Operation Blood in the Streets

[RicInOR]

Federal Reserve scraps transfer limits on bank savings accounts

The U.S. Federal Reserve announced Friday that banks can now allow account holders to make an unlimited number of withdrawals and transfers from their savings accounts. The Fed said the move would help ensure people can access their funds "at a time when financial events associated with the...

finance.yahoo.com

This is a stupid law - designed for the War on Drugs. You know, if it saves one life BS.

Let us hope it stays permanent.

 

[The Heretic]

Discover card CEO details shocking drop in consumer spending with travel category down 99%

Credit card company Discover Financial Services offered a grim snapshot of just how much wary Americans have restricted their spending.

www.cnbc.com

US consumer sentiment falls for a third consecutive month

U.S. consumer sentiment fell for a third straight month as people weigh the coronavirus pandemic and the possibility of an economic re-opening.

www.cnbc.com

 

[ma96782]

Remember that crude oil drop on Monday? Well....who REALLY lost money?

Off the top of my head......
I'd say that they were probably mostly "speculators". Yup....those same people that make insane profits when oil prices go up. And, of course they probably never intend to actually take possession of the oil. They just like to play with our lives and make money. But such is THE MARKET. Risk and reward.

Anyway, I have very little sympathy for them. .Rrrright...….so who are they? Well, watch from 7:03 in this video to get a hint. Of course there were probably many more....including maybe some Americans. Oh well....the PROBLEMS of the RICH.

Aloha, Mark

 

[cookie]

YUP....closed at minus $35.20.
The system.....is broken!!!!

Aloha, Mark

Lets be P/C and say the incompetence and rape of the taxpayers is just too big to fail.

 

[The Heretic]

When oil became waste: a week of turmoil for crude, and more pain to come

The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.

www.reuters.com

 

[The Heretic]

U.S. economy faces historic shock, with 16% joblessness possible, Trump adviser says

The shuttering of the U.S. economy due to the coronavirus pandemic is a shock of historic proportions that will likely push the national unemployment rate to 16% or higher this month and require more stimulus to ensure a strong rebound, a White House economic adviser said...

www.reuters.com

 

[The Heretic]

Sinking U.S. economy hasn’t hit bottom yet

The coronavirus capsized what had been the longest expansion in U.S. history. Now the wait is on to see how far the economy sinks before it finds bottom.

www.marketwatch.com

 

[The Heretic]

Unemployment probably much worse than official stats.

Millions of Americans locked out of unemployment system, survey finds

Millions of Americans who have been thrown out of work during the coronavirus pandemic have been unable to register for unemployment benefits since the U.S. economy entered a free fall, according to a poll released on Tuesday.

www.reuters.com

 

[The Heretic]

New York needs federal loan to pay state unemployment benefits

New York has to borrow money from the federal government to pay its state unemployment benefits after more than a million newly jobless residents filed claims amid the coronavirus pandemic, Gov. Andrew Cuomo said Monday.

www.cnn.com

 

[The Heretic]

US economy shrank by 4.8 percent in first quarter, as coronavirus ends record-long expansion

Economists surveyed by Refinitiv expected the economy to decline by 4 percent.

www.foxbusiness.com

Boeing to axe 16,000 jobs as coronavirus stalls new plane orders

Cost of 737 Max grounding and Covid-19 lockdown see $1.7bn operating loss in 2020 first quarter

www.theguardian.com

 

[The Heretic]

Worst Economy in a Decade. What’s Next? ‘Worst in Our Lifetime.’ (Published 2020)

U.S. gross domestic product declined in the first quarter, dragged down by the pandemic’s grip in March. Don’t even ask about this quarter.

www.nytimes.com

 

[The Heretic]

30 million Americans have filed initial unemployment claims since mid-March

The coronavirus crisis continues to tear through the US economy, as another TK million Americans filed for first-time unemployment benefits last week, according to the Labor Department.

www.cnn.com

Meanwhile, back at the ranch, those of us who applied for UI over a month ago, still are not getting any acknowledgement from Oregon that we are eligible, much less any $ in the bank.

 

[The Heretic]

'W-shaped' recovery may be too optimistic, Fed's Powell suggests

Federal Reserve Chair Jerome Powell has sketched out an altogether bumpier ride for the U.S. economy than many are predicting - one that sees business activity stop and start for months to come, until an effective treatment or vaccine for the novel coronavirus can be found.

www.reuters.com

 

[The Heretic]

Millions of Americans continue to seek jobless benefits; consumer spending slumps

Millions more Americans filed claims for unemployment benefits last week, suggesting that layoffs were spreading to industries that were not initially directly impacted by business closures and disruptions related to the novel coronavirus.

www.reuters.com

 

[The Heretic]

Americans are hoarding cash: Savings rate hits its highest level since 1981

Americans are so nervous about the state of the economy that they are stashing cash in the bank at a rate unseen since the early part of Ronald Reagan's first term as president.

www.cnn.com

That's good IMO - shows people are preparing.

It is better to have cash or stable liquid funds, than to lose $ in the stock market waiting for it to come back eventually (in a year or two).

At one point I was down about $80K in my retirement funds, now I am only down about $30K. The market will probably return to January levels in a month or so. At that point, I am going to pull completely out of stocks and some bonds, and put that into a cash fund. I won't earn much, if at all, but at least I won't lose anything and right now, I can't afford to lose anything - I may need that money soon (i.e., next year) - I won't be able to wait until 2022 for the market to come back.

Also, more economists/traders/et. al. are predicting a second drop in the market that will be 40-80% in the 3rd to 4th quarter, not recovering from that until late 2021 or 2022. On top of that, a deep recession.

Normally I make about 1-2% on my checking account, but I have to make 12 POS purchases to get that. Usually I can when I am working - gas, groceries, odds and ends, fast food. But not now - I make maybe 4-5 POS purchases a month - but still no fees.

 

[USMC1911]

I really think its going into the bank and savings because there are so few places to spend it. A lot of people that are on unemployment are also getting a significant amount more income then if they were working. Couple that with no where to go and you are going to see increases.

 

[The Heretic]

U.S. factory orders post record drop; orders, inventories shrinking

New orders for U.S.-made goods suffered a record decline in March and could sink further as disruptions from the novel coronavirus fracture supply chains and depress exports.

www.reuters.com

GE Aviation to cut workforce by up to 13,000 jobs, or 25%

General Electric Co <GE.N> said on Monday it was planning to cut the global workforce of its aviation unit this year by as much as 25%, or up to 13,000 jobs, including both voluntary and involuntary layoffs, citing prolonged aircraft reduction schedules caused by the coronavirus...

www.reuters.com

Fed's Barkin: New business practices, job retraining key to U.S. recovery

Safe, reliable and affordable changes to current work practices and job retraining will have to form the cornerstone of the U.S. economy's recovery from the coronavirus crisis, Richmond Federal Reserve President Thomas Barkin said on Monday.

www.reuters.com

 

[The Heretic]

Stock market is kind of flat this week (on average) but still slowly (albeit slower) inching up, as are my IRA/401K balances.

I am still planning on going to cash (money market) on at least the bulk of the balance on the conventional IRA - which will be about $340K - if it gets back to pre-CV levels. Think I will leave the Roth ($45-$50K) 80/20 bonds/stocks - or maybe go all bonds or money market - vacillating back and forth. Leaning towards all bonds. Then 80/20 Bonds/stocks on 401K ($45-$50K). Leave everything like that until the end of 2021 - but if the stock market bottoms out again, especially if it goes below 40% down, then jump back in with the cash.

 

[The Heretic]

This stock-market table shows why the S&P 500 outlook depends on what letter of the alphabet the coronavirus recovery looks like

Pick a letter, pick a stock-market outcome? Investors are debating what the recovery from the pandemic-induced recession will look like.

www.marketwatch.com

 

[The Heretic]

The Jobs Numbers Will Be Terrible. Here’s How to Interpret Them. (Published 2020)

Government figures due Friday will undoubtedly show that job losses in April were the worst ever. But they could provide key hints about the recovery.

www.nytimes.com