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  1. #626
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  2. #627
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    What's with the whole Latinx ? Is that the "inclusive" language?

  3. #628
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    What's with the whole Latinx ? Is that the "inclusive" language?
    de-gender-izing the gendered Spanish nouns?

  4. #629
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    Why the 3rd Quarter US Economic ‘Rebound’ Will Falter

    Economies experiencing deep and rapid contractions—

    which is typical of both great recessions and economic depressions—

    inevitably experience periods of leveling off for a time, or even a slight bounce back—i.e. a rebound.

    But that’s not a recovery.

    ‘Recovery’ means a sustained, quarter to subsequent quarter economic growth that a continues more or less unabated until the lost economic ground is ‘recovered’.

    But a rebound is typically temporary, followed by subsequent economic relapses in the form of stagnant growth or even second or third dip recessions.

    https://www.counterpunch.org/2020/07...d-will-falter/

    As Repugs did throughout Obama's term and the Banksters Great Depression, the Repugs will now block everything like HEROES, knowing they are going to lose big in Nov.

    If McConnell retains the Senate, he will do exactly like he did under Obama, sadistically maximize and prolong the economic pain 2020-2022 by blocking stimulus For The People (but approving stimulus for his BigDonor oligarchy), planning to win big in 2022, just like in 2010.



  5. #630
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    Covid-19 Bankruptcies Bleeding Out Jobs, Economic Capacity


    Commercial tenants, particularly of retail space and office space, are either not paying or are pushing their landlords to give a major rent reduction.

    Upscale business hotels remain closed in major cities.

    I am told there are lots of moving vans in New York City, and they aren’t for move ins.

    Restaurants are trying to figure out how to get by.

    Operators that depended on corporate activity,

    be it shops and food vendors catering to office cube dwellers commuting or retailers in airports,

    are thinning out their locations and their staffing.
    What has kept the bottom from dropping out of the economy is the emergency response.

    even though residential mortgage delinquencies are elevated, they aren’t at the post financial crisis level, when 9 million mortgages went into foreclosure.

    companies that received PPP loans, on the whole, expect to cut employment levels once they’ve met the eight week requirement to turn the loan into a grant. That bleeding is just starting.

    Keynes observed that there isn’t the political will to run big enough deficits long enough to lift an economy out of a depression absent a war.

    Recall how the US dialed back support in 1937
    when activity was improving and the economy promptly fell over.
    that was Repugs undoing FDR's progress

    I’m curious to get a grip on why Americans seem to be underreacting to what is happening.

    Thing will only get more turbulent. Hope you are well bunkered.

    https://www.nakedcapitalism.com/2020...-capacity.html


  6. #631
    dangerous floater Winehole23's Avatar
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    Thumb on the scale for Apple and Disney. I wonder what the current stock market rally would look like without FANG.

    Ritholtz suggests the relative competence of other countries in dealing with COVID-19 has already given them an economic advantage, and that foreign investment in tech is driving the current bull market.


  7. #632
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    Coronavirus Surge Is Killing America’s Small Businesses

    More owners are permanently shutting their doors after new lockdown orders,

    realizing that there may be no end in sight to the crisis.

    https://www.nytimes.com/2020/07/13/b...ronavirus.html

  8. #633
    Got Woke? DMC's Avatar
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    Ritholtz suggests the relative competence of other countries in dealing with COVID-19 has already given them an economic advantage, and that foreign investment in tech is driving the current bull market.

    So now the stock market is about the economy? Make up your mind.

  9. #634
    dangerous floater Winehole23's Avatar
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    So now the stock market is about the economy? Make up your mind.
    Not sure what you're driving at, I was trying to describe Ritholtz's take, not mine.

    As usual, your complaint is a bit lacking for specificity, what's your question?

  10. #635
    dangerous floater Winehole23's Avatar
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    So now the stock market is about the economy? Make up your mind.
    Almost complete elliipsis and inference here, but I'll give it a go.

    Massively front-loaded Fed stimulus in the trillions + QE + trillions more in follow up lending through a dozen alphabet soup SPVs managed by BlackRock, plausibly had an effect on US equities and animal spirits.

    It's just as plausible that Europe and Asia reopening their economies does too.

    Both of things can be true at the same time. No need to pick a lane.

  11. #636
    dangerous floater Winehole23's Avatar
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    Pandemic and depression spread misery in the country, but for those with money to invest the misery of others is the opportunity of a lifetime.

    The rich ripped us off this way eleven years ago, they're already doing it again.

  12. #637
    dangerous floater Winehole23's Avatar
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    Jesus Christ, the Fed is buying corporate bonds at this point.

  13. #638
    Take the fcking keys away baseline bum's Avatar
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    Scary from Kyle Kulinski today. But thank god we bailed out the corporate Americans.


  14. #639
    dangerous floater Winehole23's Avatar
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    just another day ending in "Y"


  15. #640
    W4A1 143 43CK? Nbadan's Avatar
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    Pretty clear by now that the vast majority of those who benefited from PPP loans and SBA loans are taking that extra money and pumping it into the stock market and where safer to put it into technology stock which in the long run is almost certainly a winner. The only program that has really helped the little guy, the $600 per week addition to unemployment is scheduled to end on the 24th and the Mitch McConnell Senate is in no hurry to renew the program even though economists have reported that the program works and has actually added 3% gains to the GDP despite the pandemic.

  16. #641
    dangerous floater Winehole23's Avatar
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    Pretty clear by now that the vast majority of those who benefited from PPP loans and SBA loans are taking that extra money and pumping it into the stock market and where safer to put it into technology stock which in the long run is almost certainly a winner. The only program that has really helped the little guy, the $600 per week addition to unemployment is scheduled to end on the 24th and the Mitch McConnell Senate is in no hurry to renew the program even though economists have reported that the program works and has actually added 3% gains to the GDP despite the pandemic.
    Dude, poverty in the went down measurably since the CARES Act. Who knew giving poor people money alleviates poverty?

  17. #642
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    Dude, poverty in the went down measurably since the CARES Act. Who knew giving poor people money alleviates poverty?
    not only did national poverty rate down due to CARES Act's $600/week as the pandemic exploded,

    one estimate was that GDP would go up by nearly 4% next year if the $600/week were continued.

  18. #643
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    Big banks prepare for protracted recession, report significant drop in profits

    JPMorgan Chase, Citigroup and Wells Fargo set aside billions in capital as they prepare for customers to default on loans


    The recession triggered by the coronavirus pandemic will be deeper and longer than initially expected, according to three big banks that reported significant decreases in quarterly profits Tuesday.

    “Our view of the length and severity of the economic downturn has deteriorated considerably”

    The banks’ more pessimistic outlooks come as millions of people remain out of work, thousands of small businesses close permanently and some states begin to shut down for a second time to contain the spread of the coronavirus.

    A Fed analysis of the banks’ finances showed they are in good shape now but some could struggle in the worst-case scenarios of the economic recovery.

    JPMorgan Chase and Wells Fargo said Tuesday they would set aside $8.9 billion and $8.4 billion, respectively, as they prepared for customers to begin defaulting on their loans later this year.

    Citigroup increased its reserves to $7.9 billion.

    JPMorgan Chase, the country’s largest bank, said its quarterly profit fell more than 50 percent, to $4.7 billion, as it built up its reserves.

    “The recessionary part of this you’re going to see down the road.”

    The past three months have been tougher for Wells Fargo. The bank reported its first quarterly loss, $2.4 billion, in more than a decade

    Citigroup’s profit fell more than 70 percent, to $1.32 billion, in the second quarter, compared with $4.8 billion during the same period last year.

    https://www.washingtonpost.com/business/2020/07/14/big-banks-prepare-protracted-recession-report-drastic-drop-profits



  19. #644
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    Nancy Pelosi says coronavirus aid bill

    will cost at least $1.3 trillion,

    but ‘that’s not enough’


    https://www.cnbc.com/2020/07/16/coro...lief-bill.html

    I've sen 40% of GDP, or $8T, but given For The People, not to the oligarchy.

    but any amount will be WASTED AGAIN only if USA emulates serious, adult countries and shuts down the pandemic.



  20. #645
    Take the fcking keys away baseline bum's Avatar
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    Big banks prepare for protracted recession, report significant drop in profits

    JPMorgan Chase, Citigroup and Wells Fargo set aside billions in capital as they prepare for customers to default on loans


    The recession triggered by the coronavirus pandemic will be deeper and longer than initially expected, according to three big banks that reported significant decreases in quarterly profits Tuesday.

    “Our view of the length and severity of the economic downturn has deteriorated considerably”

    The banks’ more pessimistic outlooks come as millions of people remain out of work, thousands of small businesses close permanently and some states begin to shut down for a second time to contain the spread of the coronavirus.

    A Fed analysis of the banks’ finances showed they are in good shape now but some could struggle in the worst-case scenarios of the economic recovery.

    JPMorgan Chase and Wells Fargo said Tuesday they would set aside $8.9 billion and $8.4 billion, respectively, as they prepared for customers to begin defaulting on their loans later this year.

    Citigroup increased its reserves to $7.9 billion.

    JPMorgan Chase, the country’s largest bank, said its quarterly profit fell more than 50 percent, to $4.7 billion, as it built up its reserves.

    “The recessionary part of this you’re going to see down the road.”

    The past three months have been tougher for Wells Fargo. The bank reported its first quarterly loss, $2.4 billion, in more than a decade

    Citigroup’s profit fell more than 70 percent, to $1.32 billion, in the second quarter, compared with $4.8 billion during the same period last year.

    https://www.washingtonpost.com/business/2020/07/14/big-banks-prepare-protracted-recession-report-drastic-drop-profits


    Hopefully when the wave of the Trump Depression homelessness comes people burn down the banks instead of the small businesses around them.

  21. #646
    dangerous floater Winehole23's Avatar
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    Hopefully when the wave of the Trump Depression homelessness comes people burn down the banks instead of the small businesses around them.
    If the bull market continues while the country is in recession and being ravaged by a pandemic, it may at some point become clear where the burning needs to start.

  22. #647
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    Florida, Georgia and California show a rise in jobless claims.

    https://www.nytimes.com/2020/07/16/b...ss-claims.html

  23. #648
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    Minimum wage workers cannot afford rent in any U.S. state

    the average minimum wage worker in the U.S. would

    need to work almost 97 hours per week to afford a fair market rate two-bedroom and 79 hours per week to afford a one-bedroom

    That’s well over two full-time jobs just to be able to afford a two-bedroom rental.



    defines “affordable” as spending no more than 30% of monthly income on rent,

    the “housing wage” for 2020 —

    or what a full-time worker must make in order to afford a fair market rental without spending more than 30% of his or her income —

    at $23.96 per hour for a two-bedroom rental and

    $19.56 per hour for a one-bedroom.

    https://www.cnbc.com/2020/07/14/minimum-wage-workers-cannot-afford-rent-in-any-us-state.html



  24. #649
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    The Terrifying Next Phase of the Coronavirus Recession

    The U.S. prioritized the economy over public health—and got the worst of both worlds.

    Trump has railed against shutdowns and shelter-in-place orders, tweeting in all caps that

    “we cannot let the cure be worse than the problem itself” and

    pushing for employees to get back to work and businesses to get back to business.

    But the country has failed to get the virus under control,

    through masks, contact tracing, mass testing, or any of the other

    strategies other countries have tried and found successful.

    That has kneecapped the nascent recovery, and

    raised the possibility that the unemployment rate, which eased in May and June after nearly reaching 15 percent in April,

    could e again later this year.

    instead of setting up a national viral-control strategy during this time, as other rich countries did,

    the United States did close to nothing.

    Congress underfunded disease research and contact-tracing efforts.

    No federal agency coordinated the procurement of personal protective equipment.

    Months into the pandemic, health professionals were still reusing masks for days at a time.

    The Trump administration punted responsibility for public-health management to the states,
    each tipping into a budgetary crisis.

    After a springtime peak, caseloads declined only modestly.

    Outbreaks seeded across the country.

    States reopened, and
    counts exploded again.

    the economy is traveling sideways, as business failures mount and the virus continues to maim and kill.

    New applications for unemployment insurance, for instance, are leveling off at more than 1 million a week

    consumer spending is falling again, down 10 percent from where it was a year ago.

    the rebound has hit a “plateau,” in terms of hours worked, share of employees working, and number of businesses open.

    The next, terrifying phase of the coronavirus recession is here:

    a damaged economy,

    a virus spreading faster than it was in March.

    . The statistical value of American lives already lost to the disease is something like $675 billion.

    States with unmitigated outbreaks have been

    forced to go back into lockdown,

    or to pause their reopening,

    killing weakened businesses and roiling the labor market.

    Where the virus spreads, the economy stops.

    decreases in economic activity are closely tied to “fears of infection” and

    are “highly influenced by the number of COVID deaths reported” in a given county.

    Countries that successfully countered the virus seem to have enjoyed better financial recoveries;

    countries that did not shut down saw major hits to their economy anyway.

    The supposed trade-off between public health and the economy doesn’t exist.

    And right now, the country is choosing not to save either.

    https://www.theatlantic.com/ideas/ar...ession/614140/

    Thanks, Repugs, you sociopathic, ignorant mother ing assholes



  25. #650
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Trump demands payroll tax cut in next Covid relief bill

    President Donald Trump has signaled to Hill Republicans that he will not sign a new coronavirus stimulus package without the inclusion of a payroll tax cut, according to three sources close to the issue.

    This new red line from the White House serves to illustrate the challenges that lay ahead in negotiating another Covid-19 relief package. GOP and Democratic congressional leaders are trillions of dollars apart in funding goals for the package, as well as how those funds will be spent.

    Republicans have pushed for an overhaul to liability laws, which Democrats are skittish of, and Democrats are insisting on state and local funding, and enhanced unemployment benefits, which Republicans are cool to.

    https://www.politico.com/news/2020/0...ef-bill-366506

    ---

    wtf, get some aid to people, especially the unemployed... who cares about ing liability right now unless you're planning to force people back into work? and smh at these s tripping over each other to give handjobs to big business.

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