This Building And Buying Binge Looks Poorly Timed Today
A report from Bloomberg. “The U.S. housing market, which was headed for a hot spring-selling season, may not be so healthy after all. Some owners will choose not to list their properties until the crisis is over, fearful they won’t get a good price. But in a recession, others could be forced to sell, according to George Ratiu, senior economist at Realtor.com. ‘If there is a marked economic slowdown accompanied by job losses, that would put a lot of pressure on homeowners,’ he said. ‘We would see a change in the inventory situation. Instead of a severe shortage, you would start to see inventory ramp up as people get interested in offloading.'”
The Orange County Register. “California’s tourism bubble has burst, an economic victim of the coronavirus outbreak. But tourism had been cooling, not crashing, well before anyone knew of a novel virus quietly stirring in China. For example, hiring in California leisure and hospitality businesses has been halved in the past two years. Ponder this job boom this way: Tourism added 281,000 jobs in eight years as California employment grew by 2.9 million. That’s almost 10% of all statewide hires for an industry that employs less than 7% of all California workers.”
“And remember tourism’s awkward issue: It doesn’t pay like a boom business. The average annualized pay of all California leisure and hospitality workers (a government employment grouping larger than tourism) was $36,700 at year-end 2018, roughly half the typical statewide wage. Now, if that amount of tourism spending at risk doesn’t make you gulp enough, economically speaking, here’s what VisitCalifornia detailed as ‘secondary impacts.’ The re-spending of travel industry cash by businesses and employees — some 795,000 additional Californians.”
“Nowhere in tourism did the boom change thinking more than in the hotel business as building and buying took off. Between 2017 and 2019, California hotel owners added 29,000 new rooms, according to Atlas Hospitality. In the previous seven years? Just 23,000. Those who bought, not built, acquired 297 California hotels worth $6 billion last year, Atlas reported. Now that’s down by one-third, in deals and dollars spent, from the 2014-15 peak.”
“This building and buying binge looks poorly timed today. The Dow Jones index of hotel-owning real estate trusts shows these stock prices slashed by one-third in the past month. Alan Reay, Atlas’ president, says there are some panic responses going on. But serious business is being lost. Reay mentioned that one 300-room Orange County hotel was initially overbooked last week. When the food expo was postponed, just 16 rooms were paid for.”
“Reay says many businesses outside of tourism will just be sitting on unexpected inventory during this economic disruption, products they can later sell. In tourism, ‘once the day is over, that business is gone forever,’ he said.”
The Los Angeles Times in California. “Oakland native and retired Raider Langston Walker just took a loss in his hometown, selling his contemporary home overlooking the bay for $1.75 million. That’s $100,000 shy of what he paid for it in 2007, records show. The offensive tackle made more than a few changes during his 13-year stay, adding neutral tones, maple floors and hand-painted murals in the guest bedroom. In total, the home holds four bedrooms and 4.5 bathrooms in just over 4,000 square feet.”
From Curbed on Florida. “The southwestern coast of Florida is packed with well-preserved midcentury gems, but one of its most unique is this four-bedroom, four-bath home on the Gulf of Mexico. The main house sits directly on the beach, and behind the house is the thick Florida jungle and a natural creek. The grounds and the home both need work, but the home offers an alluring prospect for a preservation-minded buyer. Love what you see? 1100 Sunset Drive originally hit the market last year for $2,400,000, but had a recent price reduction to $1,900,000.”
From Dutch News. “Amsterdam city council handed out permits for just 77 new homes in the final quarter of last year, down 95% on the previous year, according to an analysis by ABN Amro economists. ‘These permits were largely given to housing corporations. There was not one single permit for a private company,’ economist Madeline Buijs said. ‘The new rules about the types of housing which can be built, and the high costs, are likely to be behind the downturn.'”
From C-Tech on Israel. “With 51 cases of coronavirus (Covid-19) now confirmed in Israel and the country’s recent decision to effectively shut down its borders, the local tourism industry—and more specifically its booming short-term apartments business—has suffered a massive blow. In some cases, it appears that homeowners who have grown accustomed to a high annual return from short-term rentals are not interested in the low-yielding long-term rental, preferring to put the apartments up for sale.”
From Business Day on Kenya. “A grandeur home with a rustic appeal in Nairobi’s posh neighbourhood has been in the market for over three years. It was built in leafy Karen, which is near international schools and shopping malls. There are only nine other such homes sharing five acres, an advantage to the privacy-seeking ultra rich. It is perfect but it has no buyer. The only problem is the price. It goes for Sh115 million.”
“Nili Godhia in charge of Greater Kitisuru area at Pam Golding, a real estate company, says unsold homes in areas such as Muthaiga could cost the seller over Sh50,000 every month in maintenance. Over the past few months, prices of luxury homes have dropped. For instance those located in Muthaiga have come down by 30 per cent, according to Nili.”
“‘Historically, demand for these properties has been there from investors and homeowners, who could enjoy high capital appreciation and the trappings of modern living. But then came 2015 and 2016, when the supply overtook demand and the prices began declining. Consequently, investment in the high-end residential market slowed down considerably,’ says Sally Rugano, a senior property agent at Knight Frank.”
The South China Morning Post. “Buyers spurn Hong Kong’s first home sale in two months, as Covid-19 outbreak adds weight to a slumping property market. China Evergrande sold 49 of the 141 flats on offer at the second phase of its Emerald Bay project in Tuen Mun as at 5pm, even after increasing the discounts on each unit by HK$20,000 per square foot to an average of 14 per cent, from the previous 11 per cent, according to sales agents. ‘Everyone is worried,’ because the coronavirus ‘epidemic is so serious,’ said Louis Chan, vice-chairman of Asia-Pacific.”
The Guardian on Australia. “The growing probability of Australia’s first recession for nearly three decades could ‘stop the property market in its tracks,’ according to industry experts, as the coronavirus outbreak threatens to wreak havoc on one of the economy’s key sectors. While a massive cut in interest rates, government stimulus and a ramping up of Chinese demand saved Australia and the housing market from the worst of the banking crisis in 2008-09, things might not work out so well this time around.”
“A greater risk is that the outbreak will trigger a job-cutting recession where there are fewer buyers, and owners are suddenly forced to sell if they can’t make ends meet. Another threat to property, or more specifically mortgage availability, comes in the shape of a possible credit crunch. The spread, or difference, between what US companies pay to borrow money and the headline bank rate is widening and it could start to choke off the supply of capital to Australia’s banks.”
“Digital Finance Analytics principal Martin North, a long-time property market sceptic who analyses data from household surveys to get an inside view of the sector, has already detected a tightening of lending. ‘The uplift in prices since last year has been based on greater credit availability. The average first-time buyer loan has increased from $380,000 to $420,000,’ he says. ‘But there are signs that borrowers are finding provisional loan offer not being converted into funding because banks are pedalling back on the offers.'”
“‘Funding costs are beginning to rise and it could well be the beginning of a credit crunch,’ he said. ‘Banks are coming under more funding pressure and margins are compressed. Although they passed on the rate cut last week they don’t have much wriggle room left. As rates are cut, banks lend less because they can’t make as much. Mortgages are less available, not more.'”
The Globe and Mail in Canada. “As public health officials, companies and politicians struggle to centralize a response to the novel coronavirus there are signs the decentralized world of short-term rental accommodations has its own specific vulnerabilities. ‘Airbnb is facing the worst collapse of the travel industry since who knows when,’ said Dror Poleg, co-chair of the Urban Land Institute’s Technology and Innovation Council in New York. ‘Airbnb thrives on conferences and large events, many of which are now postponed indefinitely.'”
“‘Coronavirus is a coup de grace, it’s the last thing they needed,’ said Mr. Poleg, who argues Airbnb was already facing increased competition from online travel agent giants such as Expedia and from international hotel chains such as Marriott, which may be better positioned to manage the coronavirus fallout.”
“‘New listings are still outpacing any increase in rental demand so if we see a year over year decline in rents [last month they were flat], that would be quite bad for confidence from investors,’ John Pasalis, CEO of President Realosophy Realty Inc., said. ‘We have heard from investors who prefer to cash out after having a hard time renting their units,’ he said, and while he thinks an uptick in defaults is unlikely, declining rental rates could slow demand for condo presales. ‘I believe [that] is highly possible if rental prices start trending down, and if we happen to hit a point were resale condo prices start to decline.'”
“On message boards for Airbnb hosts in the Greater Toronto Area, the coronavirus is a hot topic. ‘My bookings are drastically down for the first time ever and had my first cancellation the other day,’ wrote one host under the name Joanne Azelis. ‘I’ve never been without bookings, NEVER!! It’s a massive loss of income.'”
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‘Langston Walker just took a loss in his hometown, selling his contemporary home overlooking the bay for $1.75 million. That’s $100,000 shy of what he paid for it in 2007’
Eat yer crowz Thornberg…
At least it was cheaper than renting!
Back to 2007 prices? I’m liking this roll-back.
I wanna go back to 2011 prices. 🙂
Back to 2007 prices?
Back another 10-yrs: In 1997, the tax on capital gains for housing was dramatically relaxed.
‘We have heard from investors who prefer to cash out after having a hard time renting their units,’ he said, and while he thinks an uptick in defaults is unlikely’
I got 5 Canadian pesos that says you’re wrong about the defaults John.
‘My bookings are drastically down for the first time ever and had my first cancellation the other day…I’ve never been without bookings, NEVER!! It’s a massive loss of income’
Did the high tide make people swim naked?
Yes. Next question. Maximum moral hazard from the Fed. Seems great on the way up. How about now?
‘Between 2017 and 2019, California hotel owners added 29,000 new rooms, according to Atlas Hospitality. In the previous seven years? Just 23,000. Those who bought, not built, acquired 297 California hotels worth $6 billion last year, Atlas reported. Now that’s down by one-third, in deals and dollars spent, from the 2014-15 peak’
So many peaks in the rear view mirror. It felt great at the time, money was flowing, risk seemed far away, loans were easy and cheap.
DONG!
IHG, H, MAR all down >6% today. I suspect those stocks could be down >50% before this all shakes out and probably should be in the case of at least MAR.
Same comment as above…
Kelly.Annie: “It’$ CON.$trained!!!” … $ad.
Coronaviru$ case$ ri$e in Washington, prompting new rules for nursing homes: “If you do the math, it gets very di$turbing”
Public health officials said at least 10 long-term care facilities in the Seattle area have reported cases. Patients have died at three of those facilities. Of the 32 people who’ve died from coronavirus in the U.S., 20 of them are linked to the Life Care Center in Kirkland, Washington.
Washington Governor Jay Inslee is expected to ban gatherings of more than 250 people in most of the Seattle metro area, while the state braces for potentially tens of thousands of more cases of coronavirus. Inslee also outlined new rules for nursing homes, which have been hit hard by the coronavirus.
“It wasn’t a shock that she was positive,” Parkhill told CBS News correspondent Jonathan Vigliotti. “It should have been a priority to get everybody tested so they could get all the negative people out of here before they turned positive.”
But a shortage of tests meant only the critically ill were prioritized.
Another long-term care facility that has reported coronavirus cases, the Josephine Caring Community, is in lockdown, CEO Terry Robertson said.
“No visitors, no consultants and no families. And I can tell you that’s incredibly tough,” he said.
In Northern California, officials confirmed Tuesday that an assisted living resident in their 90s died after getting the virus. And a recent study examining coronavirus cases in China found that in people over 80 years old, the death rate was nearly 15%.
“If you do the math, it gets very disturbing,” Inslee said.
The new nursing home rules outlined by the governor include limiting patients to one visitor per day and screening employees and volunteers for symptoms at the start of their shift.
“The number of people who are infected in an epidemic like this will double in the state of Washington unless we take some real action here,” he said.
Industry groups have issued recommendations for those whose family members live in nursing homes. They said you should ask your loved one’s facility about its plans for cleaning and staffing, keep in touch remotely for now, and monitor instead of move. Leaving the facility could put the elderly at much higher risk, officials said.
DIAF, Airbnb.
Boris has a 2020 “let’$ be friend$” Trade.War$.are.ea$y! present for dtRumpsis Tantrumois:
Facebook, Google, Amazon to be hit with new 2% U.K. digital-service tax
Published: March 11, 2020 | By Steve Goldstein
The U.K. Treasury announced in its budget documents that it will introduce a digital service tax on search engines, social media services and online marketplaces. “The application of the current corporate tax rules to businesses operating in the digital economy has led to a misalignment between the place where profits are taxed and the place where value is created,” the Treasury said. The rate of the tax will be 2% and raise around £2 billion for the public finances and take effect in April. The tax will be applied to companies with at least £500 million in global revenue and £25 million in U.K. revenue, meaning firms including Google GOOG, -3.244%, Facebook FB, -2.857% and Amazon AMZN, -1.761% will be hit
Official its a pandemic. Worldwide recession next before it clears out.
I expect the markets to go much lower which will of course affect Housing prices.
One time a bay aryan broker said predicting shack prices meant predicting the stock market.
It was an everything bubble. If you predict one you can predict ’em all. The only asset that seems detached from everything else is bitcoin.
I don’t even consider Bitcoin an asset. I consider it an elaborate scam – a mechanism where speculators buy and sell “nothing” to each other.
It’s a mule.
It’s the currency of the vast dark net.
“Worldwide rece(-$$)ion next before it clear$ out.”
A World.Wide eCONomic $lowing.down i$ a $ocial.Media digital di$informational myth!😱 😵 … 🙈🙉🙊
There will be no recession. Recession has been defacto outlawed by unnecessary and incessant fiscal and monetary stimuli.
Stocks will go up
Houses will go up
“Stocks will go up” -Zillow Millionaire
“But today is not that day!” -Aragorn (and the US stock market, probably)
Small bump in the road.
That’s sarcasm, right?
“That’s sarcasm, right?”
I assumed so but with all the talk of bailouts, stimulus, and tax cuts, and the comments of hedge fund managers and investment advisors yesterday, the idea is that it will “sow the seeds” for dramatic growth later this year. They’ll give it the college try, at least.
the idea is that it will “sow the seeds” for dramatic growth later this year ??
So, is it really that simple…Borrow and deficit spend your way to prosperity ?? When does the bill come due and who is going to pay it ??
When does the bill come due and who is going to pay it ??
I’ve been wondering that for over 40 years. Already beyond my imagination.
“Borrow and deficit spend your way to prosperity”
The guy who used the words “sow the seeds for dramatic growth” was giddy at the prospect. Like a kid who couldn’t wait for Christmas.
“I’ve been wondering that for over 40 years. Already beyond my imagination.”
+1 I can’t even imagine how all this will turn out in the long run. 🙁
Thought dtRumpsis promised a press.conference yesterday, ya know, “talking publicly” to the good.old.American peoples about their eCONomic $trategie$ & plan$?
Kudlow: ” well, we don’t have x1 yet, we’re kinda working’ on it … ”
As of January 7, 2020, Grisham had not conducted a formal press briefing in 301 days. However, she appeared on Fox New$, Fox Busine$$ Network, One America New$ Network, and the $inclair Broadca$t Group many times during the same period.
$ad.
POLITIC$
White House won’t explain how it would pay for Trump’s propo$ed payroll tax holiday$.
CNBC | PUBLISHED TUE, MAR 10 2020 | By Kevin Breuninger
KEY POINT$:
President Donald Trump’s top economic advi$or offered few detail$ Tuesday when reporters pressed him for $pecifics about the Trump administration’$ plan for a “temporary payroll tax holiday.”
Larry Kudlow suggested that growth resulting from the payroll tax deduction could make up for the money lo$t.
Asked how, Kudlow said, “Let us put the proposal out in concrete details and flesh that out and we’ll have much better answers.”
aq.danny.boy once $rated that dtRumpsis will only “own.the.(-deficit$)” level$ that are registered the day he leaves the throne.
(Rumor$ has it that eliminating payroll taxes$ will add + x1 Trillion$ to the U$A 2020 deficit$) … i$ that a lot?
“Larry Kudlow suggested that growth resulting from the payroll tax deduction could make up for the money lo$t.”
Fool me once, shame on you (Reagan tax cut). Fool me twice, shame on me (Bush II tax cut). Three times? Four times?
Generation Greed doesn’t think those coming after will need Medicare and Social Security, since the Dems are going to give us medical marijunna and legal assisted suicide instead. So why not spend our future tax dollars right now while they are still here?
You forgot Obama. He did the exact same thing, temporary payroll tax cut. I didn’t mind the extra cash at the time, whether it helped the economy or not is another matter.
Followed the Summers etc playbook. His administration would have been better if he didn’t.
“Followed the Summers etc playbook.”
These blue-eye’d swindlers have infested both sides of the isle. You’ll soon see cuts to your pensions and services, but not to middle-east spending.
i$ that a lot ??
Trillion deficit here…Trillion more there…i$ that a lot ?
A trillion here, a trillion there, pretty soon, you’re talking real money… 🙁
deficit here
Ironic words from the Prophet of Wonderful and Glorious Debt.
Maybe you’re eating crow?
https://www.wsj.com/articles/nmc-health-discloses-2-7-billion-more-in-debt-11583875118?mod=itp_wsj&yptr=yahoo
‘NMC Health PLC, the London-listed health-care provider that operates hospitals in Abu Dhabi, said Tuesday that it owes $2.7 billion more in debt than it had previously told investors.’
‘The acknowledgment is the latest setback for the company, which had prided itself as a burgeoning Middle East success story. That narrative unraveled this year when the company said it couldn’t verify the holdings of its biggest investors. Its chief executive left in February, and outside auditors and bankers were brought in to look at the company’s books.’
‘In a statement, NMC said it was trying to understand the “nature and quantum” of its debts. The company had previously reported debt of $2.1 billion and said its overall debt was now around $5 billion.’
‘NMC’s stock has been suspended from trading since Feb. 27 after losing about 60% of its value in less than three months.’
‘“The Board believes that some proceeds may have been utilised for non-group purposes,” the statement said, without providing further details.’
Annnd it’s gone…
‘California’s tourism bubble has burst, an economic victim of the coronavirus outbreak. But tourism had been cooling, not crashing, well before anyone knew of a novel virus’
‘argues Airbnb was already facing increased competition from online travel agent giants such as Expedia and from international hotel chains’
Again, already sinking like a turd in a well before the virus
Email:
17 New Foreclosures in COCONINO County, AZ
Should probably draw up a zone around Coconino County to keep in contained…
“But touri$m had been cooling, not cra$hing, well before anyone knew of a novel viru$’”
=
“$oft.landing$”
A lot of people overpaid for houses to use them as short term vacation rentals. Might be coughing them back up onto the market
in the next year.
Apparently Disneyland didn’t get the memo.
Per https://www.isitpacked.com/live-crowd-trackers/disneyland/
Disneyland is packed today.
And all the debt donkeys are putting it on their plastic.
“Di$neyland is packed today.”
🍋🍋🍋🍋🍋🍋🍋’$ = make$ lemonade$ popsicle$
I$ there’$ any line$?
(Look @ all those lil’kid$ licking their lil’fingers!)
It’s time like these that it is reassuring to know that every major Wall Street bank has a high frequency, automated trading system that will get them out before every other major bank on Wall Street.
Though I’m not sure exactly how that works.
“Though I’m not sure exactly how that works.”
Those who have the shortest length of fiber win!
Eye was vi$ioning more like the clicker$ on Jeopardy.
“Famou$ 21$t Century wanker.banker$” for $ 2,000 Alex”
Those who pay the biggest bribes to the exchange “ticker-plant” programmers wins! Past-posting is still a thing.
Boxborough, MA Housing Prices Crater 27% YOY As Boston Housing Market Turns Toxic On Collapsing Demand
https://www.movoto.com/boxborough-ma/market-trends/
As a noted economist said, “A housing ‘recovery’ is falling prices to dramatically lower and more affordable levels by definition.”
Look$ like OPEC’$+ minion$ are turning the “black.gold” $pigot$ in the wrong direction$!
Poor, poor $audi’$ … Poor, poor Putin … $ad, very $ad they i$. $ad
Industrie$ Energy:
UAE’$ Abu Dhabi National Oil plans to lift output by 1 million barrel$ a day
MarketWatch | Published: March 11, 2020 | By Myra P. Saefong
The United Arab Emirate$’ $tate-owned Abu Dhabi National Oil Co. will lift its production by 1 million barrels per day to more than 4 million barrels a day next month, Bloomberg News reported Wednesday. That followed reported plans by Saudi Arabia and Russia to increase output in what has essentially become a price war as the nations look to build their market share after talks between major oil producers collapsed on Friday without an agreement to curb output.
I’m no student of global crude storage, but I imagine that might be a constraint for all these boosters. In short order, there should be another wall to hit for the price of oil. Should be an interesting cruising season, if I’m allowed to enter Great Lakes ports.
Future$ Mover$
Oil price$ drop as U.$. crude supplie$ ri$e a 7th $traight week and $audi Arabia move$ to boo$t output$
MarketWatch | Published: March 11, 2020 | By Myra P. Saefong and William Watts
Saudi Arabia and UAE move to boo$t output$ in price war
Oil futures ended lower on Wednesday, pressured by U.S. government data reporting dome$tic crude supplie$ ro$e for a $eventh week in a row, and by Saudi Arabia’s move to increase output capacity, as it intensifies a price war with Russia that sent crude prices tumbling to four-year low$ this week.
Oil prices declined “as over$upply concern$ will go nowhere anytime soon as the Saudis, Russians, and UAE scramble to win market $hare,”
if I’m allowed to enter Great Lakes ports. In a pinch could you live off the fish you catch?
In a pinch
I do have an old Kevin Costner movie aboard.
$2,200,000
5 bd 5 ba 5,438 sqft
4233 Woodcliff Rd, Sherman Oaks, CA 91403
https://www.zillow.com/homedetails/4233-Woodcliff-Rd-Sherman-Oaks-CA-91403/19990941_zpid/
Auction is in two days.
check your email on this one Ben….
“4233 Woodcliff Rd, Sherman Oaks, CA 91403”
Imagine having to move the bird from this custom built place back down to the 3br/2ba specs? You know those legs are going to be welded shut until the first monkey-branching opportunity.
“When poverty walks in the door, love flies out the window.”
Geez you’re not even hiding it anymore.
I for one would probably prefer the 3/2. Big bedrooms scare me a little. I like to be protected when I’m sleeping, not feel exposed like being in an airport. I remember driving down a road on the outskirts of town. On one side of the road was a trailer park. On the other side was a a development of new McMansions. The trailers were more attractive. And had almost as much yard space.
I had occasion once to stay alone briefly in a very large house. Four bedrooms, dunno how many bathrooms, big kitchen, formal dining room, etc. etc. I found it downright creepy!
Imagine sleeping outdoors!
For the record, I do go camping quite frequently. But I presume you are referring to homeless people who don’t even have a tent, let alone a vehicle, to sleep in. Yes that does suck. Too bad things are screwed up to the point that there are so many people in that situation.
“Geez you’re not even hiding it anymore.”
??? 🙂
Filed under: “Live.Large$$, think.$mall
(Knot “bailout$!”, Knot pickin’ Winner$ & Lo$er’$, Knot buying dtRumpsis voter$!)
Economy & Politic$:
Mnuchin says broad economic re$pon$e to coronavirus$ will have to wait, back$ $maller plan
MarketWatch |Published: March 11, 2020 | By Greg Robb
The Treasury Secretary told lawmakers the White House is looking to use loan guarantee$ to help the airline$, hotel$ and crui$e-line industrie$ hurt by the COVID-19 outbreak.
“The president feels very strongly we need to protect indu$try,” Mnuchin said. These loan guarantee$ are not “bailout$,” he added.
There have been reports the White House also wanted to help oil, natural ga$ and $hale companie$, but Mnuchin only said “other” industrie$ might be included.
U.S. Treasury Secretary Steven Mnuchin said Wednesday a robust economic stimulus won’t be able to pass Congress quickly and threw his support behind a smaller measure designed to help small businesses and workers grappling with the coronavirus outbreak.
“The president very much wants to consider a stimulus bill, whether it is through a payroll tax or otherwise. We realize that may not get done this week, so we want to get done what we can do this week and we will come back,” Mnuchin said, during a House Appropriations subcommittee hearing.
Mnuchin said the smaller measure was a little bit like disa$Ted relief.
The measure would make sure that benefits get to small and medium-sized businesses. He said this was bipartisan legislation that could pass very quickly. Congress is scheduled to be on recess next week.
Eye’$ wonder$ what working’ folk$ 401-k’$ $tatement$ are gonna look like @ the end of $ept 2020 … Progre$$!
I remember the sad faces of my about to retire on their 401K colleagues about a decade ago.
201(k)s! 😉
Why does everyone assume that 401k’s have to be all stock?
I invest 6% pretax, receive a 4% match, and am allocated at 50% S&P 500 index fund, 25% bonds, and 25% cash. Yes, I am going to loose money if the current market downturn continues, but I am not going to loose all of my money.
Housing, meanwhile, is a guaranteed loss.
$ometime$, good folk$, vote.by.the.width.of.their.paper…wallet$.
Why does everyone assume
It depends on the plan your employer offers. I was in one that didn’t allow bond or cash options.
To Apartment 401, please learn the difference between loose & lose.
Loose refers to your pants falling off; lose means something is gone.
Sounds petty, but drives me nuts!!!! Don’t talk about “loosing” your money!!! It is LOSING your money for heaven’s sake!!!!
Gal, on this blog it is a tradition. We’ve had some self superior preachy types misuse words and we perpetuate it in mockery, though I can’t remember how it started.
I’ve also seen it on Twitter. It’s kind of like HODL rather than HOLD.
It think it began as a misspelling of loser as looser, though I don’t remember more details.
Along with copying and pasting the same repetitious drivel in every single comment section, not having anything else worthwhile to contribute.
Totally on purpose. He also says “alot” intentionally as well. Apartment 401 is good peeps. One of my faves. I sometimes think he used to be “Pressboardbox.” That guy was good, too.
He also says “alot” intentionally
Most of us do.
“Sounds petty, but drives me nuts!!!!”
I had a girlfriend walk-out on me for eating her German sausage with catsup. WTF? Damn woman was wound-up tighter than a Snare drum. Sure glad someone else is putting-up with her schitt. Purgatory on earth!
I had a girlfriend walk-out on me for eating her German sausage with catsup. WTF? Maybe that incident was a blessing in disguise.
“Sounds petty, but drives me nuts!!!!”
YouTube post by our CDC.gov – Screenshot
https://imgur.com/a/w1A7C1x
& the beat$ goe$ on, & the beat$ goe$ on … (by Sonny & Cher)
ECONOMY:
Fed boo$ts money it’s providing to bank$ in overnight repo lending$ to $175 billion$
CNBC | PUBLISHED WED, MAR 11 2020 | By Jeff Cox
The Federal Re$erve is again increa$ing the amount of money it’s providing to bank$ for overnight borrowing, rai$ing the top level now to $175 billion.
In an announcement Wednesday afternoon, the New York Fed said it would boost the top level it provides in overnight operations to at least $175 billion from the $150 billion level it had just set Monday.
“Consistent with the FOMC directive to the Desk, these operations are intended to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures that could adversely affect policy implementation,” the Fed’s statement read. “They should help support smooth functioning of funding markets as market participants implement business resiliency plans in response to the coronavirus.”
In addition to the overnight facility, the Fed is extending its two-week repo of at least $45 billion, and is adding a one-month term repo of at least $50 billion. The latter move comes amid market demand for a longer-term commitment from the Fed amid market disruptions, tumbling Treasury yields and concerns over market functioning.
The new operations will start Thursday and continue through April 13. The one-month term operations will happen each of the next three Thursdays.
The Fed began conducting its repo operations following market tumult in September that arose from a lack of liquidity and concerns over the proper level of reserves for the banking industry. Banks go to the repo market for the short-term funding seen as the plumbing for the industry. Institutions offer high-quality collateral in exchange for reserves.
Since the operations began, and when the Fed began adding to its own bond holdings by purchasing $60 billion a month in short-term Treasury bills, the central bank’s balance sheet has expanded by $472 billion to nearly $4.3 trillion. Bank reserves parked at the Fed now stand at $1.64 trillion after falling last year below $1.5 trillion, a level central bankers now consider important.
Markets expect still more Fed action in the form of a 75 basis point interest rate cut by next week’s Federal Open Market Committee meeting, if not sooner. There also is a further 25 basis point cut priced in for the April meeting, which would take the fed funds rate, used as a yardstick for short-term borrowing rates as well as for many types of consumer debt, down to near-zero, where it fell during the financial crisis and remained for seven years.
The grocery store’s the super mart, uh huh
Little girls still break their hearts, uh huh
And men still keep on marching off to war
Electrically they keep a baseball score
And the beat goes on, the beat goes on
Drums keep pounding a rhythm to the brain
La de da de de, la de da de da
Grandmas sit in chairs and reminisce
Boys keep chasing girls to get a kiss
The cars keep going faster all the time
Bums still cry, “Hey buddy, have you got a dime?”
More socialism for the wealthy.
Yet not a single presidential candidate mentions the Fed or its role in making housing unaffordable or destroying Americans’ purchasing power. Telling indeed.
All of the big banks should be allowed to fail, and their assets distributed to the smaller banks across the country. We are overbanked as it is. Not only are the American people the victims of these “no banker left behind” policies, so are the smaller, more responsible banks who aren’t neck deep into derivatives, etc.
$peaking of $ad.$ongs: Coming.$oon, “The Blue$” By the International’$
HOME |MU$IC | MU$IC FEATURE$
‘Everything Is in Chao$’:
The Concert Busine$$ Stands to Lo$e Billion$ From Coronaviru$
Covid-19 has upended both SXSW and Coachella, but more disruption$ are on the way as the live mu$ic indu$try scramble$ to change cour$e
Rolling Stone |By SAMANTHA HISSONG AND ETHAN MILLMAN
The abrupt reshuffling of major events like Coachella, SXSW, and Pearl Jam and Madonna’s shows due to coronavirus is already devastating to the live music industry — but by some predictions, we’re only seeing the start of the chaos.
Coronavirus-related event cancellations seem to be barreling in by the hour, and the $26 billion global live events industry is watching with bated breath. Several sources across the booking, management, and venues sectors either declined to comment to Rolling Stone on the subject because of the uncertainty around the matter, or say they do not yet have them in place. There’s also the issue of unpredictability: Government entities have not given a solid timeline estimate for how long the outbreak will remain a health crisis. Some healthcare officials are recommending a ban on large gatherings altogether.
“We’re preparing for everything although we’re hoping that if enough companies and organizations take mitigation tactics seriously, it could be contained by the summer,” Zena White, managing director of independent record label Partisan, whose artists include Laura Marling and Black Angels, tells Rolling Stone. “There’s a social responsibility to try to do what we can to protect the vulnerable, but no doubt this is a huge risk to artists and independent promoters’ businesses. No one has a crystal ball, but the longer we wait to take action, the less likely it will be contained soon.
Yike$!:
Promoters will likely feel the effect more than individual acts. Howard King, a managing partner at law firm King, Holmes, Paterno and Berliner LLC, said the virus’s impact could be potentially disastrous for all but the biggest players. For promoters that are not giants like Live Nation or AEG, “All these expenses they don’t get back could put them out of business,” King says.
Generally speaking, music festivals serve as massive revenue sources for their local economies. SXSW events — including the music and film festivals, interactive conferences, panels, a gaming expo and more — invited more than 417,000 people to Austin last year. The conference went on to bring in $356 million to the city, festival representatives said. For smaller businesses like boutique hotels and restaurants in festival areas, revenue from nearby music events can determine the majority of the business’s overall earnings for the year.
The hardest-hit group in the industry may be the tour managers, soundboard operators, and other venue employees or crew members who rely on tour income and may not be making any salary at all without working on shows. “The biggest concern for someone like myself is that both of the bands I work with are coming out of their slow season,” says Jeff Pereira, the tour manager for Jimmy Eat World and Angels and Airwaves. “You do your best to budget for the time off and then some but weeks of unexpected down time can be a real issue. With so many touring and production people facing the same thing we all end up fighting to get on the few tours that may still be happening or having to look for local work outside of our fields.”
Brian Cook, bassist of instrumental group Russian Circles, had to cancel a six-week European tour this week because all the countries involved placed restrictions on large gatherings. “We’ve played through a lot of things,” he says. “A whole six-week tour with a guitar player with a broken thumb; we had a truck plow into us in the highway once and destroy half our gear. Most artists we know will play through almost everything — I know people who played with back pain when they can barely stand up. Once, our band all had the flu, shitting and puking nonstop, and we still showed up and played. But with this situation, there are not even shows to show up to.”
For SXSW, the standard price for a wristband is $225. A general music badge is $1,395, while platinum badges cost even more. If an attendee chooses to get a music badge and stay at a hotel, that could cost around $3,400, and that’s not including any budget for travel or incidentals. Some fans spend months saving up to attend events like SXSW — proving, to analysts’ point, the potential of the live events business to rebound after the virus crisis subsides.
“Music specifically is an irreplaceable part of human culture and consumers will continue flocking to venues and events when deemed safe to do so,”
‘Once, our band all had the flu, shitting and puking nonstop’
I think I could have given that one a miss.
4.3 trillion created out of air. It’s a miracle!
plunge protection team buying in the last 45 minutes of trading. Looks like they are trying to get the S&P back up to 2800
Trying to deny the 20% bear market threshold.
“plunge protection team” = $nafu, again!
🙅 … 📢🚑🏥💄🐷⏰👤💉💰💲🏦🚁📈📈📈🎯🍼💪🎉♻👏…🍇🍷
“Something is seriously wrong here.”
https://www.zerohedge.com/markets/nyfed-massively-ramps-repo-facility-liquidity-bailout-second-time-week
But then came 2015 and 2016, when the supply overtook demand and the prices began declining. Consequently, investment in the high-end residential market slowed down considerably,’ says Sally Rugano, a senior property agent at Knight Frank.”
Wha? You mean to tell me Housing Bubble 2.0 started bursting in 2015, and nobody told me?
‘Everyone is worried,’ because the coronavirus ‘epidemic is so serious,’ said Louis Chan, vice-chairman of Asia-Pacific.”
I’m not worried. We renters are a serene bunch as we gaze upon the cratering, hoisting our celebratory adult beverage of choice.
hoisting our celebratory adult beverage of choice
Oregon pinot noir here….
Oregon too; Rogue Brewery > Dead Guy Ale
Fan of that too. Was great when I lived near the Issaquah Brew House (owned by rogue)
Bank CEOs right now:
“We’re here to help.”
“Business is strong. People are still getting car loans, mortgage loans…”
Bahahahaha. Yes, we should all do our part to take on more debt.
“Ye$, we should all do our part to take on more debt$”
Deere Tractor$ ($800,000) are on par with $helter.$hack.Price$ & Farmland$.acreage$
Which begs the question: Has there ever been a time when the msrp on trucks, cars, tractors, etc. has actually gone down year over year, without “incentives?” I’m talking an actual decline in the msrp. Because that’s what needs to happen, bigly.
Liquiditie$ i$ plentiful now, after dtRumpsis stamp’$ his lil’feet & bruise$ his Twitter thumb$ to get “pu$h.over.Powell” to lower Fed. Rate$ (-.75 point$), there will ever.more: Liquiditie$$$$$$$!
($helter.$hack 🏠💰🍼💵💳🏧💲”Refinance.u$.again!” application$📃📑📝 are UP↗↗↗⤴ 79% last week! Mr. Banker i$ $laying.it!🎉) … 🍇🍷$alutation$!
Has there ever been a time when the msrp on trucks, cars, tractors, etc. has actually gone down year over year
Well, given ever increasing mandate on fuel economy, safety, etc., I don’t see how.
an actual decline in the msrp. Because that’s what needs to happen, bigly. I suspect several of the big manufacturers would go out of business rather than lower the MSRP. Slashed prices won’t pay their debts, oh no!
Place Righthand, “…Thee.Truth, Thee.Whole.Truth, Nothing.but.Thee.Truth, so.help.you.jesus”
“YOU CAN’T HANDLE THE TRUTH!!!!!!” @ realOrangejesus
POLITIC$:
White House told federal health agency to cla$$ify coronaviru$ deliberations, sources say
CNBC | PUBLISHED WED, MAR 11 2020
KEY POINT$:
Officials said that dozens of classified discussions about such topics as the scope of infections, quarantines and travel restrictions have been held since mid-January in a high-security meeting room.
Staffers without security clearances, including government experts, were excluded from the interagency meetings, which included video conference calls, the sources said.
The sources said the NSC, which advises the president on security issues, ordered the classification.
“We had some very critical people who did not have security clearances who could not go,” one official said. “These should not be classified meetings. It was unnecessary.”
The sources said the National Security Council (NSC), which advises the president on security issues, ordered the classification.”This came directly from the White House,” one official said.
$ad:
The White House insistence on secrecy at the nation’s premier public health organization, which has not been previously disclosed, has put a lid on certain information – and potentially delayed the response to the crisis. COVID19, the disease caused by the virus, has killed about 30 people in the United States and infected more than 1,000 people.
HHS oversees a broad range of health agencies, including the U.S. Centers for Disease Control and Prevention, which among other things is responsible for tracking cases and providing guidance nationally on the outbreaks.
The administration officials, who spoke to Reuters on condition of anonymity, said they could not describe the interactions in the meeting room because they were classified.
An NSC spokesman did not respond to questions about the meetings at HHS
Joe Biden spars with Michigan autoworker over guns
https://www.youtube.com/watch?v=KPig-AllQe8
*creepy joe thinks the 2nd Amendment is about hunting.
I predict Joe will step aside because of “health concerns” and Hillary will once again be coronated the nominee at the convention.
“Oooooohhh, her email’s!, her emails!”
Still alive & living’ inn yer head: Hillarrrryous!
“Oooooohhh, her email’s!, her emails!”
From November 4, 2016, https://www.breitbart.com/radio/2016/11/04/erik-prince-nypd-ready-make-arrests-weiner-case/
“‘There is all kinds of criminal culpability through all the emails they’ve seen of that 650,000, including money laundering, underage sex, pay-for-play, and, of course, plenty of proof of inappropriate handling, sending/receiving of classified information, up to SAP level Special Access Programs,’ he stated.”
“Blackwater founder and former Navy SEAL Erik Prince told Breitbart News Daily on SiriusXM that … according to one of his “well-placed sources”
Eric, like Brightfart , are true “Richard$”.
“Hillary will once again be coronated”
Haven’t you heard?
Tulsi Gabbard Named Democratic Nominee After Discovery Of Obscure Rule That Grants Nomination To Whoever Wins 0.7% Of The Vote In Missouri
Gotta love The Onion! 😀
Biden – “You will have to pry it from my cold dead hands”
Bill and Hillary look at each other with a smile.
Hillary – “As you wish, Joe.”
I predict Joe will step aside because of “health concerns” and Hillary will once again be coronated the nominee at the convention.
As wacky as it sounds, it might be their only chance at this point. In the Bernie versus Joe dilemma there seem to be an awful lot of Ds who would rather just give it to Trump than compromise with each other. Which is odd considering the last 3+ years of complaining…
“In the Bernie versus Joe dilemma there seem to be an awful lot of Ds”
At first glance I thought that said…
In the Bernie versus Joe dementia there seem to be an awful lot of Ds
See also: Thomas Eagleton.
I predict Joe will step aside because of “health concerns” and Hillary will once again be coronated the nominee at the convention.
If that doesn’t make the Bernie Bros apoplectic, I don’t know hat will.
“…apoplectic…”
Learned another something new right here. Thanks!
Bye, Bye “bump.$tocks” … $ad. (Vegas.sad)
He’s losin’ it.
You’re full of sh#t.
🙂
I’m not taking your AR 14
AR 14?
🙂 🙂
(white knuckled) Do you need 100 rounds!? Do you need 100 rounds!?
🙂 🙂 🙂
“Black.$wan$!, White.$wan$!”? … Matter$ knot
Coronavirus$ live update$: NCAA Tournament game$ will be played without fan$; … Warrior$ to play in empty arena
The coronaviru$ is causing sport$ cancellation$ and postponements$ all acro$$ the world
By CB$sport$ | Today
As college basketball’s postseason, MLB Opening Day and the NBA and NHL stretch runs approach, the coronavirus is set to have a serious effect on American sports. Abroad, soccer games in Europe are already being played in empty arenas without fans in certain countries.
Here’s a breakdown of cancellations and postponements of sporting events so far:
College basketball:
CAA president Mark Emmert has announce that all Division I men’s and women’s basketball tournament games will be played in arenas without fans. According to Emmert’s statement, only “essential staff and limited family” will be allowed to attend.
The First Four NCAA Tournament games slated for Dayton, Ohio and the first and second round tournament games scheduled for Cleveland will be played without any fans in attendance. This comes after Ohio governor Mike DeWine announced that mass gatherings will be prohibited in the state.
The Big East tournament will limit locker room access to student athletes, coaches, and essential team personnel. Media will only have access in the postgame media interview
The Ivy League canceled its conference tournament on Tuesday. Regular-season champions Yale (men’s) and Princeton (women’s) will earn NCAA Tournament bids. All practices and games through the remainder of the academic calendar will also be cancelled.
The College Basketball Invitational Tournament has been canceled.
The Atlantic 10 conference is suspending handshakes for its conference tournament.
Chicago State basketball announced last week that it will not travel for its final two regular-season games.
In Baltimore, a Division III men’s basketball NCAA Tournament game between Yeshiva University and Worcester Polytechnic Institute was held without a crowd due to coronavirus-related fears and is believed to be the first U.S. sporting event where fans were not allowed because of virus concerns. The only people allowed to attend were players, coaches, referees, employees and media members, so the official attendance was zero.
Too much CARNAGE to li$t:Luxembourg
https://www.cbssports.com/general/news/coronavirus-live-updates-ncaa-tournament-games-will-be-played-without-fans-warriors-to-play-in-empty-arena/live/
Come on Hwy
Gimmie a C!!!!
“Gimmie a C!!!!”
C…ertainly, as in: yeah, $ure Jeff.er.referee.
Cottie$, as in: you EU Creepy.Critter$ have Cottie$! Corona.NO! 😷🙅
Woe$st & Woe$er
Market $nap$hot:
$tock future$ $ink after Trump announce$ ban on U.$.-Europe travel$
Reuters | Published: March 11, 2020 |By Mike Murphy
DOWn future$ plunge about 500 point$ following $peech
Referenced Symbol$:
YMH20. (-3.56%)
ESH20. (-3.26%)
NQH20. (-3.60%)
DJIA. (-5.85%)
SPX. (-4.88%)
COMP. (-4.70%)
CLJ20. (-3.52%)
BRNK20. (-3.13%)
XJO. (-2.71%)
U.$. $tock future$ fell late Wednesday, after President Donald Trump’s addressed the nation following another $teep $elloff on Wall $treet that snapped a more-than-decade-long bull market for the Dow.
C…arnage C…ollap$e$ C…ontinue$! … $ad.
the NAB show in vegas 100,000 peeps cancelled https://nabshow.com/2020/
Can’t they do it over Zoom or Skype?
It’s a pretty big trade show with a lot of boozin’ & schmoozin’ goin’ on in hotel suites. NAB has a a few classes of people, all affected right now:
+ Has-been Media elites from the BCast industry looking to jump-start something
+ Corp media middle mgrs/enginerds with a budget to spend
+ Freelancer production bros looking for booze and strange
+ Vendors
+ The unwashed masses of small-time ENG/vid-heads who go window shopping on a limited company expense account. Hard to get to Vegas for most of them on their own dime. (I confess to be in this class from time to time)
“production bros looking for booze and strange”
I$ you implying that Vega$ $ins.of.ill.repute$.”worker$” might bee “affected” or i$ it, “effected” or is it, “infected”?
(Eye’m as cornfused as a baby in a tople$$ bar)
San Mateo, CA Housing Prices Crater 22% YOY As Bay Area Crime Leaps And Foreclosures Jump
https://www.zillow.com/san-mateo-ca-94404/home-values/
*Select price from dropdown menu on first chart
As one Bay Area broker conceded, “we facilitate appraisal and mortgage fraud every opportunity we can”
“Bay Area Crime Leaps”
People carrying dead animals into McDonalds.
Homeless dude takes a dump in the aisle at Safeway.
No prosecution of property crimes less than $950.
PANDEMIC of car break-ins.
Uncontrollable shoplifting.
LOL@ California
Aside from anything else, coronavirus is going to devastate the homeless communities on the west coast. Most of them are sick with something anyway.
Nothing causes illness like debilitating, crippling debt on rapidly depreciating assets like houses.
PHOENIX — Governor Doug Ducey declared a public health emergency in Arizona Wednesday in response to the spread of the coronavirus.”
wow its getting bad and I was going to visit AZ in a couple weeks.. maybe I will do it later.. Not that CA is any better at containing corona virus .
I’m prepped to stay at home for at least a few weeks.
Didn’t overpay for an overpriced used house in Denver. Addicted to saving money, not spending money. And I RENT.
https://breaking911.com/us-carries-out-nationwide-arrest-blitz-on-remorseless-cjng-cartel/
“Project Python has resulted in the arrests of more than 600 CJNG associates, 350 indictments, as well as significant seizures of money and drugs.”
New World Order Norah O’Donnell is back at again on the CBS evening news. Giving Dems a Coronavirus infomercial about Trump bad. Pumping up the fear to the Chicken Little club of which some members can be found here.
Dr. Drew says press should be ‘held accountable’ for coronavirus panic: ‘They are hurting people’
By Jessica Chasmar – The Washington Times –
Tuesday, March 10, 2020
“What I have a problem with is the panic and the fact that businesses are getting destroyed and people’s lives are being upended. Not by the virus, but by the panic,” he explained. “The panic must stop, and the press, they really, somehow, need to be held accountable, because they are hurting people.”
https://www.washingtontimes.com/news/2020/mar/10/dr-drew-says-press-should-be-held-accountable-for-/
“Not by the viru$”
Ra$h Limpbaugh$: “it’$ just a common cold” 👌
😷🙏🏥💀
Gimmie an O!!!!
Knock, knock …
Who’s there?
“Orange”
Orange who?
“Orange you getting nervou$ yet Jeff.er.referee?”
George Carlin – I Love Bad News
https://www.youtube.com/watch?v=DhVp1HbvOI4
👍🃏
Beware of the Chicken Little Club
Do you know people that just love to talk about everything that is wrong with the world? It seems they are almost in every business or organization. It appears that these pessimists find delight in the human foibles that abound. They seem to get a feeling of superiority knowing that the world is full of problems, and they love to talk about them. These unfortunate souls seem to be happiest chick-37238_640 free pixabaywhen they are unhappy. Although this may sound odd, it is all too true.
These rascals can quote the latest news headlines that paint a picture of certain disaster for the economy, the planet and your neighborhood. If you listen to them long enough they will give you the extended three day weather forecast, fraught with inclement weather warnings. And don’t forget about the local sports team. It doesn’t matter that they won last night, the next team they will face will surely defeat them.
http://www.tomborgconsulting.com/beware-of-the-chicken-little-club-members-in-small-business/
Boaters are Optimistic Pessimists. There are plenty of dangers, some known, some uncertain. Bad things will happen. Success/survival is favored by training, preparedness, facts and a level head.
Hair on fire should be confined below deck or thrown overboard!
I’m currently watching Peak Prosperity on youtube, and they are pretty much at peak panic themselves. They understand what it means for # of cases to double. You can barely see anything happening until the last two doublings, which happen very quickly.
Their mantra: case case case cluster cluster BOOM. I would say the MD is between case and cluster. New York is at cluster 1. California is at cluster 2. Washington state is about to BOOM. We’re all going to be booming in about two weeks, at which point ALL the optimism will fizzle.
“O Captain, My Captain” (1865) A poem by Walt Whitman
Repubican “True.Believers” think this is about “thee.Orange.jesus” … $ad.
O Captain
Most of my childhood friends have already died. I will too. I’ll try to be doing something fun and worthwhile.
This was interesting. It’s an abbreviated clip of Michael Osterholm, biosecurity and infectious disease expert, appearing on Joe Rogan. This part is about his take on COVID-19. You can watch the whole show which delves into other stuff.
https://www.youtube.com/watch?v=cZFhjMQrVts
“delves into other stuff”
Joe Rogan is like the advent of FM internet into a market that has only ever known AM internet. He’s not some coastal elitist “intellectual” he’s just a stoner with a microphone and some really interesting guests…
Even though I don’t agree with him on a lot of things, he seems to ask the right questions.
He’s not some coastal elitist “intellectual” he’s just a stoner
I’d say he’s an intellectual who knows how to present himself with humility and let others run their mouths. The stoner thing makes a great cover.
San Diego, CA Housing Prices Crater 17% YOY As Sellers Flee Southern California’s Rapidly Deteriorating Quality Of Life Issues
https://www.zillow.com/san-diego-ca-92109/home-values/
*Select price from dropdown menu on first chart
One San Diego broker joked, “all these sellers are underwater DebtDonkeys.”
The advice to not buy the dip makes more sense by the day.
fastFT US equities
Goldman Sachs warns US markets will face further sharp falls
Bank says economy and financial market are ‘exhibiting acute signs of stress’
Mamta Badkar in New York and Adam Samson
in London 7 hours ago
Goldman Sachs has called time on Wall Street’s 11-year bull run, warning that the coronavirus outbreak and oil crash will send the market tumbling by almost 30 per cent from the record highs set last month.
The Wall Street bank said the S&P 500 will fall to 2,450 over the next three months, a 15 per cent drop from Tuesday’s closing level and a 28 per cent tumble from the peak in February. Goldman’s forecast suggests the US will enter a bear market, typically defined as a fall of at least 20 per cent from a recent high.
“Both the real economy and the financial economy are exhibiting acute signs of stress,” said David Kostin, Goldman’s chief US equity strategist. “We believe the S&P 500 bull market will soon end.”
He said the “proximate causes include the global spread of the novel coronavirus and the 43 per cent collapse in crude oil prices.”
Global financial markets have been shaken in recent weeks as investors attempt to determine the extent to which the Covid-19 outbreak will disrupt the economy. Equities have dropped sharply, corporate debt has taken a heavy blow and gauges of volatility have surged. Investors have sought shelter in havens — sending US bond yields to historic lows.
Mr Kostin said in a note to the bank’s clients on Wednesday that earnings per share of the large US companies listed on the S&P 500 index will drop 5 per cent this year. This marks the second downward revision in as many months, as Goldman in February had projected no earnings growth for the S&P 500 this year. Strategists at the bank expect earnings to fall by 15 per cent in the second quarter.
The projected drop in earnings comes as crude prices are expected to drag on the energy sector.
…
the US will enter a bear market, typically defined as a fall of at least 20 per cent from a recent high.
Amazing forecasting ability. I don’t track these things but isn’t that already a reality?
Yes, as of today. Which reminds me that the most accurate predictions are those that forecast what has already occurred.
The situation in Italy seems dire.
The Financial Times
Coronavirus
Coronavirus ‘tsunami’ pushes Italy’s hospitals to breaking point
Crisis highlights challenges other European countries could face if containment fails
Medical personnel works inside one of the emergency structures that were set up to ease procedures outside the hospital of Brescia, Northern Italy, Tuesday, March 10, 2020. For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. (Claudio Furlan/LaPresse via AP)
A makeshift emergency ward set up to ease pressure on a hospital in Brescia, northern Italy © Claudio Furlan/LaPresse/AP
Miles Johnson and Davide Ghiglione in Rome 11 hours ago
In Bergamo, a town in the foothills of the Alps north-east of Milan, Dr Daniele Macchini used a short break in the fight he and his colleagues are waging against the novel coronavirus to issue a warning to the world.
“The war has exploded and the battles are uninterrupted day and night. The cases are multiplying, we have a rate of 15-20 admissions per day all for the same reason,” he wrote on Facebook last week. “There are no more surgeons, urologists, orthopaedists — we are only doctors who suddenly become part of a single team to face this tsunami that has overwhelmed us.”
The widely shared cry for help echoes warnings issued by medical staff on the frontline of the epidemic 8,000km away in Wuhan, where the virus first emerged — including that of Li Wenliang, the ophthalmologist who became a hero in China for raising the alarm, before succumbing to the disease.
The largest outside of China, the outbreak of coronavirus across northern Italy has pushed the country’s national health service to breaking point, underlining the challenge that other European countries could soon face should their strategy of containing the disease fail.
By Wednesday, a day after a nationwide clampdown on travel and social contact was imposed, the total number of infections across Italy had increased to 12,462 from 4,636 on Friday. While about 8 per cent have since recovered and at least 827 people have died, 1,028 patients are currently in intensive care, from 877 the previous day.
…
It’s just the flu, bro.
Great news Headless
Co pay for Coronavirus has been waved, so you and Hwy can go get your virus looked at for free!
I’m not sure why you group me in with Hwy. I voted for Trump. I’m not into this whole partisanship thing.
Jeff.er.referee doesn’t know me very wells do he? (Chewing on a carrot like Bugs)
dtRumpsis chaostica behaviour$ hath been very good to Hwy.
(A$k.me.how$.eye.know$, on $econd thought$, don’t)
“I’m not into this whole partisanship thing.”
It’s a cheerleading thing.
Gimmie a C!
“NBA season suspended indefinitely. Player tests positive for COVID-19.”
“Tom Hanks and his wife have COVID-19.”
You can go back several days and find where I said I hope you’re right and that I wish this virus would end in short order. You’re full of it, Jeff.
I guess corona is cured. China is reporting the same number last 2 weeks…..nobody is challenging them. Why the big fuss in all other parts of the world?
Gotta go to Mo’s one last time https://www.usatoday.com/story/money/2020/03/11/sporting-goods-chain-modells-close-its-remaining-stores/5026263002/
Why do falling housing prices elicit such mind-bending rage?
Well, how would you feel iffin’ you $tuck yer $helter.$hack. ATM card in the machine$ $lot, only to get a receipt that say$:
“in$ufficient fund$ … card $eized … Thank$ for your bidne$$!”
$ad.
Grain$ & Commoditie$ … Uh,oh.
(Rumor$ i$ that U$A export crop grain$ are rotting in China.made.Container$ on the dock$)
BUSINE$$ NEW$ | MARCH 11, 2020
CME to clo$e Chicago trading floor on coronavirus$ concerns
(Reuters) – Exchange operator CME Group Inc (CME.O) said on Wednesday it would close its Chicago trading floor after business hours on Friday to reduce large gathering$ that can contribute to the $pread of the coronaviru$.
The outbreak of the coronaviru$, which can cause a sometimes fatal flu-like respiratory illness, has roiled equitie$ and commoditie$ price$ worldwide.
“The reopening of the trading floor will be evaluated as more medical guidance on the coronavirus becomes available,” CME Group, which owns the Chicago Board of Trade and Chicago Mercantile Exchange, said in a statement.
No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building, and the markets will remain available for trading electronically, it said.
The floor closure comes as markets are unusually volatile.
“The electronic market fails when the markets get crazy. Look at Sunday night – violent swings,” said PJ Quaid, an independent open-outcry corn options broker on the CME floor.
“Market-makers on the screen just turn off their markets when things get bad. The pit does not do that,” Quaid said, adding: “My customers still believe in the open-outcry market.”
The New York Stock Exchange said in an internal memo on Wednesday that it had taken measures to help keep its floor open, including mandating separate entrances and eating spaces for floor traders and staff, and employees of NYSE and parent company Intercontinental Exchange Inc (ICE.N) who work in the office tower at 11 Wall Street.
CME closed most futures pits in 2015 after the practice declined because of computerized trading. Products like Eurodollar and grain options are still traded in pits, however. Cboe Global Markets Inc and The London Metal Exchange have said they also have contingency plans.
Reporting by Ismail Shakil in Bengaluru and Saqib Ahmed in New York; Editing by Cynthia Osterman and Peter Cooney
deja vu
Restricting all travel to Europe for 30+ days?
Telling the vulnerable olds to stay home?
The Donald shows the Way.
I heard that a TP shipment arrived at the local Sam’s Club this morning, and was picked (or should I say wiped?) clean in an hour.
Own the pun. 🙂
Could we be the first civilization in history to perish from lack of soft tissues?
Not me. I am learning to wash with water. If we ever run out of water, leaves it is.
Wet wipes and handheld bidets should help us avoid that fate.
Maybe the Maya simply ran out of hand sanitizer and N95 masks?
DOW futures are down another 815 right now.
NBA suspending season until further notice.
😮
NBA season suspended indefinitely. Player tests positive for COVID-19.
https://www.marketwatch.com/story/nbs-suspends-season-over-coronavirus-concerns-2020-03-11?mod=mw_latestnews
Tom Hanks and his wife have COVID-19.
https://www.marketwatch.com/story/tom-hanks-and-rita-wilson-test-positive-for-covid-19-in-australia-reports-2020-03-11
Jeff.er.referee will loudly remind you that dtRumpsis has ordered ALL co -pay$ to bee waiver, Richman & Poorman. &
“CUT.WITH.THE.NEGATIVE.WAVE$.KELLY! … IT’$ GONNA BEE A MOTHER.BEAUTIFUL … VIRU$!”
Corona.No! 👐😷🙅
I’m done with this until August when I will check back with you to see if Coronavirus is half way to the 2009 Swine Flu totals which killed 400,000 world wide, with 60.8 million cases, 274,304 hospitalized and 12,469 (low number I have seen updated to 18,000) deaths in the United States.
Meanwhile have fun cheerleading with the girls
Gimmie a C!
H1N1 Swine Flu May Have Killed 15 Times More Than First Said
CARRIE GANN, ABC News Medical Unit
June 25, 2012, 4:27 PM
Beginning in 2009, the virus swept the globe, and the WHO counted 18,500 swine flu deaths that had been confirmed by laboratory tests. But according to new estimates from researchers at the U.S. Centers for Disease Control and Prevention, the virus probably killed between 105,700 and 400,000 people around the world in its first year alone, and an additional 46,000 to 179,000 people likely died of cardiovascular complications from the virus.
https://abcnews.go.com/Health/swine-flu-h1n1-pandemic-deaths-15-times-higher/story?id=16646281
CDC Estimates of 2009 H1N1 Influenza Cases, Hospitalizations and Deaths in the United States
During the pandemic, CDC provided estimates of the numbers of 2009 H1N1 cases, hospitalizations and deaths on seven different occasions. Final estimates were published in 2011. These final estimates were that from April 12, 2009 to April 10, 2010 approximately 60.8 million cases (range: 43.3-89.3 million), 274,304 hospitalizations (195,086-402,719), and 12,469 deaths (8868-18,306) occurred in the United States due to pH1N1
https://www.cdc.gov/h1n1flu/estimates_2009_h1n1.htm
“I’m done with this until August when I will check back with you …”
Bye.bye Jeff.er.referee … $tay $afe! Iffin’ ya fist.bump into agdanny.boy, tell’em Hwy $ay$ Howdy.
12,469/60,800,000 × 100% = 0.02% death rate (1 out of 4876 cases).
That’s a lot lower than COVID-19 so far.
× 100%
100% = 100/100 = 1
should read “x 100”
Not if you interpret % = 1/100.
🙁
Phoenix, AZ Housing Prices Crater 17% YOY As Foreclosures Swamp Court System
https://www.zillow.com/phoenix-az-85012/home-values/
*Select price from dropdown menu on first chart
As a noted economist said, “90% of all mortgages made since 2009 are subprime”
Haven’t heard any news from the Gaza Strip. COVID-19’s blessing couldn’t have found a better cradle. “And what rough beast, its hour come round at last, Slouches towards Bethlehem to be born?” —Yeats
READ$ ALL ‘ BOUT$ IT!!!!:
“$uper.$trong eCONomie$ 💪, over.come by China.death.germ.viru$ 👾”
Naw, that title wouldn’t even work on the cover of National Enquire.
(wait, let’s make the alien picture be Michelle Obama, kissing Hillary!, Ellen too? Yeah!)
Cramer in tomorrow$ morning chat with “Mr. Wonderful” talkin’ on the DOWn eCONomy:
“… It$ dead.to.me now”, … “just.dead” (hit$ bomb.explo$ion.button 💣💥)
Dow futures currently down 900. Oil dropping again too, not surprising considering the Europe->US travel restrictions.
Something tells me, this guy got his life.long wish & is smirking & smiling.
Meet 34-year-old Stephen Miller, Trump’s longest-serving senior adviser and mastermind of his most inhumane immigration policies
By |Michal Kranz, Ellen Cranley and Natalie Colarossi
($adly though, no Nordic blondie inva$ion$.)
Garth Hudson solo the Weight Apr 9 2017
https://www.youtube.com/watch?v=Dgh_bzvM_hM
How do you find this stuff?
It’s all different and it’s all good.
Now hand sanitizers are weapons https://www.breitbart.com/politics/2020/03/11/connecticut-woman-sparks-deadly-fire-with-hand-sanitizer-incendiary/
Why new diseases keep appearing in China
https://www.youtube.com/watch?v=TPpoJGYlW54
At what point does the amount of market intervention overwhelm the market’s ability to function?
Repo market
Federal Reserve ups short-term lending for second time this week
US central bank announces larger and longer-term loans to prevent funding market instability
Colby Smith in New York
8 hours ago
The Federal Reserve expanded its intervention in short-term borrowing markets on Wednesday for the second time this week, announcing larger and longer-term lending facilities as concern about coronavirus disruption continued to mount.
The New York arm of the central bank said it will increase the size of its operations in the repo market, where investors exchange high quality collateral such as Treasuries for cash.
The NY Fed will now provide at least $175bn in daily overnight loans, up from $150bn offered earlier in the week and $100bn previously, beginning on Thursday and running until April 13. It will also provide at least $45bn in two-week loans, twice a week, over the same period.
And in a new addition to its toolkit, it said it would start issuing up to $50bn of one-month loans on three occasions beginning on Thursday.
“They brought out the bazooka,” said Gennadiy Goldberg, a rates strategist at TD Securities. “There is currently no crisis yet, but funding markets are a little tenuous given all the market volatility.”
The coronavirus outbreak has prompted the Fed to reverse its previous plans to gradually withdraw from the short-term borrowing market, where it has been intervening since a cash crunch in September.
According to calculations by Mr Goldberg, by March 23 the Fed will have pumped in more than half a trillion dollars into the financial system.
The $505bn on offer from the Fed at that point will surpass the $490bn originally offered by the central bank over the year-end period, when it was working to prevent problems at a time when cash is typically in short supply.
…
Is it reasonable to expect the Fed or the President to bail out stock market investors?
Stocks
Published 23 mins ago
US stock futures pointing to another day of steep losses
The Dow’s drop of 1,464 points dragged it 20 percent below the record set last month and put the index in a bear market
By Ken Martin
FOXBusiness
President Trump plans to ask Congress for many financial measures to provide additional financial help to those in need, including increasing funding for the Small Business Administration, instructing the Treasury Department to defer tax payments to some people and businesses impacted by the coronavirus and for payroll tax relief.
President Trump plans to ask Congress for many financial measures to provide additional financial help to those in need, including increasing funding for the Small Business Administration, instructing the Treasury Department to defer tax payments to some people and businesses impacted by the coronavirus and for payroll tax relief.
Equity futures are pointing to more losses in U.S. stock markets Thursday after President Trump delivered a speech on the coronavirus outbreak that appeared to disappoint investors.
Futures for the S&P 500 moved from a loss of 0.4 percent just before Trump spoke from the Oval Office at 9 p.m. EST to a loss of 3.3 percent an hour later.
The major futures markets are now pointing to a decline of 3.8 percent or about 900 Dow points.
The declines in the futures markets follow steep losses in regular trading Wednesday as investors become increasingly worried that responses from government and central banks will be insufficient to prevent the outbreak from severely impacting the global economy.
…
Asia Markets
Asian markets resume plunge after Dow enters bear market
Published: March 11, 2020 at 11:18 p.m. ET
By Marketwatch
Stocks down more than 5% in Japan, Australia
…
From The Financial Times writers:
“The US has tested fewer than 6,000 people out of a population of 327m.”
What does it mean if over 1000 cases are already confirmed out of less than 6000 tested? Doesn’t sound good to me…
“What does it mean if over 1000 cases are already confirmed out of less than 6000 tested?“
Math says 1/6 or about 17%
I have been wondering about this even more so now that my area has confirmed cases at a nearby school. None at my kids school yet but i highly doubt many have been tested their yet. My forecast is within the next couple weeks majority of schools will mandate the stay home until further notice policy. Stay healthy people!
Math says 1/6
Doesn’t mean anything out of context. Did those tested already have a clinical diagnosis or were those scarce test kits applied randomly?
I still wonder what the % error in the test method is. If it’s 10 or 20% false positive or false negative alot of bad decisions are going to be made.
I can give you a little insight:
1) The testing was not done randomly. People recently returned from high risk areas or displaying severe symptoms are more likely to have been tested.
2) So the true percentage of people who have it but weren’t yet tested is between 0% and 20% (I say 20% because over 1200 cases have been confirmed).
3) The number is strictly over 0%, but by how much matters alot.
A lot of bad decision$ have already been made.
The “incompetent.bag” $till i$ knot empty.
Maybe we should create a Viru$.Czar … Where exactly is J.Ku$hner?
Pence is the guy.
And your point about false test results is taken, though the uncertainty due to anly 6000 out of 327 million Americans tested so far seems like a much bigger concern for now.
the uncertainty due to anly 6000 out of 327 million Americans tested so far renders worthless any estimates of just how bad things are going to get in the USA during the next month. I don’t care how expert the “experts” think they are. At this point, we are all in the dark. It will become clearer if/when hospitals are clogged with the severely ill, and sick start getting turned away at the doors.
I’m recalling how the markets reacted after Lehman Brothers collapsed in Fall 2008. It seemed like the financial markets’ analogue of a tornado or a hurricane. No bailout measure or market intervention was sufficient to stop the inexorable, destructive market collapse.
I’m wondering if the Saudis’ Nash reversion in the oil market, added to the coronavirus panic, is destined to have a similar effect.
Effect$ that accumulate$ then combine$ tend to magnify $pectacularly!
waiting for DOW 17K to start buying
DOW 17K
The superimposed chart of past crashes (posted around here somewhere) suggests that the sucker’s rally should lift off of Dow 10K. Day traders know more about this stuff than me though.
Yup. My thought all along was we hit 6k in 2009 or whatever it was. 10k should be about right with inflation. There shouldn’t be many people left who think this couldn’t possibly be as bad as 2009. What I want to watch is whether the Fed will be more effective this time due to being more aggressive, or whether they will be less effective this time because everybody already planned on them saving the day.
“But above all he must refrain from seizing the property of others, because a man is quicker to forget the death of his father than the loss of his patrimony.”
― Niccolò Machiavelli, The Prince
Whats worse a flu and losing your relatives or losing your house ? Of course they didn’t really like this book much back in the day. Not correct thinking more of something to post on a autonomous blog.
The Dow is closer to 6,700 than anything else.
@cactus-
>“But above all he must refrain…”
Who am I, what have I become? Incredible quote!
10K ? “Day traders know more about this stuff than me though.”
true dat. My friend day trades after quitting high tech its all about candles and moving averages.
I’m way too slow for that .. still waiting for 17k. I went 40-60 stocks – bonds/cash and was feeling left out the last few years.
No I just have to shut up cause last time when the housing bubble crashed and I was in cash my co-workers they didn’t appreciate my ,uh, position. Lucky I have this blog you all get it at least in a down turn.
The Financial Times
Markets Briefing Coronavirus
Stocks and oil fall after US announces coronavirus travel ban
Donald Trump’s suspension of flights from Europe adds pressure to markets
Japan’s Topix fell into a bear market on Thursday © AFP
Hudson Lockett in Hong Kong and Leo Lewis in Tokyo
54 minutes ago
Global stocks and oil sold off sharply on Thursday after the US temporarily suspended travel from Europe in response to the coronavirus outbreak, triggering a flurry of selling that sent American stock futures into a tailspin.
President Donald Trump announced the move in a televised address hours after the World Health Organization said the crisis was now a “pandemic”. The number of cases of infected patients in the US has risen to 1,281. Mr Trump said the new travel restrictions, which exclude the UK, would take effect from Friday.
In Asian trading following the announcement, US futures pointed to another day of heavy losses on Wall Street, with the S&P 500 tipped to drop 4.1 per cent into bear market territory, down more than 20 per cent from its recent record high.
Overnight the Dow Jones Industrial Average fell 5.9 per cent into a bear market. Futures trading suggested the FTSE 100 would open 4.8 per cent lower, while European stocks were set to open 5.2 per cent lower.
…
“9:31 am: S&P 500 opens down 6.6%, Dow plunges 1,700 points
The stock rout deepened on Thursday with the S&P 500 opening the session off 6.6%, joining the Dow in bear market territory. The 30-stock benchmark plunged 1,700 points at the open, while the Nasdaq tanked 6.9%. A key market-wide circuit breaker will trip once the S&P 500 falls 7%.”
Anddddd its gone!
There goes the tripwire!
It’s cratering
CRATER
We’re laying you off because…
https://imgur.com/a/w0MR6jJ
Does anyone have insights to what is up with the Treasury bond market? Apparently it’s safe haven role is shaky due to liquidity issues.
fastFT US Treasury bonds
US government bond market under strain during volatile week
Analysts and fund managers urge swift action from Federal Reserve and Treasury
Adam Samson, Robin Wigglesworth, Colby Smith and Joe Rennison 44 minutes ago
The US government bond market has come under strain during this week’s financial market tumult, prompting calls from analysts and fund managers for decisive action by the Federal Reserve to prevent a bigger calamity.
Banks and investors have said that trading conditions in Treasuries, the world’s biggest and deepest debt market, have deteriorated in the past few days. The market became “overwhelmed by liquidity concerns” during a chaotic day on Wednesday, said Bank of America analysts in a note to clients.
“[This] could stop the Treasury market from functioning. If that happens it is a national security issue. It will limit the ability of the US government to respond to the coronavirus,” said Mark Cabana, a BofA strategist who authored Thursday’s report.
Signs of dysfunction on Wednesday meant that during an ugly day for stocks, when haven Treasuries would typically be expected to rally, they actually fell. In that environment, it becomes even harder for investors to shield themselves from losses, spreading volatility around the financial system.
“The US Treasury market is the bedrock for all other financial markets; it is the world’s risk-free rate and allows the US government to fund itself,” BofA said in its report. “If the US Treasury market experiences large-scale illiquidity it will be difficult for other markets to price effectively and could lead to large-scale position liquidations elsewhere.”
…
“This sucker could go down” — George W. Bush
“Almost…there. Almost…there.” -Garvin Dreis, Red Leader
“This is far and away the strongest global economy I’ve seen in my business lifetime” — Treasury Secretary Henry Paulson, July 2007
$adly, Henri’$ printing pre$$, $eem$ to be “unbreakable”, no matter$ how FA$T one run$ it! Amazing.ain’t.it!
Toilet paper and Clorox the new save havens
Replacing ammo and spam?
In One Chart
This plunge looks a lot like the ones that rocked stocks in 1929, 1987 and 2008 — if it keeps tracking, look out
Published: March 11, 2020 at 5:45 p.m. ET
By Shawn Langlois
…
https://www.cnbc.com/2020/03/12/cramer-slams-government-on-coronavirus-evoking-his-epic-2007-fed-rant.html
Yeah, look who’s talking, Mr. Bear Sterns.
Stearns. Crap.
More like “bare sterns”
Sh!tcoin crater fest 2020! Down 20% today, 40% in a month. How long to reach its true value of nothing?? All those self proclaimed financial expert, hipster, revolutionaries sure gonna wish they would have invested in TP instead of digital nothings
“…prompting call$ from analyst$ and fund manager$ for deci$ive action by the Federal Re$erve to prevent a bigger calamity.”
How did they find themselve$ in this “$udden” calamitou$ $it.u.a.$hun?
Answer: Hyper.priced/over.$aturated $helter.$hack$ & $tawk$
The “Alway$.a.$olution”? … u$e.MORE.monie$ … Add.+.MORE.debt$
Boy, everyone seems to have a $pecial opinion, blah, blah, blah, blah, …
What kinda affect i$ the China.death.germ$ gonna have on world.wide corporate Earning$?
Who will be the Winner$ & Lo$er$?I
$ad.
“Answer: Hyper.priced/over.$aturated $helter.$hack$ & $tawk$”
That is MOST DEFINITELY not part of the official narrative.
‘The “Alway$.a.$olution”? … u$e.MORE.monie$ … Add.+.MORE.debt$’
Does this always work as well as the first time, or do markets eventually reach a saturation point due to excessive risk taking, aided and abetted by unlimited free government-sponsored bailout insurance?
Who will be the Winner$ & Lo$er$?I”
Trumps probably out so what will the economy look like with Biden ( Hilary ) back in power ? Probably Green energy and other government favorites and I expect very slow to no growth. Government controlled economies don’t reward risk taking but reward “right” thinking. So are you WOKE ?
I’m not sure about this advice, as it seems a bit late now for stock market gamblers to do a risk tolerance self assessment.
Yes, there’s a pandemic and the market is falling. Do this instead of checking your 401(k)
Published: March 12, 2020 at 7:01 a.m. ET
By Alessandra Malito
‘The worst investing decisions are made out of fear’
Getty Images
Stock market volatility can be normal, but it’s also unnerving — and for some investors, it’s just impossible to stomach.
The Dow Jones Industrial Average, (DJIA, -7.982%) one of Wall Street’s major stock benchmarks, dropped more than 20% from its all-time high in February, and entered bear market territory on Wednesday. This benchmark, as well as others, have been in an overall bull market since the financial crisis in 2008-09, but it has been experiencing extreme volatility, in part because of oil price wars and fears of the spreading coronavirus derailing global economies. The S&P 500 (SPX, -7.219%) and Nasdaq Composite (COMP, -6.670%) both fell 19% from their all-time closing highs in February.
Naturally, this might stress some investors out — especially in regards to the nest egg they’re building for their retirement through a 401(k) plan or individual retirement account.
Instead of logging in to their accounts to check on 401(k) balances — which may cause even more stress — investors should check in on their risk tolerance. “These last few weeks have been a test of the fortitude that investors have,” said Aaron Klein, co-founder and chief executive officer of Riskalyze, a technology company with a program for financial advisers to assess clients’ capacity for risk.
Risk tolerance is the level of exposure to loss that an investor can handle, especially during nerve-wrecking ups and downs in the market. Many investment firms, financial advisers and automatic online investing platforms try to gauge investors’ risk tolerance by asking them simple questions.
…
Las Vegas, NV Housing Prices Crater 15% YOY As Underwater Borrowers Try To Unload Their Cash Bleeding Houses
https://www.zillow.com/las-vegas-nv-89119/home-values/
*Select price from dropdown menu on first chart
As a noted economist stated, “Get what you can get for your house today because it’s going to be less tomorrow for decades to come.”
London Bridge is falling down…
London Markets
British stocks pummeled by most since the 1987 crash
Published: March 12, 2020 at 10:34 a.m. ET
By Steve Goldstein
…
Why is gold cratering? With everybody rushing out of equities, you’d think at least some of that money would be going into PM’s. 🤔
No reasoned thought during a panic. These same folks are lining up at Costco to hoard toilet paper.
Cash is king?
Why is gold cratering? With everybody rushing out of equities, you’d think at least some of that money would be going into PM’s”
Looks like panic selling to raise cash.
Expert: Coronavirus starting to scare homebuyers and sellers away
Sarah PaynterandDhara Singh
TSLA at 557 and sinking, as Ben would put it, like a turd in a well.
Futures Movers
Oil drops 6% after Trump imposes restrictions on travel from Europe
Published: March 12, 2020 at 11:33 a.m. ET
By Myra P. Saefong and
William Watts
Gasoline futures fall below $1 a gallon for first time since 2016
…
Blomberg spent 500 million for a couple of delegates?
QE $1.5 trillion for maybe 200 point drop?
These folks are very intelligent and will guide you thru the mess???