As Wolf Richter has pointed out, when you look at the unadjusted numbers and you include all state and federal programs, the number of continuing unemployment claims increased by a whopping 1.3 million last week…The total number of people who continued to claim unemployment insurance under all state and federal unemployment programs jumped by 1.3 million from … Continue reading The Economic Depression Of 2020 Is Becoming An Endless Nightmare For Millions Of Americans
economy
Of Two Minds – Unstoppable: The Greatest Depression and the Reverse Wealth Effect
I'll try to summarize all this as simply as possible: 1. The global economy's cost structure has been fatally distorted by central bank policies of inflating asset bubbles and reducing interest rates to near-zero. 2. Earnings from labor have stagnated or eroded since the era of globalization / financialization took off around 2000. 3. Everything … Continue reading Of Two Minds – Unstoppable: The Greatest Depression and the Reverse Wealth Effect
The Chilling Things Delta Said about the Airline Business, the 90% Collapse in Q2 Revenues, and Why Some Demand Destruction May Be “Permanent” | Wolf Street
Delta Airlines came out with the mother of all revenue-warnings when it said in an SEC filing this morning that its revenues in the second quarter, ending June 30, would collapse by 90% compared to the second quarter last year. In addition to the collapse of demand, it has “experienced significant ticket cancellations” (refunds are … Continue reading The Chilling Things Delta Said about the Airline Business, the 90% Collapse in Q2 Revenues, and Why Some Demand Destruction May Be “Permanent” | Wolf Street
Collapse in Gambling Totally Crushes Macau’s Overall Economy | Wolf Street
Note the reaction of Macau’s GDP during the Financial Crisis (falling as much as 10% year-over-year), during the Crackdown Crisis in 2015 (falling as much as 25% year-over-year), and then during the pandemic, when it collapsed as its one major industry – gambling – and all related activities were essentially shut down. There are other … Continue reading Collapse in Gambling Totally Crushes Macau’s Overall Economy | Wolf Street
America Convulses in Pain, Fed Bails Out the Wealthy – YouTube
VIDEO: https://youtu.be/9xXSX5Yl0NIWhat's so insidious about the Fed's bailouts of investors in hedge funds, stocks, bonds, leveraged loans, and other often risky assets in a crisis? The destruction of capitalism.America Convulses in Pain, Fed Bails Out the Wealthy - YouTube
It’s official: The U.S. entered a recession in February
The U.S. is officially in a recession, bringing an end to a historic 128 months of economic growth, after the coronavirus pandemic swept the country and shut down the economy. For more than a decade, the American economy seemed to contradict the adage, “What goes up, must come down.” That ended in February, according to … Continue reading It’s official: The U.S. entered a recession in February
Extraordinary Disconnect Between Stock Prices and Economic Collapse – Counter Information
For the first time in US history, the Fed’s balance sheet exceeds $7 trillion. It’s up from around $250 billion in the late 1980s and $750 billion in late December 2007, the onset of the 2008-09 financial crisis — a colossal example of mismanagement, an eventual price to pay for what’s going on. Wall Street … Continue reading Extraordinary Disconnect Between Stock Prices and Economic Collapse – Counter Information
Poor Neighborhoods Fall Deeper Into Poverty – CityLab
The latest maps of coronavirus cases in the U.S. confirm much of what we already know about the economics of location: People in poor neighborhoods have it worse. Health care isn’t as accessible, the ability to socially distance is less, and many residentsfall into the role of essential workers, unable to work from home. What new … Continue reading Poor Neighborhoods Fall Deeper Into Poverty – CityLab
During The Pandemic Small Farms And Farmer’s Markets Are Booming
Even before the coronavirus pandemic, there has been a strong push towards organic, local farm produce over the past few decades. The organic movement actually started in the early 1900’s. Since the 1970’s it has increased in momentum and over the past 20 years the movement has rapidly gained in popularity as we’ve become more aware of … Continue reading During The Pandemic Small Farms And Farmer’s Markets Are Booming
How The US Got Out Of The Great Depression; Civilian Conservation Corps Video
VIDEO: https://vimeo.com/150192017In March 1933, within weeks of his inauguration, President Franklin Roosevelt sent legislation to Congress aimed at profiting relief for the one out of every four American workers who were unemployed. He proposed a Civilian Conservation Corps (CCC) to provide jobs in natural resource conservation. Over the next decade, the CCC put more than … Continue reading How The US Got Out Of The Great Depression; Civilian Conservation Corps Video
DDT: Week 175 – How Much Worse Can the News Be? | Nel’s New Day
With the Senate on vacation and the GOP leaders trying to persuade older judges to retire to be replaced by younger, more conservative ones, nothing about a fifth coronavirus bill has happened for almost a week. After Republicans gave trillions to their friends in big business, they are dragging their heels about giving individuals, true small businesses, … Continue reading DDT: Week 175 – How Much Worse Can the News Be? | Nel’s New Day
Fed Tapered QE Helicopter Money for Wall Street Further: MBS Fell. Treasuries Barely Rose. Liquidity Swaps & Repos Stalled. | Wolf Street
Since March 11, the Fed has printed $2.78 trillion to inflate asset prices across the spectrum and bail out those that owned those assets. The Fed also wanted to restart the chase for yield that makes investors reckless and trains them to count on future bailouts when it hits the fan again. If the Fed … Continue reading Fed Tapered QE Helicopter Money for Wall Street Further: MBS Fell. Treasuries Barely Rose. Liquidity Swaps & Repos Stalled. | Wolf Street
A trip to Oz
Here’s what Denmark does during the COVID-19: 1. The Danes test twice the number of citizens per capita and have fewer than half as many deaths per capita than the U.S.2. Denmark reduced infections so successfully it has reopened elementary schools, day care centers, barbershops, and physical therapy centers in April.3. Denmark helps hard-hit companies … Continue reading A trip to Oz
• Chart: U.S. Economy Sees Sharp Downturn Amid COVID-19 Crisis | Statista
After 23 quarters of uninterrupted growth, the U.S. economy contracted for the first time since 2014 in the first three months of 2020. According to the second estimate released by the U.S. Bureau of Economic Analysis on Thursday, real GDP declined by 5.0 percent in Q1 2020, down from a first, preliminary estimate of 4.8 … Continue reading • Chart: U.S. Economy Sees Sharp Downturn Amid COVID-19 Crisis | Statista
FEAR FACTOR: Why Didn’t The 1958 & 1918 Pandemics Destroy The Economy? Hint: It’s The Lockdowns…
Henderson, et al in “Public Health and Medical Responses to the 1957–58 Influenza Pandemic, “Humans under 65 possessed no immunity to this H2N2 strain.”1 This meant that the “highest attack rates were in school-age children through young adults up to 35 or 40 years of age.” Total deaths due to the flu over this period … Continue reading FEAR FACTOR: Why Didn’t The 1958 & 1918 Pandemics Destroy The Economy? Hint: It’s The Lockdowns…
Global Trade To Suffer Massive Losses From Covid-19 Related Shutdowns | Hellenic Shipping News Worldwide
The International Monetary Fund (IMF) has turned its 2020 growth forecast on its head, from + 3.3% growth before the outbreak, to a 3% contraction, although this prediction remains shrouded in uncertainty as the duration of the crisis and the speed at which nations can reverse lockdown measures remains unclear. This sudden and drastic contraction … Continue reading Global Trade To Suffer Massive Losses From Covid-19 Related Shutdowns | Hellenic Shipping News Worldwide
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