Posts Tagged ‘Bankrupt’

Currency Wars: Debase, Default, Deny!

Currency Wars: Debase, Default, Deny! 

Hiker pausing at fork in path

Courtesy of Gordon T Long of Tipping Points

In September 2008 the US came to a fork in the road. The Public Policy decision to not seize the banks, to not place them in bankruptcy court with the government acting as the Debtor-in-Possession (DIP), to not split them up by selling off the assets to successful and solvent entities, set the world on the path to global currency wars.

By lowering interest rates and effectively guaranteeing a weak dollar through undisciplined fiscal policy, the US ignited an almost riskless global US$ Carry Trade and triggered an uncontrolled Currency War with the mercantilist, export driven Asian economies. We are now debasing the US dollar with reckless spending and money printing with the policies of Quantitative Easing (QE) and the expectations of QE II. Both are nothing more than effectively defaulting on our obligations to sound money policy and a “strong US$”. Meanwhile with a straight face we deny that this is our intention. 

It’s called debase, default and deny.

Though prior to the 2008 financial crisis our largest banks had become casino like speculators with public money lacking in fiduciary responsibility, our elected officials bailed them out. Our leadership placed America and the world unknowingly (knowingly?) on a preordained destructive path because it was politically expedient and the easiest way out of a difficult predicament. By kicking the can down the road our political leadership, like the banks, avoided their fiduciary responsibility. Similar to a parent wanting to be liked and a friend to their children they avoided the difficult discipline that is required at certain critical moments in life. The discipline to make America swallow a needed pill. The discipline to ask Americans to accept a period of intense adjustment. A period that by now would be starting to show signs of success versus the abyss we now find ourselves staring into.  A future that is now significantly worse and with potentially fatal pain still to come.

Unemployed Americans, the casualties of the financial crisis wrought by the banks, witness the same banks declaring record earnings while these banks refuse to lend. When the banks once more are caught with their fingers in the cookie jar with falsified robo-signing mortgage title fraud, they again look for the compliant parent to look the other way. Meanwhile the US debt levels and spending associated with protecting these failed…
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Kotlikoff: The IMF Says That the US Is Bankrupt, and They’re Right

Kotlikoff: The IMF Says That the US Is Bankrupt, and They’re Right

Courtesy of JESSE’S CAFÉ AMÉRICAIN

I have not read it yet, but Kotlikoff has a book out called "Jimmy Stewart Is Dead" which was reviewed in April by Craig Heimark at Naked Capitalism.

I have not followed Kotlikoff closely and will attempt to read some of his more serious material in the near future. I did listen to a long discussion on Bloomberg television this afternoon, and he made some real sense to me, although he did not penetrate the miasma of corporate sloganeering that represents the minds of the anchors. They seem to lean to the ‘cut everything that is not a subsidy to or a cashflow owned by the oligarchy’ school of economic reform. And he takes that sort of supply side hoaxing to task, and harshly.

I have to take a closer look at his analysis of Social Security, which is highlighted in this Bloomberg piece (quelle surprise). But his comments on the need for reform in the financial system was point on.

He disagrees with both the supply siders and the demand siders, favoring a systemic overhaul and reform, and so my interest in what he says is obvious.

Bloomberg
U.S. Is Bankrupt and We Don’t Even Know

By Laurence Kotlikoff
Aug 10, 2010

Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.

What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy.

Last month, the International Monetary Fund released its annual review of U.S. economic policy. Its summary contained these bland words about U.S. fiscal policy: “Directors welcomed the authorities’ commitment to fiscal stabilization, but noted that a larger than budgeted adjustment would be required to stabilize debt-to-GDP.”

But delve deeper, and you will find that the IMF has effectively pronounced the U.S. bankrupt. Section 6 of the July 2010 Selected Issues Paper says: “The U.S. fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It adds


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Emergency Press Conference on Newark Budget Gap; Massive Service Cuts; No Toilet Paper for City Offices; Newark is Bankrupt

Emergency Press Conference on Newark Budget Gap; Massive Service Cuts; No Toilet Paper for City Offices; Newark is Bankrupt

Courtesy of Mish

Newark Mayor Cory Booker and the city council are fighting over ways to balance a $70 million budget hole. Literally everything is under discussion except the one thing that needs to be done: declare bankruptcy.

Please play this video. It is pretty enlightening.

CNN Money reports Newark mayor: No toilet paper for city offices

In a desperate attempt to fill a $70 million budget hole, Newark’s mayor is taking a chainsaw to the town’s budget — even going so far as to cut toilet paper from the 2010 budget.

"Every single contract that does not go to the core function of our city in providing safe streets, providing fire protection, or other things to keep our city afloat will now be cut," Booker said during an emergency press conference Wednesday.

The reductions include not buying toilet paper for city offices, cutting the work week to four days for non-uniformed city workers, which is equivalent to a 20% pay cut, scrapping city holiday decorations, and closing city pools. These extreme measures, most of which will take effect beginning in August, are expected to save the city between $10 million and $15 million.

The city came to this impasse after the city council deferred a vote to create a Municipal Utilities Authority, a key component of Booker’s method of balancing the budget. Because Newark could issue bonds on the Authority, it would have cash inflow to cover the immediate deficit. Without that infusion, the mayor said they can’t make ends meet.

Municipal Utilities Authority Idea is Sheer Madness

I applaud the decision by the council to reject Mayor Booker’s Municipal Utilities Authority.

It is time for cities and states to address issues now, not raise taxes and not float more bonds that cannot and will not be paid back unless sugar daddy Congress steps in with taxpayer sponsored guarantees.

The Blame Game

As you might expect, finger-pointing is now running rampant. Please consider Newark council slams Mayor Booker for ‘savage’ proposed budget cuts.

Donald Payne Jr., Newark’s council president, and four of his colleagues today put up a united front to counter Mayor Cory Booker’s roll out of "savage" budget cuts, accusing him of political gamesmanship for trying to thrust responsibility on the


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Irony: Our Huge Military Is What Made Us an Empire… But Our Huge Military is What Is Bankrupting Us, Thus DESTROYING Our Status as an Empire

Irony: Our Huge Military Is What Made Us an Empire … But Our Huge Military is What Is Bankrupting Us, Thus DESTROYING Our Status as an Empire

Courtesy of Washington’s Blog

As I’ve previously pointed out, America’s military-industrial complex is ruining our economy.

And U.S. military and intelligence leaders say that the economic crisis is the biggest national security threat to the United States. See this, this and this.

As RT points out, it is ironic that America’s huge military spending is what made us an empire … but our huge military is what is bankrupting us … thus destroying our status as an empire:

No wonder people from opposite ends of the political spectrum like Barney Frank and Ron Paul are calling for a reduction in military spending.


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32 States Borrow $37.8 Billion Total to Make Unemployment Payments

32 States Borrow $37.8 Billion Total to Make Unemployment Payments; CA Tops List at $6.9 Billion; Bill to Extend Benefits Until DEC in Congress

Courtesy of Mish  

Inquiring minds are reading the Economic Policy Journal for clues on how much states are borrowing to make unemployment insurance claims.

The totals are not pretty. As of May 20, the total balance outstanding by 32 states plus the Virgin Islands is $37.8 billion.

The CINN Group accounts for $14 billion of it.

California $6.9 Billion
Illinois $2.2 Billion
New York $3.2 Billion
New Jersey $1.7 Billion

The worst 4 grouping accounts for $17 billion, nearly 45% of the total.

California $6.9 Billion
Michigan $3.9 Billion
New York $3.2 Billion
Pennsylvania $3.0 Billion

Other Notables

Florida $1.6 billion
Indiana $1.7 billion
North Carolina $2.1 Billion
Ohio $2.3 Billion
Texas $1.0 Billion
Wisconsin $1.4 Billion

I bet the entire amount is forgiven. Any takers?

Note that the Emergency Unemployment Compensation (EUC) Extended to June 2, 2010 is about to run out.

But Wait! More Free Money Cometh

The Public Policy Examiner reports Unemployed must wait for Congress to preserve benefits.

A vote on a new end for unemployment benefits will not come until next week. On Thursday morning, Sen. Max Baucus (D-MT) and Rep. Sandy Levin (D-MI) proposed amending H.R. 4213 to extend benefits until December 31, 2010.

The amended bill, American Jobs and Closing Tax Loopholes Act, would extend COBRA health benefits until the end of the year.

Other plans accompany the benefits extension effort. Rep. Bob Filner (Dist. 51) plans to help San .Diegans in economic trouble by passing George Miller’s Local Jobs for America Act. Filner says the city would get 3,263 jobs, with more jobs expected in the other county communities. The bill targets communities with high unemployment.

Rep. Susan Davis (Dist. 53), on Wednesday, was one of three legislators introducing the COBRA Health Benefits Extension Act, H.R. 5324. The unemployed could receive COBRA benefits past the standard 18 months, as long as they needed. At least until Obama’s health exchanges arrive.

Damn, I am sure glad there is a nascent economic recovery. Otherwise, who knows how bad this could get.


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See, The Gun Is Loaded!

See, The Gun Is Loaded!

Courtesy of Karl Denninger of The Market Ticker 

No, no, not the ECB’s.

The "currency speculators" – cough - BANKS that were shorting the hell out of the Euro.

Let’s see if I can figure out what’s happened here.

  1. Banks shorted the Euro, (correctly) surmising that Greece, Portugal, Spain and others can’t possibly cover their debts.
     
  2. The ECB freaks out as the Euro heads toward PAR and calls "emergency meetings" (forgetting, I might add, that the Euro traded under PAR not that long ago.)
     
  3. The ECB and Eurozone decides to "defend" the Euro with €1t in "defensive measures", including buying bonds of bankrupt sovereigns (gee, that’s nice – monetization by another name.)  Since the ECB and EuroZone cognescenti is of course connected to the large banks in Europe (including France, where Sarkozy is located) these banks know to back off on Friday (notice the nice little uptick?) to lock in their bonuses from these insanely-profitable trades against their own currency.
     
  4. The very same banks, including the ones in Sarkozy’s back yard, see the very nice spike and short the Euro even harder, (correctly) surmising that they have successfully stuck the gun up the nose of the ECB!
An armful of gambling chips

Rinse and repeat until you have all the money.

Naw, it wouldn’t be that simple, would it?  Why of course it would.

See, lending someone money when they’re bankrupt can’t possibly make them not-bankrupt.  It can only make them more-bankrupt.  As a consequence the ECB’s action is self-destructive and doomed to fail, and as a consequence there is no reason for these banks to back off at all!  Indeed, quite to the contrary – they have (correctly) deduced that they can make billion in bonuses by shorting their own currency to destruction, forcing ever-larger "interventions" by the ECB!

If you’ve ever seen a meth addict goose himself with his drug of choice to the point where his teeth literally fall out, you know how this story ends. 

The only winning play is to refuse to play at all, and force the bankrupt to recognize their insolvency and reorganize their debts.  That’s it.  Attempting to paper over insolvency never works, and the market has now deduced this, as I expected – although I didn’t think it would happen quite this quickly.

"All in" by the ECB drew not a "ok, ok your pot!"…
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Wealthy Unload Munis; Junk, Corporates, Equities, All Overpriced; Take Some Chips Off The Table

Wealthy Unload Munis; Junk, Corporates, Equities, All Overpriced; Take Some Chips Off The Table

Exterior of Warehouse with Traffic Cones

Courtesy of Mish

Inquiring minds are reading Rich Stunned by Recession Sell Munis for First Time by Bloomberg columnist Joe Mysak.

For the first time in decades, the rich showed no confidence in state and local governments during a recession.

This astonishing tale is told in the new edition of the Internal Revenue Service’s Statistics of Income Bulletin, which shows that in 2008, the latest year for which preliminary data is available, the richest taxpayers collected $7 billion less in tax-free interest than they did in 2007, an unprecedented drop of 15 percent.

The IRS had no explanation for the drop. A spokesman said there was no technical reason behind the decline, such as a change in tax treatment. So all we have are the numbers to tell the story.

Municipal bonds, as an asset class, were screaming “buy me” in 2008. There should have been an increase in tax-exempt interest earned.

Some investors did buy — just not those at the very top. The total number of individuals reporting tax-exempt interest grew in 2008, to 6.4 million from 6.29 million the year before.

How do we explain that drop in the amount of tax-exempt interest reported? It’s most likely a combination of reasons, all, again, inspired by fear: Some investors sold munis and bought CDs and Treasuries, and some shifted to shorter tax- exempt maturities, which pay less.

I can’t wait until next March, when the next installment of The Rich and Their Municipal Bonds comes out.

Take Some Chips Off The Table

I do not like Munis here. For starters, I think there will be a number of counties in Florida that go bankrupt. Harrisburg, Pennsylvania (the state capitol) is likely to go bankrupt as is Detroit, Michigan.

Yes, everyone is aware of those.

However, when liquidity is flowing everywhere, as it has been since March 2009, nothing seems to matter. Indeed, it is easy to be complacent because nothing matters. The correct way of thinking about this is: nothing matters "now".

Add in a few cities going bankrupt in California, and in a liquidity crisis I can practically guarantee it will matter. Although there may be some good bets out there, munis seem to be richly priced which means there are better opportunities ahead.

Liquidity…
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Escalating Pension Crisis Will Bankrupt San Diego

Escalating Pension Crisis Will Bankrupt San Diego

Courtesy of Mish

Telescope at a lookout point, San Diego Bay, Coronado Island, San Diego, California, USA

The pension crisis is affecting budgets in city after city and in ever increasing amounts. Please consider the latest in San Diego: Millions needed for city pensions.

Just when San Diego city officials thought they had closed a $179 million budget gap, another has opened up because more money will be needed to pay for employee pensions.

The city will have to contribute $231.7 million to the retirement fund in the fiscal year that starts in July. That’s up $19 million from the forecast used when the last budget gap was closed in December.

The increase is a result of the fund’s investment losses and more employees signing up for pension benefits because of fears they will be cut.

The higher payment most likely will be funded by cutting more services in the next few months, as opposed to the 18-month balanced budget promised when a deal was reached to reduce library hours, lay off 200 workers and end public-safety programs such as horse-mounted patrols.

“This cutting and reducing is going to go on until somebody takes seriously the solutions for solving the city’s pension mess,” Councilwoman Donna Frye said yesterday.

A new report from the city’s pension system indicates that the city has 66.5 percent of the money it needs to cover promised pensions — the lowest level since 2004. The amount the city lacks to meet its long-term pension liability is $2.1 billion as of June 30, up from $1.3 billion in June 2008.

Frye said she sees a trend of pension obligations gobbling up more of the city’s general fund, which pays for fire, police, parks, libraries and recreation centers. Unless labor unions and the city come together to find solutions, “I believe the city will someday go into bankruptcy,” she said.

Mayor Jerry Sanders has resisted any such suggestion.

San Diego Already Bankrupt

San Diego is already bankrupt, they just don’t know it yet. There is no way it can fund its pension liabilities.

I commend Councilwoman Donna Frye. She should run for mayor.

Tax hikes and fees are not the answer. The core issue is unsustainable pension benefits. The system is broke. Toying around with little cuts here and there will not help. And as bad as…
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Greece: The California of Europe

Cute map.

Greece: The California of Europe

Courtesy of Joshua M Brown, The Reformed Broker 

The Euro is hitting 6 month lows this morning as the Greece sovereign debt story goes from bad to worse.  Greece is trying to roll some debt this morning and there are few takers according to multiple media reports.  Some links below my highly-researched infographic…

Greece Funding Crisis Now Official (Zero Hedge)

Euro, Government Bond Market Under Pressure (WSJ Market Beat)

Spreading…(FT Alphaville)

 


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Virginia Borrows $1.26 billion To Pay Unemployment Benefits; Detroit Loses $400 Million on $800 Million of Bonds; Detroit’s Easy Solution

Virginia Borrows $1.26 billion To Pay Unemployment Benefits; Detroit Loses $400 Million on $800 Million of Bonds; Detroit’s Easy Solution

Courtesy of Mish

French mime artist Marcel Marceau's items auctioned at Drouot in Paris

Virginia is robbing Peter to pay Paul because it is plain flat out broke. Bankrupt is probably a better word. To pay unemployment benefits, Virginia will borrow $1.26 billion and pay it back plus interest by jacking up unemployment taxes.

Please consider Va. to borrow $1.26 billion for depleted unemployment funds.

As Virginia wrestles with ways to replenish its depleted fund for unemployment benefits, Hampton Roads employers expressed concern about the impact that higher unemployment taxes could have on the health of their businesses.

The sorts of tax increases described by the Virginia Employment Commission earlier this fall may be difficult for some small businesses to absorb without job cuts, said Jim Shirley, owner of Bennett’s Creek Farm Market in Suffolk.

The state’s average unemployment tax per employee will jump from $95 this year to $171 in 2010 and to $263 by 2012, the VEC said in a Sept. 29 presentation to the Commission on Unemployment Compensation.

For small retailers, the financial pressure from weak sales and higher unemployment taxes could be intense, Miller said. "You’ve got to have someone in the store, and if you’re down to one person in the store, you can’t cut any more."

In addition to boosting unemployment taxes on employers, Virginia will have to borrow more than $1.26 billion from the federal government in coming years to continue paying jobless benefits, the VEC said in its forecast.

That’s because the deficit in its unemployment-benefits fund will hit $194 million by the end of this year and balloon to $561 million by the end of 2010, the VEC said.

Two dozen states, including North Carolina, South Carolina, New York and Texas, have already borrowed about $21 billion from the federal government to pay jobless benefits, according to the Labor Department.

One problem with borrowing to pay jobless benefits, the VEC noted, is that interest payments on this debt cannot come from the unemployment trust fund or from federal money. The interest payments on its $1.26 billion of projected borrowing are likely to total $36.7 million and come from general state funds, the VEC said in its September report.

Yet Another Reason To Not Hire

Borrowing money while jacking up…
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Zero Hedge

JPMorgan Makes $1 Billion From Gold Trading After Paying $1 Billion Fine For Manipulating Gold Trading

Courtesy of ZeroHedge View original post here.

This, in a nutshell, is how Wall Street works: just two months after JPMorgan was fined a record $1 billion criminal monetary penalty (to make sure not a single banker would end up going to prison) for rigging the gold and silver markets, Reuters reported that JPM - having clearly "learned" the tools of the gold rigging trade, has earned a record $1 billion in revenue so far in 2020 from trading, storing and financing precious metals, vastly outperforming rival banks.

The math simplified: JPM has spent $1 billion over the l...



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ValueWalk

Surprise in Short Interest - New Research Paper

By Jacob Wolinsky. Originally published at ValueWalk.

We extract the news component of short-selling activity by accounting for important cross-sectional, distributional differences in short interest. The resulting measure of surprise in short interest negatively predicts the cross section of both U.S. and international equity returns. Our results also indicate that this predictability originates from short sellers’ informed trading on mispricing and the market’s underreaction to the news component of short-sale reports. Consistent with the notion of costly arbitrage, the return predictability is stronger among illiquid, volatile stocks and stocks with high information uncertainty, but importantly, unrelated short-selling frictions.

...

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Phil's Favorites

Coronavirus Could Cause Shipping Costs To Rise By Up 15% In 2020

By Jacob Wolinsky. Originally published at ValueWalk.

Managing Shipping Budgets in 2021: The Old Normal, the New Normal, or the Unknown?

As they plan their shipping budgets for the coming year, distributors and retailers are struggling to assess the pandemic-driven changes of 2020. SkyPostal’s A.J. Hernandez suggests a two-sided approach: be as careful as you can, while also being prepared for anything.

Building A Shipping Budget

(Miami, FL) November 23, 2020—While shipping managers would like to see some relief from the shocks and surprises of 2020, there are, says A.J. Hernandez, President and CEO of SkyPostal, Inc., a lot of reasons they’re probably not going to get it. According to a recent survey of industry exp...



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Politics

TRUMP CONCEDES (SORT OF)

 

TRUMP CONCEDES (SORT OF)

Courtesy of Teri Kanefield

The Trump Legal team filed more documents today in the appellate court. I tweeted a bit about how silly they were (let me know if you all want me to march through them). Then this happened:

Trump giving the go-ahead for the transition to get underway was (I believe) the closest he will get to conceding the election. Two amusing things happened. First, Trump tweeted this about 10 minutes after Emily Murphy submitted a letter saying she would move forward, and that she has made her decisions solely on her own and not at anyone’s direction. Looks like Trump wanted people to think that she was, in fact, acting at his direction.

The other amusing part was that Tr...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Friday, 12 June 2020, 08:06:43 PM

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Comment: Interesting (2)



Date Found: Saturday, 13 June 2020, 12:27:02 AM

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Comment: Recession Forecasts Time Frame



Date Found: Monday, 15 June 2020, 11:07:52 PM

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Biotech/COVID-19

Why the Oxford AstraZeneca vaccine is now a global game changer

 

Why the Oxford AstraZeneca vaccine is now a global game changer

Courtesy of Michael Head, University of Southampton

In the long dark tunnel that has been 2020, November stands out as the month that light appeared. Some might see it as a bright light, others as a faint light – but it is unmistakably a light.

On November 9, Pfizer announced the interim results of its candidate vaccine, showing it to be “more than 90% effective” in preventing symptomatic COVID-19 in late-stage human trials. The news was greeted with joy.

A ...



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Kimble Charting Solutions

Transports Sending Strong Bullish Message To Other Dow Indices?

Courtesy of Chris Kimble

Are Transportation stocks about to send a quality bullish message to other Dow indices this month? Sure could be!

This 3-pack looks at the Dow Jones Industrials, Transports, and Utilities indices on a monthly basis.

One week from the end of a month, the DJ Transports are attempting an important bullish breakout at (1). Unless a sharp reversal takes place in the next week, Transports could close out the month at new monthly closing highs!

The Dow is attempting to close at all-time highs this month, while the Dow Utilities Index remains a few percent below 2020 highs....



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Digital Currencies

Dalio Admits "I Might Be Missing Something" As Bitcoin Surges Above $18,000

Courtesy of ZeroHedge

Since the US election, Bitcoin prices (in USD) have surged a stunning 40%, also lurching higher after each vaccine headline hit.

Source: Bloomberg

Getting ever closer to its all-time record high...

Source: Bloomberg

As crypto prices soared overnight, Bridgewater Associates founder Ray Dalio stepped back into the fray, saying in a Twitter thread that “I might be missing something about Bitco...



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Mapping The Market

COVID-19 Forces More Than Half of Asset Management Firms to Accelerate Adoption of Digital Marketing Technology

By Jacob Wolinsky. Originally published at ValueWalk.

There is no doubt that the use of technology to support client engagement initiatives brings both opportunities and threats but this has been brought into sharp focus this year with the COVID-19 pandemic.

The crisis has brought to the fore the need for firms to enable flexibility in client engagement – the expectation that providers will communicate to clients on their terms, at their speed and frequency and on their preferred channels, is now a given. This is even more critical when clients are experiencing unparalleled anxiety from both market conditions and their own personal circumstances.

...

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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Feb. 26, 1pm EST

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Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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