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As stocks took a morning breather while I enjoyed my coffee and wrote down the first recession stats since the Coronacrisis, I came across a heart-ripping prediction from Goldman Sachs for this week once the data is in. It’s been a long line of facts to this recession, but the last step is a doozy!
I’ll lead off with a brazen display of SHAMELESS bankster greed. Banks absolutely MUST HAVE all bailouts go to them. When the government said it would send $1,000 checks to every tax payer as a personal bailout, one banker implored the government to give it to the banks instead.
You can only be so dead, and that’s just “plain dead.” But there is also Feddy Krueger dead. The kind of dead that keeps on happening like a demonic death that won’t stay dead. It is in that nightmarish Elm St. light that I’m going to review the Federal Reserve’s death.
Europeans are feeling like President Trump just dropped a COVID-19 economic bomb on the European Union. In response to his March 11th talk from the Oval Office, EU leaders said they did not see this coming. Was this a COVERT economic attack on the EU as some in the EU think?
The bear roared today, ripping the ears off everyone, as the Dow and Russel 2000 both landed more than 20% below their last peak. Their 19-session rampage landed a record as the, steepest, fastest downhill bear run in the history of the US stock market.
Today was the greatest crash in Wall Street history by one measure, and took down many other milestones. The Dow plunged 2,012 points in its largest single-session drop on record! Percentage-wise it was down 7.8%, which still knocked out decades of lows, leading to “Black Monday” being the hot search term on Google today as […]
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The World Health Organization now says the death rate of the new coronavirus is significantly higher than influenza, though much lower than earlier epidemics that had far less socio-economic impact, such as SARS, MERS, and Ebola.
Back in the oil-embargo recession of the early 70s when Boeing was Seattle’s economy and was laying off thousands of Seattleites, a billboard on the edge of town by Sea-Tac Airport read, “Will the last person leaving Seattle turn the lights out?” (Boeing had gone from 100,800 employees in 1967 to 38,690 in 1971.)
The Federal Reserve on Tuesday gave the market a double-dose of exactly what it thought the market needed, and the market just about died! On the theory that, if a little is good, more is better, the Fed gave a double cut of interest. It did not go as planned.
The economy was already heaving in the toilet before COVID-19 dropped the lid on its head and sat on it. Sales, revenue, real earnings, manufacturing, and finally the services industry had all puked. Last week, stocks got the Great Flush as the market went down with the economy.
It just can’t get bad enough, and I can ‘t write fast enough. The headlines at the end of the week are now stunning, so I’m going to share several of them along with some quotations from the bawling and dying market bulls. In just one week, this has become the fastest stock market plunge […]
That didn’t take long. Just a month ago, I wrote, “Stock Market More Overpriced and Perilous Than Anytime in History,” stating that the market was poised for a big fall because “some of the market’s most fundamental valuation metrics are now printing at levels never seen before…. This market is tripping on some pricy hallucinogens.” […]
There is, at least, one highly recognized economist who agrees with me that a recession started forming in the summer of 2019 and is still emerging, in spite of the Fed’s strongest efforts to stop it — David Rosenberg: We recall all too well the euphoria that followed the early 2001 and late 2007 Fed […]