Dow tumbles 1,600 points in 48 hours. Trump tweets this is fine

[Winehole23]

Exactly. Tents are going to be the new toilet paper this coming fall. Banks are going to feast.The bailout underscores the dual economy. The lion's share of the goodies goes to the top of the scale -- banks, large corporations and, indirectly, their investors -- while those most in need get only a crumb, if anything at all.

[Spurs Homer]

This is why Bernie was the right and ONLY choice -

time for a revolution -

Now - we got no choice - this shit is going to be horrible and sooner rather than later - poor people will say - "fuck this - let's take what we want!"

[dude21]

This is why Bernie was the right and ONLY choice -

time for a revolution -

Now - we got no choice - this shit is going to be horrible and sooner rather than later - poor people will say - "fuck this - let's take what we want!"

This is how orange shit got elected. :lmao

[hater]

This is why Bernie was the right and ONLY choice -

time for a revolution -

Now - we got no choice - this shit is going to be horrible and sooner rather than later - poor people will say - "fuck this - let's take what we want!"

calling it. poor people around the world will soon take to the streets en masse. you cannot keep people in their homes if they have no food to eat or feed their kids.

especially since the “money” scam has been exposed. money is fictional. they can create it out of thin air

for so many years we heard “but we cannot pay for that”

and all of a sudden they find 5 trilion dollars to rescue economy :lmao

it all has been exposed

just waiting for poor to run out of food and they will take to the streets en masse
m

[ElNono]

What we lookin' at for Monday, tbh?

[Thread]

This is why Bernie was the right and ONLY choice -

time for a revolution -

Now - we got no choice - this shit is going to be horrible and sooner rather than later - poor people will say - "fuck this - let's take what we want!"

...like Watts riots.

[Trainwreck2100]

What we lookin' at for Monday, tbh?

futures minus 300 already, no more bullets in the chamber

[Thread]

What we lookin' at for Monday, tbh?

Crack-a-dawn, Joe & Mika will start in. I'll wake up, turn to 1063 on the cable box...pause it and let the cache fill while I take a piss, get my coffee, go back and wipe the floor where I pissed all over it and the rim where it's sticky cuz I pissed all over it. Go back and peek in the laundry room to make sure the garage door is down. It's always down, but, I always check because one time 10 years ago I left it up all night. It's down. I go back, find my slipper lost in my 5 blankets on the couch and slip it on trying not fall down. I ease down onto my Lazy Boy, kick it back, try to pick up my coffee mug, but, I'm shaking so bad I have to set it back down, lean over and sip directly from it. That stops the tremors. I pick it up, take a hot sip and my blood starts pumping thru my pump. I pick up the remote, making sure not to inadvertently touch a wrong button and lose Joe & Mika's opening monologue, press the right button and it begins. I hate her, but, I want to see those little titties.

[Trainwreck2100]

also next week is 1st of the month, and ALOT of rich people ain't getting paid

[pgardn]

What we lookin' at for Monday, tbh?

You dare ask that question knowing Hater is on this board...
(I say you get pinked in blue)

[DMX7]

futures minus 300 already, no more bullets in the chamber

300 points is practically nothing though. It can change on a whim.

[pgardn]

Crack-a-dawn, Joe & Mika will start in. I'll wake up, turn to 1063 on the cable box...pause it and let the cache fill while I take a piss, get my coffee, go back and wipe the floor where I pissed all over it and the rim where it's sticky cuz I pissed all over it. Go back and peek in the laundry room to make sure the garage door is down. It's always down, but, I always check because one time 10 years ago I left it up all night. It's down. I go back, find my slipper lost in my 5 blankets on the couch and slip it on trying not fall down. I ease down onto my Lazy Boy, kick it back, try to pick up my coffee mug, but, I'm shaking so bad I have to set it back down, lean over and sip directly from it. That stops the tremors. I pick it up, take a hot sip and my blood starts pumping thru my pump. I pick up the remote, making sure not to inadvertently touch a wrong button and lose Joe & Mika's opening monologue, press the right button and it begins. I hate her, but, I want to see those little titties.

You are...

Really a very interesting fellow.

[Splits]

Crack-a-dawn, Joe & Mika will start in. I'll wake up, turn to 1063 on the cable box...pause it and let the cache fill while I take a piss, get my coffee, go back and wipe the floor where I pissed all over it and the rim where it's sticky cuz I pissed all over it. Go back and peek in the laundry room to make sure the garage door is down. It's always down, but, I always check because one time 10 years ago I left it up all night. It's down. I go back, find my slipper lost in my 5 blankets on the couch and slip it on trying not fall down. I ease down onto my Lazy Boy, kick it back, try to pick up my coffee mug, but, I'm shaking so bad I have to set it back down, lean over and sip directly from it. That stops the tremors. I pick it up, take a hot sip and my blood starts pumping thru my pump. I pick up the remote, making sure not to inadvertently touch a wrong button and lose Joe & Mika's opening monologue, press the right button and it begins. I hate her, but, I want to see those little titties.

How much do you hate it when the 3rd hour is a repeat of the first?

[Thread]

How much do you hate it when the 3rd hour is a repeat of the first?

You hit the nail on the head there, Splits.
They should be ashamed.

[Chucho]

also next week is 1st of the month, and ALOT of rich people ain't getting paid


They will eventually. Banks aren't going to sit idly by and watch all these properties and vehicles go past due for months and landlords aren't going to take lost income for long, they more than likely have notes on their properties.

I've seen little protections for the average joe, the schmuck, the vast majority of Muricans. The renters getting by check-to-check. The people who are going to get the biggest ass-fucking from this disease. The best Cali is doing is a 2-month halt and of course they were just 1 vote flat of a full ban.

[DMC]

Just ignore all the armchair pundits and doom and gloom sayers. All they do is put their finger on the CNN pulse and call it from there. As you can see they're wrong almost every time which is really a statistical anomaly.

[DMC]

You are...

Really a very interesting fellow.

I think he's quite normal he just says things in a way that makes himself interesting which is what great writers do.

[hater]

this is a suckers market run nigas

dont be fooled

shit will drop again

market will start finally to gain back traction after summer when americans adjust their lifestyles

Id be more worried about US shale and the US dollar. looks like shale business is kaput. only solution would be for US to join Opec but tyat will never happen

[RandomGuy]

What we lookin' at for Monday, tbh?

Bloodbath.

Goldman projecting 34% decline in economy for Q2.

[RandomGuy]

They will eventually. Banks aren't going to sit idly by and watch all these properties and vehicles go past due for months and landlords aren't going to take lost income for long, they more than likely have notes on their properties.

I've seen little protections for the average joe, the schmuck, the vast majority of Muricans. The renters getting by check-to-check. The people who are going to get the biggest ass-fucking from this disease. The best Cali is doing is a 2-month halt and of course they were just 1 vote flat of a full ban.

Eyup.

There will be anotheer stimulus bill.

Canada is giving everybody $2,000 per month for four months.

[Chucho]

Eyup.

There will be anotheer stimulus bill.

Canada is giving everybody $2,000 per month for four months.

Obviously, the population is 25-30% of ours, but most astonishing is that their stimulus, that gives their people enough support for a fair amount of time, is also 25-30% of our worthless package.

[Thread]

Eyup.

There will be anotheer stimulus bill.

Canada is giving everybody $2,000 per month for four months.


We're giving them $2,400 per month/$600 a week for the same four months + a 1 timer $1,200 per person + $500.00 per rug rat starting within 3 wks.

[hater]

this is a suckers market run nigas

dont be fooled

shit will drop again

market will start finally to gain back traction after summer when americans adjust their lifestyles

Id be more worried about US shale and the US dollar. looks like shale business is kaput. only solution would be for US to join Opec but tyat will never happen

call d it nigas

dont forget this

we are reaching the Death Cross

https://www.investopedia.com/terms/d/deathcross.asp

[pgardn]

What we lookin' at for Monday, tbh?


You dare ask that question knowing Hater is on this board...
(I say you get pinked in blue)


call d it nigas

dont forget this

we are reaching the Death Cross

https://www.investopedia.com/terms/d/deathcross.asp

Called it muh nibs

[RandomGuy]

Obviously, the population is 25-30% of ours, but most astonishing is that their stimulus, that gives their people enough support for a fair amount of time, is also 25-30% of our worthless package.

Trump party wanted to assauge its donor class. Tons of give-aways and a seekrit slush fund.

[RandomGuy]

We're giving them $2,400 per month/$600 a week for the same four months + a 1 timer $1,200 per person + $500.00 per rug rat starting within 3 wks.

Link?

[Thread]

Link?

Don't give me that link shit. It's the truth. I caught you tiptoein' & busted ya.

[hater]

This is why Bernie was the right and ONLY choice -

time for a revolution -

Now - we got no choice - this shit is going to be horrible and sooner rather than later - poor people will say - "fuck this - let's take what we want!"

Eat The Rich

[RandomGuy]

Don't give me that link shit. It's the truth. I caught you tiptoein' & busted ya.

You stated something that runs counter to what I have heard. I don't trust you, but am always willing to get better and newer information.

Once again, you fold. Busting... yourself. Be petty if that is your wish. Easy enough to google, and I am always willing to take personal responsibility for educating myself.

[RandomGuy]

We're giving them $2,400 per month/$600 a week for the same four months + a 1 timer $1,200 per person + $500.00 per rug rat starting within 3 wks.

"we" are giving "them".

Interesting. Not talking about the U.S. then. Don't seem to be talking about Canada either. A Cipher.

Expansion of unemployment?

England prevails.

[hater]

this is a suckers market run nigas

dont be fooled

shit will drop again

market will start finally to gain back traction after summer when americans adjust their lifestyles

Id be more worried about US shale and the US dollar. looks like shale business is kaput. only solution would be for US to join Opec but tyat will never happen

called it :tu

[Spurs Homer]

Trump sunk the market!
worthless cunt!

[Splits]

called it :tu

no, I called your ceiling at 22.5 and you never said if you took the advice. I do numbers, you do hunches. My calls are worth 10x more

[hater]

no, I called your ceiling at 22.5 and you never said if you took the advice. I do numbers, you do hunches. My calls are worth 10x more

no I considered ur suggestion and decided to stay put.

this thing will recover eventually in 3-7 years. it better

otherwise Ill move somewhere else and start over :lol

not afraid of that

[hater]

and you do numbers?

bendover Ill show you 2 fives dissapear :lol

[Splits]

no I considered ur suggestion and decided to stay put.

this thing will recover eventually in 3-7 years. it better

otherwise Ill move somewhere else and start over :lol

not afraid of that

Sure, move the timeline from 1 week to 3-7 years. Sure scrah. You do you with your ambiguities and generalities, I do numbers.

[hater]

Sure, move the timeline from 1 week to 3-7 years. Sure scrah. You do you with your ambiguities and generalities, I do numbers.

huh? the market will go back to 28k in a few years. I already posted that long ago. that was my 2nd option

I decided to opt for that and I still think its the right decision :tu

[ElNono]

if you adjust for inflation, 28k in 3-5 years is 22k today...

[hater]

if you adjust for inflation, 28k in 3-5 years is 22k today...

u emptied ur 401k niga?

[ElNono]

u emptied ur 401k niga?

Never had a 401k until last year, tbh, always had hard assets. Not really impacted by the market.

[hater]

Never had a 401k until last year, tbh, always had hard assets. Not really impacted by the market.

good for u niga :tu

props :tu

[DMC]

Never had a 401k until last year, tbh, always had hard assets. Not really impacted by the market.

Bend over, I'll impact your market with a hard asset.

[ElNono]

good for u niga :tu

props :tu

Mostly luck, tbh... though I'm the sort that thinks the market is not what it used to be.

[Splits]

huh? the market will go back to 28k in a few years. I already posted that long ago. that was my 2nd option

I decided to opt for that and I still think its the right decision :tu

Don't re-write history nig


yup


market going up early


come on make it to 25k at least this week


so I can remove all my 401k....


come on


:lmao 25k. If it hits 23k GET OUT


Yep. Hater is looking for a way to get out in the next few days. I'd bail now, Dow closed at 22.5.

[baseline bum]

Never had a 401k until last year, tbh, always had hard assets. Not really impacted by the market.

Bend over, I'll show you hard assets.

[ElNono]

Bend over, I'll show you hard assets.

DMC beat you to it...

[hater]

yeah splits

it didnt make it to 25k therefore I stay put

not sure why u are having trouble understanding :lol

[hater]

Mostly luck, tbh... though I'm the sort that thinks the market is not what it used to be.

same here. the $ in mine was almost all employer contributions tbqh.

I didnt put my paycheck money on it.

[Splits]

yeah splits

it didnt make it to 25k therefore I stay put

not sure why u are having trouble understanding :lol

You should be apologizing to me. You were begging for the top. You got the bottom.

[hater]

You should be apologizing to me. You were begging for the top. You got the bottom.

whatever floats your boat ma niga

I was hoping for 25k

it didnt hapoen

I stay put

pretty simple if you ask me

[Splits]

yup

market going up early

come on make it to 25k at least this week

so I can remove all my 401k....

come on

:lmao 1 week ago

[hater]

:lmao 1 week ago

yup and it didnt make it


thus I stayed put

its not rocket science :lol

[hater]

stock looks good tomorrow

in a month it will start to stabilize

and in 3 when we change our lifestyles(wear masks, higiene, distance) it will start to move up

[RandomGuy]

6M new jobless claims

Market expected 3.1M

Expect another bloodbath. That is going to make investors shit their pants.

[RandomGuy]

stock looks good tomorrow

in a month it will start to stabilize

and in 3 when we change our lifestyles(wear masks, higiene, distance) it will start to move up

www.notgoingtohappen.com

[Splits]

1245690467905347584

through Jan 2020, total jobs added under Trump was 6.7 million. Now he's eaten 3m of Obama's jobs

[RandomGuy]

1245690467905347584

through Jan 2020, total jobs added under Trump was 6.7 million. Now he's eaten 3m of Obama's jobs

Gotta be fair to Trump: not his fault.

What will be his fault is the damage that is being done that will make the economy worse than it would have been. Those people are going to be unemployed longer than they should be.

#Bluewave2020

[RandomGuy]

Trump lying fools the oil markets.

Shocking that there are still people who take him at his word. "russia and saudi arabia will reach a deal" and the oil market goes up.

[hater]

:lmao Trump

https://twitter.com/realDonaldTrump/status/1245720677660925952?s=20

https://twitter.com/juliadavisnews/status/1245730595285676037?s=21

[ChumpDumper]

:lmao Trump

https://twitter.com/realDonaldTrump/status/1245720677660925952?s=20

https://twitter.com/juliadavisnews/status/1245730595285676037?s=21:lol stupid motherfucker wants to make gas more expensive for people out of work.

[hater]

:lmao :lmao :lmao

Trump

:lol

https://twitter.com/tsaturyan_arman/status/1245745018599505920?s=21

[hater]

:lol stupid motherfucker wants to make gas more expensive for people out of work.

maybe it was an April Fools joke :lmao

yeah I know its the second. But its Trump :lmao

[Spurminator]

"My friend MBS (Crown Prince) of Saudi Arabia"

[Th'Pusher]

"My friend MBS (Crown Prince) of Saudi Arabia"

Didn’t that guy murder a journalist like a year ago?

[Winehole23]

Didn’t that guy murder a journalist like a year ago?It's amazing to me that the notoriety of the Khashoggi slaying overshadows the USA's long support of the KSA's war in Yemen, which has resulted in widespread famine and a historically bad cholera outbreak.

Started under Obama, continues under Trump.

[Spurminator]

Didn’t that guy murder a journalist like a year ago?

Yes but journalists are the enemy of the people.

[DMC]

Dow rises 1600 points in one day. Nary a peep from the doom and gloom WWinfinity sayer.

[ChumpDumper]

The models and good news from NY.:tu

[Splits]

Dow rises 1600 points in one day. Nary a peep from the doom and gloom WWinfinity sayer.

:lol seriously?

[Winehole23]

Dow rises 1600 points in one day. Nary a peep from the doom and gloom WWinfinity sayer.How'd you do?

[pgardn]

Dow rises 1600 points in one day. Nary a peep from the doom and gloom WWinfinity sayer.

Yeah because you did points, not %

So repost and we can party on paper earnings.
Just like the devastating paper losses caused so much glee.

[DMC]

Yeah because you did points, not %

So repost and we can party on paper earnings.
Just like the devastating paper losses caused so much glee.

Dow tumbles 1,600 points in 48 hours.

That's in the thread title.

Are you legit retarded?

[DMC]

:lol seriously?

Of course. It will move a lot based on a little news because there's a lot hanging out there waiting to be invested, but the doom and gloom prognosticators here turn a blind eye to any recovery indicators - they need the narrative pre-November.

You know it, don't pretend it doesn't exist.

[pgardn]

Dow tumbles 1,600 points in 48 hours.

That's in the thread title.

Are you legit retarded?

No you are.

Wtf does that even mean?
We already had the discussion why it’s stupid.
And as a hard core Trump supporter you should understand a 1600 pt gain is bigger than the 1600 pt loss in this case.

Dumb ass...

[DMC]

No you are.

Wtf does that even mean?
We already had the discussion why it’s stupid.
And as a hard core Trump supporter you should understand a 1600 pt gain is bigger than the 1600 pt loss in this case.

Dumb ass...

Of course it's bigger but no one started a thread about it, idiot. That was my first response about today's gain..

Holy shit you're a weird motherfucker.

[pgardn]

Of course it's bigger but no one started a thread about it, idiot. That was my first response about today's gain..

Holy shit you're a weird motherfucker.

Dont repeat the stupidity so I have to slap the stupid out of you Again nature boy.
Its a hater thread, clown.

Im weird and you go bongo about a double post after getting shat on.
OCD mofo can’t take the medicine.

[hater]

stock looks good tomorrow

in a month it will start to stabilize

and in 3 when we change our lifestyles(wear masks, higiene, distance) it will start to move up

called it :tu

25k is a real possibility

glad I stayed put

[Splits]

called it :tu

25k is a real possibility

glad I stayed put

No, you called 25k by end of last week.

[rmt]

Looking like 18k+ was the BOTTOM.

[hater]

No, you called 25k by end of last week.

“come on make it to 25k”

^ thats not calling it my young buck

thats hoping

same as now. Come on make it to 25k!

not calling it. hoping it:tu

[rmt]

28k? you're in a fantasy land. It will be a miracle if it hits 23k in the next 2 months

Ye, of little faith.

What goes up must come down (and the reverse). BTW, it's not entirely a bad idea to play the bounces (near the bottom) - these swings are great for (couple) day trading.

[hater]

:lol splits

[Splits]

I laid the marker of a 23k ceiling and I'll stand by that. When I made that call my mana wasn't as full as it is now, but it still looks like a solid call at this point.

[hater]

https://twitter.com/peterschiff/status/1247151061816705025?s=21

I agree. we will stabilize at some point soon. but we will stabiize to a Recession

those thinking the market will go back up again directly to 28k are lunatics :lol

[Splits]

retardMT has called an 18k bottom. Where are your Dow calls, hater?

[hater]

it looks like we might just avoid a depression but will enter a solid recession.

thats the best case scenario

it will drop again once ppl start asking “what now”

restaurant and travel biz will not come back anytime soon.(as currently composed) when ppl realize this it will go down.

but once ppl start adjusting their lifes to new reality it will stabilize.

[Winehole23]

Looking like 18k+ was the BOTTOM.what makes you think so?

[DMX7]

what makes you think so?

I think it was. There's too much money on the sidelines just waiting for any good news to invest and we're finally starting to get some on the health front (at least in the richest markets).

[Winehole23]

I think it was. There's too much money on the sidelines just waiting for any good news to invest and we're finally starting to get some on the health front (at least in the richest markets).Sounds like wishcasting to me, but you could be right.

[DMC]

Mmm hmmmm....

[DMC]

INO is interesting again.

[DMC]

Dont repeat the stupidity so I have to slap the stupid out of you Again nature boy.
Its a hater thread, clown.

Im weird and you go bongo about a double post after getting shat on.
OCD mofo can’t take the medicine.

Hesh up foo

[DMX7]

Sounds like wishcasting to me, but you could be right.

Ask yourself this... what new news would trigger a 4,000-5,000 point fall in the DOW? And is that new news likely?

And then ask yourself... what new news would cause a flood of incoming investment? Billions are being spent on vaccines that could have a breakthrough, "curves" are starting to flatten and could eventually fall in a conclusive way, more stimulus could inject more confidence in the markets, etc., etc.... I see downside risk much lower than it was a few weeks ago and upside opportunity much higher.

Keep in mind I'm thinking on a month-to-month time frame here and not a day-to-day as the volatility is still wild but I think it will trend up overall.

[rmt]

what makes you think so?

Well, seeing as New York, where most of these Wall Street types LIVE, is looking like they're around/over the peak... plus the HOPE of treatment (hydro...whatever). I know the media mocks this stuff but give it to my asthmatic son, I'll try anything - the earlier the better. Besides, it doesn't look like it's going to be over the predicted hundred thousand as hopefully, other areas learn from New York and MASKS.

I realize all the above has to do with COVID-19 but the unknown/uncertainty/fear surrounding COVID is what's holding the market down - imho.

[Splits]

Well, seeing as New York, where most of these Wall Street types LIVE, is looking like they're around/over the peak... plus the HOPE of treatment (hydro...whatever). I know the media mocks this stuff but give it to my asthmatic son, I'll try anything - the earlier the better. Besides, it doesn't look like it's going to be over the predicted hundred thousand as hopefully, other areas learn from New York and MASKS.

I realize all the above has to do with COVID-19 but the unknown/uncertainty/fear surrounding COVID is what's holding the market down - imho.

No. The thing holding "the market" down is none of that. It is the 15-30 million unemployed in the April jobs report. You don't just "rebound" from that unless it is an immediate rebound, like the "miracle drug" which is why you and your dipshit leader keep praying and faking your way through it

[rmt]

No. The thing holding "the market" down is none of that. It is the 15-30 million unemployed in the April jobs report. You don't just "rebound" from that unless it is an immediate rebound, like the "miracle drug" which is why you and your dipshit leader keep praying and faking your way through it

The DOW hit (the lowest of this COVID period) 18,591 on March 23rd - long BEFORE the April jobs report (DOW 21,052) came out on 4/3. And I was answering WH's question of why I thought 18k was the bottom (not whether our darkest days are still ahead or your "rebound" - just my guesstimate of how the stock market reacts - it is always forward/expectation thinking (not what's actually happening in reality).

Do you mind linking to where you got your 15-30 million unemployed? I only remember 6+million filing for unemployment last week and 3+million the week before.

[SnakeBoy]

https://twitter.com/peterschiff/status/1247151061816705025?s=21

I agree. we will stabilize at some point soon. but we will stabiize to a Recession

those thinking the market will go back up again directly to 28k are lunatics :lol

Every year is a recession in Peter Schiff's world. Once per decade or so he gets to say "called it".

[Splits]

Do you mind linking to where you got your 15-30 million unemployed? I only remember 6+million filing for unemployment last week and 3+million the week before.

Do you understand addition?

Do you understand addition and multiplication?

10m filed for UE in the last 2 weeks of March, and you don't think the April job's report will exceed 15m.

[rmt]

No. The thing holding "the market" down is none of that. It is the 15-30 million unemployed in the April jobs report. You don't just "rebound" from that unless it is an immediate rebound, like the "miracle drug" which is why you and your dipshit leader keep praying and faking your way through it


Do you understand addition?

Do you understand addition and multiplication?

10m filed for UE in the last 2 weeks of March, and you don't think the April job's report will exceed 15m.

I think I understand addition and multiplication - I did teach them to 3 kids who are not bad at math.

If on the day that the stock market knows that 10 million filed for unemployment in the last 2 weeks and the DOW closes 2461 points MORE than it's lowest point (11 days ago), I don't think unemployment numbers that might/will be in the next month's job report is what is holding it down. It means that the DOW has gone up 13.24% (how's that for subtraction and division?) since then and I suspect the unemployment numbers are already baked in.

[hater]

called it :tu

25k is a real possibility

glad I stayed put

called it

looks like a nice friday rally save a last minute bad news.

yes 10% unemployment but that was expected. come on, get to 25k!!!

glad I stayed put

[hater]

bad news might be incoming

Opec deal was stalled at the last minute by mexico :lol this is the same deal Orangegutan said was a done deal today :lmao

apparently the mexican lady in charge is PMSing or some shit and even stormed out if the meeting. bad news because they have to meet again tomorrow and at same time G20 is meeting

thats bad because even if Opec+ had struck a deal today, G20 had to accept it tomorrow. now both meetings will be going on simultaneously.

what a disaster

I expect Dow will tank early and depending on these meetings throughout the day will go either way

Save a miracle, I dont see a deal being reached in time to save a rout tomorrow. bloody friday again is my call...

[Thread]

bad news might be incoming

Opec deal was stalled at the last minute by mexico :lol this is the same deal Orangegutan said was a done deal today :lmao

apparently the mexican lady in charge is PMSing or some shit and even stormed out if the meeting. bad news because they have to meet again tomorrow and at same time G20 is meeting

thats bad because even if Opec+ had struck a deal today, G20 had to accept it tomorrow. now both meetings will be going on simultaneously.

what a disaster

I expect Dow will tank early and depending on these meetings throughout the day will go either way

Save a miracle, I dont see a deal being reached in time to save a rout tomorrow. bloody friday again is my call...

That industry has been making money hand-over-fist for over 10 years of a bull market. No apologies, no by-your-leave. Just nose in the air, raking it in with both hands.

But, they can't brook a 6 month downturn to save their lives.

Need-&-Greed.

[rmt]

called it

looks like a nice friday rally save a last minute bad news.

yes 10% unemployment but that was expected. come on, get to 25k!!!

glad I stayed put

Market is closed on Good Friday.

[Thread]

Market is closed on Good Friday.

Thank Christ.

[Winehole23]

ECONOMY IS LOOKING GREAT

1248613621141139458

[hater]

ECONOMY IS LOOKING GREAT

1248613621141139458

STOCK MARKET LOOKS BEAUTIFUL. WE ARE MAKING AMERICA GREAT!

[hater]

24k is virtually reached :tu

come on make it to 25k and I will clean out

as I called before when the “what now” strikes and the jobless zombies start making noise the real bottom of the market will be reached.

calling it now. everyone if dow eaches 25k clean out or suffer

[hater]

bad news might be incoming

Opec deal was stalled at the last minute by mexico :lol this is the same deal Orangegutan said was a done deal today :lmao

apparently the mexican lady in charge is PMSing or some shit and even stormed out if the meeting. bad news because they have to meet again tomorrow and at same time G20 is meeting

thats bad because even if Opec+ had struck a deal today, G20 had to accept it tomorrow. now both meetings will be going on simultaneously.

what a disaster

I expect Dow will tank early and depending on these meetings throughout the day will go either way

Save a miracle, I dont see a deal being reached in time to save a rout tomorrow. bloody friday again is my call...

the Opec+ deal touted by Orangegutan is meaningless. it will be as succesful as his mid east peace deal :lmao

the promised cuts in production are minimal and countries will cheat

plus the low demand in oil due to quarantines will not help oil prices to stabilize. they will stay < $30

US shale is kaput

[hater]

the “what now” I predicted started to hit the slow and dumb wall street

the stocks will start trending down in next few weeks

I have bailed out 80% of my portfolio and moved my investments from stock to safer areas

if he dies he dies

[Splits]

The Trickle-Up BailoutIt’s early days, but the Federal Reserve “bazooka” has mostly impacted the 1%

Matt Taibbi (https://taibbi.substack.com/people/263053)
28 min



(https://taibbi.substack.com/p/the-trickle-up-bailout/comments)








https://cdn.substack.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F e07e368b-a1a9-4e9e-980f-76828efed8fc_4500x3000.jpeg (https://cdn.substack.com/image/fetch/c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F e07e368b-a1a9-4e9e-980f-76828efed8fc_4500x3000.jpeg)Take a look at some contrasting sets of headlines. First, from planet earth:

Weekly Jobless Claims Hit 5.425 Million, Raising Monthly Loss To 22 Million Due To Coronavirus (CNBC (https://www.cnbc.com/2020/04/16/us-weekly-jobless-claims.html))

Worst Case Fears Of 20%-Plus U.S. Jobless Rate Are Now Realistic (Bloomberg (https://www.bloomberg.com/news/articles/2020-04-14/worst-case-fears-of-20-30-u-s-jobless-rate-are-now-realistic))
Then from Wall Street:

Private Equity-Owned Companies Sell New Bonds in Credit Rally (Bloomberg Law (https://news.bloomberglaw.com/banking-law/six-flags-latest-to-get-debt-relief-while-business-in-lock-down))

Fed’s Historic Move Spurs Rally in Junk Bonds: 6 ETF Picks (Nasdaq.com (https://www.nasdaq.com/articles/feds-historic-move-spurs-rally-in-junk-bonds%3A-6-etf-picks-2020-04-13))
As we head into the second month of pandemic lockdown, two parallel narratives are developing about the financial rescue.
In one, ordinary people receive aid through programs that are piecemeal, complex, and riddled with conditions.
A law freezing evictions applies to holders of government-backed mortgages only (https://www.nbcnews.com/politics/politics-news/trump-s-coronavirus-eviction-freeze-won-t-keep-roof-over-n1164156). “Disaster grants” are coming more slowly and in smaller amounts than expected; small businesses were disappointed to learn from the SBA early last week that aid would be limited to $1000 per employee (https://slate.com/business/2020/04/care-act-small-business-disaster-grants.html).

A one-time “economic impact payment (https://www.washingtonpost.com/politics/coming-to-your-1200-relief-check-donald-j-trumps-name/2020/04/14/071016c2-7e82-11ea-8013-1b6da0e4a2b7_story.html),” reportedly delayed so recipients could experience the thrilling visual of Donald Trump’s name on the check, might help make half a rent payment. Unemployment insurance amounts have been raised, so tip and gig workers can now be ineligible for $600 a week more than before! The cost of a coronavirus test might be free, but you test positive, you could up paying $50,000 or more (https://www.forbes.com/sites/shaharziv/2020/04/15/trumps-narcissism-may-delay-your-1200-stimulus-check/#547a4286180a) in hospital costs even with insurance. And so on.
Meanwhile, “relief” programs aimed at the top income levels were immediate, staggering in size and scope, and often appeared as grants rather than loans. One of the biggest layouts of the Covid-19 rescue was a political carrying charge that members of congress extracted just to get the larger bailout out the door – a pre-bailout bailout, if you will.
Although the $2 trillion coronavirus rescue was approved unanimously, a set of tax breaks was stuck in by Republicans, in the original version of the CARES Act put forward (https://www.republicanleader.senate.gov/newsroom/research/the-cares-act-major-coronavirus-relief-for-american-workers-families-and-small-businesses) by Mitch McConnell.
When Donald Trump signed his whopper Tax Cuts and Jobs Act (https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968) two years ago, the bill contained clauses to offset the loss of revenue that would entail from shaving down the top individual tax rate relatively a little (from 39.6% to 37%) and slashing the corporate tax rate a lot (from 35% all the way down to 21%).
One of those changes limited the amount of losses that could be used to offset taxable income in any given year. Another limited the amount of losses from so-called “pass-through” businesses (i.e. businesses that don’t pay corporate taxes) that wealthy individuals could use to offset taxable income. These provisions particularly impacted real estate developers (!), hedge fund managers, and other high net worth individuals with volatile revenue profiles.
The second provision only affected people making at least $250,000, or couples earning at least $500,000.
The CARES Act sought to wipe out or alter both provisions. Republicans also tried to include tax relief for multinationals who offshore profits, but that provision was stripped out in favor of these first two loopholes, seemingly reflecting their importance to the caucus.
As Steve Wamhoff of the Institute on Taxation and Economic Policy points out, the changes on the use of “pass-through” losses only benefit a select group. “It has to be stressed that this exclusively helps wealthy people,” Wamhoff says. “It only has an impact on people already making over $250,000.”
Because the CARES Act was rushed to the floor, members didn’t have all of the information they might have wanted before the vote. After the bill passed, Democratic staffers sent these tax provisions in the CARES Act, sections 2303 and 2304, to the Joint Committee on Taxation, to be scored. They were stunned to learn they would cost $195 billion (https://www.whitehouse.senate.gov/imo/media/doc/NOL%20Ltr.pdf) over ten years.
In other words, what seemed like a run-of-the-mill offhand legislative pork provision ended up dwarfing the airline bailout and other main parts of the bill.
“The cost of caring for this small slice of the wealthiest one percent is greater than the CARES Act funded for all hospitals in America,” says Texas Democrat Lloyd Doggett. “It’s greater than CARES provided for all state and local governments.”
The JCT analysis found that 80% of the benefit of the bill went to just 43,000 taxpayers each earning over $1 million a year. The average tax break for those 43,000 individuals was $1.6 million, an interesting number when one considers the loudness of the controversy over $1,200 relief checks (https://thehill.com/homenews/senate/488677-democrats-balk-at-1200-rebate-checks-in-stimulus-plan) for everyone else.
Doggett joined Rhode Island Senator Sheldon Whitehouse in sending a letter (https://www.whitehouse.senate.gov/imo/media/doc/NOL%20Ltr.pdf) to the Trump administration, demanding to know the provenance of these tax breaks. “This irresponsible provision must be repealed,” he says. It’s possible we’ll find out someday whose idea it was to insert those breaks. By then, however, other windfalls from the Covid-19 rescue might have rendered the $195 billion bailout appetizer quaint.
With the Fed’s announcement on April 9th of a $2.3 trillion program (https://www.cnbc.com/2020/04/09/federal-reserve-unveils-details-of-its-much-anticipated-main-street-lending-program.html) that includes purchases of junk bonds, the toolkit for support of the financial economy now encompasses nearly every conceivable official response apart from subsidy of stock markets. The sheer quantity of money raining down on the finance sector appears transformational, a “joyful noise” heard around the world.
“POW!#* @ BAM&$# SMASH! @#$% KABOOM*#!@?% That’s the sound of the Fed’s big bazooka,” reads (https://www.forbes.com/sites/greatspeculations/2020/04/12/the-feds-big-bazooka/#724949af771f)Forbes (https://www.forbes.com/sites/greatspeculations/2020/04/12/the-feds-big-bazooka/#724949af771f) in a typical financial news report.
The Fed deployed many of the bailout tools it used in response to the 2008 crisis at the end of March (https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm). These were radical enough, but still confined to the finance version of safe sex: buying investment grade debt, U.S. treasuries, government-backed mortgages, etc.
On April 9th, the Fed took a walk on the wild side, announcing a spate of new facilities that dramatically expand its footprint in the economy (https://ourfinancialsecurity.org/2020/04/policy-memo-federal-reserve-lending-facilities-for-private-companies-and-securitizations/).
Some programs are less controversial, like a Municipal Liquidity Facility providing aid to states and localities.
Others however steer money to “fallen angel”companies with declining credit ratings, longshot problem horses at the global racetrack. As a Wall Street Journal editorial (https://www.wsj.com/articles/the-feds-main-street-mistake-11586474912) put it in awed tones, “the Fed will in effect buy the worst shopping malls in the country and some of the most indebted companies.”
The WSJ went on to dissect the logic of the bailout (emphasis mine):

The Fed may feel all of this is essential to protect the financial system’s plumbing and reduce systemic risk until the virus crisis passes, but make no mistake that the Fed is protecting Wall Street first. The goal seems to be to lift asset prices, as the Fed did after the financial panic, and hope that the wealth effect filters down to the rest of the economy.
The coronavirus rescue is a “trickle-down” plan. Many of the Fed programs don’t appear even secondarily concerned with maintaining employment. The basic idea instead has been to hurl money at “assets,” underscoring the bizarre dualistic nature of this rescue.
If the ordinary person during the crisis dreams of being relieved from market stresses like housing and medical costs, only to receive (at best) one $1200 check, it’s Wall Street actors who are seeing the tyranny of markets fundamentally overthrown, replaced by a giant financial happy face called the Federal Reserve that appears to want to simulate real buying and selling, only with the downside removed. Party on, Wayne (https://www.youtube.com/watch?v=l9-v12HyWEA)!
As Marcus Stanley of Americans for Financial Reform puts it, “the Fed’s perspective on this is, they want to create normalcy” in financial markets. What “normalcy” means, however, at a moment when many businesses are closed or careening toward bankruptcy, is not clear. This heads-I-win, tails-the-Fed-loses economy is resulting in win after win across the financial sector, some more malodorous than others.
In late March, for instance, Citigroup bought nearly $2 billion of AAA-rated securitized commercial loans from PGIM, the investment management business of Prudential, at roughly 90 cents on the dollar. According to Bloomberg, Citi then turned right around and sold those bonds (https://www.bloomberg.com/news/articles/2020-04-03/citigroup-reaps-100-million-windfall-from-massive-aaa-clo-trade) to the Fed’s Primary Dealer Credit Facility at “closer to par,” i.e. nearer to 100 cents on the dollar, a nearly instant $100 million windfall. The reader should be able to do the math on who knew what, and when, in that story.
It’s hard to know what is ordinary front-running of this type and what is sincere worship at the altar of the Fed’s new “limitless” purchasing power. Investors are now chasing Fed decisions with seemingly real zeal, causing private money to flow directly into the very risk-laden sectors of the economy they probably would be fleeing absent government intervention.
In one of many hallucinatory headlines from this week, the head of the global allocation team for BlackRock – the company that’s administering Fed buying programs – said his company would henceforth be betting on the Fed’s bets.
“We will follow the Fed and other DM central banks by purchasing what they’re purchasing, and assets that rhyme with those,” said (https://www.bloomberg.com/amp/news/articles/2020-04-15/blackrock-leads-investors-worldwide-with-follow-the-fed-mantra) BlackRock’s Rick Rieder.
Other companies are employing the same strategy. “The stimulus seems to be endless,” said Dirk Thiels of KBC Asset Management in Brussels. “Buy what the central bank has been buying and in the short-term it’ll be a good strategy.”
It’s one thing for the Fed to step in and help important companies that have been unduly damaged by coronavirus, firms like Ford, whose debt was downgraded to junk (https://www.autonews.com/automakers-suppliers/ford-credit-downgraded-junk-sp) in late March (but which is eligible for support under the Fed programs announced on April 9th).
It’s another thing for the Fed to create fresh bull markets around its own investments in the debt of basket-case companies, especially since it’s not clear how, say, the continuous propping up of junk bond Exchange-Traded Funds (ETFs) addresses issues like unemployment, or anything else for that matter.
“These financial bailouts are unconnected to any real-world crisis strategy,” is how one market analyst puts it.
Brian Chappatta of Bloomberg added a similar criticism (https://finance.yahoo.com/news/fed-high-yield-etf-buying-090028602.html) this week, asking, “How exactly do high-yield ETF purchases help Americans get jobs or pay rent?”
The Bank of England last summer identified the state of such “open-ended funds” as a potential systemic problem:
More than US$30 trillion of global assets are now held in open‑ended funds that offer short‑term redemptions while investing in longer‑dated and potentially illiquid assets, such as corporate bonds…
The Bank added, “the mismatch between the liquidity of a fund’s assets and its redemption terms can create incentives for investors to withdraw funds ahead of other investors.”
It went on to say that under a “severe but plausible set of assumptions,” there could be a rush of redemption requests that could “overwhelm the capacity of dealers to absorb those sales,” causing “market dysfunction.”
This is a fancy way of saying that investment banks and asset managers have been making big bucks trading collections of longer-term, potentially hard-to-sell corporate bonds as highly liquid and relatively safe products. In a crisis, the Bank of England warned, these would suddenly be hard to sell, at which point the possible underlying dogshit-ness of these debt instruments might be exposed, causing further market panic.
When the Covid-19 crisis hit, exactly this “severe” scenario seemed to take place. Several of the world’s biggest corporate bond funds plummeted in value, and buyers were suddenly scarce. A $30 billion bond fund managed by (again) BlackRock, the iShares iBoxx $ Investment Grade Corporate Bond ETF (https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) or “LQD,” went into freefall, only to rebound spectacularly once the Fed announced its first bond-buying program (managed by Black Rock, of course) in late March.
“A $33 billion ETF sees most cash in 18 years on Fed-fueled rally,” read the cheery Bloomberg (https://www.bloomberg.com/news/articles/2020-03-25/a-33-billion-etf-sees-most-cash-in-18-years-on-fed-fueled-rally) headline on March 25th. LQD at this writing is up 23.7% (https://www.etf.com/sections/features-and-news/stock-bond-etfs-surge-plunge?nopaging=1) since the Fed announced its bond-buying program. Another troubled BlackRock fund, the $15.8 billion HYG (https://www.ishares.com/us/products/239565/ishares-iboxx-high-yield-corporate-bond-etf#/) – the world’s largest junk bond fund – now looks like an ascendant product as well.
All of these issues come on top of others inherent with the Fed programs. As Stanley’s Americans for Financial Reform has pointed out (https://ourfinancialsecurity.org/2020/04/policy-memo-federal-reserve-lending-facilities-for-private-companies-and-securitizations/):
… the announced terms for these facilities would seem to permit public financing of leveraged buyouts, public financing of share buybacks to enrich already wealthy executives, public support for corporations that are simultaneously engaged in laying off their workers, and a range of other highly problematic outcomes…
Again, there are some restrictions in partsof the CARES Act, and in someof the Fed programs, that take aim at layoffs, buybacks, executive bonuses, and other issue. But the bond purchasing programs in particular have few restrictions on executive compensation, on buybacks, on layoffs or offshoring of labor, on payments to private equity owners, etc. There isn’t much point in restricting the spending of bailout money on handouts with one hand, if you can do it freely with the other hand, yet this is how the coronavirus rescue is structured.
This is in addition to the near-total lack of oversight. To date, the only person assigned to the Congressional Oversight Commission with purview over these programs is former adviser to Elizabeth Warren, Bharat Ramamurti. Ramamurti has no staff, no office, nothing except — this is not a joke — a Twitter account (https://twitter.com/BharatRamamurti). I asked him if more resources had come his way since early Swiftian news stories identified him as a quixotic “lone” regulator attempting to watch and oversee trillions in spending by himself
“Nope,” he said.
Ramamurti has however sent Fed chair Jerome Powell a letter, “to respectfully request that the Federal Reserve publicly release detailed and timely information about each individual transaction” made under the new lending programs.
Remember, much of the Fed’s rescue lending is backed by Treasury dollars, which means the taxpayer is eating what otherwise would have been the market risk of many of its investments.
However, the Fed has shown no inclination to release any information about its activities. Thus this is a brave new world not just in terms of economics, but also oversight. Essentially, the spending of huge amounts of taxpayer money has been outsourced to the Fed, whose ideas about disclosure suck even worse than those of congress.

It’s early, but the Main Street and Wall Street rescues are looking increasingly disconnected from one another. One looks like it doesn’t work, while the other might work way too well. If only we could see enough to know for sure.

https://taibbi.substack.com/p/the-trickle-up-bailout

[hater]

biggest heist in history happening

banks lending themselves money to buy up failed medium and small businesses. the big banks and corporations are basically making a killing at the expense of small and medium business owners.

the brave new world will be something resembling more to a serfdom than a brave new world

[Thread]

biggest heist in history happening

banks lending themselves money to buy up failed medium and small businesses. the big banks and corporations are basically making a killing at the expense of small and medium business owners.

the brave new world will be something resembling more to a serfdom than a brave new world

Trump to blame, hater, sir!?

[hater]

Trump to blame, hater, sir!?

hes definitely is

of course it would hapoen if Shillary was prez as well

goes to show you it does not matter who is prez

[Winehole23]

China's economy is contracting and WTI went below $20 a barrel.

https://www.cbc.ca/amp/1.5511386

[Winehole23]

Wow, even lower this morning

1252162580287680512

[Winehole23]

2 bucks a barrel for South Texas Sour

1252174295930978305

[hater]

Middle East countries are going to get wiped out

when those rich sultans will not be able to throw crumbs at their masses the masses will probably revolt and eat the sultans bones and all

Russia is fucked too now a 1990s style depression is their best case scenario.

shits getting real

[hater]

this is the week where wall street realizes you cant possibly have a recovery with oil at $15 and most businesses closed

expect huge shift in propaganda to protest quarantines and open economy

whatever the fuck that means. as I said business cannot go back to normal yet these retards at wall street will still push for that

[picnroll]

Trump to blame, hater, sir!?

Trump heads the federal government branch in charge of oversight, right? Does that oversight extend beyond covering up his corruption and being sure his friends and supporters profit?

[boutons_deux]

2 bucks a barrel for South Texas Sour

1252174295930978305

so drillers, frackers gonna go bankrupt? then Fed will bailout their creditors?

[hater]

called it

dow down 400pts

glad I pulled out my portfolio last week at 24k :tu

[Splits]

2 bucks a barrel for South Texas Sour

1252174295930978305

Possibly going to be negative soon :lol

[Winehole23]

Possibly going to be negative soon :lolSome Canadian oil has already gone negative.

[baseline bum]

Wow WTI 7 cents a barrel right now

[baseline bum]

Now 2 cents

[chunticakes]

this is the week where wall street realizes you cant possibly have a recovery with oil at $15 and most businesses closed

expect huge shift in propaganda to protest quarantines and open economy

whatever the fuck that means. as I said business cannot go back to normal yet these retards at wall street will still push for that

The economy wouldn't benefit from cheaper gas?

[DMC]

The economy wouldn't benefit from cheaper gas?

Oddly there's a crossover point where cheaper gas doesn't make a better economy. The price of oil needs to be up around 60 bucks a barrel or more.

[Winehole23]

Now 2 centsnow minus two bucks

1252299298030698506

[baseline bum]

-$7.30 now

https://www.cnbc.com/quotes/[email protected]

[baseline bum]

So can I just take possession of a 1000 barrels May 1st and get paid $7300? Then I could just dump it all on my neighbor's yard.

[ChumpDumper]

So can I just take possession of a 1000 barrels May 1st and get paid $7300? Then I could just dump it all on my neighbor's yard.:lol I didn't want to be the first to say that.

[hater]

RIP US Shale

its gone poof

[spurraider21]

at these prices, you cant afford not to buy oil

[baseline bum]

at these prices, you cant afford not to buy oil

I'm going to eat oil the next six months.

[Splits]

at these prices, you cant afford not to buy oil

:lol

[DMC]

INO moving again. Hit almost 20 on speculation a month or so ago, should get back there with their latest moves.

[pgardn]

Get boots in here to explain how a market can do this.
Why o why boots?
You complained mightily about price fixing

[pgardn]

I'm going to eat oil the next six months.

I like the sludge as well.

[boutons_deux]

Get boots in here to explain how a market can do this.
Why o why boots?
You complained mightily about price fixing

what? when? link?

[pgardn]

what? when? link?

Are you happy about this?

[hater]

The economy wouldn't benefit from cheaper gas?

the volatility and unstability is bad for the market

not to mention looks like demand will be very low for the next few months which is bad for business

oh and not to mention the complete destruction on an entire industry: US shale

[hater]

the Opec+ deal touted by Orangegutan is meaningless. it will be as succesful as his mid east peace deal :lmao

the promised cuts in production are minimal and countries will cheat

plus the low demand in oil due to quarantines will not help oil prices to stabilize. they will stay < $30

US shale is kaput

called it :tu

[hater]

the “what now” I predicted started to hit the slow and dumb wall street

the stocks will start trending down in next few weeks

I have bailed out 80% of my portfolio and moved my investments from stock to safer areas

if he dies he dies

called it :tu

[Splits]

the Opec+ deal touted by Orangegutan is meaningless. it will be as succesful as his mid east peace deal :lmao

the promised cuts in production are minimal and countries will cheat

plus the low demand in oil due to quarantines will not help oil prices to stabilize. they will stay < $30

US shale is kaput


called it :tu

Not really. I'd say this is a partial call, what really happened is:


Flood Of Saudi Oil To Hit U.S. Shores As Prices Hit $10

By Tsvetana Paraskova (https://oilprice.com/contributors/Tsvetana-Paraskova) - Apr 20, 2020, 11:00 AM CDT

The highest number of Saudi oil shipments in years are making their way to the United States this month, threatening to make an already dire situation in the U.S. oil industry even worse.

With oil demand crashing in the lockdown and storage capacity filling up fast, more Saudi oil imports is the last thing the U.S. oil market needs right now.

In times of lockdowns and social distancing, inventories in the U.S. are soaring, storage capacity is stretching thin in many areas, producers are idling rigs (https://oilprice.com/Energy/Energy-General/US-Drillers-Shed-260-Rigs-In-Five-Brutal-Weeks.html) and curtailing production, and some regional grades are priced so low that they could soon turn negative. In other words, producers may have to pay their customers to help them get rid of the oil they have pumped.

As if this wasn’t enough to depress U.S. benchmark oil prices (https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Hit-15-For-The-First-Time-In-21-Years.html), a wave of Saudi oil is making its way onto tankers, headed for America this month, various tanker-tracking data estimates show.

In early April, tanker-tracking data compiled by Bloomberg showed that Saudi Arabia – the world’s top oil exporter – was making good on its promise to flood the world with oil even as demand collapses, with a surge in tankers carrying Saudi crude (https://oilprice.com/Energy/Crude-Oil/Saudi-Arabia-Sends-Wave-Of-Supertankers-To-US-Ahead-Of-Oil-Meeting.html) to the United States.

Last week, The Wall Street Journal reported (https://www.wsj.com/articles/flood-of-saudi-oil-looms-as-u-s-drillers-face-supply-glut-11587119400?mod=hp_featst_pos2) that the volume of Saudi crude en route to the United States is seven times higher than the typical monthly intake of Saudi oil in 2019.

The tankers were loaded before OPEC+ struck a new agreement to take 9.7 million bpd off the market (https://oilprice.com/Energy/Crude-Oil/OPEC-Agrees-To-Less-Than-10-Million-Bpd-Cut.html) in May and June when Saudi Arabia had embarked on an aggressive price war for market share after the previous OPEC+ deal collapsed in early March.

On April 1, when the previous agreement expired, Saudi Aramco boasted (https://www.saudiaramco.com/en/news-media/news/2020/breaking-record) that it was “breaking records to supply 15 tankers with over 18.8 million barrels of oil,”

“As the world demands economic stability, Aramco remains committed to supplying the world with energy.”
However, three weeks later, the world demands anything but more oil—demand is crashing by 30 million barrels per day (bpd), and even the new production reduction agreement can’t do anything to erase the glut in April and the coming weeks.

Saudi Arabia more than doubled its shipments to the U.S. in March—to 829,540 bpd from 366,000 in February, according to TankerTrackers, which tracks oil flows via satellite images. In the first two weeks of April, Saudi Arabia sent 1.46 million bpd to the U.S., TankerTrackers data showed, as cited by CNBC (https://www.cnbc.com/2020/04/17/saudi-arabias-oil-exports-to-us-skyrocketed-amid-coronavirus-lockdowns.html). An unnamed Saudi official, however, refuted the March and April data.

The Saudi official told CNBC that the Kingdom was targeting 600,000 bpd in exports to the U.S. in April.

Saudi Aramco owns the 600,000-bpd Motiva refinery in Port Arthur, Texas—the largest U.S. refinery in terms of crude oil processing capacity.

According to tanker tracking data compiled by Bloomberg (https://www.bloomberg.com/news/articles/2020-04-17/saudis-set-to-sell-600-000-barrels-a-day-of-oil-to-u-s-in-april), Saudi Arabia had loaded seven supertankers for the U.S. in the first week of April, but just two more tankers since then.

But even 600,000 bpd of Saudi oil flows to the U.S. in April would be more than a year-high (https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRIMUSSA2&f=M), as per EIA data. After June last year, U.S. crude oil imports from Saudi Arabia had not exceeded 500,000 bpd, as per the latest available data updated to January 2020.

The increased Saudi shipments in April come at the worst possible time for the U.S. oil industry. With plunging consumption and growing global glut, everyone in the industry is suffering

“We are seeing fast and furious gasoline demand destruction. The latest data reveals demand levels not seen since spring of 1968,” AAA spokesperson Jeanette Casselano said (https://gasprices.aaa.com/demand-destruction-reigns-supreme-as-pump-prices-push-cheaper/) at the beginning of last week.

U.S.refineries are reducing production (https://oilprice.com/Energy/Energy-General/US-Refineries-In-Jeopardy-As-Gasoline-Consumption-Plunges.html), although gasoline prices are the cheapest in years, leading to record-breaking inventory builds (https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Sink-On-Record-Breaking-192-Million-Barrel-Crude-Build.html) in recent weeks, and to shrinking storage capacity in America.

Prices of some grades in Texas are nearing negative territory, with customers bidding to pay only $2 per barrel for South Texas Sour and $4.12 a barrel Upper Texas Gulf Coast last week, Bloomberg reported (https://finance.yahoo.com/news/texas-oil-2-barrel-raises-120000398.html), citing pricing bulletins.

“The pressure on storage capacity in North America is becoming intense, with the tanks at Cushing, Oklahoma, set to reach effective limits by the end of next month; companies are running out of places to put the unwanted oil that they are producing. In the physical crude markets many US blends are selling at deep discounts to WTI futures,” Ed Crooks, Vice-Chair, Americas, at Wood Mackenzie, wrote (https://www.woodmac.com/news/opinion/the-devastating-impact-of-the-great-lockdown/) last week.

More Saudi oil will aggravate this already dire market situation, potentially speeding up additional and deeper forced production curtailments in the U.S. shale patch in the coming months.

https://oilprice.com/Energy/Crude-Oil/Flood-Of-Saudi-Oil-To-Hit-US-Shores-As-Prices-Hit-10.html

[boutons_deux]

some of you oil experts explain

If SA is shipping so much oil to USA,

who is ordering it?

who is going to refine it and

sell it when the demand has evaporated?

Is SA trying destroy the US oil/gas producers so they will no longer be players against SA in the world market?

As it was 30 years, ago the world oil glut reduced the price of oil so much that USSR, whose main source of hard currency was exporting oil, collapsed, with help from the myth that St Ronnie and Capitalism "beat" USSR and communism.

[DMC]

We start pumping that shit back into the ground from Saudi. That way we have our own sweet crude. Will just transfer all the oil reserves from the Middle East to the United States and sit on it.

[hater]

RIP Neiman Marcus tbqh

expensive overhyped clothing garbage

https://twitter.com/amadril/status/1252610899027693569?s=21

cue in the avalanche of clothing manufacturers/department stores filing bankrupcy

[hater]

the investment equity market (billionaire funds that buy up failing companies) will make a damn killing :wow

billionaires will get richer everyone else will shine shoes

[DMC]

INO moving again. Hit almost 20 on speculation a month or so ago, should get back there with their latest moves.

Up 10% yesterday, another 10 today.

[DMC]

RIP Neiman Marcus tbqh

expensive overhyped clothing garbage

https://twitter.com/amadril/status/1252610899027693569?s=21

cue in the avalanche of clothing manufacturers/department stores filing bankrupcy

Needless Markup

[DMC]

the investment equity market (billionaire funds that buy up failing companies) will make a damn killing :wow

billionaires will get richer everyone else will shine shoes

While you're trying to "call it" they are investing in it.

[Winehole23]

While you're trying to "call it" they are investing in it.You're a sideline heckler too, right?

Or are you a billionaire?

[hater]

While you're trying to "call it" they are investing in it.

yup that makes 2 of us shining shoes, peasant :lol

[DMC]

You're a sideline heckler too, right?

Or are you a billionaire?

I am an investor, but not a billionaire.

I can't hate people for being financially savvy. I see you can.

[hater]

I am an investor, but not a billionaire.

I can't hate people for being financially savvy. I see you can.

you seem to not realize that most billionaires are billionaires because they inherited multi millions if not billions already

[DMC]

you seem to not realize that most billionaires are billionaires because they inherited multi millions if not billions already

So they climbed from the primordial ooze as billionaires?

lol infinite regression

Rapper with hands full of cash and gold necklace/grill = good

Businessman with zero cash on hand but owns the label the Rapper relies on = bad

[hater]

So they climbed from the primordial ooze as billionaires?

lol infinite regression

Rapper with hands full of cash and gold necklace/grill = good

Businessman with zero cash on hand but owns the label the Rapper relies on = bad

a given billionaire has usually less talent than a given succesful rapper tbqh on any skill

just because his pappies gave him/her golden diapers to shit on does not make them great business minds. they just have enough cash to hand over to these equity investors to make more of it

lame

[DMC]

a given billionaire has usually less talent than a given succesful rapper tbqh on any skill

just because his pappies gave him/her golden diapers to shit on does not make them great business minds. they just have enough cash to hand over to these equity investors to make more of it

lame

Except the billionaire will likely a die a billionaire, the rapper will die broke or be killed outside a club.

Rich men make money using their talents. Wealthy men make money from rich men.

Magic Johnson rich - talented.

Jerry Buss wealthy, couldn't hit the broad side of a barn with a ball.

[hater]

Except the billionaire will likely a die a billionaire, the rapper will die broke or be killed outside a club.

Rich men make money using their talents. Wealthy men make money from rich men.

Magic Johnson rich - talented.

Jerry Buss wealthy, couldn't hit the broad side of a barn with a ball.

spoken like a true peasant

[Winehole23]

I am an investor, but not a billionaire.

I can't hate people for being financially savvy. I see you can.Laser focused on an angle for personal enrichment in a pandemic.

Kudos to you!

Never let a disaster go to waste!

[baseline bum]

https://i.ibb.co/CBv8ryK/bestweek.png

[DMC]

Up 10% yesterday, another 10 today.

Up 15% today already..

[DMC]

Laser focused on an angle for personal enrichment in a pandemic.

Kudos to you!

Never let a disaster go to waste!

I'm certain I am doing more to address the pandemic than are you. If I make smart financial moves in the process, that's somehow a bad thing? Yeah let's all go bankrupt so we all can deplete reserves faster. Idiot.

[DMC]

Up 15% today already..

Actually closed up 18%

Up 10% again today.

[hater]

sticking to my predictions nigs

when Dumb Slow Wall Street catches up that business will not be as usual for a long time the market will correct itself

glad I got out :tu

[DMC]

sticking to my predictions nigs

when Dumb Slow Wall Street catches up that business will not be as usual for a long time the market will correct itself

glad I got out :tu

One day stocks will be lower.

:lol same people who will drop 3K on a sports bet won't invest 1K.

[hater]

and one day business will be closed for months due to a pandemic

and someday later Wall Street will realize it :lol

[DMC]

and one day business will be closed for months due to a pandemic

and someday later Wall Street will realize it :lol

There's money to be made hand over fist when things are like this. When things return to more normal, it will be harder to come by, prices will stabilize and the opportunities will be harder to find. It's the mindset you have that many share that fuel this kind of thing. Without low stock prices I could never get involved, and the volatile nature of some sectors can be mitigated through research, unlike sports betting (unless you're an NBA ref).

[hater]

I dont mind anyone making $ out of it as much as people make $ off gambling

both are rigged systems imo

I dont mind ppl gambling

Wall Street is so disconnected from economic reality its basically a gambling casino

but this thread is about Orangegutan and him touting his casino and then it crumbling down

and also about Walls Streets stupidity at the real economic reality. it will catch up soon as Inpredict and it will hurt lots of gamblers

[Winehole23]

I'm certain I am doing more to address the pandemic than are you. If I make smart financial moves in the process, that's somehow a bad thing? Yeah let's all go bankrupt so we all can deplete reserves faster. Idiot.What are you doing to address the pandemic?

[RandomGuy]

https://i.ibb.co/CBv8ryK/bestweek.png

There you go. The ultimate disconnect.

[DMC]

What are you doing to address the pandemic?

More than delivering wine.

[Winehole23]

More than delivering wine.You have no idea what I do, and we'll just have to take your word about your super sekrit kovid-19 related deal.

[DMC]

You have no idea what I do, and we'll just have to take your word about your super sekrit kovid-19 related deal.

You're the one who said you delivered wine and there was no traffic. Are you a liar too?

[SnakeBoy]

JC Penney looking to file bankruptcy "due to coronavirus" :lol

[DMC]

JC Penney looking to file bankruptcy "due to coronavirus" :lol

:lol

Looking for a bailout. Sears to follow suit.

[DMC]

https://i.imgur.com/PgTlIoJ.jpg

5 day for Inovio

Up 21% today

[AaronY]

:lol

Looking for a bailout. Sears to follow suit.
Can't believe Sears isn't dead yet. Kind of a testament to how big they were at one time. Remember reading that Sears was the number one retailer in the world in 1989 or maybe it was just the US but still they were a Goliath

[baseline bum]

JC Penney looking to file bankruptcy "due to coronavirus" :lol

Maybe they can run for president in 2024.

[DMC]

Can't believe Sears isn't dead yet. Kind of a testament to how big they were at one time. Remember reading that Sears was the number one retailer in the world in 1989 or maybe it was just the US but still they were a Goliath

Maybe 1898

[DMC]

This has all the indicators of a full blown global recession and not just a "correction". The bull market is done. It's been an amazing ride and I've enjoyed it so much but it's over.

Done I tell you.

[DMC]

https://i.imgur.com/pZbRmVX.png
200 above the Negro

Boy this discussion went the way of the dodo bird

[Thread]

& the old man getting Tony to [reservier] on q. tee, hee.

It's one of those strategies that Jimmy Dean swore to over a 1/2 century ago..."with jacks and timbers they started back down."

[DMC]

& the old man getting Tony to [reservier] on q. tee, hee.

It's one of those strategies that Jimmy Dean swore to over a 1/2 century ago..."with jacks and timbers they started back down."

Notice how it drops off the radar when the left can no longer make hay from it?

[Splits]

Notice how it drops off the radar when the left can no longer make hay from it?

You're laying your droppings without ever citing a figure, it's cute.

I still contend the current Dow can't sustain when 20% unemployment doesn't immediately recover upon "re-opening".

[DMC]

28k? you're in a fantasy land. It will be a miracle if it hits 23k in the next 2 months


22k is the ceiling. I'm running the math models over and over, Tensorflow is telling me you need to get rid of shit at 22k, cause we're going to be at 16k very soon, next Friday once NYC horror images start dropping


You're laying your droppings without ever citing a figure, it's cute.

I still contend the current Dow can't sustain when 20% unemployment doesn't immediately recover upon "re-opening".

:lol

tensors

[clambake]

Notice how it drops off the radar when the left can no longer make hay from it?

He cost me a shitload of money, but I’m not one of his dead

[clambake]

At least yet

[hater]

sticking to my prediction nogas. Wall street will go way of the toilet once it realizes we are in a depression

[DMC]

He cost me a shitload of money, but I’m not one of his dead

I imagine 401Ks took a beating but there's money in biotech to be made if you have time and the seed money.

[daslicer]

sticking to my prediction nogas. Wall street will go way of the toilet once it realizes we are in a depression

They are just going to keep getting bail out money to keep this sham going.

[hater]

They are just going to keep getting bail out money to keep this sham going.

thats how bubbles form

this could be the biggest one of them all

[hater]

2nd quarter reports coming soon

will take this shit to another level

The second-quarter guidance is what is most shocking: Ford expects to lose about $5 billion on an operating basis for the quarter ending in June.

[Winehole23]

Boy this discussion went the way of the dodo birdSnapshot logic, wait a month or two.

The trillions shot out of the Fed/Congressional money cannon won't open many new businesses or jobs. It'll mostly pay for executive bonuses, dividends, stock buybacks and debt service. Whatever's left over will be saved. It won't trickle down.

Stock exchanges aren't the economy. When unemployment persists and is compounded by housing crisis 2.0, all that money ($17 trillion by one count) will have been wasted on bullshit that didn't work, except for the commissions.

[DMC]

Snapshot logic, wait a month or two.

The trillions shot out of the Fed/Congressional money cannon won't open many new businesses or jobs. It'll mostly pay for executive bonuses, dividends, stock buybacks and debt service. Whatever's left over will be saved. It won't trickle down.

Stock exchanges aren't the economy. When unemployment persists and is compounded by housing crisis 2.0, all that money ($17 trillion by one count) will have been wasted on bullshit that didn't work, except for the commissions.

When the shit goes south your hand wringers and TDSers will be all over it. Mums otherwise.

Stocks rising - TDSer "the stock market isn't the point, it's about lives"
Stocks falling - TDSer "the end is near, the stock market is falling, we're fucked.. thanks Trump... "

[spurraider21]

the stock market isnt the economy

[clambake]

I imagine 401Ks took a beating but there's money in biotech to be made if you have time and the seed money.

I don’t have a 401k

[hater]

the stock market isnt the economy

:tu

it used to be a good rudder for it a looooooong time ago in a galaxy far away

[rmt]

Sometimes I just don't understand this board. Does it matter whether the stock market is a true indicator of the economy or not? - use it to your benefit. Buy when it's low and sell when it's high. When it's low, don't listen to all the doomsday, panicking, the sky is falling rubbish - buy as much as you can. And when it's high, SELL - don't get greedy - realize your gain and sit on cash for when it drops again.

Or use a disciplined approach - buy on the way down and sell on the way up.

[ChumpDumper]

Sometimes I just don't understand this board. Does it matter whether the stock market is a true indicator of the economy or not? - use it to your benefit. Buy when it's low and sell when it's high. When it's low, don't listen to all the doomsday, panicking, the sky is falling rubbish - buy as much as you can. And when it's high, SELL - don't get greedy - realize your gain and sit on cash for when it drops again.

Or use a disciplined approach - buy on the way down and sell on the way up.60,000 Americans are dead with thousands more on the way. How is the sky not falling?

[boutons_deux]

60,000 Americans are dead with thousands more on the way. How is the sky not falling?

30M+ unemployed, with Ms more to come.

[Winehole23]

You're the one who said you delivered wine and there was no traffic. Are you a liar too?I wear many hats for my company in these troubled times, nut I'm not a delivery driver by title or job description.

You can put that in your dossier, if you like.

[Winehole23]

When the shit goes south your hand wringers and TDSers will be all over it. Mums otherwise.

Stocks rising - TDSer "the stock market isn't the point, it's about lives"
Stocks falling - TDSer "the end is near, the stock market is falling, we're fucked.. thanks Trump... "For better and for worse, people post about topics they care about.

Your basic function on this is gripe at other posters merely for posting and giving a damn.

Weird hobby, not judging.

[hater]

Sometimes I just don't understand this board. Does it matter whether the stock market is a true indicator of the economy or not? - use it to your benefit. Buy when it's low and sell when it's high. When it's low, don't listen to all the doomsday, panicking, the sky is falling rubbish - buy as much as you can. And when it's high, SELL - don't get greedy - realize your gain and sit on cash for when it drops again.

Or use a disciplined approach - buy on the way down and sell on the way up.

IF the stock market is so irrelevant

why did USA jus dump 3+ trillion dollars to keep it afloat?

why did they not let it die and let us poor folk buy the cheapo shares?

[rmt]

60,000 Americans are dead with thousands more on the way. How is the sky not falling?

You can sit on your sofa and bemoan the fact that 60k Americans are dead or you can DO something with that time and be in a position to help the ones who are alive (and out of a job).

[ChumpDumper]

You can sit on your sofa and bemoan the fact that 60k Americans are dead or you can DO something with that time and be in a position to help the ones who are alive (and out of a job).There is plenty of time for both tbh.

[DMC]

I wear many hats for my company in these troubled times, nut I'm not a delivery driver by title or job description.

You can put that in your dossier, if you like.

You said you delivered wine. I didn't call you a delivery driver. Narrative shift is king here.

[DMC]

You can sit on your sofa and bemoan the fact that 60k Americans are dead or you can DO something with that time and be in a position to help the ones who are alive (and out of a job).
:lmao Chumpy doing anything but virtue signaling on Spurstalk

[DMC]

There is plenty of time for both tbh.

Well then the sky actually isn't falling.

[hater]

You can sit on your sofa and bemoan the fact that 60k Americans are dead or you can DO something with that time and be in a position to help the ones who are alive (and out of a job).

yup

while our government bails out their billionaires and spends 9 trillion to keep their companies and stocks afloat

[DMC]

For better and for worse, people post about topics they care about.

Your basic function on this is gripe at other posters merely for posting and giving a damn.

Weird hobby, not judging.

:lol if you say so

[ChumpDumper]

Well then the sky actually isn't falling.60,000 dead Americans is just no big deal to you?

[ChumpDumper]

:lmao Chumpy doing anything but virtue signaling on SpurstalkShould I be virtue signaling for you?

[DMC]

60,000 dead Americans is just no big deal to you?

The sky isn't falling. People die all the time. Sky is still where it was. When I die, sky will be where it is.

Sucks when people you know die, sucks to know someone lost someone they loved, but the world keeps moving.

Sky isn't falling.

[DMC]

Should I be virtue signaling for you?

Wouldn't do any good, I ignore most of your posts.

[ChumpDumper]

The sky isn't falling. People die all the time. Sky is still where it was. When I die, sky will be where it is.

Sucks when people you know die, sucks to know someone lost someone they loved, but the world keeps moving.

Sky isn't falling.You didn't answer the question.

Is 60,000 dead Americans no big deal to you?

[ChumpDumper]

Wouldn't do any good, I ignore most of your posts.Because I'm not divulging personal information for your dossier.

[DMC]

You didn't answer the question.

Is 60,000 dead Americans no big deal to you?
So big deal event = sky is falling?

[DMC]

Because I'm not divulging personal information for your dossier.

Sure you're not :lol

[ChumpDumper]

So big deal event = sky is falling?You can use whatever definition you want now that you're whining..

Is 60,000 a big deal to you?


Sure you're not :lolAm I ?

[DMC]

You can use whatever definition you want now that you're whining..

Is 60,000 a big deal to you?

Am I ?
All life is important.

I don't stay up at night worrying about the deaths. I see you're more concerned with running your schtick than you are about 60,000 deaths (also I suppose those dead who fall outside that nice, round number don't matter to you either).

Example: What have you done about any of it?

[ChumpDumper]

All life is important.

I don't stay up at night worrying about the deaths. I see you're more concerned with running your schtick than you are about 60,000 deaths (also I suppose those dead who fall outside that nice, round number don't matter to you either).So...big deal? You're really not saying.

63,856 since you want to whine more.


Example: What have you done about any of it?:lmao Now you're demanding virtue signaling.

[DMC]

So...big deal? You're really not saying.

63,856 since you want to whine more.

:lmao Now you're demanding virtue signaling.

If I asked you what you've done, and you respond in kind, that's not virtue signaling. The fact you pretend to care so much and then challenge others with the "big deal" schtick, that's virtue signaling.

You know how this works, you're just dishonest to an extreme. You hate the L but you own it.

[ChumpDumper]

If I asked you what you've done, and you respond in kind, that's not virtue signaling. The fact you pretend to care so much and then challenge others with the "big deal" schtick, that's virtue signaling.

You know how this works, you're just dishonest to an extreme. You hate the L but you own it.:lmao demanding answers after you've been dodging for an hour.

You know how this works. I ask questions and you squirm.

It's either not a big deal to you or you don't want to admit it's a big deal to you because you want to maintain a tough guy image precisely no one has of you here.:lol

[DMC]

:lmao demanding answers after you've been dodging for an hour.

You know how this works. I ask questions and you squirm.

It's either not a big deal to you or you don't want to admit it's a big deal to you because you want to maintain a tough guy image precisely no one has of you here.:lol
That's a lot of yapping to say you've done nothing.

[ChumpDumper]

That's a lot of yapping to say you've done nothing.Actually it's my choosing not to entertain your straw man deflection nor give you any personal information. If you want some personal information, just ask. No need for your soap opera scheming.

You don't think it's a big deal. That's all you ever had to say.

[rmt]

Look, it's not that we all haven't done our part by staying home these past few weeks, but the hospitals being overwhelmed throughout the country didn't happen. Now it's time to think about the 30+ million who will face other problems - hunger, poverty, mental health issues, suicide. That is not going to happen with us sitting on the sofa whining about the death count, and the virus isn't going away anytime soon. The governors/mayors have to find a balance between letting people out/work and keeping the hospital situation under control.

[rmt]

Shout out to De Santis who has done a marvelous job with covid-19 and FL - considering how many seniors we have - I haven't heard anything about breakouts at The Villages or Century Village or any specific elderly community.

The other governors should do something similar - target the nursing homes/senior communities instead of what Cuomo did - sending covid patients back into them. I seriously don't know how this guy can be getting praise - those New Yorkers should be railing against him but then who knows - they voted him in and want that kind of government.

[baseline bum]

Shout out to De Santis who has done a marvelous job with covid-19 and FL - considering how many seniors we have - I haven't heard anything about breakouts at The Villages or Century Village or any specific elderly community.

The other governors should do something similar - target the nursing homes/senior communities instead of what Cuomo did - sending covid patients back into them. I seriously don't know how this guy can be getting praise - those New Yorkers should be railing against him but then who knows - they voted him in and want that kind of government.

Oh yeah fucking marvelous job by DeSantis and your former crook of a governor Scott with your unemployment system disaster. Or more accurately, your unemployment system working exactly as designed.

[rmt]

Oh yeah fucking marvelous job by DeSantis and your former crook of a governor Scott with your unemployment system disaster. Or more accurately, your unemployment system working exactly as designed.

Please, it's not like De Santis is personally responsible for the antiquated system - it was there long before him - same as NJ begging COBOL programmers to come help them for free?

It's ironic since my work place deals with this daily - all the new, fuzzy third party packages bought to "look" good (with their pretty graphics and reports) with the old mainframe behind it - daily sending out/getting back the real info. What's gonna happen to the IRS and government entities when all these COBOL programmers retire?

[baseline bum]

Please, it's not like De Santis is personally responsible for the antiquated system - it was there long before him - same as NJ begging COBOL programmers to come help them for free?

It's ironic since my work place deals with this daily - all the new, fuzzy third party packages bought to "look" good (with their pretty graphics and reports) with the old mainframe behind it - daily sending out/getting back the real info. What's gonna happen to the IRS and government entities when all these COBOL programmers retire?

Bullshit, that system was bought to make it difficult to get unemployment and worked exactly as designed.

[Will Hunting]

Shout out to De Santis who has done a marvelous job with covid-19 and FL - considering how many seniors we have - I haven't heard anything about breakouts at The Villages or Century Village or any specific elderly community.

The other governors should do something similar - target the nursing homes/senior communities instead of what Cuomo did - sending covid patients back into them. I seriously don't know how this guy can be getting praise - those New Yorkers should be railing against him but then who knows - they voted him in and want that kind of government.
Give me a break, if De Santis were caught having sex with an 8 year old boy you’d find a way to defend it. Florida’s management of this problem has been a fucking disaster given how few people are getting unemployment benefits.

[rmt]

Bullshit, that system was bought to make it difficult to get unemployment and worked exactly as designed.

I doubt that Florida's unemployment system was "bought" - more likely it was developed in-house by COBOL programmers (like ours) with the intention of one day getting off the mainframe. That's the line given - "we'll be off the mainframe in 5 years" - which will never happen - too much specialized reports/functions for a one size fits all system to cover and not enough money to buy it (if one existed).

Not to mention the existing workers have enough on their hands than to be digging into old programs for business rules in order to even get specifications for a new system and every year, more and more programmers retire taking with them 30+ year old KNOWLEDGE that can't be replaced. My supervisor retires next year, and I don't know if I want to be around when she leaves - it's like stacked cards/Jenga - mile long processes to run and if something goes wrong - how to recover - it's a disaster waiting to happen.

[rmt]

Give me a break, if De Santis were caught having sex with an 8 year old boy you’d find a way to defend it. Florida’s management of this problem has been a fucking disaster given how few people are getting unemployment benefits.

Ohhhhh, I thought you guys' measure was the number of deaths. Funny how the goal posts now switch to unemployment benefits - how convenient and what a joke.

[baseline bum]

I doubt that Florida's unemployment system was "bought" - more likely it was developed in-house by COBOL programmers (like ours) with the intention of one day getting off the mainframe. That's the line given - "we'll be off the mainframe in 5 years" - which will never happen - too much specialized reports/functions for a one size fits all system to cover and not enough money to buy it (if one existed).

Not to mention the existing workers have enough on their hands than to be digging into old programs for business rules in order to even get specifications for a new system and every year, more and more programmers retire taking with them 30+ year old KNOWLEDGE that can't be replaced. My supervisor retires next year, and I don't know if I want to be around when she leaves - it's like stacked cards/Jenga - mile long processes to run and if something goes wrong - how to recover - it's a disaster waiting to happen.

Governor Medicare Fraud got the exact system he wanted.

[rmt]

Governor Medicare Fraud got the exact system he wanted.

I'm not sure to which governor you are referring, but I would bet money that the existing FL system is DECADES old.

[baseline bum]

I'm not sure to which governor you are referring

Yeah and you're a black jamaican chink

[rmt]

Yeah and you're a black jamaican chink

You're the one who assumed that all Jamaicans are black - I never said I was black.

[baseline bum]

You're the one who assumed that all Jamaicans are black - I never said I was black.

Fuck off Wild Cobra

[Winehole23]

I'm not sure to which governor you are referring, but I would bet money that the existing FL system is DECADES old.Rick Scott

Before he became FL governor the company he ran ripped off FL for billions:

https://www.sun-sentinel.com/opinion/fl-op-col-rick-scott-medicare-fraud-20181002-story.html

While he was governor, he made it harder for people to get unemployment:

https://www.politico.com/states/florida/story/2020/04/03/its-a-sh-sandwich-republicans-rage-as-florida-becomes-a-nightmare-for-trump-1271172

[hater]

https://twitter.com/byHeatherLong/status/1265983951698563073?s=19

[hater]

Bloody Friday coming up nigas

A trifectA of crisis boiling up:
- pandemic with 25% unemployment
- riots in us metro and racial crisis
- us about to strip hong kong special status shooting themselves in the foot

Blood on the streets

Calling it

[Spurminator]

Bloody Friday coming up nigas

A trifectA of crisis boiling up:
- pandemic with 25% unemployment
- riots in us metro and racial crisis
- us about to strip hong kong special status shooting themselves in the foot

Blood on the streets

Calling it

Nailed it.

[hater]

Nailed it.

I was completely wrong

Weird cause I thought the media aphorism go crazy about Hong Kong loss of status. And the markets go crazy

I cannot explain it

My bad

[hater]

Oh btw us fucked up doing that move with hk

They basically gave up their only leverage eith hk :lmao

It's game over for us

What a stupid move.

More stupid than us leaving the who

:lmao

Americans are so fucked

[hater]

That’s Manolo Falco, Citigroup’s C, -2.54% co-head of investment banking, explaining to the Financial Timeswhy he believes the firm’s corporate clients should raise as much cash as possible before the reality of the pandemic sinks in for investors.

“As the second quarter comes along and we start seeing the pain, and the collateral effects of that,” Falco continued, “we think this is going to be much tougher than it looks.”



Called it

[ElNono]

That’s Manolo Falco, Citigroup’s C, -2.54% co-head of investment banking, explaining to the Financial Timeswhy he believes the firm’s corporate clients should raise as much cash as possible before the reality of the pandemic sinks in for investors.

“As the second quarter comes along and we start seeing the pain, and the collateral effects of that,” Falco continued, “we think this is going to be much tougher than it looks.”



Called it

I just read a take that the economy is churning though.

[Winehole23]

Millions, ordered to shelter in place and declared non-essential, can't afford rent.

Mass default and homelessness are well within the visible horizon. In housing crisis 2.0 investors will soon devour housing stock of distressed owners at bargain prices for the second time in eleven years.

That's a hard knock on everyone trying to build equity. One that was largely avoidable.

[Winehole23]

I just read a take that the economy is churning though.CBO estimates Q2 as an ~ 30% GDP drop, annualized.

The Q3-Q4 projections are charmingly rose-tinted.

[ElNono]

CBO estimates Q2 as an ~ 30% GDP drop, annualized.

The Q3-Q4 projections are charmingly rose-tinted.
FrostKing thinks everything is going back to normal in ~2 months.