A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York, U.S., January 3, 2019. REUTERS/Shannon Stapleton/File Photo
PJ Media: If Things Are So Bad Why Did The Stock Market Just Have Its Best Week in 46 Years?
A few weeks ago, there was blood on the floor of the New York Stock Exchange. Stocks lost $10 trillion in value and earnings are expected to be in the toilet.
So why did stocks add $3 trillion in value just this week? Why a booming stock market in the midst of cratering economy?
Investors can't explain it.
Bloomberg:
Does it make any sense? To skeptical Wall Street veterans, the answer is obvious: no. While stimulus is flowing and the curve may be flattening, investors are bidding up stocks at a time unemployment may already be 15%, with economists forecasting one of the biggest contractions ever. Only a fool buys equities trading at 40 times the worst estimates for this year’s profits.
To all that, a single rebuttal exists. That in the absence of clarity, investors have no choice but to write this year off entirely. No matter how bad the recession gets, markets look forward -- relentlessly. Whatever horrors the world is yet to endure investors will focus on the recovery.
Read more ....
WNU Editor: It is a sign of the times that the media does not even report on the biggest jump in the stock market for the past 46 year, albeit after a week when it registered one of its worst declines in history.
4 comments:
Does Instra really believe the stock market tells us how good things are?
1. the virus and the deaths
2. the huge unemployment rate
3. the loss of retail stores, restaurants, and small businesses
4. the jump we expect for health insurance and debts
The market is for gambling (unless you are gop in senate...not for most folks and their lives
5. what is the standing of the middle class prior to the virus?
6. what will it be when the virus is gone?
We want sports betting
White House rejects bailout for U.S. Postal Service battered by coronavirus
By Jacob Bogage closeJacob BogageNational sports writer and bloggerEmailEmailBioBioFollowFollow
8-10 minutes
Through rain, sleet, hail, and even a pandemic, mail carriers serve every address in the United States, but the coronavirus crisis is shaking the foundation of the U.S. Postal Service in new and dire ways.
The Postal Service’s decades-long financial troubles have worsened dramatically as the volume of the kind of mail that pays the agency’s bills ― first-class and marketing mail ― withers during the pandemic. The USPS needs an infusion of money, and President Trump has blocked potential emergency funding for the agency that employs around 600,000 workers, repeating instead the false claim that higher rates for Internet shipping companies Amazon, FedEx and UPS would right the service’s budget.
Trump threatened to veto the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act, or Cares Act, if the legislation contained any money directed to bail out the postal agency, according to a senior Trump administration official and a congressional official who, like others in this report, spoke on the condition of anonymity.
“We told them very clearly that the president was not going to sign the bill if [money for the Postal Service] was in it,” the Trump administration official said. “I don’t know if we used the v-bomb, but the president was not going to sign it, and we told them that.”
Instead, Sens. Gary Peters (D-Mich.) and Ron Johnson (R-Wis.) added a last minute $10 billion Treasury Department loan to the Cares Act to keep the agency on firmer ground through the spring of 2020, according to a Democratic committee aide.
Mike Huckabee has been trying for years to keep people off the beach in front of his $6 million McMansion on the Gulf Coast of Florida. Since he bought the house in 2011, he has complained that the 115-foot spit of sugar-sand beach in front of his Walton County property has been fouled by pot-smoking kids and pooping dogs. Most shocking of all, he once saw a young couple strip naked and have sex on a YOLO board there at two in the afternoon. But now that the county has finally closed the beach and kicked out all the spring breakers as part of its pandemic response, Huckabee has sued the county because he can’t go out there either.
On Monday, the former Arkansas governor and presidential candidate joined with a bunch of his rich neighbors to sue Walton County, Florida, in federal court, alleging that the county’s beach closing order has left them faced with “threats of criminal prosecution for doing no more than setting foot in their own backyards that they own.” They told the court that the beach closure order constitutes an illegal taking of property without compensation and violates their constitutionally guaranteed property and due process rights. “The county’s ordinance forces family members into a confined space within their house rather than allow them to social distance and recreate in their sandy backyard,” the plaintiffs complained in a court document. (There has been an ongoing and heated legal fight over whether Huckabee really does technically “own” the beach in front of his house, which had been used by the public for centuries before he moved there.)
Ever tone deaf, Huckabee isn’t likely to win many fans as he embarks on this particular fight with Walton County, where like most of America, people are confined in far smaller spaces than the one enjoyed by the Huckabee family. Huckabee does not mention in his lawsuit that his family is “confined” to a 10,000-square-foot monstrosity with six bedrooms, seven-and-a-half bathrooms, and its own private pool where they can recreate, sunbathe, and swim unmolested by the county cops.
The lawsuit stems from a decision by Walton County to close its own beaches on March 19, when Florida Governor Ron DeSantis (R) was still dithering over issuing a state-wide closure as crowds of kids on spring break enjoyed one last hurrah on state beaches.
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