and receive feedback .
Price : $ 149.95/month with a 28 % discount for an annual subscription .
PennyStocking Silver is Syke ’ s mid-tier program and is designed for investors @ @ @ @ @ @ @ want to build on and improve their existing skills .
It includes everything offered in “ Tim ’ s Alerts ” – access to the chatroom , notifications via SMS , email , and push , and daily watchlists – along with a library of over 6000 videos , which is updated weekly .
It will be impossible for subscribers to get through all of the content that ’ s on offer , but it ’ s an excellent resource for traders that want access to structured , in-depth training .
Many also @ @ @ @ @ @ @ current trading advice based on recent market movements and trends .
This kind of information is valuable to beginners and experienced day traders alike .
Sykes premier training course , “ Tim ’ s Millionaire Challenge ” , is offered through his website TimothySykes.com .
It ’ s only available by application ( although we can ’ t imagine the criteria are overly restrictive ) and comes with access to all of the resources contained in Pennystocking Silver and Tim ’ s Alerts .
On top of this , students also have access @ @ @ @ @ @ @ three per week ) , additional training materials , and a dedicated chat room for fellow members .
The Millionaire Challenge is a good option for traders that are looking to take their game to the next level and want a full immersion .
Timothy Sykes offers a range of courses across multiple price-points .
His training materials are suitable for beginners and more advanced traders alike .
If you ’ re starting out , our recommendation is to opt for one of his lower-priced products to see if you like his style @ @ @ @ @ @ @ does not necessarily represent the views of IWB .

Most beginning traders have heard of Timothy Sykes. He’s a minor celebrity in the day trading space and arguably the world’s best-known penny stocks guru.
Investing in penny stocks is highly speculative and most traders lose their money. Because of this it’s vital to find good teachers if you’re interested in pursuing a career as a trader.
Sykes mixes opinions. Some consider him one of the best traders in the game. Others claim that he’s basically a self-styled expert who makes money primarily from teaching other people.
It’s not our intention to defend either one of those positions in this post. You can find information on that subject and read Timothy Sykes reviews elsewhere.
Instead, we want to provide a straightforward, unbiased overview of his courses so that you can make an informed decision about whether or not to part with your hard-earned dollars.
How Does Tim Sykes’ Approach Day Trading?
Like most penny traders, Sykes relies on forecasting techniques and indicators to predict short-term fluctuations in the market. He makes profits from a mix of long and short positions, investing in shares which show an upward trend and shorting shares with diminishing value (although he does say you have to be careful with the latter technique).
His approach incorporates a mix of market analysis, attentiveness to news cycles, and an ability to spot inflated prices which are the result of hype, celebrity endorsements, company promotions, and so on.
Similarly, there isn’t much of an emphasis on in-depth analysis of company financials. Sykes advocates short-term positions based on a mix of historical performance and current market understanding. He also advises his students to sell quickly when market indicators shift and focus on high-volume opportunities, rather than stocks which trade at fewer than 100,000 shares a day, which can be difficult to get rid of.
Sykes also places significant weight on spotting inflated stocks, attributable to pump-and-dump schemes and other artificial mechanisms, and taking advantage of them.
The Complete Penny Sock Course
Price: $38.99 new on Amazon.com.
Probably the best introduction to Sykes’ training materials is his book The Complete Penny Stock Course. It’s a comprehensive overview of penny stock trading and will provide you with a solid foundation as a beginner.
The book is relatively linear in its approach and assumes no previous knowledge of trading, so it’s not suitable for people with experience beyond the basics. Readers will learn how to implement core trading ideas, perform research into a company, build watchlists to track promising shares, and understand charts so they can find and predict profitable patterns.
Sykes also covers pump-and-dump schemes and how to avoid them (as well as ethically profit from them), how to develop your own unique style as a trader (without relying on outside knowledge), and how to keep up with macro-trends in the market.
Tim’s Alerts
Price: $74.95/month with a 24% discount for an annual subscription.
We are primarily funded by readers. Please subscribe and donate to support us!
“Tim’s Alerts” is Sykes’ most inexpensive subscription service. It’s made up of three core parts: access to the Profit.ly chatroom where members can discuss their strategies and trades with other traders, a daily stock watchlist, and alerts about promising trades.
Tim’s Alerts is better-suited to traders who already have some experience of the markets and know how to implement profitable strategies.
If you already have a foundation and you’re ready to dip your toes in the water, or don’t have the time or inclination to consume more training materials, the alerts will provide you with good pointers. You will also get access to the chatroom where you can bounce ideas off experienced traders and receive feedback.
PennyStocking Silver
Price: $149.95/month with a 28% discount for an annual subscription.
PennyStocking Silver is Syke’s mid-tier program and is designed for investors with a grounding in the basics that want to build on and improve their existing skills. It includes everything offered in “Tim’s Alerts” – access to the chatroom, notifications via SMS, email, and push, and daily watchlists – along with a library of over 6000 videos, which is updated weekly.
It will be impossible for subscribers to get through all of the content that’s on offer, but it’s an excellent resource for traders that want access to structured, in-depth training. Many also like the weekly videos because they contain current trading advice based on recent market movements and trends. This kind of information is valuable to beginners and experienced day traders alike.
Millionaire Challenge
Price: Pricing isn’t published.
Sykes premier training course, “Tim’s Millionaire Challenge”, is offered through his website TimothySykes.com. It’s only available by application (although we can’t imagine the criteria are overly restrictive) and comes with access to all of the resources contained in Pennystocking Silver and Tim’s Alerts.
On top of this, students also have access to exclusive weekly webinars (usually around three per week), additional training materials, and a dedicated chat room for fellow members.
The Millionaire Challenge is a good option for traders that are looking to take their game to the next level and want a full immersion.
Conclusion
Timothy Sykes offers a range of courses across multiple price-points. His training materials are suitable for beginners and more advanced traders alike.
If you’re starting out, our recommendation is to opt for one of his lower-priced products to see if you like his style and philosophy.
Disclaimer: This content does not necessarily represent the views of IWB.


investmentwatchblog--2020-06-10--Illinois is the First Entity to Borrow from the Fed’s New Facility. But “Insolvent” Entities Are Not

Illinois is the First Entity to Borrow from the Fed’s New Facility. But “Insolvent” Entities Are Not Supposed to be Eligible

By Bill Bergman , Director of Research , Truth in Accounting : On April 9 , amidst plunging economic conditions , the Federal Reserve announced a set of lending policy initiatives that included a new “ Municipal Liquidity Facility ” for state and local governments .
For legal authority , the Fed cited the emergency lending provisions in section 13 ( 3 ) of the Federal Reserve Act .
Normally , a central bank lends to banks , but emergency provisions have historically been used by the Fed to justify direct lending to “ individuals , partnerships and corporations ” @ @ @ @ @ @ @ Section 13 ( 3 ) is titled “ Discounts for individuals , partnerships , and corporations , ” raising questions whether the Municipal Liquidity Facility is actually authorized under Section 13 ( 3 ) .
The new facility is unprecedented .
It is available to cities and counties meeting population requirements , and all 50 states .
Smaller cities and counties may be supported by state borrowing through the facility .
The lending facility is operated by the Federal Reserve Bank of New York .
The facility may lend as much as $ @ @ @ @ @ @ @ became the first entity to use the facility , under a transaction that closed last Friday .
To qualify as an “ eligible issuer , ” states , cities and counties must meet thresholds for credit quality as determined by credit ratings set by “ Nationally Recognized Statistical Rating Organizations.
” This provides a depressing reminder of lessons unlearned from the financial crisis of 2007-2009 , with implications for the State of Illinois .
Kind , benevolent , and well-paid credit rating agencies can issue ratings above thresholds for Municipal Lending Facility access @ @ @ @ @ @ @ may have debt trading with yields more characteristic of “ junk ” credit .
The facility ’ s term sheet published by the Fed includes criteria to make issuers eligible , but does not mention another factor central to lender of last resort activity , and required by federal law .
Section 13 ( 3 ) of the Federal Reserve Act , as amended , includes provisions purportedly designed to check the discretion and scope of Fed crisis lending .
After the Fed ’ s widespread and massive lending amidst the financial crisis @ @ @ @ @ @ @ qualifiers forbidding lending to “ borrowers that are insolvent.
” To implement this directive , the Federal Reserve Board is directed to develop procedures that may call for the borrower ’ s CEO or another authorized officer to certify that the borrower is not insolvent .
Yet for the purpose of that provision , Section 13 ( 3 ) defines “ insolvent ” to be one of three cases – the borrower is in bankruptcy , under resolution procedures in Title II of Dodd-Frank , or “ any other Federal or state insolvency @ @ @ @ @ @ @ banks , but it is difficult to escape the conclusion that the City of Chicago , Cook County , and the State of Illinois are all balance-sheet insolvent .
Their assets are swamped by their liabilities .
All three entities sport massively negative unrestricted net positions , the product of decades of spending beyond their means on an accrual basis despite advertised “ balanced budgets.
” But none of them are currently in bankruptcy or the other forms of resolution procedures called for in Section 13 ( 3 ) .
Federal statutes are @ @ @ @ @ @ @ Fed emergency lending , however , with one implication for identifying responsibility ( and discretion ) at the Federal Reserve .
The Fed issues its own regulations , under law , including Regulation A – Extensions of Credit by Federal Reserve Banks .
Regulation A provides other criteria for determining whether a borrower is insolvent .
They include whether the Fed finds that the entity “ is generally not paying its undisputed debts as they become due , ” and whether “ the Board or Federal Reserve Bank otherwise determines that the person @ @ @ @ @ @ @ the latter determination resting in part on a review of audited financial statements .
The State of Illinois is arguably not an “ individual , partnership or corporation , ” so how can it be the object of loans asserted to be authorized by a statute titled “ Discounts for individuals , partnerships and corporations ?
” The State of Illinois has a $ 5.7 billion bill backlog , yet the Federal Reserve seemingly did not find Illinois “ is generally not paying its undisputed debts as they become due.
” The Fed @ @ @ @ @ @ @ the person or entity is insolvent , ” even as the State of Illinois ’ latest annual balance sheet reported $ 267 billion in liabilities , “ backed ” by only $ 85 billion in assets – leading to a reported unrestricted net position of ( negative ) $ 214 billion .
And the interest rate on the loan closed last Friday assertably lies well below what the market would have charged Illinois , despite the fact that Regulation A calls for a “ penalty rate ” for emergency loans .
The State @ @ @ @ @ @ @ relied in part on billions of dollars in anticipated borrowing proceeds from the Federal Reserve ’ s Municipal Liquidity Facility .
That lending has reportedly been expected to be repaid with uncertain proceeds from Federal aid from other places .
So the value of the credit – and the risk to the Fed – appear to be conditioned with political risk .
Those concerned about the risks of politicizing monetary policy frequently stress that politicized lending decisions should not be undertaken by a monetary authority , but by fiscal authorities closer to the @ @ @ @ @ @ @ theory cautions that central banks should restrict their lending to illiquid but solvent institutions .
The City of Chicago and State of Illinois may not strictly be in bankruptcy or related resolution arenas yet , but they have been headed in that direction , and more than a few parties believe those proceedings can and/or should arrive down the road .
In banking , history cautions that failing institutions backed by a public safety net should be resolved sooner than later , under principles for what has become known as “ prompt corrective @ @ @ @ @ @ @ may take the form of forced mergers or even liquidation , insolvent failed firms can have incentives to gamble on the public purse , privatizing any gains while socializing losses .
So it may also go for many state and local governments and their massively underfunded pension funds .
The Fed ’ s new Municipal Liquidity Facility can prop up failed enterprises with public resources , and through a vehicle fueled with a combustible mix of fiscal and monetary policy .
By Bill Bergman , Director of Research , Truth in Accounting

A combustible mix of fiscal and monetary policy.
By Bill Bergman, Director of Research, Truth in Accounting:
On April 9, amidst plunging economic conditions, the Federal Reserve announced a set of lending policy initiatives that included a new “Municipal Liquidity Facility” for state and local governments. For legal authority, the Fed cited the emergency lending provisions in section 13(3) of the Federal Reserve Act.
Normally, a central bank lends to banks, but emergency provisions have historically been used by the Fed to justify direct lending to “individuals, partnerships and corporations” in “unusual and exigent circumstances.” Section 13(3) is titled “Discounts for individuals, partnerships, and corporations,” raising questions whether the Municipal Liquidity Facility is actually authorized under Section 13(3).
The new facility is unprecedented. It is available to cities and counties meeting population requirements, and all 50 states. Smaller cities and counties may be supported by state borrowing through the facility. The lending facility is operated by the Federal Reserve Bank of New York. The facility may lend as much as $500 billion.
The State of Illinois became the first entity to use the facility, under a transaction that closed last Friday.
To qualify as an “eligible issuer,” states, cities and counties must meet thresholds for credit quality as determined by credit ratings set by “Nationally Recognized Statistical Rating Organizations.” This provides a depressing reminder of lessons unlearned from the financial crisis of 2007-2009, with implications for the State of Illinois. Kind, benevolent, and well-paid credit rating agencies can issue ratings above thresholds for Municipal Lending Facility access, even for places like Illinois that may have debt trading with yields more characteristic of “junk” credit.
The facility’s term sheet published by the Fed includes criteria to make issuers eligible, but does not mention another factor central to lender of last resort activity, and required by federal law. Section 13(3) of the Federal Reserve Act, as amended, includes provisions purportedly designed to check the discretion and scope of Fed crisis lending. After the Fed’s widespread and massive lending amidst the financial crisis of 2007-2009, the Dodd-Frank Act included qualifiers forbidding lending to “borrowers that are insolvent.”
To implement this directive, the Federal Reserve Board is directed to develop procedures that may call for the borrower’s CEO or another authorized officer to certify that the borrower is not insolvent. Yet for the purpose of that provision, Section 13(3) defines “insolvent” to be one of three cases – the borrower is in bankruptcy, under resolution procedures in Title II of Dodd-Frank, or “any other Federal or state insolvency proceeding.”
Municipal governments aren’t banks, but it is difficult to escape the conclusion that the City of Chicago, Cook County, and the State of Illinois are all balance-sheet insolvent. Their assets are swamped by their liabilities. All three entities sport massively negative unrestricted net positions, the product of decades of spending beyond their means on an accrual basis despite advertised “balanced budgets.” But none of them are currently in bankruptcy or the other forms of resolution procedures called for in Section 13(3).
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Federal statutes are not the only sources of authority for Fed emergency lending, however, with one implication for identifying responsibility (and discretion) at the Federal Reserve. The Fed issues its own regulations, under law, including Regulation A – Extensions of Credit by Federal Reserve Banks. Regulation A provides other criteria for determining whether a borrower is insolvent. They include whether the Fed finds that the entity “is generally not paying its undisputed debts as they become due,” and whether “the Board or Federal Reserve Bank otherwise determines that the person or entity is insolvent,” with the latter determination resting in part on a review of audited financial statements.
The State of Illinois is arguably not an “individual, partnership or corporation,” so how can it be the object of loans asserted to be authorized by a statute titled “Discounts for individuals, partnerships and corporations?”
The State of Illinois has a $5.7 billion bill backlog, yet the Federal Reserve seemingly did not find Illinois “is generally not paying its undisputed debts as they become due.”
The Fed apparently did not “otherwise determine that the person or entity is insolvent,” even as the State of Illinois’ latest annual balance sheet reported $267 billion in liabilities, “backed” by only $85 billion in assets – leading to a reported unrestricted net position of (negative) $214 billion.
And the interest rate on the loan closed last Friday assertably lies well below what the market would have charged Illinois, despite the fact that Regulation A calls for a “penalty rate” for emergency loans.
The State of Illinois recently passed budget legislation that relied in part on billions of dollars in anticipated borrowing proceeds from the Federal Reserve’s Municipal Liquidity Facility. That lending has reportedly been expected to be repaid with uncertain proceeds from Federal aid from other places. So the value of the credit – and the risk to the Fed – appear to be conditioned with political risk.
Those concerned about the risks of politicizing monetary policy frequently stress that politicized lending decisions should not be undertaken by a monetary authority, but by fiscal authorities closer to the whip of accountable elections.
Traditional lender-of-last-resort theory cautions that central banks should restrict their lending to illiquid but solvent institutions. The City of Chicago and State of Illinois may not strictly be in bankruptcy or related resolution arenas yet, but they have been headed in that direction, and more than a few parties believe those proceedings can and/or should arrive down the road.
In banking, history cautions that failing institutions backed by a public safety net should be resolved sooner than later, under principles for what has become known as “prompt corrective action.” Absent timely intervention, which may take the form of forced mergers or even liquidation, insolvent failed firms can have incentives to gamble on the public purse, privatizing any gains while socializing losses.
So it may also go for many state and local governments and their massively underfunded pension funds. The Fed’s new Municipal Liquidity Facility can prop up failed enterprises with public resources, and through a vehicle fueled with a combustible mix of fiscal and monetary policy. By Bill Bergman, Director of Research, Truth in Accounting


investmentwatchblog--2020-06-11--“If you’re a day trader and you can walk and chew gum, you are making money right now.” – Mark Cuban

• The recent run-up in stocks and surge in day trading reminds Mark Cuban of the months before the dot-com crash , he said in a recent Real Vision interview published on Tuesday .
• “ If you ’ re a day trader and you can walk and chew gum , you are making money right now , ” the “ Shark Tank ” star and Dallas Mavericks owner said .
• Cuban said the rally is likely to end when the pandemic ’ s economic fallout becomes clear .
• “ Once we start to really have definitive data @ @ @ @ @ @ @ going to sell on the news , and if I had to make a bet , that ’ s it , ” he said .
The stock market ’ s breathless rally and the boom in day trading reminds Mark Cuban of the dot-com bubble , the “ Shark Tank ” star and Dallas Mavericks owner said in a Real Vision interview filmed on June 3 and published on Tuesday .
“ This certainly feels just like it , ” Cuban told the financial commentator Larry McDonald .
Day trading has surged because @ @ @ @ @ @ @ pandemic , there are few live sports to gamble on , and zero-commission trading is available on several platforms , Cuban said .
Citi strategists have cited the trend as a key reason their Panic/Euphoria Model recently recorded its highest reading for stock-market euphoria since 2002 , when the dot-com bubble was still deflating .

The recent run-up in stocks and surge in day trading reminds Mark Cuban of the months before the dot-com crash, he said in a recent Real Vision interview published on Tuesday.
“If you’re a day trader and you can walk and chew gum, you are making money right now,” the “Shark Tank” star and Dallas Mavericks owner said.
Cuban said the rally is likely to end when the pandemic’s economic fallout becomes clear.
“Once we start to really have definitive data on the other side, people are going to sell on the news, and if I had to make a bet, that’s it,” he said.
The stock market’s breathless rally and the boom in day trading reminds Mark Cuban of the dot-com bubble, the “Shark Tank” star and Dallas Mavericks owner said in a Real Vision interview filmed on June 3 and published on Tuesday.
“This certainly feels just like it,” Cuban told the financial commentator Larry McDonald.
Day trading has surged because people are stuck at home during the pandemic, there are few live sports to gamble on, and zero-commission trading is available on several platforms, Cuban said.
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Citi strategists have cited the trend as a key reason their Panic/Euphoria Model recently recorded its highest reading for stock-market euphoria since 2002, when the dot-com bubble was still deflating.
markets.businessinsider.com/news/stocks/mark-cuban-warns-day-trading-boom-similar-dot-com-bubble-2020-6-1029297045


investmentwatchblog--2020-06-11--Dow jones: Brace for a bloodbath.

Dow jones: Brace for a bloodbath.

# recession … # StockMarketCrash2020 edition # BuyBacks now less than # SellBacks t.co/VbIyBchYpb pic.twitter.com/tcOGiFwUxU Now just 125,000 more RH users that still need to dump $ HTZ pic.twitter.com/FXtGLog4Rv Using 2009 as analog , a correction would take SPX to 2950 .. “ entirely plausible .. especially now that everyone is on a full ‘ second wave ’ alert with CV19 cases back on the rise in certain states.
” pic.twitter.com/PXzwsg8HwR Time for a breather ?
“ It ’ s starting to look that way , ” says @ TimmerFidelity Mid-week COVID-19 update .
This is a plot of the @ @ @ @ @ @ @ day was May 26th .
I 'll let you know if we get 3 days lower than that going forward .
pic.twitter.com/FwMTws70H7 '' Texas recorded 2,504 new cases , the highest one-day total since the pandemic emerged , according to state health department figures .
The count climbed by 3.2 % to 79,757 , exceeding the seven-day average of 2.2 % '' t.co/Q5RQMIoo41 The data nobody wanted to see .
8,553 new coronavirus cases this week , the most of any seven-day period .
California hospitalizations are at their highest since May 13 @ @ @ @ @ @ @ past 10 days .
The second # COVID wave has started .
t.co/wyi5OrCnOG

Now just 125,000 more RH users that still need to dump $HTZ pic.twitter.com/FXtGLog4Rv
Using 2009 as analog, a correction would take SPX to 2950 .. “entirely plausible .. especially now that everyone is on a full ‘second wave’ alert with CV19 cases back on the rise in certain states.” pic.twitter.com/PXzwsg8HwR
Time for a breather? “It’s starting to look that way,” says @TimmerFidelity
Mid-week COVID-19 update. This is a plot of the 3-day average of US deaths. Low day was May 26th. I'll let you know if we get 3 days lower than that going forward. pic.twitter.com/FwMTws70H7
"Texas recorded 2,504 new cases, the highest one-day total since the pandemic emerged, according to state health department figures. The count climbed by 3.2% to 79,757, exceeding the seven-day average of 2.2%" t.co/Q5RQMIoo41
The data nobody wanted to see.
8,553 new coronavirus cases this week, the most of any seven-day period.
Hospitalizations in Texas on Tuesday jumped a record 6.3%.
California hospitalizations are at their highest since May 13 and have risen in nine of the past 10 days.
The second #COVID wave has started. t.co/wyi5OrCnOG
— (((evan shapiro))) (@eshap) June 10, 2020


investmentwatchblog--2020-06-11--Unstoppable: The Greatest Depression and the Reverse Wealth Effect

We are entering The Greatest Depression because there is no exit .
I ’ ve endeavored to explain why The Greatest Depression is unstoppable in recent posts : The Covid-19 Dominoes Fall : The World Is Insolvent March 16 , 2020 Pandemic Pandemonium : The Tides of Globalization and Financialization Reverse March 31 , 2020 Here ’ s Why the Economy Won ’ t Recover–and No , It ’ s Not Covid-19 or the Lockdown April 23 , 2020 Why Assets Will Crash May 4 , 2020 Our Inevitable Collapse : We Can ’ t Save a Fragile Economy With @ @ @ @ @ @ @ 2020 Globalization and Financialization Are Dead , and so Is Everything That Depended on Them May 15 , 2020 Our Fate Is Sealed , Vaccines Won ’ t Matter : Four Long Cycles Align May 19 , 2020 Consumer Spending Will Not Rebound–Here ’ s Why May 18 , 2020 This Is How Systems Collapse May 30 , 2020 I ’ ll try to summarize all this as simply as possible : 1 .
The global economy ’ s cost structure has been fatally distorted by central bank policies of inflating asset bubbles @ @ @ @ @ @ @ 2 .
Earnings from labor have stagnated or eroded since the era of globalization / financialization took off around 2000 .
3 .
Everything costs too much , i.e .
is no longer affordable from earnings alone , so the only way to maintain the current costly lifestyle is to borrow money and use it to pay current expenses .
This is true for every sector : household , corporate and government .
4 .
As a result , everyone now needs every dollar of income just to pay their expenses , including @ @ @ @ @ @ @ .
There is no slack ( buffers ) in the system at all .
5 .
This can be visualized as a row of dominoes .
Once the first domino falls , every domino will be toppled .
For example : a worker is laid off and can no longer afford to go to a favorite restaurant .
The restaurant ’ s expenses are so high it can ’ t survive on reduced customer traffic , so it closes .
The commercial landlord ’ s expenses are so high that he can ’ @ @ @ @ @ @ @ since no business can afford high rents , the space is empty and the landlord goes bust .
The bank holding the mortgage then has to absorb a staggering loss because the property is no longer worth much because a building without tenants is just a money-pit of expenses and no income .
The once-valuable restaurant business is now worth zero .
The once-valuable commercial property is also worth zero because the owner must continue to pay property taxes , local fees and maintenance even if there are no tenants .
The dominoes @ @ @ @ @ @ @ a topic Gordon Long and I discuss in a new podcast A Reverse Wealth Effect ?
( 41:52 ) .
This is important because the wealth effect–the psychological state of euphoria created when one ’ s assets steadily rise in value– has been a core driver of consumption since the Federal Reserve transformed the economy into a Bubble-Based Economy in the late 1990s .
When we feel wealthier because our assets are rising , we ’ re increasingly likely to tap that newfound wealth by borrowing money to fulfill our desires for inessential @ @ @ @ @ @ @ has suppressed interest rates , the cost of borrowing against one ’ s house or buying a new car seemed remarkably affordable , especially compared to the big increases in wealth generated by rising assets .
Unfortunately , while the wealth effect can reverse , debts have to be paid regardless .
Debt payments are forever while the wealth effect is fleeting .
The current mass delusion is that the Fed can bail everyone out with cost-free cash .
But we have to keep in mind what the Fed can ’ t do @ @ @ @ @ @ @ reverse the unprecedented wealth inequality its policies have pushed to the point of civil breakdown .
2 .
It can ’ t make people take on the risks and heartaches of starting new businesses .
3 .
It can ’ t force employers to hire more employees .
5 .
It can ’ t force people to buy assets at prices that no longer make financial sense .
7 .
It can ’ t force people who now realize their priority is to save money to spend their cash , even if the @ @ @ @ @ @ @ costs money to have savings .
8 .
It can ’ t lower the unaffordable cost structure of the entire economy .
9 .
It can ’ t de-link all the financial dependencies in the financial system that make it so vulnerable to the first domino falling .
10 .
It can ’ t stop people from selling their assets .
In summary , it can ’ t stop the reverse wealth effect .
We are entering The Greatest Depression because there is no exit .
Either the phantom wealth of asset bubbles @ @ @ @ @ @ @ power of fiat currency vanishes .
Both paths lead to the same destination : systemic collapse .

by Charles Hugh-Smith
We are entering The Greatest Depression because there is no exit.
I’ve endeavored to explain why The Greatest Depression is unstoppable in recent posts:
The Covid-19 Dominoes Fall: The World Is Insolvent March 16, 2020
Pandemic Pandemonium: The Tides of Globalization and Financialization Reverse March 31, 2020
Here’s Why the Economy Won’t Recover–and No, It’s Not Covid-19 or the Lockdown April 23, 2020
What’s Collapsing Can’t Be Saved: Our Fraudulent Economy April 22, 2020
Why Assets Will Crash May 4, 2020
Our Inevitable Collapse: We Can’t Save a Fragile Economy With Bailouts That Increase Fragility May 1, 2020
Globalization and Financialization Are Dead, and so Is Everything That Depended on Them May 15, 2020
Our Fate Is Sealed, Vaccines Won’t Matter: Four Long Cycles Align May 19, 2020
Consumer Spending Will Not Rebound–Here’s Why May 18, 2020
This Is How Systems Collapse May 30, 2020
I’ll try to summarize all this as simply as possible:
1. The global economy’s cost structure has been fatally distorted by central bank policies of inflating asset bubbles and reducing interest rates to near-zero.
2. Earnings from labor have stagnated or eroded since the era of globalization / financialization took off around 2000.
3. Everything costs too much, i.e. is no longer affordable from earnings alone, so the only way to maintain the current costly lifestyle is to borrow money and use it to pay current expenses. This is true for every sector: household, corporate and government.
4. As a result, everyone now needs every dollar of income just to pay their expenses, including interest and principal on their rising debts. There is no slack (buffers) in the system at all.
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5. This can be visualized as a row of dominoes. Once the first domino falls, every domino will be toppled.
For example: a worker is laid off and can no longer afford to go to a favorite restaurant. The restaurant’s expenses are so high it can’t survive on reduced customer traffic, so it closes. The commercial landlord’s expenses are so high that he can’t afford to lower rents, but since no business can afford high rents, the space is empty and the landlord goes bust. The bank holding the mortgage then has to absorb a staggering loss because the property is no longer worth much because a building without tenants is just a money-pit of expenses and no income.
The once-valuable restaurant business is now worth zero. The once-valuable commercial property is also worth zero because the owner must continue to pay property taxes, local fees and maintenance even if there are no tenants.
The dominoes falling trigger a reverse wealth effect, a topic Gordon Long and I discuss in a new podcast A Reverse Wealth Effect? (41:52). This is important because the wealth effect–the psychological state of euphoria created when one’s assets steadily rise in value– has been a core driver of consumption since the Federal Reserve transformed the economy into a Bubble-Based Economy in the late 1990s.
When we feel wealthier because our assets are rising, we’re increasingly likely to tap that newfound wealth by borrowing money to fulfill our desires for inessential goods and services. Since the Fed has suppressed interest rates, the cost of borrowing against one’s house or buying a new car seemed remarkably affordable, especially compared to the big increases in wealth generated by rising assets.
Unfortunately, while the wealth effect can reverse, debts have to be paid regardless. Debt payments are forever while the wealth effect is fleeting.
The current mass delusion is that the Fed can bail everyone out with cost-free cash. But we have to keep in mind what the Fed can’t do:
1. It can’t reverse the unprecedented wealth inequality its policies have pushed to the point of civil breakdown.
2. It can’t make people take on the risks and heartaches of starting new businesses.
3. It can’t force employers to hire more employees.
4. It can’t make unprofitable businesses profitable.
5. It can’t force people to buy assets at prices that no longer make financial sense.
6. It can’t make insolvent businesses and local governments solvent.
7. It can’t force people who now realize their priority is to save money to spend their cash, even if the Fed forces negative interest rates so it costs money to have savings.
8. It can’t lower the unaffordable cost structure of the entire economy.
9. It can’t de-link all the financial dependencies in the financial system that make it so vulnerable to the first domino falling.
10. It can’t stop people from selling their assets.
In summary, it can’t stop the reverse wealth effect. We are entering The Greatest Depression because there is no exit. Either the phantom wealth of asset bubbles completely vanishes, or the phantom purchasing power of fiat currency vanishes. Both paths lead to the same destination: systemic collapse.


investmentwatchblog--2020-06-11--Powell has done more to create inequality than any Fed President in history

Powell has done more to create inequality than any Fed President in history
Hé also is the richest Fed Chair ever worth $125 million and only Fed President who is a lawyer — Will Meade (@realwillmeade) June 10, 2020
Questions for Powell: potential balance sheet losses, massive income inequality divide they are fomenting, Fed-induced stock bubble, exit plan, do they consider their mandate beyond dual? #Fed @DiMartinoBooth @GaryKaltbaum @DavidBahnsen @cvpayne — Kathryn Rooney Vera (@KRooneyVera) June 10, 2020
If you are among the few with critical thinking skills, and the even fewer who are still willing to use them, this might give you pause. #FakeRecovery pic.twitter.com/exOv46n9hb — Machine Planet (@Paul91701736) June 10, 2020
On the grounds that Yield Curve Control has worked so well in Japan……….Oh hang on! t.co/eyYMgPCRev — Shaun Richards (@notayesmansecon) June 10, 2020
Powell said he is concerned about some small and medium sized businesses going out of business….stock market says, “if they aren’t in the S&P 500 screw em!” — GreekFire23 (@GreekFire23) June 10, 2020


investmentwatchblog--2020-06-11--Jeffrey Gundlach, the CEO of $135 billion DoubleLine Capital: “A ‘wave’ of layoffs is coming for $10

Jeffrey Gundlach, the CEO of $135 billion DoubleLine Capital: “A ‘wave’ of layoffs is coming for $100,000/year white-collar jobs”

Gundlach , who runs the Los Angeles-based bond investment firm , explained that one of the outcomes of remote work @ @ @ @ @ and who doesn ’ t .
“ What people may have learned for white-collar services @ @ @ @ @ during the work-from-home lockdown situation , at least in my perspective — I ’ ve @ @ @ @ @ my peers on this — I kind of learned who was really doing the work @ @ @ @ @ doing as much work as it looked like on paper that they might have been @ @ @ @ @ .
He ’ s witnessed this at DoubleLine , where people running “ certain groups @ @ @ @ @ as responsive , while the more junior members on their team have stepped up .

finance.yahoo.com/news/jeffrey-gundlach-sees-unemployment-wave-hitting-white-collar-jobs-224443437.html
Gundlach, who runs the Los Angeles-based bond investment firm, explained that one of the outcomes of remote work is it reveals who produces and who doesn’t.
“What people may have learned for white-collar services jobs, in particular, during the work-from-home lockdown situation, at least in my perspective — I’ve talked to a lot of my peers on this — I kind of learned who was really doing the work and who was not really doing as much work as it looked like on paper that they might have been doing,” Gundlach said.
He’s witnessed this at DoubleLine, where people running “certain groups” haven’t been as responsive, while the more junior members on their team have stepped up.


investmentwatchblog--2020-06-10--So we’ve seen the biggest monetary injection in US history and there will never be a need to tighten

Opinion : The government says there ’ s no inflation —- except for the things people are actually buying Food @ @ @ @ @ , while gasoline prices and hotel rates are falling

So we’ve seen the biggest monetary injection in US history and there will never be a need to tighten. Powell makes Yellen look like Volcker. — Jonathan Tepper (@jtepper2) June 10, 2020
The @federalreserve statement is out. Looks like the it just couldn’t resist doing more. The #Fed extended forward policy guidance (essentially zero rate) through 2022. Risk markets will like the hyper activism, serving to decouple them even more from the economy. More to follow. t.co/LEZIEtrICA — Mohamed A. El-Erian (@elerianm) June 10, 2020
Fed’s Powell: GDP Decline This Quarter Likely To Be ‘Most Severe On Record’ — LiveSquawk (@LiveSquawk) June 10, 2020
Yo, stop talking out of both sides of your mouth: “2.5% longer-term fed funds rate” and yet “ extraordinarily uncertain”#FedGames t.co/0NtNmrxlDi — Samantha LaDuc (@SamanthaLaDuc) June 10, 2020
And a cheaper rent payment is the No. 1 priority as tenants look to move. t.co/zgzHhyOVhA — HousingWire (@HousingWire) June 10, 2020
*FED PREDICTS -6% GDP FOR 2020 LOWEST PREDICTION EVER — lemasabachthani (@lemasabachthani) June 10, 2020
#Powell: "We're not thinking about raising rates, we're not even thinking about thinking about raising rates." pic.twitter.com/6VdLRKAIcA — TraderStef (@TraderStef) June 10, 2020
Opinion: The government says there’s no inflation —- except for the things people are actually buying
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Food and rent are going up, while gasoline prices and hotel rates are falling


investmentwatchblog--2020-06-10--America, Markets & Nations Out Of Control: Good For Gold

1 .
Gold often has a “ bad hair day ” on Tuesdays , but today ( so far ) the price action is decent .
2 .
Is the sideways drift in the gold price coming to an end , or is there more churning ahead as the summer begins ?
3 .
What can be said is that a rough $ 100/ounce sale is in play for gold , and there are 15 % -20 % price sales for most intermediate and senior miners .
4 .
Please click here now .
Double-click to enlarge this dollar versus @ @ @ @ @ @ @ between the price action of gold and the yen .
5 .
That ’ s because big bank FOREX traders view them both as “ risk-off ” currencies .
At some point that correlation will die , but for now it is rock solid .
6 .
There ’ s a loose triangle in play for the dollar against the yen , and a meltdown seems likely .
That would be good news for gold !
7 .
My suggested plan of action for gold market investors is to buy lightly here , @ @ @ @ @ @ @ or weakens , debt goes higher .
8 .
It ’ s outrageous that during periods of economic strength , Western governments and central banks add debt , print money , and refuse to eliminate QE .
9 .
The great news is that those outrageous actions are why gold now drifts sideways after big rallies rather than selling off aggressively .
10 .
Please click here now .
Double-click to enlarge .
This weekly chart for gold is spectacular .
11 .
There ’ s a gargantuan inverse bull continuation pattern in @ @ @ @ @ @ @ the most aesthetic pattern… in the history of markets !
12 .
Interestingly , the formation of a bull flag now is as likely as a big right shoulder .
13 .
What about the stock market ?
Well , the current action in the stock market is also good for gold .
To understand why that ’ s true , please click here now .
Double-click to enlarge .
14 .
A huge broadening formation is in play for the US stock market , and broadening formations happen when a market becomes… @ @ @ @ @ @ @ , a recent poll highlighted by Fox News suggests that 80 % of Americans believe not just the stock market , but the entire nation , is out of control .
16 .
It could be argued that my Dow 21,700 and 18,300 buy points are two of the greatest stock market calls of all time , but I ’ m not seeking accolades .
The market could of course crash at any time , but it is likely to rise to 35,000 or even 40,000 first… and become even more out of @ @ @ @ @ @ @ area , I ’ m predicting another debt-driven meltdown is coming , one that will dwarf the Corona-oriented crash .
The bottom line : 18 .
Out of control nations and markets… are good for gold !
19 .
Please click here now .
Double-click to enlarge this GDX chart .
20 .
After rising more than 100 % in just a few short months , GDX is taking a well-deserved break .
21 .
I ’ ve highlighted $ 37 GDX as a key resistance zone , and the price action since @ @ @ @ @ @ @ consolidation is much more likely than a deep correction .
22 .
Please click here now .
Double-click to enlarge this superb SIL silver stocks ETF chart .
23 .
Like GDX , SIL has rallied from about $ 16 to $ 38 , but GDX has corrected by about 18 % to the $ 31 area , while SIL has only pulled back to about $ 33 !
24 .
The resilience of silver stocks after this huge rally is impressive .
All silver stock enthusiasts should be buyers into the pullback @ @ @ @ @ @ @ rally to come , once the $ 38 marker for SIL is taken out on the upside !
Please send me an Email to freereports4 @ gracelandupdates.com and I ’ ll send you my free “ Key Miners Are Ready For a New Leg Upside !
” report .
I highlight key intermediate producers that have touched support and are now beginning what could be a rally to new highs !
I include key buy and sell tactics for each stock .
Note : We are privacy oriented .
We accept cheques , @ @ @ @ @ @ @ PayPal .
Written between 4am-7am .
5-6 issues per week .
Emailed at aprox 9am daily .
To pay by credit card/paypal , please click this link : To pay by cheque , make cheque payable to “ Stewart Thomson ” Stewart Thomson is a retired Merrill Lynch broker .
Stewart writes the Graceland Updates daily between 4am-7am .
They are sent out around 8am-9am .
The newsletter is attractively priced and the format is a unique numbered point form .
Giving clarity of each point and saving valuable reading time .
Stewart @ @ @ @ @ @ @ .
The information provided by Stewart and Graceland Updates is for general information purposes only .
Before taking any action on any investment , it is imperative that you consult with multiple properly licensed , experienced and qualified investment advisors and get numerous opinions before taking any action .
Your minimum risk on any investment in the world is : 100 % loss of all your money .
You may be taking or preparing to take leveraged positions in investments and not know it , exposing yourself to unlimited risks .
This is @ @ @ @ @ @ @ in any derivatives products .
There is an approx $ 700 trillion OTC Derivatives Iceberg with a tiny portion written off officially .
The bottom line :

by Stewart Thomson of Graceland Updates
June 9, 2020
1. Gold often has a “bad hair day” on Tuesdays, but today (so far) the price action is decent.
2. Is the sideways drift in the gold price coming to an end, or is there more churning ahead as the summer begins?
3. What can be said is that a rough $100/ounce sale is in play for gold, and there are 15%-20% price sales for most intermediate and senior miners.
4. Please click here now. Double-click to enlarge this dollar versus yen chart. There is tremendous correlation between the price action of gold and the yen.
5. That’s because big bank FOREX traders view them both as “risk-off” currencies. At some point that correlation will die, but for now it is rock solid.
6. There’s a loose triangle in play for the dollar against the yen, and a meltdown seems likely. That would be good news for gold!
7. My suggested plan of action for gold market investors is to buy lightly here, because regardless of whether the economy strengthens or weakens, debt goes higher.
8. It’s outrageous that during periods of economic strength, Western governments and central banks add debt, print money, and refuse to eliminate QE.
9. The great news is that those outrageous actions are why gold now drifts sideways after big rallies rather than selling off aggressively.
10. Please click here now. Double-click to enlarge. This weekly chart for gold is spectacular.
11. There’s a gargantuan inverse bull continuation pattern in play, and it’s arguably the most aesthetic pattern… in the history of markets!
12. Interestingly, the formation of a bull flag now is as likely as a big right shoulder.
13. What about the stock market? Well, the current action in the stock market is also good for gold. To understand why that’s true, please click here now. Double-click to enlarge.
14. A huge broadening formation is in play for the US stock market, and broadening formations happen when a market becomes… out of control.
15. Interestingly, a recent poll highlighted by Fox News suggests that 80% of Americans believe not just the stock market, but the entire nation, is out of control.
16. It could be argued that my Dow 21,700 and 18,300 buy points are two of the greatest stock market calls of all time, but I’m not seeking accolades. The market could of course crash at any time, but it is likely to rise to 35,000 or even 40,000 first… and become even more out of control.
17. From the 35,000-40,000 area, I’m predicting another debt-driven meltdown is coming, one that will dwarf the Corona-oriented crash. The bottom line:
18. Out of control nations and markets… are good for gold!
19. Please click here now. Double-click to enlarge this GDX chart.
20. After rising more than 100% in just a few short months, GDX is taking a well-deserved break.
21. I’ve highlighted $37 GDX as a key resistance zone, and the price action since the miners have arrived there suggests mild consolidation is much more likely than a deep correction.
22. Please click here now. Double-click to enlarge this superb SIL silver stocks ETF chart.
23. Like GDX, SIL has rallied from about $16 to $38, but GDX has corrected by about 18% to the $31 area, while SIL has only pulled back to about $33!
24. The resilience of silver stocks after this huge rally is impressive. All silver stock enthusiasts should be buyers into the pullback, in anticipation of a much bigger rally to come, once the $38 marker for SIL is taken out on the upside!
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investmentwatchblog--2020-06-10--The $USD is Warning Us That Something Big is Coming

Things are beginning to get out of control in currency land .
The $ USD is collapsing .
Astute chart readers will note that the $ USD has already experienced two sharp drops in the last few months ( blue rectangles in the chart below ) .
They occurred in late February before the COVID-19 shutdown and late March after the COVID-19 market meltdown subsided .
So why is this current drop ( green rectangle in the chart above ) so important ?
Because this collapse is happening outside of a crisis .
The other two sharp drops were triggered @ @ @ @ @ @ @ economic shutdown and viral pandemic ) .
This one is happening while things are actually returning to normal .
Put another way , the $ USD is telling us that : 1 ) Either another Black Swan event is underway already .
2 ) The world is losing faith in the $ USD based on the Fed ’ s ’ / Federal Government ’ s money printing and stimulus .
For a better perspective on what I am talking about take a look at the next chart .
The $ USD is breaking @ @ @ @ @ @ @ clip .
The only other time it did this was right before the COVID-19 black swan event .
Something BAD is brewing in the financial system .
And it ’ s going to catch 99 % of investors by surprise .
If you ’ re sick of narratives and want to focus on how to actually make money from the markets , join our FREE e-letter Gains Pains & Capital .

Things are beginning to get out of control in currency land.
The $USD is collapsing. Astute chart readers will note that the $USD has already experienced two sharp drops in the last few months (blue rectangles in the chart below). They occurred in late February before the COVID-19 shutdown and late March after the COVID-19 market meltdown subsided.
So why is this current drop (green rectangle in the chart above) so important?
Because this collapse is happening outside of a crisis.
The other two sharp drops were triggered by true Black Swan events (an economic shutdown and viral pandemic). This one is happening while things are actually returning to normal.
Put another way, the $USD is telling us that:
1) Either another Black Swan event is underway already.
2) The world is losing faith in the $USD based on the Fed’s’/ Federal Government’s money printing and stimulus.
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For a better perspective on what I am talking about take a look at the next chart. The $USD is breaking its bull market trendline at a rapid clip. The only other time it did this was right before the COVID-19 black swan event.
Something BAD is brewing in the financial system. And it’s going to catch 99% of investors by surprise.
If you’re sick of narratives and want to focus on how to actually make money from the markets, join our FREE e-letter Gains Pains & Capital.
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Graham Summers
Chief Market Strategist
Phoenix Capital Research


investmentwatchblog--2020-06-10--The Civil War has begun. This is an EXTREMELY important video to watch.

Tim ’ s good for information .
Sadly he ’ s anti-white and wants us to be ashamed of our @ @ @ @ @ to be tread on “ lawfully ” not by mobs .

Tim’s good for information. Sadly he’s anti-white and wants us to be ashamed of our history. He wants us to be tread on “lawfully” not by mobs.
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AC


investmentwatchblog--2020-06-10--BLM is a money laundering operation for the DNC

BLM is an international organization .
They solicit tax free charitable donations via ActBlue .
ActBlue then funnels billions of dollars to DNC campaigns .
This is a violation of campaign finance law and allows foreign influence in American elections .
When you click on the “ Donate ” button on blacklivesmatter.com you are sent to an “ ActBlue ” donations page .
ActBlue claims to be tax exempt organization and all donations to it are tax-deductible .
The terms and conditions also link to ActBlue and mention “ Campaign Finance Laws ” : secure.actblue.com/content/fineprint When you research the expenditures @ @ @ @ @ @ @ are directly going to top DNC campaigns : BLM is directly sponsored by Democrats .
The donations literally go to Actblue .
I ’ m wondering why this isn ’ t bigger news ?
The globalists are literally sponsoring this movement through Democrats and nobody cares ?
The movement is not organic in the slightest .
It ’ s a propaganda campaign in front of us ActBlue , ActBlue.com , “ Want Blue States ?
” , and “ The online clearinghouse for Democratic Action ” are the trademarks and/or service marks of @ @ @ @ @ @ @ donations are going straight to the Democratic presidential campaign and I find that hilarious , do people not know this ?
They aren ’ t helping black people at all it ’ s a propaganda stunt and possibly a money laundering scheme there ’ s no wonder BLM only surfaces during election cycles every 4 years LOL

by ratioetlogicae
BLM is an international organization. They solicit tax free charitable donations via ActBlue. ActBlue then funnels billions of dollars to DNC campaigns. This is a violation of campaign finance law and allows foreign influence in American elections.
When you click on the “Donate” button on blacklivesmatter.com you are sent to an “ActBlue” donations page.
ActBlue claims to be tax exempt organization and all donations to it are tax-deductible. The terms and conditions also link to ActBlue and mention “Campaign Finance Laws”: secure.actblue.com/content/fineprint
When you research the expenditures of ActBlue, all of their contributions are directly going to top DNC campaigns:
www.opensecrets.org/pacs/expenditures.php?cmte=C00401224&cycle=2020
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Top Vendors/Recipients Bernie 2020 $186,780,034 Biden for President $119,253,857 Elizabeth Warren Presidential Exploratory Cmte $93,478,053 Pete for America $78,100,960 Democratic Congressional Campaign Cmte $55,684,603 Amy for America $43,167,720 Friends of Andrew Yang $31,705,527 Democratic Senatorial Campaign Cmte $31,067,413 Democratic National Cmte $29,924,707 Amy McGrath for Senate $29,558,536
BLM is directly sponsored by Democrats. The donations literally go to Actblue. I’m wondering why this isn’t bigger news? The globalists are literally sponsoring this movement through Democrats and nobody cares? The movement is not organic in the slightest. It’s a propaganda campaign in front of us
ActBlue, ActBlue.com, “Want Blue States?”, and “The online clearinghouse for Democratic Action” are the trademarks and/or service marks of ActBlue.
secure.actblue.com/content/fineprint
Most of these million dollar donations are going straight to the Democratic presidential campaign and I find that hilarious, do people not know this?
They aren’t helping black people at all it’s a propaganda stunt and possibly a money laundering scheme there’s no wonder BLM only surfaces during election cycles every 4 years LOL
Disclaimer: This is a guest post.


investmentwatchblog--2020-06-10--Next shock theory: Defund police -> police on strike -> month of purge

• Police respond with snowflake ‘ we are not being respected .
respect our badge ’ < – we are @ @ @ @ @ the easiest way for the police to retaliate and make the public DEMAND their services @ @ @ @ @ for a strike .
Says they wont respond to calls until public respect/ more money @ @ @ @ @ with no cops , no authority the purge begins .
All rednecks come out , @ @ @ @ @ cities burn , • Exodus of people beings – big cities have large number of @ @ @ @ @ law all over the country .
The real kind .
Disclaimer : This is a @ @ @ @ @ ’ t necessarily represent the views of IWB .

by prepdoxx
Lets follow the rabbit here:
George Floyd sparks police reform movement Police respond with excessive force Movement demands ‘De Fund Police’ Police respond with snowflake ‘we are not being respected. respect our badge’ <– we are here
Now. what is the easiest way for the police to retaliate and make the public DEMAND their services back?
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Union calls for a strike. Says they wont respond to calls until public respect/ more money With no police, criminals start looting again..vandalizing, hate crimes Month of Purge – with no cops, no authority the purge begins. All rednecks come out, all hoods come out, cities burn, Exodus of people beings – big cities have large number of displaced people.
After this:
Congress calls for military intervention Martial law all over the country. The real kind. Mass ‘vaccination’. More purging.
They are winning
Disclaimer: This is a guest post and it doesn’t necessarily represent the views of IWB.


investmentwatchblog--2020-06-10--Statistics prove police officers save more black lives than any other organization in America

Despite protests from the radical left and the mainstream media , statistics show America ’ s police officers save more @ @ @ @ @ organization in the country .
Countless Americans actually wouldn ’ t be here today if @ @ @ @ @ our police .
One America ’ s Pearson Sharp explains .

Despite protests from the radical left and the mainstream media, statistics show America’s police officers save more black lives than any other organization in the country. Countless Americans actually wouldn’t be here today if it weren’t for our police. One America’s Pearson Sharp explains.
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investmentwatchblog--2020-06-10--President Trump: U.S. Military Bases Will NOT Be Renamed

It has been suggested that we should rename as many as 10 of our Legendary Military Bases , such as @ @ @ @ @ , Fort Hood in Texas , Fort Benning in Georgia , etc .
These Monumental @ @ @ @ @ become part of a Great American Heritage , and a… …history of Winning , Victory @ @ @ @ @ United States of America trained and deployed our HEROES on these Hallowed Grounds , and @ @ @ @ @ Therefore , my Administration will not even consider the renaming of these Magnificent and Fabled @ @ @ @ @ the Greatest Nation in the World will not be tampered with .
Respect our Military @

Donald J. Trump
@realDonaldTrump
It has been suggested that we should rename as many as 10
of our Legendary Military Bases, such as Fort Bragg in
North Carolina, Fort Hood in Texas, Fort Benning in
Georgia, etc. These Monumental and very Powerful Bases
have become part of a Great American Heritage, and a…
It has been suggested that we should rename as many as 10 of our Legendary Military Bases, such as Fort Bragg in North Carolina, Fort Hood in Texas, Fort Benning in Georgia, etc. These Monumental and very Powerful Bases have become part of a Great American Heritage, and a… — Donald J. Trump (@realDonaldTrump) June 10, 2020
Donald J. Trump
@realDonaldTrump
> Replying to @realDonaldTrump
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…history of Winning, Victory, and Freedom. The United
States of America trained and deployed our HEROES on these
Hallowed Grounds, and won two World Wars. Therefore, my
Administration will not even consider the renaming of
these Magnificent and Fabled Military Installations…
…history of Winning, Victory, and Freedom. The United States of America trained and deployed our HEROES on these Hallowed Grounds, and won two World Wars. Therefore, my Administration will not even consider the renaming of these Magnificent and Fabled Military Installations… — Donald J. Trump (@realDonaldTrump) June 10, 2020
Donald J. Trump
@realDonaldTrump
…Our history as the Greatest Nation in the World will
not be tampered with. Respect our Military!
…Our history as the Greatest Nation in the World will not be tampered with. Respect our Military! — Donald J. Trump (@realDonaldTrump) June 10, 2020
h/t dr0id


investmentwatchblog--2020-06-10--Coronavirus Cases Surge in 21 States… Second Wave Would Inflict Bigger Economic Cost…

CORONAVIRUS cases across the US are spiking up again after states eagerly reopened and as protesters demonstrated George Floyd ’ s death in large gatherings throughout the country .
In 21 states , including Arizona , Arkansas , and Utah , cases are rising again after the states reopened local businesses amid the outbreak .
Are you immune ?
The new class system that could shape world… Scrolling through Airbnbs in Brooklyn , one listing stands out .
“ IMMUNE HOST , ” claims the heading in caps .
Among photos of rooftop sunsets and interiors , lies something else @ @ @ @ @ @ @ antibody test .
Host Martin Eaton says he got tested a few weeks after getting sick with what he suspected was Covid-19 in March .
When the results came back positive , he decided to include it in his profile to attract reservations .
“ If I was having to travel to New York I ’ d prefer staying with somebody who had the antibodies versus somebody who didn ’ t , ” says the 48-year-old writer .
So far , he adds , “ it ’ s proved pretty successful ” .
@ @ @ @ @ @ @ immunity is emerging as a potential key to resuming normal life after the pandemic – leading some to believe that testing positive may not be such a bad thing .
Providing they survive , they will at least – they hope – be immune .
But as states and countries slowly reopen businesses to the public , how important will it be ?
A resurgence of the pandemic later this year would damp the partial recovery that is expected to take place in 2021 A second wave of lockdowns to counter a resurgent @ @ @ @ @ @ @ to a global economy already facing a severe contraction , the Organization for Economic Cooperation and Development said Wednesday .
In its latest report on the global outlook , the Paris-based research body released one of the gloomiest forecasts…

Coronavirus cases surge in 21 states…
CORONAVIRUS cases across the US are spiking up again after states eagerly reopened and as protesters demonstrated George Floyd’s death in large gatherings throughout the country.
In 21 states, including Arizona, Arkansas, and Utah, cases are rising again after the states reopened local businesses amid the outbreak.
Are you immune? The new class system that could shape world…
Scrolling through Airbnbs in Brooklyn, one listing stands out. “IMMUNE HOST,” claims the heading in caps. Among photos of rooftop sunsets and interiors, lies something else unexpected – a picture of a positive antibody test.
Host Martin Eaton says he got tested a few weeks after getting sick with what he suspected was Covid-19 in March. When the results came back positive, he decided to include it in his profile to attract reservations.
“If I was having to travel to New York I’d prefer staying with somebody who had the antibodies versus somebody who didn’t,” says the 48-year-old writer. So far, he adds, “it’s proved pretty successful”.
In the absence of a vaccine, immunity is emerging as a potential key to resuming normal life after the pandemic – leading some to believe that testing positive may not be such a bad thing. Providing they survive, they will at least – they hope – be immune. But as states and countries slowly reopen businesses to the public, how important will it be?
Hawaii resident arrested in traveler quarantine violation…
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Italian prosecutors ‘to question PM’ over handling of virus…
Israel spy agency must stop phone tracking: committee…
Second Wave Would Inflict Bigger Economic Cost…
A resurgence of the pandemic later this year would damp the partial recovery that is expected to take place in 2021
A second wave of lockdowns to counter a resurgent novel coronavirus would deal a terrible blow to a global economy already facing a severe contraction, the Organization for Economic Cooperation and Development said Wednesday.
In its latest report on the global outlook, the Paris-based research body released one of the gloomiest forecasts…
U.S. DEATHS: 112,057…
AMERICA SICK MAP…
WORLD SICK MAP…


investmentwatchblog--2020-06-10--BIG TECH GETS BIGGER: NASDAQ NEW RECORD HIGH…  AMAZONFACEBOOKGOOGLE Push Back Antitrust Regulators

S & P 500 and Dow fall , but Nasdaq set to close above 10,000 for the first time The S & P 500 and Dow Jones Industrial Average fell for a second straight day on Wednesday as traders once again took profits out of names benefiting from the economy reopening and rotated into mega-cap tech stocks .
The S & P 500 traded 0.4 % lower while the Dow slid 198 points , or 0.8 % .
The Nasdaq Composite , meanwhile , jumped 0.8 % to a record high .
Shares of Amazon and Apple gained more than @ @ @ @ @ @ @ .
Alphabet and Netflix rose 1.2 % and 0.5 % , respectively .
Stocks that would benefit from the economy reopening — which have outperformed in recent weeks — fell broadly .
American Airlines , United and JetBlue all dropped more than 7 % .
Wells Fargo slid 8.5 % while Citigroup lost 4.8 % .
JPMorgan Chase traded 3.5 % lower .
“ A large shift is occurring as investors cycle out of value/cyclical stocks for a second day and pour money into growth , ” said Adam Crisafulli of Vital Knowledge @ @ @ @ @ @ @ in mind : investors never left growth/momentum .
There was a brief flirtation w/cyclical-value over the last couple of weeks , but this was just rental positions held by tourists ( growth is still home base for the majority of people in this market ) .
” Wednesday ’ s moves come as Texas reports consecutive record surges in coronavirus-related hospitalizations while Arizona ’ s hospitalization rate is also rising .
Amazon , Facebook and Google turn to deep network of political allies to battle back antitrust probes David Espinoza appeared unhappy when @ @ @ @ @ @ @ last year .
The Phoenix-based owner of a shoe-and-leather store wrote in a local newspaper he was “ amazed and a little dumbfounded ” by regulators ’ campaign to “ change how digital platforms operate.
” “ The current system is working for small businesses , and as the old saying goes : if it ain ’ t broke , don ’ t fix it , ” he wrote .
But Espinoza ’ s words , published in September by the Arizona Capitol Times , weren ’ t entirely his own .
They @ @ @ @ @ @ @ advocacy group that ’ s backed by Google and other tech behemoths , reflecting Silicon Valley ’ s stealthy new attempts to shape and weaponize public perception in response to heightened antitrust scrutiny .

S&P 500 and Dow fall, but Nasdaq set to close above 10,000 for the first time
The S&P 500 and Dow Jones Industrial Average fell for a second straight day on Wednesday as traders once again took profits out of names benefiting from the economy reopening and rotated into mega-cap tech stocks.
The S&P 500 traded 0.4% lower while the Dow slid 198 points, or 0.8%. The Nasdaq Composite, meanwhile, jumped 0.8% to a record high.
Shares of Amazon and Apple gained more than 1% each and hit all-time highs. Alphabet and Netflix rose 1.2% and 0.5%, respectively. Stocks that would benefit from the economy reopening — which have outperformed in recent weeks — fell broadly. American Airlines, United and JetBlue all dropped more than 7%. Wells Fargo slid 8.5% while Citigroup lost 4.8%. JPMorgan Chase traded 3.5% lower.
“A large shift is occurring as investors cycle out of value/cyclical stocks for a second day and pour money into growth,” said Adam Crisafulli of Vital Knowledge, in a note. “Keep in mind: investors never left growth/momentum. There was a brief flirtation w/cyclical-value over the last couple of weeks, but this was just rental positions held by tourists (growth is still home base for the majority of people in this market).”
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Wednesday’s moves come as Texas reports consecutive record surges in coronavirus-related hospitalizations while Arizona’s hospitalization rate is also rising.
Amazon, Facebook and Google turn to deep network of political allies to battle back antitrust probes
David Espinoza appeared unhappy when Arizona joined scores of states investigating Google last year. The Phoenix-based owner of a shoe-and-leather store wrote in a local newspaper he was “amazed and a little dumbfounded” by regulators’ campaign to “change how digital platforms operate.”
“The current system is working for small businesses, and as the old saying goes: if it ain’t broke, don’t fix it,” he wrote.
But Espinoza’s words, published in September by the Arizona Capitol Times, weren’t entirely his own. They were written on his behalf by an advocacy group that’s backed by Google and other tech behemoths, reflecting Silicon Valley’s stealthy new attempts to shape and weaponize public perception in response to heightened antitrust scrutiny.


investmentwatchblog--2020-06-10--VIDEO: Mark Dice: “Coming to a neighborhood near you when they defund the police.”

Coming to a neighborhood near you when they defund the police .
pic.twitter.com/kmRTVxudop

Coming to a neighborhood near you when they defund the police. pic.twitter.com/kmRTVxudop
— Mark Dice (@MarkDice) June 10, 2020


investmentwatchblog--2020-06-10--Hannity Insanity – West/Terrell Fight on Fox

It got heated up with an old dinosaur !

It got heated up with an old dinosaur!
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h/t Major Doom


investmentwatchblog--2020-06-10--If you want to change the world, Start off by making your bed

A lot of people need to hear this guys message , we over complicate everything in our lives , he @ @ @ @ @ minutes to listen Keep It Simple , stand up for your rights

A lot of people need to hear this guys message, we over complicate everything in our lives, he is well worth the 6 minutes to listen
Keep It Simple, stand up for your rights
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h/t Malu nli


investmentwatchblog--2020-06-10--Yep. This is a historic failure.

Yep. This is a historic failure.

EVEN THEIR STRONGEST SUPPORTERS THINK THE PUBLIC-HEALTH COMMUNITY HAS SCREWED THE POOCH HERE : By supporting , or at least tolerating , the protests , officials seem to have declared the pandemic less important than they previously made out .
To some Trump supporters , the double standard validates their belief that the shutdown was a political ploy to hurt the president ’ s reelection prospects by harming the economy .
To others , it shows that what really matters is who suffers : small businesses are fair game , left-wing protesters aren ’ t .
Yep .
This is @ @ @ @ @ @ @ Flatten the curve ” worked as a slogan , because most Americans wanted to avoid overrun hospitals .
They didn ’ t want what happened in Lombardy to happen here .
And , outside of New York City , flattening the curve has worked .
Hospitals have been able to cope with the influx of COVID-19 patients .
But once you ’ ve solved that problem , then what ?
Officials never offered a coherent and realistic plan for going forward .
Epidemiologists , people began to suspect , would demand that we @ @ @ @ @ @ @ until a vaccine worked — never mind the economic , mental and physical toll .
But the public was never going to tolerate a year-plus shutdown .
And you know if the protests lead to a spike in cases that will somehow be Trump ’ s fault .

EVEN THEIR STRONGEST SUPPORTERS THINK THE PUBLIC-HEALTH COMMUNITY HAS SCREWED THE POOCH HERE:
By supporting, or at least tolerating, the protests, officials seem to have declared the pandemic less important than they previously made out. To some Trump supporters, the double standard validates their belief that the shutdown was a political ploy to hurt the president’s reelection prospects by harming the economy. To others, it shows that what really matters is who suffers: small businesses are fair game, left-wing protesters aren’t.
Yep. This is a historic failure. Plus:
“Flatten the curve” worked as a slogan, because most Americans wanted to avoid overrun hospitals. They didn’t want what happened in Lombardy to happen here. And, outside of New York City, flattening the curve has worked. Hospitals have been able to cope with the influx of COVID-19 patients. But once you’ve solved that problem, then what? Officials never offered a coherent and realistic plan for going forward. Epidemiologists, people began to suspect, would demand that we stay home forever — or at least until a vaccine worked — never mind the economic, mental and physical toll. But the public was never going to tolerate a year-plus shutdown.
Read the whole thing.
#JOURNALISM:
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And you know if the protests lead to a spike in cases that will somehow be Trump’s fault.
Related:
Face Book now marking WHO releases on CNBC as fake news…
h/t GR