investmentwatchblog--2020-04-22--Is The “Second Wave” Of The Coronavirus Pandemic Already Here?

Top health officials and the mainstream media keep insisting that “ the worst is behind us ” , but is that actually true ?
According to Worldometers.info , 2,804 new coronavirus deaths were added to the U.S. total during the 24 hour period that just ended , and that was a huge increase over the 1,939 new deaths from the previous 24 hour period .
In addition , we are seeing an alarming explosion in the number of newly confirmed coronavirus cases in Singapore , Pakistan , Saudi Arabia , Peru , India , Brazil and Russia .
So while @ @ @ @ @ @ @ temporarily slowed down the spread of the virus in some areas of the globe , it appears that we are witnessing the emergence of a “ second wave ” in other areas .
And of course the countries that have been successful in slowing down this pandemic could see another huge surge in cases once their lockdowns are ended .
Sadly , the truth is that we are still in the early stages of this crisis , but most people don ’ t seem to realize that .
On Tuesday , CDC Director @ @ @ @ @ @ @ globe when he warned that there could be a “ second wave ” of COVID-19 next winter… A second coronavirus outbreak could emerge this winter in conjunction with the flu season to make for an even more dire health crisis , the director of the Centers for Disease Control and Prevention told The Washington Post in an interview .
“ There ’ s a possibility that the assault of the virus on our nation next winter will actually be even more difficult than the one we just went through , ” CDC Director @ @ @ @ @ @ @ Tuesday .
“ And when I ’ ve said this to others , they kind of put their head back , they don ’ t understand what I mean.
” But what if he is completely wrong and the “ second wave ” is already here ?
Or perhaps it may be more accurate to say that the first wave has never ended .
If you go to the Johns Hopkins dashboard for this pandemic , you will notice that the global curve of confirmed cases has not “ flattened ” much at @ @ @ @ @ @ @ has been “ locked down ” for weeks .
And the antibody data is telling us that virtually the entire global population is still vulnerable .
According to the WHO , only 2 to 3 percent of the entire global population has developed antibodies for this virus… Here in the United States , a study of adults in L.A. County found that only 4 percent of them had developed antibodies for this virus… So what this means is that we are a long , long , long way from herd immunity .
More @ @ @ @ @ @ @ still vulnerable , and that means once the lockdowns are lifted this virus could start spreading like wildfire inside the U.S. once again .
In fact , the number of confirmed cases in Georgia is soaring just as that state is preparing to end the current restrictions… And in Massachusetts , authorities are warning that the death toll in that state will likely double “ in less than a week ” … That certainly doesn ’ t sound like “ the worst is behind us ” to me .
And I don ’ @ @ @ @ @ @ @ this story from Philadelphia… Look , I understand that a lot of people out there are still mocking this pandemic and are absolutely convinced that it is a “ nothingburger ” .
One of those skeptics was 60-year-old John McDaniel… Now he is dead , and it was the virus that he mocked that killed him .
And even if you get this virus and survive , it can permanently scar your lungs and leave you with “ breathing difficulties for months ” .
So please don ’ t mock this virus , @ @ @ @ @ @ @ by COVID-19 it will be one of the worst experiences of your life even if you live through it .
For those that believe that a vaccine will be the golden ticket that gets us out of this mess , I am afraid that you may be setting yourself up for disappointment .
There has never been a successful vaccine developed for any coronavirus , and one leading expert is openly warning that it is possible that “ we will never get a coronavirus vaccine ” .
And if things weren ’ t @ @ @ @ @ @ @ study has discovered that there are “ at least 30 different variations ” of COVID-19 .
So not only do scientists have to come up with a successful vaccine for a coronavirus for the first time in history , they also have to hope that they are targeting the correct strain .
Good luck with all that .
Unfortunately , the truth is that this pandemic is going to be with us for a long time to come , and what we have experienced so far is just the very beginning of our @ @ @ @ @ @ @ lockdowns around the world were kept in place for the foreseeable future , this virus would continue to spread .
And in the long run , approximately the same number of people are going to catch this virus and approximately the same number of people are going to die no matter what restrictions are instituted .
This pandemic is not going to be over until COVID-19 roars through most of the population and herd immunity is achieved , and the numbers are telling us that we are a long , long way from @ @ @

by Michael Snyder
Top health officials and the mainstream media keep insisting that “the worst is behind us”, but is that actually true? According to Worldometers.info, 2,804 new coronavirus deaths were added to the U.S. total during the 24 hour period that just ended, and that was a huge increase over the 1,939 new deaths from the previous 24 hour period. In addition, we are seeing an alarming explosion in the number of newly confirmed coronavirus cases in Singapore, Pakistan, Saudi Arabia, Peru, India, Brazil and Russia. So while it is true that the lockdowns have temporarily slowed down the spread of the virus in some areas of the globe, it appears that we are witnessing the emergence of a “second wave” in other areas. And of course the countries that have been successful in slowing down this pandemic could see another huge surge in cases once their lockdowns are ended. Sadly, the truth is that we are still in the early stages of this crisis, but most people don’t seem to realize that.
On Tuesday, CDC Director Robert Redfield made headlines all over the globe when he warned that there could be a “second wave” of COVID-19 next winter…
A second coronavirus outbreak could emerge this winter in conjunction with the flu season to make for an even more dire health crisis, the director of the Centers for Disease Control and Prevention told The Washington Post in an interview. “There’s a possibility that the assault of the virus on our nation next winter will actually be even more difficult than the one we just went through,” CDC Director Robert Redfield said in a story published Tuesday. “And when I’ve said this to others, they kind of put their head back, they don’t understand what I mean.”
But what if he is completely wrong and the “second wave” is already here?
Or perhaps it may be more accurate to say that the first wave has never ended.
If you go to the Johns Hopkins dashboard for this pandemic, you will notice that the global curve of confirmed cases has not “flattened” much at all even though much of the planet has been “locked down” for weeks.
And the antibody data is telling us that virtually the entire global population is still vulnerable. According to the WHO, only 2 to 3 percent of the entire global population has developed antibodies for this virus…
The head of the World Health Organization on Monday said that likely no more than 2% to 3% of the global population have developed antibodies for COVID-19.
Here in the United States, a study of adults in L.A. County found that only 4 percent of them had developed antibodies for this virus…
Four percent of adults in Los Angeles County tested positive for COVID-19 antibodies in a recent study, suggesting hundreds of thousands of people might have actually been infected in early April when only 8,000 cases had been confirmed.
So what this means is that we are a long, long, long way from herd immunity.
More than 95 percent of the population is still vulnerable, and that means once the lockdowns are lifted this virus could start spreading like wildfire inside the U.S. once again.
In fact, the number of confirmed cases in Georgia is soaring just as that state is preparing to end the current restrictions…
The number of coronavirus deaths and infections in Georgia has spiked over a 24 hour period as the state prepares to partially lift lockdown restrictions this week – and cases across the country have doubled in two weeks to more than 200,000. The death toll in the state increased by 85 in 24 hours, bringing the total number of fatalities to 772. Infections spiked by more than 1,000, bringing the number of cases in the state to more than 19,300.
And in Massachusetts, authorities are warning that the death toll in that state will likely double “in less than a week”…
Massachusetts has quickly become a hot spot of coronavirus infections with the state’s death toll expected to double in less than a week. COVID-19 deaths are expected to surpass 2,000 this week in Massachusetts where officials are scrambling to boost hospital capacity and trace new infections to curb the spread of the disease.
That certainly doesn’t sound like “the worst is behind us” to me.
And I don’t even know what to make of this story from Philadelphia…
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The horror of the coronavirus pandemic took an especially macabre turn on Sunday afternoon when a Ford pickup truck pulled up behind the Philadelphia Medical Examiner’s Office with five or six bagged bodies stacked in its open cargo bed. The driver got out, spoke briefly to a medical examiner’s employee who seemed unnerved by the delivery, and then climbed onto the cargo bed, walking on bodies that initially had been covered by mats, according to an Inquirer photographer who was working near the site in University City.
Look, I understand that a lot of people out there are still mocking this pandemic and are absolutely convinced that it is a “nothingburger”.
One of those skeptics was 60-year-old John McDaniel…
On March 15, he seemingly commented on Ohio governor Mike DeWine’s stay-at home order, which required shops, bars and restaurants to close. “If what I’m hearing is true, that DeWine has ordered all bars and restaurants to be closed, I say bulls***!,” the post reads. “He doesn’t have that authority. If you are paranoid about getting sick just don’t go out. It shouldn’t keep those of us from living our lives.”
Now he is dead, and it was the virus that he mocked that killed him.
And even if you get this virus and survive, it can permanently scar your lungs and leave you with “breathing difficulties for months”.
So please don’t mock this virus, because if you get hit really hard by COVID-19 it will be one of the worst experiences of your life even if you live through it.
For those that believe that a vaccine will be the golden ticket that gets us out of this mess, I am afraid that you may be setting yourself up for disappointment. There has never been a successful vaccine developed for any coronavirus, and one leading expert is openly warning that it is possible that “we will never get a coronavirus vaccine”.
And if things weren’t already complicated enough, now a new study has discovered that there are “at least 30 different variations” of COVID-19.
A new study in China has found that the novel coronavirus has mutated into at least 30 different variations. The results showed that medical officials have vastly underestimated the overall ability of the virus to mutate, in findings that different strains have affected different parts of the world, leading to potential difficulties in finding an overall cure.
So not only do scientists have to come up with a successful vaccine for a coronavirus for the first time in history, they also have to hope that they are targeting the correct strain.
Good luck with all that.
Unfortunately, the truth is that this pandemic is going to be with us for a long time to come, and what we have experienced so far is just the very beginning of our problems.
Even if all of the lockdowns around the world were kept in place for the foreseeable future, this virus would continue to spread.
And in the long run, approximately the same number of people are going to catch this virus and approximately the same number of people are going to die no matter what restrictions are instituted.
This pandemic is not going to be over until COVID-19 roars through most of the population and herd immunity is achieved, and the numbers are telling us that we are a long, long way from that point.


investmentwatchblog--2020-04-22--The UN Is Now Admitting That This Coronavirus Pandemic Could Spark Famines Of “Biblical Proportions”

What the head of the UN ’ s World Food Program just said should be making front page headlines all over the globe .
Because if what he is claiming is true , we are about to see global food shortages on a scale that is absolutely unprecedented in modern history .
Even before COVID-19 arrived , armies of locusts the size of major cities were voraciously eating crops all across Africa , the Middle East and parts of Asia , and UN officials were loudly warning about what that would mean for global food production .
And now the @ @ @ @ @ @ @ over the planet have brought global trade to a standstill , they are making it more difficult to maintain normal food production operations , and they have forced countless workers to stay home and not earn a living .
All of this adds up to a recipe for a complete and utter nightmare in the months ahead .
David Beasley is the head of the UN ’ s World Food Program , and on Tuesday he warned that we could actually see famines of “ biblical proportions ” by the end of this @ @ @ @ @ @ @ ABC News… The coronavirus pandemic could soon double hunger , causing famines of “ biblical proportions ” around the world by the end of the year , the head of the World Food Programme , David Beasley , told the U.N. Security Council on Tuesday .
Beasley warned that analysis from the World Food Programme , the U.N. ’ s food-assistance branch , shows that because of the coronavirus , “ an additional 130 million people could be pushed to the brink of starvation by the end of 2020 .
That ’ s @ @ @ @ @ @ @ He described what we are facing as “ a hunger pandemic ” , and he insisted that urgent action must be taken in order to avoid a nightmare scenario .
But in some parts of the globe a nightmare scenario is already unfolding .
For example , close to half the population of South Sudan is currently facing starvation , and for many of them the only food that is available is what gets dropped from the sky… Over in South Africa , the “ chronic food shortages ” have already become so @ @ @ @ @ @ @ rioting , looting and civil unrest… Here in the western world we don ’ t have to worry about such things yet , but without a doubt the number of needy people is rapidly rising .
This past Saturday , vehicles literally began lining up at 2 AM in the morning for a food distribution event at the San Antonio Food Bank… I have never heard of people lining up so early before .
I have heard of vehicles lining up at the crack of dawn around the country in recent days , @ @ @ @ @ @ @ But these people realize that when the food is gone there will be no more handouts that day , and there are many that are absolutely desperate to get something to feed their families .
As this coronavirus pandemic has created an enormous amount of fear all over the country , empty shelves have been reported in frozen food sections all over the nation , and the fact that an increasing number of meat processing plants are being temporarily closed down is certainly not helping things .
According to CBS News , at @ @ @ @ @ @ @ United States have been shut down so far… In a desperate attempt to keep as many facilities in her state open as possible , Iowa Governor Kim Reynolds has enlisted the help of the National Guard… The good news is that authorities are telling us that any product shortages should just be temporary and that all of these processing plants will eventually be brought back on line .
But for the planet as a whole , life is not going to be getting back to “ normal ” any time soon .
In @ @ @ @ @ @ @ Health Organization is warning that we need to accept “ a new way of living ” until a vaccine finally arrives… But now that scientists have discovered approximately 30 different strains of this virus , that is going to greatly complicate matters .
Coming up with a successful vaccine for any coronavirus would be a historic feat , and now scientists also have to hope that they will pick the particular strain of COVID-19 that will become dominant in the future .
And of course many people around the globe will not want @ @ @ @ @ @ @ under any circumstances .
So those that are thinking that there will be an easy way out of this crisis are likely to be deeply disappointed .
Meanwhile , the global economic downturn is getting deeper with each passing day , and global food supplies are getting tighter and tighter .
A global famine is coming , and the UN is sounding the alarm .
Unfortunately , most people in the western world are still not listening .

by Michael Snyder
What the head of the UN’s World Food Program just said should be making front page headlines all over the globe. Because if what he is claiming is true, we are about to see global food shortages on a scale that is absolutely unprecedented in modern history. Even before COVID-19 arrived, armies of locusts the size of major cities were voraciously eating crops all across Africa, the Middle East and parts of Asia, and UN officials were loudly warning about what that would mean for global food production. And now the coronavirus shutdowns that have been implemented all over the planet have brought global trade to a standstill, they are making it more difficult to maintain normal food production operations, and they have forced countless workers to stay home and not earn a living. All of this adds up to a recipe for a complete and utter nightmare in the months ahead.
David Beasley is the head of the UN’s World Food Program, and on Tuesday he warned that we could actually see famines of “biblical proportions” by the end of this calendar year. The following comes from ABC News…
The coronavirus pandemic could soon double hunger, causing famines of “biblical proportions” around the world by the end of the year, the head of the World Food Programme, David Beasley, told the U.N. Security Council on Tuesday. Beasley warned that analysis from the World Food Programme, the U.N.’s food-assistance branch, shows that because of the coronavirus, “an additional 130 million people could be pushed to the brink of starvation by the end of 2020. That’s a total of 265 million people.”
He described what we are facing as “a hunger pandemic”, and he insisted that urgent action must be taken in order to avoid a nightmare scenario.
But in some parts of the globe a nightmare scenario is already unfolding. For example, close to half the population of South Sudan is currently facing starvation, and for many of them the only food that is available is what gets dropped from the sky…
The villagers hear the distant roar of jet engines before a cargo plane makes a deafening pass over Mogok, dropping sacks of grain from its hold to the marooned dust bowl below. There is no other way to get food to this starving hamlet in South Sudan. There are no roads, and the snaking Nile is miles away.
Over in South Africa, the “chronic food shortages” have already become so severe that they are starting to spark rioting, looting and civil unrest…
UNREST broke out in parts of South Africa amid chronic food shortages sparked by the coronavirus pandemic. Looters raided shops, attacked each other, the army and police after breaching one of the strictest lockdowns in the world. Police fired rubber bullets and teargas to disperse the mobs but local community leaders fear more outbreaks of violence are imminent.
Here in the western world we don’t have to worry about such things yet, but without a doubt the number of needy people is rapidly rising.
This past Saturday, vehicles literally began lining up at 2 AM in the morning for a food distribution event at the San Antonio Food Bank…
The San Antonio Food Bank teamed up with Atascosa County to feed meals and hope to hundreds of people Saturday morning. Vehicles began to line up around 2 AM Saturday outside the county courthouse, winding through neighborhoods at least two miles away.
I have never heard of people lining up so early before.
I have heard of vehicles lining up at the crack of dawn around the country in recent days, but 2 AM is absolutely nuts.
But these people realize that when the food is gone there will be no more handouts that day, and there are many that are absolutely desperate to get something to feed their families.
As this coronavirus pandemic has created an enormous amount of fear all over the country, empty shelves have been reported in frozen food sections all over the nation, and the fact that an increasing number of meat processing plants are being temporarily closed down is certainly not helping things. According to CBS News, at least 17 meat processing plants in the United States have been shut down so far…
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Coronavirus infections in at least 17 meat processing plants across nine states are contributing to a spike in confirmed cases in the Midwest. Although 13 plants are already closed temporarily or operating at reduced capacity, Iowa Governor Kim Reynolds says shutting down plants would hurt farmers and the national food supply.
In a desperate attempt to keep as many facilities in her state open as possible, Iowa Governor Kim Reynolds has enlisted the help of the National Guard…
Hundreds of National Guard personnel are being activated in Iowa as coronavirus sweeps through meat-processing plants in a state that accounts for about a third of U.S. pork supply. Iowa Governor Kim Reynolds said 250 National Guard members have been moved to full-time federal duty status and could help with testing and contact tracing for workers at plants operated by Tyson Foods Inc. and National Beef Packing Co.
The good news is that authorities are telling us that any product shortages should just be temporary and that all of these processing plants will eventually be brought back on line.
But for the planet as a whole, life is not going to be getting back to “normal” any time soon.
In fact, Takeshi Kasai of the World Health Organization is warning that we need to accept “a new way of living” until a vaccine finally arrives…
“At least until a vaccine, or a very effective treatment, is found, this process will need to become our new normal,” he said. “Individuals and society need to be ready for a new way of living.”
But now that scientists have discovered approximately 30 different strains of this virus, that is going to greatly complicate matters.
Coming up with a successful vaccine for any coronavirus would be a historic feat, and now scientists also have to hope that they will pick the particular strain of COVID-19 that will become dominant in the future.
And of course many people around the globe will not want to take any vaccine that is developed under any circumstances.
So those that are thinking that there will be an easy way out of this crisis are likely to be deeply disappointed.
Meanwhile, the global economic downturn is getting deeper with each passing day, and global food supplies are getting tighter and tighter.
A global famine is coming, and the UN is sounding the alarm.
Unfortunately, most people in the western world are still not listening.


investmentwatchblog--2020-04-22--Mainland Chinese Stop Buying Hong Kong Residential Properties, Try to Unload What They Have, Prices

Mainland Chinese Stop Buying Hong Kong Residential Properties, Try to Unload What They Have, Prices Follow

Mainland Chinese buyers , who largely drove the luxury real estate boom in Hong Kong , the world ’ s most expensive housing market in terms of affordability , have stopped buying .
The number of homes eligible for buyer ’ s stamp duty , which is only paid by overseas or company buyers , mostly from the Mainland , plunged to an unprecedented low of just 42 homes in March , from a record monthly high of 534 in December 2017 , according to the city ’ s Inland Revenue Department : Sales of Hong Kong property to mainland @ @ @ @ @ @ @ past two years or so , largely due to the Chinese government ’ s decision , in late 2017 , to crack down on money laundering and illicit capital flows from mainland China to other countries .
One of the main targets of that crackdown was money used to fund real estate projects in booming global cities with lax money laundering controls .
Since then , the combined toll of the US-China trade war , Hong Kong ’ s political crisis , and recently Covid-19 has decimated property investor sentiment .
In addition @ @ @ @ @ @ @ to sell those residential properties they have already bought as rental income in Hong Kong slumps and appetite for outbound investment all but vanishes in China .
Many of these investors are willing to sell at a sharp discount to offload their property as quickly as possible .
Pummeled by weaker market sentiment , a lack of new launches due to the virus outbreak , and the evaporation of demand from mainland investors , luxury transaction volumes on Hong Kong island tumbled by 44 % Q-o-Q in Q1/2020 , following a modest rebound @ @ @ @ @ @ @ by Savills .
In Kowloon and the New Territories , which were particularly popular districts among mainland investors , transaction volumes plunged by 50 % .
“ With Covid-19 coming at a time of trade tensions , some forced selling is highly likely , ” said Simon Smith , senior director of research and consultancy at Savills Hong Kong .
“ Some mainland vendors whose businesses face cash flow issues , and landlords of properties with multiple mortgages , will be prepared to consider offers [ at deep discounts ] on a selective @ @ @ @ @ @ @ choice examples courtesy of South China Morning Post : • One mainland investor sold a 639 sq ft flat at Century Link in Tung Chung for HK $ 7.6 million ( US $ 980,550 ) .
“ The homeowner was pessimistic about market prospects , so he did not hesitate to cash in , ” said Dennis Wong , branch manager at Centaline Property Agency .
“ As the homeowner is a mainlander , he had to pay the buyer ’ s stamp duty when he entered the market .
His exit actually @ @ @ @ @ @ @ ” • A 2,047 sq ft villa at The Beverly Hills in Tai Po that was bought for HK $ 28.5 million 10 years ago ( $ 3.7 million ) went for HK $ 20 million ( $ 2.6 million ) this month .
Weaker sales are translating into lower prices .
Luxury home prices in Kowloon and the New Territories fell by 4.5 % Q-o-Q in the first quarter .
In areas such as Kowloon Station and Kowloon Tong the drop was even steeper , at 6.9 % and 4.9 % , @ @ @ @ @ @ @ Luxury apartment prices on Hong Kong Island declined by 3 % in Q1/2020 .
Prices have also fallen in the mass property market .
According to Centalaline Property Agency ’ s Centa-City Index , which is based on all transaction records in the secondary market registered with the Land Registry , the median price fell 1.4 % in March from February and about 9 % from the double peaks in mid-2019 and mid-2018 , and is back where it had first been in January and February 2018 : Prices will have to fall @ @ @ @ @ @ @ most local residents with incomes that are even above the median can start dreaming about buying a home .
Hong Kong is far and away the world ’ s most expensive housing market in terms of affordability for a median-income household , outdistancing even cities like Vancouver , Sydney and London , which have been through mind-boggling housing bubbles as well .
By Nick Corbishley , for WOLF STREET .

“Some forced selling is highly likely.”
By Nick Corbishley, for WOLF STREET:
Mainland Chinese buyers, who largely drove the luxury real estate boom in Hong Kong, the world’s most expensive housing market in terms of affordability, have stopped buying. The number of homes eligible for buyer’s stamp duty, which is only paid by overseas or company buyers, mostly from the Mainland, plunged to an unprecedented low of just 42 homes in March, from a record monthly high of 534 in December 2017, according to the city’s Inland Revenue Department:
Sales of Hong Kong property to mainland investors have been trending downwards for the past two years or so, largely due to the Chinese government’s decision, in late 2017, to crack down on money laundering and illicit capital flows from mainland China to other countries. One of the main targets of that crackdown was money used to fund real estate projects in booming global cities with lax money laundering controls.
Since then, the combined toll of the US-China trade war, Hong Kong’s political crisis, and recently Covid-19 has decimated property investor sentiment.
In addition, many Mainland investors are desperately trying to sell those residential properties they have already bought as rental income in Hong Kong slumps and appetite for outbound investment all but vanishes in China. Many of these investors are willing to sell at a sharp discount to offload their property as quickly as possible.
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Pummeled by weaker market sentiment, a lack of new launches due to the virus outbreak, and the evaporation of demand from mainland investors, luxury transaction volumes on Hong Kong island tumbled by 44% Q-o-Q in Q1/2020, following a modest rebound in Q4/2019, according to data published by Savills. In Kowloon and the New Territories, which were particularly popular districts among mainland investors, transaction volumes plunged by 50%.
Prices follow transaction volumes.
“With Covid-19 coming at a time of trade tensions, some forced selling is highly likely,” said Simon Smith, senior director of research and consultancy at Savills Hong Kong. “Some mainland vendors whose businesses face cash flow issues, and landlords of properties with multiple mortgages, will be prepared to consider offers [at deep discounts] on a selective basis.”
Here are a couple of choice examples courtesy of South China Morning Post:
One mainland investor sold a 639 sq ft flat at Century Link in Tung Chung for HK$7.6 million (US$980,550). “The homeowner was pessimistic about market prospects, so he did not hesitate to cash in,” said Dennis Wong, branch manager at Centaline Property Agency. “As the homeowner is a mainlander, he had to pay the buyer’s stamp duty when he entered the market. His exit actually cost him about HK$2 million.”
A 2,047 sq ft villa at The Beverly Hills in Tai Po that was bought for HK$28.5 million 10 years ago ($3.7 million) went for HK$20 million ($2.6 million) this month.
Weaker sales are translating into lower prices. Luxury home prices in Kowloon and the New Territories fell by 4.5% Q-o-Q in the first quarter. In areas such as Kowloon Station and Kowloon Tong the drop was even steeper, at 6.9% and 4.9%, respectively, from the previous quarter. Luxury apartment prices on Hong Kong Island declined by 3% in Q1/2020.
Prices have also fallen in the mass property market. According to Centalaline Property Agency’s Centa-City Index, which is based on all transaction records in the secondary market registered with the Land Registry, the median price fell 1.4% in March from February and about 9% from the double peaks in mid-2019 and mid-2018, and is back where it had first been in January and February 2018:
Prices will have to fall a heck of a lot further before most local residents with incomes that are even above the median can start dreaming about buying a home. Hong Kong is far and away the world’s most expensive housing market in terms of affordability for a median-income household, outdistancing even cities like Vancouver, Sydney and London, which have been through mind-boggling housing bubbles as well. By Nick Corbishley, for WOLF STREET.


investmentwatchblog--2020-04-22--False Reading: The Fed’s Equities Light Is “Green” But the Economy Is Crashing

Sadly , as markets stall and crash , participants will still be in their seats thinking all is well .
The tragic 2009 crash of Air France Flight 447 offers an apt analogy for the global economy and central bank-driven false signals .
Flight 447 entered an area of frigid turbulence over the Atlantic which caused the air-speed sensors ( pitot tubes ) to ice up .
A few minutes later , the autopilot disengaged , and the co-pilot flying the aircraft over-corrected in the turbulence .
Deprived of accurate airspeed readings , the co-pilot misjudged the situation and attempted @ @ @ @ @ @ @ stall .
Unable to recover , it crashed into the Atlantic , killing all on board .
The co-pilot ’ s last recorded words are haunting : “ We ’ re going to crash !
This can ’ t be true .
But what ’ s happening ?
” The Federal Reserve ’ s massive pimping of the stock market has frozen free-market feedback , generating wildly inaccurate readings which are leading participants to their doom .
Stripped of price discovery and accurate readings of risk , participants are attempting to recover recent @ @ @ @ @ @ @ will cause the stock market to stall and crash .
In effect , the Fed is jamming the equities market light on ” green ” when it should be flashing red and a stall alarm should be sounding .
Participants in the current manic rally are looking at the indicator light–a steady green , indicating A-OK–when in reality the global economy has stalled out and is crashing .
Thanks to the Fed ’ s pimping , the indicators no longer reflect the realities of price discovery or risk , and so participants are @ @ @ @ @ @ @ assuming that the indicator light is accurate and that the stock market is “ safe ” and “ stable , ” when in fact it is unstable and stalling .
Having inflated a high-risk , unsustainable bubble from September 2019 to February 2020 , the Fed ’ s response to the stock market stall in March has been to create false readings of stability , risk and altitude .
While punters and money managers are acting on the panel of green lights ( “ The Fed has our backs , stocks will rise @ @ @ @ @ @ @ ) , the market is actually stalling out so severely that the warning sensors have shut down .
Sadly , as markets stall and crash , participants will still be in their seats thinking all is well because the Fed has jury-rigged all the readings to be bright green and disabled the stall alarm .

by Charles Hugh-Smith
Sadly, as markets stall and crash, participants will still be in their seats thinking all is well.
The tragic 2009 crash of Air France Flight 447 offers an apt analogy for the global economy and central bank-driven false signals. Flight 447 entered an area of frigid turbulence over the Atlantic which caused the air-speed sensors (pitot tubes) to ice up. A few minutes later, the autopilot disengaged, and the co-pilot flying the aircraft over-corrected in the turbulence.
Deprived of accurate airspeed readings, the co-pilot misjudged the situation and attempted to climb, causing the aircraft to stall. Unable to recover, it crashed into the Atlantic, killing all on board.
The co-pilot’s last recorded words are haunting: “We’re going to crash! This can’t be true. But what’s happening?”
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The Federal Reserve’s massive pimping of the stock market has frozen free-market feedback, generating wildly inaccurate readings which are leading participants to their doom. Stripped of price discovery and accurate readings of risk, participants are attempting to recover recent highs, a misreading of reality that will cause the stock market to stall and crash.
In effect, the Fed is jamming the equities market light on”green” when it should be flashing red and a stall alarm should be sounding. Participants in the current manic rally are looking at the indicator light–a steady green, indicating A-OK–when in reality the global economy has stalled out and is crashing.
Thanks to the Fed’s pimping, the indicators no longer reflect the realities of price discovery or risk, and so participants are making a fatal error: they are assuming that the indicator light is accurate and that the stock market is “safe” and “stable,” when in fact it is unstable and stalling.
Having inflated a high-risk, unsustainable bubble from September 2019 to February 2020, the Fed’s response to the stock market stall in March has been to create false readings of stability, risk and altitude. While punters and money managers are acting on the panel of green lights (“The Fed has our backs, stocks will rise, there’s no risk”), the market is actually stalling out so severely that the warning sensors have shut down.
Sadly, as markets stall and crash, participants will still be in their seats thinking all is well because the Fed has jury-rigged all the readings to be bright green and disabled the stall alarm.


investmentwatchblog--2020-04-22--How Far Will the U.S. Economy Plunge During Lockdown? “Three times deeper than the Great Recession?”

No one has ever been through an economy where enormous shifts have occurred , from one day to the next , shutting down part of the economy but also generating sectors that are vastly more vibrant than ever before .
Monthly or quarterly economic indicators leave us in the dark because they lag too far behind and are at the moment largely useless .
What we need is high-frequency data – daily and weekly that track this shifting economy in near-real time .
For example , there has been an enormous boom in ecommerce – but we won ’ t @ @ @ @ @ @ @ and for Q2 until August .
Best Buy reported last week that its online sales had surged by 250 % but that it would furlough 51,000 hourly store employees as stores were closed to customers , allowing only for curbside pickup .
That duality that is now widespread impacts the economy in strange ways .
Grocery store and supermarket sales – which are normally the epitome of slow and steady growth tied to inflation and population growth – are suddenly booming .
Kroger reported a 30 % surge in “ identical retail supermarket @ @ @ @ @ @ @ do with working-at-home , including hardware sales , is booming .
Everything and anything that is online is booming — as are the sectors that make it all work , including delivery services .
And there are other sectors that are suddenly hot .
But other parts of the economy have essentially collapsed , with near-zero revenues , such as sit-down restaurants , sports & entertainment events , or the entire travel and accommodations industry , including airlines and hotels .
Some manufacturing plants are operating , but many others are not .
@ @ @ @ @ @ @ down .
Housing and auto sales are still ongoing , but at far lower levels .
Supply chains are misaligned , insufficient for the surging activity at supermarkets and ecommerce , but useless for commercial venues such as restaurants and schools that have been shut down .
There have been some shortages of meat at grocery stores .
But meat meant for restaurants is stuck because the meatpackers and middlemen for the restaurant and cafeteria industry are either not part of the long-established supply chains of large supermarkets , or the packaging and @ @ @ @ @ @ @ lot of smart people are trying to resolve these supply chain issues .
Agriculture is operating mostly .
Oil drilling has collapsed because of the demand for oil has collapsed , and the entire supply chain to the oil-and-gas sector , including the equipment manufacturing sector , and the services supporting it all have ground to a halt .
Consumers are still spending money , but they ’ re spending less , and they ’ re spending it in different ways .
So estimating where GDP will be in an economy that has @ @ @ @ @ @ @ and where activity in many sectors has plunged from one day to the next is going to be tough .
But here is one effort , initiated in early March in its current form : The New York Fed ’ s Weekly Economic Index ( WEI ) , released today for the week ending April 18 , is based on ten daily and weekly indicators – “ timely and relevant high-frequency data , ” as it says – of “ real economic activity.
” These indicators cover consumer behavior , the labor market @ @ @ @ @ @ @ the index together have scaled the index “ to align with the four-quarter GDP growth rate.
” The index has plunged over the past five weeks to -10.95 % .
If this reading persists for the entire second quarter , then the year-over-year GDP plunge in Q2 is expected to be around -11 % : The above chart shows how the index declined during the Great Recession .
The index turned negative at the beginning of October 2008 and then plunged .
Weekly declines were between 3 % and 3.8 % starting in @ @ @ @ @ @ @ the declines abated .
By comparison , real GDP during the Great Recession fell 2.8 % year-over-year in Q4 2008 , 3.2 % in Q1 2009 , 3.9 % in Q2 2009 , and 3.1 % in Q3 2009 .
The chart below , which covers 2019 and 2020 so far , shows the plunge in economic activity by week over the past five weeks .
Before it all started , the economy wasn ’ t all that hot , with diminishing growth rates last year and into this year .
For the @ @ @ @ @ @ @ eve of the lockdowns , the WEI was at 1.58 % : The WEI gives us a feel of what GDP might look like in this new economy .
The Great Recession , with GDP declining at less than one-third the rate indicated by the WEI , was bad enough .
Today ’ s 11 % plunge in the WEI points at a recession that would be three times deeper than the Great Recession , if the WEI persists at this level .
These are the 10 data series employed by the WEI @ @ @ @ @ @ @ users ( NY Fed calculations based on EIA data ) The initial claims for unemployment insurance alone appear to be on a similar “ three times worse ” trajectory , pointing to an of around 25-30 million unemployed , compared to an of around 10 million unemployed during the Great Recession .
So in terms of depth , not duration , “ three times deeper than the Great Recession ” might be a useful approximation until more data emerges .

No one has ever been through an economy where enormous shifts have occurred, from one day to the next, shutting down part of the economy but also generating sectors that are vastly more vibrant than ever before. Monthly or quarterly economic indicators leave us in the dark because they lag too far behind and are at the moment largely useless. What we need is high-frequency data – daily and weekly that track this shifting economy in near-real time.
For example, there has been an enormous boom in ecommerce – but we won’t get ecommerce data for Q1 until mid-May and for Q2 until August. Best Buy reported last week that its online sales had surged by 250% but that it would furlough 51,000 hourly store employees as stores were closed to customers, allowing only for curbside pickup. That duality that is now widespread impacts the economy in strange ways.
Grocery store and supermarket sales – which are normally the epitome of slow and steady growth tied to inflation and population growth – are suddenly booming. Kroger reported a 30% surge in “identical retail supermarket sales without fuel.”
Anything having to do with working-at-home, including hardware sales, is booming. Everything and anything that is online is booming — as are the sectors that make it all work, including delivery services. And there are other sectors that are suddenly hot.
But other parts of the economy have essentially collapsed, with near-zero revenues, such as sit-down restaurants, sports & entertainment events, or the entire travel and accommodations industry, including airlines and hotels.
Some manufacturing plants are operating, but many others are not. Much of the construction industry has shut down. Housing and auto sales are still ongoing, but at far lower levels.
Supply chains are misaligned, insufficient for the surging activity at supermarkets and ecommerce, but useless for commercial venues such as restaurants and schools that have been shut down.
There have been some shortages of meat at grocery stores. But meat meant for restaurants is stuck because the meatpackers and middlemen for the restaurant and cafeteria industry are either not part of the long-established supply chains of large supermarkets, or the packaging and quality is inappropriate for supermarkets. A lot of smart people are trying to resolve these supply chain issues.
Agriculture is operating mostly. Oil drilling has collapsed because of the demand for oil has collapsed, and the entire supply chain to the oil-and-gas sector, including the equipment manufacturing sector, and the services supporting it all have ground to a halt.
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Consumers are still spending money, but they’re spending less, and they’re spending it in different ways. So estimating where GDP will be in an economy that has shifted so suddenly and so dramatically, and where activity in many sectors has plunged from one day to the next is going to be tough.
But here is one effort, initiated in early March in its current form: The New York Fed’s Weekly Economic Index (WEI), released today for the week ending April 18, is based on ten daily and weekly indicators – “timely and relevant high-frequency data,” as it says – of “real economic activity.” These indicators cover consumer behavior, the labor market, and production. The researchers putting the index together have scaled the index “to align with the four-quarter GDP growth rate.”
The index has plunged over the past five weeks to -10.95%. If this reading persists for the entire second quarter, then the year-over-year GDP plunge in Q2 is expected to be around -11%:
The above chart shows how the index declined during the Great Recession. The index turned negative at the beginning of October 2008 and then plunged. Weekly declines were between 3% and 3.8% starting in December 2008 through August 2009. Then the declines abated.
By comparison, real GDP during the Great Recession fell 2.8% year-over-year in Q4 2008, 3.2% in Q1 2009, 3.9% in Q2 2009, and 3.1% in Q3 2009.
The chart below, which covers 2019 and 2020 so far, shows the plunge in economic activity by week over the past five weeks. Before it all started, the economy wasn’t all that hot, with diminishing growth rates last year and into this year. For the week ending February 29, on the eve of the lockdowns, the WEI was at 1.58%:
The WEI gives us a feel of what GDP might look like in this new economy. The Great Recession, with GDP declining at less than one-third the rate indicated by the WEI, was bad enough. Today’s 11% plunge in the WEI points at a recession that would be three times deeper than the Great Recession, if the WEI persists at this level.
These are the 10 data series employed by the WEI:
Redbook Research: weekly same-store sales Initial claims for unemployment insurance Continuing claims for unemployment insurance Staffing Index by the American Staffing Association Rasmussen Consumer Index Raw steel production (from American Iron and Steel Institute) Electric utility output, excl. Hawaii & Alaska (Edison Electric Institute) US fuel sales to end users (NY Fed calculations based on EIA data) US railroad traffic Federal withholding tax collections (Booth Financial Consulting)
The initial claims for unemployment insurance alone appear to be on a similar “three times worse” trajectory, pointing to an increase of around 25-30 million unemployed, compared to an increase of around 10 million unemployed during the Great Recession. So in terms of depth, not duration, “three times deeper than the Great Recession” might be a useful approximation until more data emerges.


investmentwatchblog--2020-04-22--Mapped: Average Homeowners Insurance Rates for Each State

If you ’ re looking for ways to save money right now , you might start by looking at how much you ’ re spending each year on homeowners insurance .
According to our latest map , how much it costs for homeowners insurance depends entirely on where you live .
• The most expensive states for homeowners insurance tend to be located in Tornado Alley and along the Gulf Coast , led by Oklahoma with an average annual premium of $ 4,445 , well over 60 % higher than the national average .
• Hawaiians enjoy the cheapest rates @ @ @ @ @ @ @ per year , thanks in large part to the relatively rare occurrences of insurable natural disasters .
• The Northeast and Northwest have below-average rates for insurance , including some states with major metro areas like New York , where it costs just $ 1,840 .
• The national average is $ 2,305 , but most people pay somewhere between $ 1,500 and $ 3,000 each year on homeowners insurance .
We found the data for our map at Insurance.com , a cost comparison website .
There are a few assumptions behind the @ @ @ @ @ @ @ married couple with excellent credit wanted to insure a home worth $ 300,000 with typical policy features , like a $ 1,000 deductible and guest medical coverage of $ 5,000 per person .
We calculated the average cost of insurance in each state , then plotted a color-coded map based on how much more or less each state ’ s rates cost than the national average .
This lets you easily see both the relative and absolute totals of average homeowners insurance costs around the country .
1 .
Oklahoma : $ 4,445 @ @ @ @ @ @ @ .
Kansas : $ 3,931 ( 70.5 % above average ) 3 .
Arkansas : $ 3,439 ( 49.2 % above average ) 4 .
Florida : $ 3,439 ( 49.2 % above average ) 5 .
Texas : $ 3,429 ( 48.8 % above average ) 6 .
Mississippi : $ 3,340 ( 44.9 % above average ) 7 .
Louisiana : $ 3,270 ( 41.9 % above average ) 8 .
South Dakota : $ 3,172 ( 37.6 % above average ) 9 .
Nebraska : $ 3,133 ( 35.9 % @ @ @ @ @ @ @ $ 3,111 ( 35.0 % above average ) There are two interesting insights about the homeowners insurance market in our map .
First , the most expensive states tend to be located in the South along the Gulf of Mexico and stretching into Tornado Alley .
Oklahoma is by far the most expensive state in the country at $ 4,445 per year , or 92.8 % above average .
If you drew a straight line from Montana to Florida , every state would have an above average rate .
That ’ s because @ @ @ @ @ @ @ natural disasters like hurricanes , tornadoes and avalanches , which tend to destroy property and drive up insurance rates .
Another interesting insight is how homeowners insurance is relatively cheap on both coasts .
Vermont is the most affordable in the Northeast at just $ 1,212 , or slightly more than $ 100 per month .
And check out California , where it only costs $ 1,166 on average .
Bear in mind we assumed a starting home value of $ 300,000 to arrive at these numbers , making it an apples-to-apples comparison @ @ @ @ @ @ @ lot further in some states than others .
But here ’ s the most important thing to remember about homeowners insurance : it only offers protection against specific things , or perils , like fire and tornadoes .
The vast majority of insurance policies on the market today do not offer coverage for earthquakes or floods .
These types of natural disasters would completely wipe out the property and casualty insurance industry .
That ’ s why there are other separate insurance policies available in states like California , where the government mandates @ @ @ @ @ @ @ new buildings to abide by strict earthquake-mitigation codes .
Companies simply wouldn ’ t offer that type of protection if it weren ’ t required by law .
If you ’ re looking to buy a home for the first time , or even just trying to save some money in your budget , check out our homeowners insurance cost guide .
And if you ’ re still a renter , take a look at our renters insurance cost guide .
If you like our visualizations , give us a shout on social @ @ @ @ @ @ @ site .

by howmuch
If you’re looking for ways to save money right now, you might start by looking at how much you’re spending each year on homeowners insurance. According to our latest map, how much it costs for homeowners insurance depends entirely on where you live.
Buy this visualization
The most expensive states for homeowners insurance tend to be located in Tornado Alley and along the Gulf Coast, led by Oklahoma with an average annual premium of $4,445, well over 60% higher than the national average.
Hawaiians enjoy the cheapest rates for homeowners insurance at just $499 per year, thanks in large part to the relatively rare occurrences of insurable natural disasters.
The Northeast and Northwest have below-average rates for insurance, including some states with major metro areas like New York, where it costs just $1,840.
The national average is $2,305, but most people pay somewhere between $1,500 and $3,000 each year on homeowners insurance.
We found the data for our map at Insurance.com, a cost comparison website. There are a few assumptions behind the data in our map. Imagine a married couple with excellent credit wanted to insure a home worth $300,000 with typical policy features, like a $1,000 deductible and guest medical coverage of $5,000 per person. We calculated the average cost of insurance in each state, then plotted a color-coded map based on how much more or less each state’s rates cost than the national average. This lets you easily see both the relative and absolute totals of average homeowners insurance costs around the country.
Top 10 Most Expensive States for Homeowners Insurance
1. Oklahoma: $4,445 (92.8% above average)
2. Kansas: $3,931 (70.5% above average)
3. Arkansas: $3,439 (49.2% above average)
4. Florida: $3,439 (49.2% above average)
5. Texas: $3,429 (48.8% above average)
6. Mississippi: $3,340 (44.9% above average)
7. Louisiana: $3,270 (41.9% above average)
8. South Dakota: $3,172 (37.6% above average)
9. Nebraska: $3,133 (35.9% above average)
10. Missouri: $3,111 (35.0% above average)
There are two interesting insights about the homeowners insurance market in our map. First, the most expensive states tend to be located in the South along the Gulf of Mexico and stretching into Tornado Alley. Oklahoma is by far the most expensive state in the country at $4,445 per year, or 92.8% above average. If you drew a straight line from Montana to Florida, every state would have an above average rate. That’s because geography is the single biggest determiner of natural disasters like hurricanes, tornadoes and avalanches, which tend to destroy property and drive up insurance rates.
We are primarily funded by readers. Please subscribe and donate to support us!
Another interesting insight is how homeowners insurance is relatively cheap on both coasts. Vermont is the most affordable in the Northeast at just $1,212, or slightly more than $100 per month. And check out California, where it only costs $1,166 on average. Bear in mind we assumed a starting home value of $300,000 to arrive at these numbers, making it an apples-to-apples comparison. We know $300K goes a lot further in some states than others.
But here’s the most important thing to remember about homeowners insurance: it only offers protection against specific things, or perils, like fire and tornadoes. The vast majority of insurance policies on the market today do not offer coverage for earthquakes or floods. These types of natural disasters would completely wipe out the property and casualty insurance industry. That’s why there are other separate insurance policies available in states like California, where the government mandates earthquake coverage for certain residents and requires new buildings to abide by strict earthquake-mitigation codes. Companies simply wouldn’t offer that type of protection if it weren’t required by law.
If you’re looking to buy a home for the first time, or even just trying to save some money in your budget, check out our homeowners insurance cost guide. And if you’re still a renter, take a look at our renters insurance cost guide.
If you like our visualizations, give us a shout on social media and tell your friends about our site.


investmentwatchblog--2020-04-22--Less People Have Received Their Unemployment Checks So Far

It ’ s almost impossible to overstate the impact COVID-19 is having on the labor market .
Virtually every job has been impacted .
Some people ( think professional business ) are actually working longer hours from home if they have a job that allows them to work from home .
That might be because of the time saved from not commuting .
However , that ’ s not the case for people who can ’ t work from home .
The average weekly workweek in March fell from 34.4 to 34.2 hours .
The length of the workweek falls @ @ @ @ @ @ @ of expansions , and stays steady throughout expansions .
The length in March was the shortest since January 2011 .
We expect it to fall again in April .
The trough in the last recession was 33.7 hours .
Workers are claiming unemployment benefits because of reduces hours programs .
As you can see from the chart below , the number of people in these programs recently doubled from below 12,500 to over 25,000 .
These workshares let workers collect prorated unemployment benefits to offset the reduced hours worked .
This along with @ @ @ @ @ @ @ lifesavers for workers .
The situation is far from perfect , however , as most people haven ’ t gotten their unemployment checks yet .
That ’ s devastating for people living paycheck to paycheck .
The chart below shows 14.8 % of people who filed unemployment have gotten their first check in March .
That ’ s compared to 46.4 % last March .
Let ’ s wait to see the April data to determine if the system is backed up or if the huge swath of people at the end of @ @ @ @ @ @ @ right on schedule , but just didn ’ t get the money yet .
We know Florida has been in trouble as its website had problems causing people to stand in line to hand in their paper forms .
That ’ s the worst case scenario as people risked catching coronavirus to have enough money to live while unemployed .
As we mentioned , the new trend this spring is a suspension of buybacks , guidance , and companies borrowing from their revolving lines of credit for excess liquidity .
As you can @ @ @ @ @ @ @ % of the firms that reported earnings in the past 4 weeks gave guidance .
In a way the lack of certainty has fortified the bulls ’ stance that we should ignore this one time factor .
The fact that this narrative of ignoring the bad results has become commonplace could be a sell signal .
We won ’ t be ignoring the data .
We will be following it closely .
As always firms are beating estimates .
Firms will always beat estimates because they are lowered so they can be beaten @ @ @ @ @ @ @ , firms will miss estimates in Q2 .
On the other hand , maybe estimates will fall so low , they can ’ t be missed .
The current S & P 500 EPS estimates are for a 12.37 % decline in Q1 and a 24.76 % decline in Q2 .
We think it ’ s clear the estimate for losses in Q2 was a farce .
The claim was based on a top down estimate without detailed research .
Bottoms up estimates use actual data and company estimates , while top down @ @ @ @ @ @ @ To be clear , Q2 estimates will fall very sharply in the next 2-3 weeks .
However , they won ’ t show anywhere close to -100 % EPS growth .
You have to realize , consumer staples , utilities , communication services , technology , and healthcare will all make money .
The other sectors would need to have massive losses to make up for that .
Of the first 54 firms to report results , 69 % beat EPS estimates on -12.3 % growth and 72 % beat sales estimates on @ @ @ @ @ @ @ how investors react to earnings reports .
Now we won ’ t have that .
Actually , listening to the Q & A section of conference calls will be critical .
The fund for small business loans ran out of money on April 16th after just 13 days .
The $ 349 billion Paycheck Protection Program was too small .
The next round of funding needs to be large because it has a burn rate of $ 50 billion per day .
Hopefully , it is close to $ 1 trillion , for @ @ @ @ @ @ @ .
The time to help small firms is now because they won ’ t be able to reopen in a few months when the virus ends if they go bankrupt .
If they survive this crisis , the economy can rebound more quickly .
One of the scary aspects of this situation is some small banks aren ’ t applying for the government loans .
The chart below shows 10 % don ’ t think they will receive the money in time and almost 15 % think COVID-19 will last too long to @ @ @ @ @ @ @ into grants , but many small firms have doubts about that .
Over 10 % don ’ t trust the bank to forgive the loan and almost 20 % don ’ t trust the government to forgive the loan .
The impact social distancing and shutdowns are having on the labor market can ’ t be overstated as we mentioned earlier .
As you can see from the chart in the bottom left , 20 % of payroll jobs will be impacted from social distancing such as restaurants and bars as well as @ @ @ @ @ @ @ there is some pent-up demand for this category as many people will want to go out to restaurants and entertainment venues after being stuck inside for weeks .
Obviously , the situation needs to be done safely .
The desire will likely be there ; it ’ s more a matter of if consumers are in good enough financial shape to spend money because of the huge hit the labor market has taken .
Many people are getting prorated benefits because they are working less .
Hopefully , the people who filed for @ @ @ @ @ @ @ need to see the April report to confirm what ’ s going on .
Very few companies are providing earnings guidance .
The money for small business loans has run out , but it is being replenished .
As much as $ 1 trillion may need to be added to the next package to have a sizable impact .
Hopefully , small firms will gain trust in the process and utilize it .
20 % of the labor market is impacted by social distancing .
Demand for restaurants and entertainment among other categories @ @ @ @ @ @ @ safe and people ’ s finances are in order .

by UPFINA
It’s almost impossible to overstate the impact COVID-19 is having on the labor market. Virtually every job has been impacted. Some people (think professional business) are actually working longer hours from home if they have a job that allows them to work from home. That might be because of the time saved from not commuting. However, that’s not the case for people who can’t work from home. The average weekly workweek in March fell from 34.4 to 34.2 hours. The length of the workweek falls during recessions, rises during the beginning of expansions, and stays steady throughout expansions. The length in March was the shortest since January 2011. We expect it to fall again in April. The trough in the last recession was 33.7 hours.
Workers are claiming unemployment benefits because of reduces hours programs. As you can see from the chart below, the number of people in these programs recently doubled from below 12,500 to over 25,000. These workshares let workers collect prorated unemployment benefits to offset the reduced hours worked. This along with giving gig workers benefits have been huge lifesavers for workers.
Beyond the massive job losses, the global #coronavirus recession will lead to a massive reduction in hours worked and wages Tip of the ice-berg visible here via @SoberLook @sechaney pic.twitter.com/LPrnhK7wHt — Gregory Daco (@GregDaco) April 21, 2020
The situation is far from perfect, however, as most people haven’t gotten their unemployment checks yet. That’s devastating for people living paycheck to paycheck. The chart below shows 14.8% of people who filed unemployment have gotten their first check in March. That’s compared to 46.4% last March.
Let’s wait to see the April data to determine if the system is backed up or if the huge swath of people at the end of the month that applied for benefits were right on schedule, but just didn’t get the money yet. We know Florida has been in trouble as its website had problems causing people to stand in line to hand in their paper forms. That’s the worst case scenario as people risked catching coronavirus to have enough money to live while unemployed.
Goodbye To Guidance
As we mentioned, the new trend this spring is a suspension of buybacks, guidance, and companies borrowing from their revolving lines of credit for excess liquidity. As you can see from the chart below, 87.83% of the firms that reported earnings in the past 4 weeks gave guidance.
There is currently a record low share of companies providing guidance.
Read more in tonight's Closer: t.co/Tju9O1JL0e pic.twitter.com/EooxyxaslV — Bespoke (@bespokeinvest) April 20, 2020
In a way the lack of certainty has fortified the bulls’ stance that we should ignore this one time factor. The fact that this narrative of ignoring the bad results has become commonplace could be a sell signal. We won’t be ignoring the data. We will be following it closely.
We are primarily funded by readers. Please subscribe and donate to support us!
As always firms are beating estimates. Firms will always beat estimates because they are lowered so they can be beaten. Maybe with the lack of guidance, firms will miss estimates in Q2. On the other hand, maybe estimates will fall so low, they can’t be missed. The current S&P 500 EPS estimates are for a 12.37% decline in Q1 and a 24.76% decline in Q2. We think it’s clear the estimate for losses in Q2 was a farce. The claim was based on a top down estimate without detailed research. Bottoms up estimates use actual data and company estimates, while top down estimates can be based on anything.
To be clear, Q2 estimates will fall very sharply in the next 2-3 weeks. However, they won’t show anywhere close to -100% EPS growth. You have to realize, consumer staples, utilities, communication services, technology, and healthcare will all make money. The other sectors would need to have massive losses to make up for that. Of the first 54 firms to report results, 69% beat EPS estimates on -12.3% growth and 72% beat sales estimates on 3% growth. Guidance is usually how investors react to earnings reports. Now we won’t have that. Actually, listening to the Q&A section of conference calls will be critical.
Not Getting A Small Business Loan
The fund for small business loans ran out of money on April 16th after just 13 days. The $349 billion Paycheck Protection Program was too small. The next round of funding needs to be large because it has a burn rate of $50 billion per day. Hopefully, it is close to $1 trillion, for the sake of all the small businesses. The time to help small firms is now because they won’t be able to reopen in a few months when the virus ends if they go bankrupt. If they survive this crisis, the economy can rebound more quickly.
One of the scary aspects of this situation is some small banks aren’t applying for the government loans. The chart below shows 10% don’t think they will receive the money in time and almost 15% think COVID-19 will last too long to repay the loan. The loans transition into grants, but many small firms have doubts about that. Over 10% don’t trust the bank to forgive the loan and almost 20% don’t trust the government to forgive the loan.
A third of small businesses who didn't apply for loans in the CARES Act cited concerns that loans wouldn't be forgiven as the reason. t.co/ZQdBqpEw9G pic.twitter.com/p00t9ZVDmL — Bespoke (@bespokeinvest) April 20, 2020
Impact Of Social Distancing
The impact social distancing and shutdowns are having on the labor market can’t be overstated as we mentioned earlier. As you can see from the chart in the bottom left, 20% of payroll jobs will be impacted from social distancing such as restaurants and bars as well as entertainment and tourism.
Good graphic by JPM showing the economic and market impact of social distancing as far as jobs and earnings go pic.twitter.com/2fw8KySQU3 — Lawrence Hamtil (@lhamtil) April 19, 2020
The hope is there is some pent-up demand for this category as many people will want to go out to restaurants and entertainment venues after being stuck inside for weeks. Obviously, the situation needs to be done safely. The desire will likely be there; it’s more a matter of if consumers are in good enough financial shape to spend money because of the huge hit the labor market has taken.
Conclusion
Many people are getting prorated benefits because they are working less. Hopefully, the people who filed for claims are getting their money. We need to see the April report to confirm what’s going on. Very few companies are providing earnings guidance. The money for small business loans has run out, but it is being replenished. As much as $1 trillion may need to be added to the next package to have a sizable impact. Hopefully, small firms will gain trust in the process and utilize it. 20% of the labor market is impacted by social distancing. Demand for restaurants and entertainment among other categories will come back when the situation is safe and people’s finances are in order.


investmentwatchblog--2020-04-22--$10 Billion more for EIDL Grants

$10 Billion more for EIDL Grants

• $ 310 billion total for PPP , with $ 250 billion unrestricted and $ 60 billion set aside for @ @ @ @ @ billion for EIDL loans and $ 10 billion for EIDL grants • $ 25 billion @ @ @ @ @ billion of which will be distributed to states LOL they didn ’ t learn anything @ @ @ @ @ .

by 9mmNATO
$310 billion total for PPP, with $250 billion unrestricted and $60 billion set aside for smaller institutions
$50 billion for EIDL loans and $10 billion for EIDL grants
$75 billion for hospitals
$25 billion for testing, $11 billion of which will be distributed to states
$2.1 billion for Small Business Administration administrative expenses

We are primarily funded by readers. Please subscribe and donate to support us!
LOL they didn’t learn anything from the first time around.


investmentwatchblog--2020-04-22--Employees mad at me for paying them

Employees mad at me for paying them

I own a small restaurant/coffeehouse in a small town .
Before COVID , I employed 7 full time workers and 3 part time workers .
I have been having extreme anxiety and guilt about my employees not having hours and therefore , not getting paid .
For weeks I have been trying to come up with a way for us to reopen while still keeping my staff and customers safe from the spread of the virus .
Every-time I think I have come up with a way for us to safely reopen , 3 of them are very skeptical .
@ @ @ @ @ @ @ would be taking to keep us safe and never think it is enough .
So when I heard about he PPP loans , I applied for one by 1pm the day it passed .
What a great opportunity right ?
?
With this loan I would be able to confidently pay all employees , whether we are open or not , AND be able to pay some bills .
Now this brings us to yesterday .
I happily reached out to all my staff to give them the good news that I will @ @ @ @ @ @ @ 4 pay periods !
!
Yay right ?
!
?
No .
Don ’ t get me wrong , most we ’ re very grateful but those same three are mad and disappointed with me .
They are now upset because with the $ 600 extra stimulus , they would have been making more on unemployment than what I will be paying them .
Even though , I ’ m paying them what they were getting paid pre-COVID .
I think my head is going to explode .
I ’ ve owned my @ @ @ @ @ @ @ only thing that ever really stresses me out is the responsibility I feel for my employees and their lives .
There have been many times where I think I ’ m making a decision that will be the best for everyone but someone is always unhappy .
I want to ask you all if I am in the wrong .
I know I ’ m not but they are making me feel like I need to ask .
So I guess I don ’ t know what I ’ m looking for here @

by klritner
I own a small restaurant/coffeehouse in a small town. Before COVID, I employed 7 full time workers and 3 part time workers. I have been having extreme anxiety and guilt about my employees not having hours and therefore, not getting paid. For weeks I have been trying to come up with a way for us to reopen while still keeping my staff and customers safe from the spread of the virus. Every-time I think I have come up with a way for us to safely reopen, 3 of them are very skeptical. They question the processes and steps we would be taking to keep us safe and never think it is enough. So when I heard about he PPP loans, I applied for one by 1pm the day it passed. What a great opportunity right?? With this loan I would be able to confidently pay all employees, whether we are open or not, AND be able to pay some bills.
Now this brings us to yesterday. I happily reached out to all my staff to give them the good news that I will be able to continue paying them for 4 pay periods!! Yay right?!? No. Don’t get me wrong, most we’re very grateful but those same three are mad and disappointed with me. They are now upset because with the $600 extra stimulus, they would have been making more on unemployment than what I will be paying them. Even though, I’m paying them what they were getting paid pre-COVID. I think my head is going to explode. I’ve owned my business for 2.5 years now. The only thing that ever really stresses me out is the responsibility I feel for my employees and their lives. There have been many times where I think I’m making a decision that will be the best for everyone but someone is always unhappy.
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I want to ask you all if I am in the wrong. I know I’m not but they are making me feel like I need to ask.
So I guess I don’t know what I’m looking for here.


investmentwatchblog--2020-04-22--EIDL: According to transparency data released by SBA at request of congress, as of 4/19 they have on

EIDL: According to transparency data released by SBA at request of congress, as of 4/19 they have only processed/approved 26,919 EIDLs out of 4.1 million applications averaging around 900 per day.

They have been at this for a whole month with over 7000 people and this is the best they can @ @ @ @ @ a massive amount of denials/declines or duplicates or they are very slow..

by cue378
www.sba.gov/document/report–covid-19-eidl-loans-report
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They have been at this for a whole month with over 7000 people and this is the best they can do? Either there is a massive amount of denials/declines or duplicates or they are very slow..


investmentwatchblog--2020-04-22--What happens with ETF if its founding bank goes bankrupt?

Unless something has changed , ETFs are required to be legally separate from the company , and assets are held by a third party custodian .
In theory , the ETF should be mostly unaffected .
If an ETF sponsor goes bankrupt , the fund will either continue to be managed by a different adviser or will be liquidated , in which case the investor will receive cash representing the value of his share of the underlying asset .
So , you can see how in theory the bankruptcy of the sponsor should not have a direct impact on the @ @ @ @ @ @ @ separate from the management company .
You can review this with the SEC , or you can read the documentation from any brokerage .
For further reading , research segregated liability .
An important characteristic of ETFs and mutual funds is that they ’ re legally separate from the company that manages them .
They ’ re structured as separate “ investment companies , ” “ limited partnerships ” or “ trusts.
” This matters because even if the parent company behind the ETF goes out of the business , the assets of @ @ @ @ @ @ @ investors will still own the assets held by the fund .
HSBC ETFs are sub-funds of HSBC ETFs plc , an investment company with variable capital and segregated liability between sub-funds , incorporated in Ireland as a public limited company , and authorised by the Central Bank of Ireland .
The company is constituted as an umbrella fund , with segregated liability between sub-funds

by thirtydelta
Unless something has changed, ETFs are required to be legally separate from the company, and assets are held by a third party custodian. In theory, the ETF should be mostly unaffected.
From ProShare’s documentation.
If an ETF sponsor goes bankrupt, the fund will either continue to be managed by a different adviser or will be liquidated, in which case the investor will receive cash representing the value of his share of the underlying asset.
So, you can see how in theory the bankruptcy of the sponsor should not have a direct impact on the value of ETF.
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Also, Assets are in a separate account, not separate from company
ETFs are legally separate from the management company. You can review this with the SEC, or you can read the documentation from any brokerage. For further reading, research segregated liability.
From Schwab
An important characteristic of ETFs and mutual funds is that they’re legally separate from the company that manages them. They’re structured as separate “investment companies,” “limited partnerships” or “trusts.” This matters because even if the parent company behind the ETF goes out of the business, the assets of the ETF itself are completely separate and investors will still own the assets held by the fund.
From HSBC
HSBC ETFs are sub-funds of HSBC ETFs plc, an investment company with variable capital and segregated liability between sub-funds, incorporated in Ireland as a public limited company, and authorised by the Central Bank of Ireland. The company is constituted as an umbrella fund, with segregated liability between sub-funds


investmentwatchblog--2020-04-22--Here comes the Oil bailout:

Here comes the Oil bailout:

We will never let the great U.S. Oil & Gas Industry down .
I have instructed the Secretary of Energy @ @ @ @ @ to formulate a plan which will make funds available so that these very important companies @ @ @ @ @ long into the future !

We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!
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We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future! — Donald J. Trump (@realDonaldTrump) April 21, 2020


investmentwatchblog--2020-04-22--Credit Markets Turmoil: More Collateral Problems; Automobile Collateral to Impact Ford and GM

There is nothing the Fed can do about these problems , and as collateral continues to deflate , credit markets @ @ @ @ @ This is the 3rd in a series of Posts that highlight the deterioration of collateral @ @ @ @ @ 1st we had CMBS reporting that delinquencies are sending many loans to special servicing .
@ @ @ @ @ drop in prices for Commercial Real Estate Collateral .
2nd we had an article on @ @ @ @ @ loans , downgrades decrease loan values , hence collateral problems .
3rd we are seeing @ @ @ @ @ countless auto securitizations .

finance.yahoo.com/news/gm-ford-face-billions-losses-135232626.html
There is nothing the Fed can do about these problems, and as collateral continues to deflate, credit markets will increase their distress.
This is the 3rd in a series of Posts that highlight the deterioration of collateral in the credit markets.
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1st we had CMBS reporting that delinquencies are sending many loans to special servicing. this will result in a drop in prices for Commercial Real Estate Collateral.
2nd we had an article on CLO downgrades in the underlying loans, downgrades decrease loan values, hence collateral problems.
3rd we are seeing deterioration in the collateral for countless auto securitizations.


investmentwatchblog--2020-04-22--Even Mild Coronavirus Cases Can Result In Lifelong Lung Damage

Why is Chris now worried about a food crisis , on top of the current health and economic ones ?
READ : www.peakprosperity.com/the-ne… New research shows that even those who recover from a relatively mild cases of covid-19 appear to have permanent lung damage .
As we ’ ve been saying : you DON ’ T want to get this virus if you can at all avoid it .
Also , covid-19 has hit group nursing homes particularly hard .
They ’ re sort of land-based cruise ships , except worse — because everyone inside is in the highest at-risk @ @ @ @ @ @ @ heartbreaking stories of mass fatalities and families unable to say goodbye to grandparents who die in isolation .
If you have an elderly parent , especially one who requires special treatment that you may not be able to provide at home , how do you keep them safe ?
Millions of households around the world are asking this very question .
Which is why in today ’ s video , Chris addresses the challenge with an elder care specialist .
Meanwhile , the horrendous carnage in the oil market continues .
Oil futures @ @ @ @ @ @ @ that the damage from this price collapse is going to reverberate for months — likely years — to come .
Which is why , in the meanwhile , we continue to urge you to keep working on starting/expanding your garden : www.peakprosperity.com/diygarden

Why is Chris now worried about a food crisis, on top of the current health and economic ones? READ: www.peakprosperity.com/the-ne…
New research shows that even those who recover from a relatively mild cases of covid-19 appear to have permanent lung damage.
As we’ve been saying: you DON’T want to get this virus if you can at all avoid it.
Also, covid-19 has hit group nursing homes particularly hard. They’re sort of land-based cruise ships, except worse — because everyone inside is in the highest at-risk category.
The news is full of heartbreaking stories of mass fatalities and families unable to say goodbye to grandparents who die in isolation.
We are primarily funded by readers. Please subscribe and donate to support us!
If you have an elderly parent, especially one who requires special treatment that you may not be able to provide at home, how do you keep them safe?
Millions of households around the world are asking this very question.
Which is why in today’s video, Chris addresses the challenge with an elder care specialist.
Meanwhile, the horrendous carnage in the oil market continues. Oil futures were down sharply again today, ensuring that the damage from this price collapse is going to reverberate for months — likely years — to come.
Which is why, in the meanwhile, we continue to urge you to keep working on starting/expanding your garden:
www.peakprosperity.com/diygarden


investmentwatchblog--2020-04-22--People Are Protesting Everywhere! But You’re NOT Hearing This…

People Are Protesting Everywhere !
But You ’ re NOT Hearing This…

People Are Protesting Everywhere! But You’re NOT Hearing This…
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investmentwatchblog--2020-04-22--US cities’ transportation sectors cut back, lose millions

There ’ s no doubt COVID-19 has impacted just about every US industry , including the US transportation sector .
@ @ @ @ @ due to cutbacks .
RT America ’ s Natasha Sweatte takes a look at how @ @ @ @ @ many drivers and their wallets .

There’s no doubt COVID-19 has impacted just about every US industry, including the US transportation sector. Many cities have lost millions due to cutbacks. RT America’s Natasha Sweatte takes a look at how this industry depends on so many drivers and their wallets.
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investmentwatchblog--2020-04-22--Facebook tells you when you are wrong.

Facebook tells you when you are wrong.

Facebook very kindly informed me I was wrong .
As of 2019 79 % of the us population uses Facebook @ @ @ @ @ influence on the information people view as real or fake .
This isn ’ t @ @ @ @ @ , but it is upsetting to see this , control the fact checking companies , @ @ @ @

by voodooshrimps
I posted this link corona virus
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Facebook very kindly informed me I was wrong. As of 2019 79% of the us population uses Facebook. This presents a massive influence on the information people view as real or fake. This isn’t news to most of us, but it is upsetting to see this, control the fact checking companies, control what people think


investmentwatchblog--2020-04-22--RUSH: Are you ready for this? This is a Rasmussen survey. I gotta tell you, folks, this… I don’t car

RUSH : Are you ready for this ?
This is a Rasmussen survey .
I got ta tell you , folks , this… I don ’ t care what your politics are .
This should really open your eyes .
“ Sixty percent of Democrats blame Trump more than China for the coronavirus .
Most Democrats blame Trump for the coronavirus crisis the country is now experiencing , the only group of voters who think this way .
Forty-two percent of all likely U.S. voters agree with Senator Chris Murphy ’ s statement , ‘ The reason we ’ re @ @ @ @ @ @ @ today is not because of anything China did .
It ’ s because of Donald Trump.
” It ’ s not because of anything China… ?
No , the virus only came from there .
Sixty percent of Democrats agree with that statement !
I don ’ t think… I don ’ t think even Never Trumpers would agree with that statement .
Just to show you what we ’ re up against , just to show you the level of deceit .
These people are either sick in the head and poisoned @ @ @ @ @ @ @ media that they ’ ve been absorbing for four years , or they ’ re genuinely insane .
They ’ re so insane due to partisan rot .
RUSH : By the way , when I was recounting the survey data from Rasmussen that 60 % of Democrats , 60 % of Democrats blame Donald Trump more than China for the coronavirus , I quoted U.S .
Senator Chris Murphy who ’ s a Democrat from Connecticut .
And I got some email , “ Nobody said that .
Nobody said that.
” @ @ @ @ @ @ @ is Senator Chris Murphy , Democrat , Connecticut , on CNN the night of April 14th , 2020 .
So basically a week ago .
And the question from Anderson Cooper : “ On February 5th you tweeted about the White House response to the coronavirus at that time .
You said : ‘ Just left the administration briefing on coronavirus .
Bottom line , they aren ’ t taking this seriously enough.
’ ” MURPHY : The reason that we ’ re in the crisis that we are today is not because @ @ @ @ @ @ @ ’ s not because of anything that WHO did .
It ’ s because of what this president did , because he didn ’ t take this virus seriously .
We weren ’ t going to be able to keep every case out of the United States , but we didn ’ t have to have tens of thousands of people dying .
RUSH : So , “ The reason we ’ re in this crisis is not because of anything that China it .
It ’ s not because of anything the @ @ @ @ @ @ @ of what Trump did.
” All Trump did was suspend flights from China back in January .
And when he did , you know the drill now .
He was called a racist and a pig and a xenophobe .
And at the same time that Trump was shutting down flights from China into the United States , Nancy Pelosi was on television urging people in San Francisco to come on down to Chinatown .
Have a party .
New York politicians were encouraging people in the New York metro area to come @ @ @ @ @ @ @ good time will be had by all .
Nothing to worry about with the virus .
This is just — you know , to say it ’ s outrageous doesn ’ t even cut it .
The reason we ’ re in this crisis today is not because of anything China did ?
The World Health Organization was parroting China : It ’ s not contagious .
It ’ s not highly , easily transmissible .
Nothing to see here .
This is why , you know , you start talking about leftists @ @ @ @ @ @ @ ’ m telling you , there ’ s no common ground .
There ’ s no crossing the aisle to meet them halfway .

via rushlimbaugh
RUSH: Are you ready for this? This is a Rasmussen survey. I gotta tell you, folks, this… I don’t care what your politics are. This should really open your eyes.
“Sixty percent of Democrats blame Trump more than China for the coronavirus. Most Democrats blame Trump for the coronavirus crisis the country is now experiencing, the only group of voters who think this way. Forty-two percent of all likely U.S. voters agree with Senator Chris Murphy’s statement, ‘The reason we’re in this crisis we’re in today is not because of anything China did. It’s because of Donald Trump.”
It’s not because of anything China…? No, the virus only came from there. Sixty percent of Democrats agree with that statement! I don’t think… I don’t think even Never Trumpers would agree with that statement. Just to show you what we’re up against, just to show you the level of deceit. These people are either sick in the head and poisoned with so much hatred because of the media that they’ve been absorbing for four years, or they’re genuinely insane. They’re so insane due to partisan rot.
BREAK TRANSCRIPT
RUSH: By the way, when I was recounting the survey data from Rasmussen that 60% of Democrats, 60% of Democrats blame Donald Trump more than China for the coronavirus, I quoted U.S. Senator Chris Murphy who’s a Democrat from Connecticut. And I got some email, “Nobody said that. Nobody said that.” Okay. Here he is.
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This is Senator Chris Murphy, Democrat, Connecticut, on CNN the night of April 14th, 2020. So basically a week ago. And the question from Anderson Cooper: “On February 5th you tweeted about the White House response to the coronavirus at that time. You said: ‘Just left the administration briefing on coronavirus. Bottom line, they aren’t taking this seriously enough.’”
MURPHY: The reason that we’re in the crisis that we are today is not because of anything that China did, it’s not because of anything that WHO did. It’s because of what this president did, because he didn’t take this virus seriously. We weren’t going to be able to keep every case out of the United States, but we didn’t have to have tens of thousands of people dying.
RUSH: So, “The reason we’re in this crisis is not because of anything that China it. It’s not because of anything the WHO did. It’s because of what Trump did.” All Trump did was suspend flights from China back in January. And when he did, you know the drill now. He was called a racist and a pig and a xenophobe. And at the same time that Trump was shutting down flights from China into the United States, Nancy Pelosi was on television urging people in San Francisco to come on down to Chinatown. Have a party. New York politicians were encouraging people in the New York metro area to come on down for the parade, a good time will be had by all. Nothing to worry about with the virus.
This is just — you know, to say it’s outrageous doesn’t even cut it. The reason we’re in this crisis today is not because of anything China did? The World Health Organization was parroting China: It’s not contagious. It’s not highly, easily transmissible. Nothing to see here.
This is why, you know, you start talking about leftists and Democrats, folks, and I’m telling you, there’s no common ground. There’s no crossing the aisle to meet them halfway.


investmentwatchblog--2020-04-22--US coronavirus ‘bailout’ scam is $6 trillion giveaway to Wall St – Economist Michael Hudson explains

Facing the Covid-19 pandemic , the US Congress rammed through the CARES Act — which economist Michael Hudson explains is @ @ @ @ @ but a massive , $ 6 trillion giveaway to Wall Street , banks , large @ @ @ @ @ Max Blumenthal and Ben Norton discuss the enormous financial scam with Hudson , who reveals @ @ @ @ @ , with the Federal Reserve printing money so rich elites don ’ t lose their @ @

Facing the Covid-19 pandemic, the US Congress rammed through the CARES Act — which economist Michael Hudson explains is not a “bailout” but a massive, $6 trillion giveaway to Wall Street, banks, large corporations, and stockholders. Max Blumenthal and Ben Norton discuss the enormous financial scam with Hudson, who reveals how the economy actually works, with the Federal Reserve printing money so rich elites don’t lose their investments.
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h/t failed_evolution