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Author Topic: Money  (Read 22481 times)

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AGelbert

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Re: Money
« Reply #750 on: March 03, 2020, 02:33:30 pm »

March 3, 2020

Quote
“We do recognize a rate cut will not reduce the rate of infection, it won’t fix a broken supply chain. We get that,” Mr. Powell said.

Agelbert RESPONSE: NO, YOU DO NOT "GET IT". You are a lackey for a dysfunctional oligarchy that thinks it can bullshit people with Fed monetary THEFT on behalf of the 1%. You do not GIVE A DAMN about main street.

The following quote is from an intelligent person that DOES "GET IT":

Quote
Sechel 👍
50 bps rate cut doesn't make people go to the malls or visit their local chinese restaurant. this was simply irresponsible and hurts the elderly, insurance companies and pensions.

Mr. Powell, YOU are an EVIL BASTARD and this corrupt, Trump spawned Hail Mary pass to save your oligarchic owners (AND 🦀 Trump's political ass) is going to FAIL BIG TIME!

Quote
Whisper2018
this big move from the FED may scare people away from spending and may well reinforce the downward momentum initiated by the coronavirus..

Quote
  Carl_R 👍
As I pointed out previously, this is the classic "you can't push on a string" example from the 1930's. When primary demand is destroyed, you can't make it re-appear with rate cuts. Yes, now you can get lower rate deals on car loans, appliances, and homes, but will those make you more apt to buy when what you really would like to buy is an N95 mask?

This won't significantly increase primary demand, but it does make is clear that this is a major inflection point.

Take THAT, Mr. OLIGARCHIC 🦀 Trump Toady 😈 Powell!
« Last Edit: March 03, 2020, 04:30:54 pm by AGelbert »
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Quote
dead hobo 👍
The lower rates go, the less liquidity becomes available and the Fed must pick up the slack. Printed capital replaces saved capital. Today is proof of that, once again.

This is only common sense.

If you have actual capital at risk, why would you wish to lend it out for an insignificant level of interest? It makes no sense. Of course capital disappears. Repos and QE MUST make up the difference.

Thus, more proof that interest rates must be high enough to provide a reasonable return on saved capital but no so high they choke off productive investment.

Yet the Fed, and all other central banks, just don't get it.

The Fed has three options

1) Repos where the amount provided 'will be enough'.

2) Raise rates and wait for  the higher rates to flow through the economy while fending off Wall Street tantrums for unlimited free money

3) QE and keep it coming. Printed capital replaces saved capital. Send rates to nothing and below. Eliminate any reason to save. Dystopia begins. Later, people get to work until they can't or until they die since savings is close to impossible. As Alan Greenspan said last year "Negative rates are just a number." They should appear in the mid ranges of the yield curve by the end of they year.

Fantastic Job, Mr Powell. But, as I wrote earlier, since I belong to the 99%, the insignificant, all you need to do is continue to ignore us and Japanify the US economy.

by Tyler Durden Thu, 03/05/2020 - 12:15



Agelbert OBSERVATION: The VIX was actually 🚩 above 32 for a while today. That is a HISTORICALLY HIGH LEVEL. ANYTHING above 20 is a huge danger flag. Above 30 is, uh, .



Quote
What Is the CBOE Volatility Index (VIX)?
Created by the Chicago Board Options Exchange (CBOE), the Volatility Index, or VIX, is a real-time market index that represents the market's expectation of 30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides s a measure of market risk and investors' sentiments. It is also known by other names like "Fear Gauge" or "Fear Index." Investors, research analysts and portfolio managers look to VIX values as a way to measure market risk, fear and stress before they take investment decisions.
https://www.investopedia.com/terms/v/vix.asp


Have a nice day.
« Last Edit: March 05, 2020, 05:10:42 pm by AGelbert »
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Why Is There a Boom in CEO Resignations?
« Reply #752 on: March 05, 2020, 07:51:31 pm »
Why Is There a Boom in 😈 CEO Resignations?
4,720 views•Mar 5, 2020


The Real News Network
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CEO resignations reached an all-time high in 2019. Is the corporate model of management fundamentally changing? We speak to white collar criminologist Bill Black.

Director/Video Editor: Bababtunde Ogunfolaju
Audio Engineer: Will Arenas
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Category News & Politics

Agelbert HINT:

Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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20 year old Simpsons Episode Predicted Trump BANKRUPTING the USA 

In this Simpsons episode from the year 2000, with Lisa Simpson posing as Hillary Clinton, has 3 predictions in 8 seconds. One is fulfilled, the Trump presidency. You can see the other two starting to take shape.

And Trump is getting desperate since he boasted and boasted and boasted that the economy is "doing great because of him", and this "Big, Fat, Ugly Bubble" is growing even bigger because of him. And he is the "Chosen One", and he is the "best president the US has ever had". So now that this country is on the path toward Trump's 7th bankruptcy, Trump is running out of scapegoats to blame.

🦀 Trump is the FASCISM ENABLING TOOL of the FASCIST Fed. The present main function of the Fed is to help re-elect the Orange Hitler.

The Federal Reserve was created by bankers for the benefit of bankers. They don't care about seniors on fixed incomes or savers who have suffered immensely with ultra-low interest rates over the past eleven years, thanks to the Fed's never-ending easy money policy.

And don't forget how the Fed bailed out Wall Street banks who were the first in line to get taxpayer money after they created the greatest recession since the great depression.

Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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SNIPPET:

With stocks tumbling, the VIX has, predictably, soared, briefly tipping above 50 intraday on Friday and last trading above 46, surpassing the levels hit during the Volmageddon in Feb 2018 and the highest level since the US credit rating downgrade in August 2011.

Full article:

Fri, 03/06/2020 - 15:20


Agelbert NOTE: Right on Trump ASS SAVING time, the 👹💵 🎩Fed rushed in to ramp up the stocks that were cratering big time at the time of the above post. Notice the (totally unjustified from financial fundamentals) massive ramp up in the last 40 miinutes.


Because I have called, and ye refused; I have stretched out my hand, and no man regarded; But ye have set at nought all my counsel, and would none of my reproof: I also will laugh at your calamity; I will mock when your fear cometh; When your fear cometh as desolation, and your destruction cometh as a whirlwind; when distress and anguish cometh upon you. Then shall they call upon me, but I will not answer; they shall seek me early, but they shall not find me: For that they hated knowledge, and did not choose the fear of the Lord: They would none of my counsel: they despised all my reproof. -- Proverbs 1:24-30

Fri, 03/06/2020 - 16:01

SNIPPET:

GLOBAL CONFIRMED CORONAVIRUS CASES SURPASS 100,000

EUROPE DEBT RISK GAUGE EXTENDS RISE TO HIGHEST SINCE JUNE 2016

GERMANY'S 10-YEAR BOND YIELD FALLS TO RECORD LOW

GERMANY'S 30-YEAR BOND YIELDS FALL TO ALL-TIME LOW

EUROPE SENIOR FINANCIAL DEBT-RISK JUMPS MOST SINCE 2018

JPMORGAN EMBIG DIVERSIFIED SOVEREIGN SPREAD RISES ABOVE 400 BPS

EMERGING-MARKET USD SOV.-BOND PREMIUM JUMPS MOST SINCE 2011

U.S. TREASURY 5-YEAR YIELD FALLS BELOW 0.50%

U.S. 30-YEAR YIELD FELL AS MUCH AS 30BP ON INTRADAY BASIS

U.S. 30-YEAR YIELD SET FOR BIGGEST ONE-DAY DROP SINCE 2009

U.S. CREDIT MARKET FEAR GAUGE SURGES MOST SINCE AT LEAST 2011

VIX'S 3-WEEK CHANGE IS BIGGEST EVER - BIGGER THAN LEHMAN

WTI CRUDE FUTURES DOWN 10.% - BIGGEST FALL SINCE 2014

But the real shock was from Federal Reserve Bank of St. Louis President James Bullard, who admitted central banks are losing their credibility rapidly: "Many central banks have consistently missed their stated inflation targets to the low side for many years... Critically, the central bank has to be able to actually deliver the required." Which means...

"Credibility of central banks, instead of improving over time based on the achievement of stated goals, seems to be eroding instead."

That's quite an admission but 100% correct and this week's carnage after an emergency 50bps rate-cut did nothing to calm fears is a perfect example...

Full article:

Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

Surly1

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America Closed for Business
« Reply #755 on: March 13, 2020, 12:26:14 pm »
Coronavirus closures: List of events, sports, and more canceled amid COVID-19 fears


This just in:
NASCAR changes course, postpones races in Atlanta and Miami due to coronavirus; IndyCar announces cancellations
If NASCAR is postponing events, there is a chance that even Uncle Cracker and Cousin Fud will hear about the virus through their 'I-don'-believe-nothin'-from-fake-news" fog.

By Irina Ivanova, Thom Craver

The novel coronavirus continues to spread in the U.S., with more than 1,300 people sickened and 42 dead. Cities and states are restricting large gatherings of people, and even presidential hopefuls are canceling rallies. Here is a list of events and destinations that have been affected by the outbreak.

Music Festivals

Coachella and Stagecoach

Organizers of the annual music festival have pushed it back by six months at the direction of health authorities. Goldenvoice announced the rescheduling of the 2020 music festival in an Instagram post Wednesday.

Coachella will now take place over two weekends in October: October 9 to 11 and October 16 to 18. Its sibling festival Stagecoach, which highlights country music, will take place October 23 to 25.

Following the announcement, headlining act Dan + Shay took to Twitter to announce that they would not be able to make the rescheduled dates due to their planned tour. 

Coachella draws up to a quarter-million people to Indio, California, every year. This year's lineup is set to include Frank Ocean, Rage Against the Machine, Travis Scott, Lana Del Rey and Thom Yorke.

South by Southwest

Austin mayor Steve Adler cancelled South by Southwest, the preeminent film, music and media conference that was set to begin in one week. The move comes after weeks of public pressure, during which the conference lost major attendees including Facebook, Twitter, Intel, Mashable, Netflix, Amazon and TikTok. More than 50,000 people had petitioned for the event to be called off.

"There was no acceptable path forward that would mitigate the risk to our community," said Dr. Mark Escott, Austin's interim health authority. He noted that the number of visitors attending SXSW and their many geographic origins would have created a crisis situation.

No cases of COVID-19 have been confirmed in Travis county, which houses Austin, Escott said. There are at least six cases in the Houston area, the Associated Press reports.

Ultra Music Festival

Miami's Ultra Music Festival, which was scheduled to take place March 20 to 22, has been called off until next year, the Miami Herald reported.

Tin Pan South Songwriting Festival

The annual songwriting festival featuring both amateur and professional composers has been cancelled. Tin Pan South Songwriting Festival organizers cited both the recent deadly tornado as well as coronavirus concerns. 

Concert Tours

Pearl Jam

Individual musicians are also calling off their tours. Pearl Jam has pushed back the North American leg of its tour, which was scheduled to start March 13 in Toronto. (Shows in Germany are still scheduled to proceed, starting June 23.) 

Avril Lavigne

Pop singer Avril Lavigne has cancelled multiple tour dates throughout Europe in March and April. She took to Twitter to tell her fans "You're in my thoughts and prayers and we are hoping to announce rescheduled shows soon." 

Green Day

American pop-punk band Green Day postponed their "Hella Mega" tour dates in Asia "due to the health + travel concerns with coronavirus," the group said on Twitter. "We know it sucks, as we were looking forward to seeing you all, but hold on to your tickets we'll be announcing the new dates very soon."

Blake Shelton

The country singer's "Friends and Heroes" tour dates from March 12 to March 21 have been postponed and will be rescheduled.

K-Pop: BTS, Taeyeon and NCT

K-pop group BTS, one of the most popular boy bands in the world, on Friday cancelled April tour dates in Seoul citing concerns about the coronavirus. Instead of starting its world tour in Seoul, the band will hold its first show in Santa Clara, California, later in April. Fellow singers Taeyeon and NCT also dropped planned shows for Singapore.

Sporting Events and Leagues

NBA

The NBA suspended its season abruptly on Wednesday "until further notice." The decision came after a Utah Jazz player tested positive for COVID-19 ahead of Utah's game against the Oklahoma City Thunder. That game was immediately cancelled.

At the time the NBA decided to suspend the season, a plan was not yet in place for when the league would resume.

More from CBS Sports:

PGA Golf 

The PGA Tour canceled the Players Championship after the first round and all tournaments until the Masters.

The Masters Tournament has been postponed, the chairman of the Augusta National Golf Club announced on Friday. Fred Ridley, Chairman of Augusta National Golf Club, said the Masters will now take place "at some later date."

NHL 

The NHL announced it is pausing the 2019-20 season, effective immediately, on Thursday. Commissioner Gary Bettman said the league will try to resume games "as soon as it is appropriate and prudent," and is hopeful the stoppage will not affect the Stanley Cup Playoffs.

Major League Baseball

MLB has canceled the remainder of spring training and is pushing back the start of the regular season by at least two weeks. The regular season was originally scheduled to start on March 26. 

Major League Soccer

The MLS season has been put on hold. Only two games into the season, the league announced it is suspending play for 30 days

"Our clubs were united today in the decision to temporarily suspend our season – based on the advice and guidance from the Centers for Disease Control and Prevention (CDC), Public Health Agency of Canada (PHAC), and other public health authorities, and in the best interest of our fans, players, officials and employees," MLS Commissioner Don Garber said in a statement. "We'd like to thank our fans for their continued support during this challenging time."

Boston Marathon Postponed

The Boston Marathon won't be run Monday April 20 as planned. Boston Mayor Marty Walsh made the announcement at a press conference Friday. The marathon has been rescheduled for September 14

U.S. Soccer

The United States Soccer Federation announced it would cancel upcoming Men's and Women's national team matches in March and April. The statement said majority of the Youth National Team and Extended National Team camps that were planned through the end of April would also be cancelled. 

NCAA Basketball Tournament

The NCAA has canceled the 2020 Division I men's and women's basketball tournaments. Multiple conferences, including the AAC, ACC, Big 10, Big 12, Big East, Pac-12 and SEC, have canceled their conference tournaments, and Duke University announced it is suspending all athletic activities.

XFL

The XFL has suspended play as of Thursday, effective immediately. Prior to Thursday's announcement, the new football league said the March 15 game between the Los Angeles Wildcats and the Seattle Dragons would take place without fans. 

International Soccer

England: Premier League

The English Premier League has postponed their season after calling an emergency meeting set Friday morning. The league had previously postponed the Manchester City vs. Arsenal match after Arsenal manager Mikel Arteta tested positive for coronavirus. 

Several Premier League players have also tested positive for the virus. USMNT midfielder Christian Pulisic and his Chelsea teammates are in self-quarantineafter a teammate tested positive. Several players from Leicester City and Manchester City have also tested positive.

Spain: La Liga

In Spain, all La Liga soccer matches have been suspended for the next two matchdays

Italy: Seria A

Italy's top soccer league Serie A played several matches "behind closed doors" in empty stadiums. But the country has now suspended all sporting events until April 3 at the earliest. 

A defender for top club Juventus has tested positive for the virus.

France: Ligue 1, Ligue 2

France's Ligue 1 and Ligue 2 have suspended all matches until further notice. Prior to Friday morning's announcement, the top French soccer leagues had been playing all matches in empty stadiums, a plan they had intended to see through April 15. 

Germany: Bundesliga

Germany's Bundesliga teams will also play their matches in empty stadiums this weekend. No plans have been announced to suspend play at this time. League officials have will meet on Monday to propose a stoppage on Tuesday for the remainder of March.

Bundesliga club Paderborn announced that coach Steffen Baumgart is being tested for the virus and second division club Hannover 96 has two players in quarantine after testing positive for COVID-19.

UEFA Champions League and Europa League

UEFA, the European governing body for soccer, announced postponement of Europe's two largest soccer tournaments on Friday. Both the Champions League and Europa League competitions are being postponed due to the spread of the coronavirus. 

The Champions League round of 16 was set to finish next week and quarterfinals slated to begin on April 7. After today's announcement, it is now unclear when play will resume.

In-depth: Coronavirus: Champions League, Europa League postponed by UEFA during pandemic

Auto Racing

The opening race of the Formula 1 racing season has been cancelled. The Australian Grand Prix has also been cancelled, race organizers announced Thursday. 

On Thursday, the NHRA announced Gatornationals, the annual drag racing event, was also cancelled. The news comes after a member of the McLaren Racing Team tested positive for COVID-19, the statement said. 

NASCAR is still planning to hold events at Atlanta Motor Speedway and Homestead-Miami Speedway without fans in attendance. In a statement posted on Twitter, NASCAR said the race events will be restricted to competitors, crews, officials, and other necessary personnel.

Technology conferences

E3

E3, the world's biggest gaming convention, has been called off, CNET reported. The Entertainment Software Association, which organizes the annual event, said E3 will return in 2021, according to GameSpot. The convention is a spotlight for major game companies to showcase their new products for the year. Last year, 66,000 people attended.

Microsoft and Ubisoft will showcase their games online instead.

"After careful consultation with our member companies regarding the health and safety of everyone in our industry — our fans, our employees, our exhibitors and our longtime E3 partners — we have made the difficult decision to cancel E3 2020, scheduled for June 9 to 11 in Los Angeles," the Entertainment Software Association said in a statement. 

Facebook Global Marketing Summit and F8 conference

Facebook canceled their annual marketing summit scheduled for early March, which was expected to draw 4,000 people. Additionally, their annual F8 developers conference – scheduled for May 5 and 6 – has also been cancelled. Facebook called off the "in-person component" of its F8 developer conference, the company's biggest annual event, which typically brings thousands of software engineers to Silicon Valley. Facebook said it would replace the event with "locally hosted events, videos and live-streamed content." 

Google I/O and Cloud Next conferences

Google announced Tuesday that it has canceled its annual developers conference scheduled for May 12 to 14. The announcement came after the search giant had announced the cancellation of both its annual Cloud Next conference and Google News Initiative Summit, opting for a virtual cloud conference instead.

Google News Initiative

Google on Friday called off its annual news conference, which would have brought together several hundred media-industry attendees in Sunnyvale, California, in late April. "We regret that we have to cancel our global Google News Initiative summit but the health and wellbeing of our guests is our number one priority," Richard Gingras, vice president of news, said in a statement.

Mobile World Congress

The MWC, the world's largest technology trade show, typically attracts some 100,000 people from around the world to Barcelona every February. But the conference organizers called off this year's event after high-profile attendees including Facebook and LG pulled out.

"The global concern regarding the coronavirus outbreak, travel concern and other circumstances, make it impossible for the GSMA to hold the event," the organization said in a statement on February 12. The show has been an annual event since 2006.

Games Developer Conference

After Gearbox, Blizzard Entertainment, and other big developers announced they would not attend Games Developer Conference in March, the conference was postponed. Organizers say that GDC will still happen in summer 2020, but it is unclear whether the developers that have dropped out will still attend at a later time this year. 

Other conferences and conventions

Adobe Summit

Adobe canceled the in-person version of its eponymous Summit, scheduled for March 29 to April 2 in Las Vegas, the AP reported. More than 20,000 people were expected to attend the conference, which will be held as an "online experience" this year, according to the AP.

Cold Spring Harbor

Cold Spring Harbor Laboratory has called off all conferences and meetings set to take place on its campus on New York's Long Island for the coming month. "CSHL has canceled or postponed all upcoming scientific conferences and courses bringing participants to campus through April 5th, and will reevaluate future offerings on a rolling basis," the lab said in a statement. The move affects at least four courses set to take place in that time period.

Real estate conferences

The National Association of Realtors canceled two West Coast conferences this week: the Joint AE Institute, which was to take place March 13 to 16 in San Diego, and the Realtor Broker Summit, scheduled for March 31 to April 1 in Los Angeles. The group said it is "considering alternatives" and could reschedule, relocate or redesign both conferences later in the year. 

WonderCon 2020

Comic-Con International's upcoming WonderCon convention, originally scheduled for April 1 through April 12, has been postponed until a later date. In a statement, organizers cited a California Department of Public Health recommendation that gatherings and events of more than 250 people should either be postponed or cancelled. 

The fate of San Diego Comic-Con, the largest comic book convention, has not yet been decided. It is currently scheduled to take place July 23 to 26. 

World Bank, International Monetary Fund 

The 189-nation International Monetary Fund and its sister lending organization, the World Bank, announced Tuesday that they will replace their regular spring meetings in Washington with a "virtual format," the Associated Press reported.

IMF Managing Director Kristalina Georgieva and World Bank President David Malpass issued a joint statement saying their decision was driven by "growing health concerns related to the virus." Separately, the World Bank has said it would make up to $12 billion available globally to boost countries' response to the coronavirus, the Financial Times reported.

The two global lending organizations typically hold a spring meeting in Washington, where they both have their headquarters. This year's meeting had been scheduled for the week of April 13.

Houston energy conference CERAWeek 2020

A major energy conference in Houston has been called off. IHS Markit has cancelled CERAWeek 2020, an annual energy conference that was set to attract delegates from more than 80 countries to Houston starting March 9.

"We do this with deep disappointment," the organizers said in a statement, adding that their top priority was the health and safety of conference participants.

"We have spent the last several weeks focused on this question, established a medical partnership with Houston Methodist Hospital, have been in continuing dialogue with experts on infectious disease, and established an extensive protocol. But the spread of COVID-19 is moving quickly around the world," the organizers added.

ASEAN summit

The Trump administration on Friday postponed a March 14 summit with the leaders of the Association of Southeast Asian Nations. President Trump invited ASEAN leaders to a meeting in Las Vegas after he did not attend a November summit with the group in Bangkok, Reuters reported.

Geneva International Auto Show

The annual Geneva International Motor Show was canceled Friday as the Swiss government put an immediate ban on all public and private events involving more than 1,000 people, CNET reported. The ban is expected to last until at least March 15.

"We are aware that this measure will have a significant impact on public life," said Switzerland's interior minister, Alain Berset.

The event, originally slated to kick off March 5, was expected to generate up to 250 million Swiss francs (or $257 million) in spending, according to the AP.

Switzerland has reported 15 confirmed cases of the new coronavirus. It borders northern Italy, which has seen the largest cluster of cases in Europe. Other affected events include the traditional Carnival procession in Basel, a ski marathon and several soccer matches, according to the AP.

Exhibitors have to dismantle their displays after cancellation of the Geneva Auto Show on February 28 in Geneva, Switzerland. Hundreds of coronavirus cases have been confirmed in nearby northern Italy and smaller numbers are being confirmed daily across western Europe.Robert Hradil / Getty Images

Vacation Destinations

Disney resorts in Hong Kong, Shanghai, Tokyo

The Tokyo Disney resort said this week it would close until March 15 due to the coronavirus outbreak. Disney theme parks in Shanghai have been closed since January 24 and Hong Kong Disney attractions since January 25.

Disneyland – Anaheim, California

Disneyland was granted an exception from the state of California advisory to postpone or cancel all gatherings of 250 people or more. After initially deciding to stay open, Disneyland announced Thursday afternoon it would shut down for the remainder of March. This is only the fourth time in history the California park has closed. 

Officials said that Disney's three hotels at Disneyland — the Disneyland Hotel, Paradise Pier and the Grand Californian — will remain open until Monday, March 16 to give current guests enough time to make travel arrangements.

Disney World – Orlando, Florida

A few hours after announcing Disneyland's closing, Disney announced that the theme parks at Walt Disney World Resort in Orlando, Florida, and the Disneyland Paris Resort will close starting at the close of business on March 15. Disney Cruise Line will suspend all new departures beginning March 14. 

Universal Studios – Orlando and Hollywood

CBS Miami reports that Universal Orlando will be closing its two parks and water park. The closures will also start Saturday and last until the end of March. However, the company said Universal's hotels and CityWalk will remain open.

Universal Studios Hollywood also announced today they will close to the public on Saturday, according to CBS Los Angeles.

First published on March 12, 2020 / 11:21 PM

© 2020 CBS Interactive Inc. All Rights Reserved.


AGelbert

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Global Recession Risk Spikes as World Powers Down, Markets Slump

By Bloomberg on Mar 12, 2020 07:30 pm

container terminal at port

By Enda Curran and Michelle Jamrisko (Bloomberg) — A pandemic-driven global recession is becoming more likely by the day as the flow of goods, services and people face ever-increasing restrictions and financial markets slump. In just the past day or so, President Donald Trump curbed travel to the U.S. from Europe, Italy’s government ordered almost every shop to […]  Read full story...
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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MSC Sending World’s Biggest Containerships to U.S. to Pick Up Empty Boxes

By The Loadstar on Mar 12, 2020 04:55 pm


By Mike Wackett – MSC is deploying the world’s biggest ships to evacuate empty containers from China to the US, as carriers on the transpacific try to overcome imbalances after weeks of coronavirus disruption to their box control systems. There have been reports of severe equipment shortages in the US and Europe as a consequence of carriers […]  Read full story...
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Saudi Arabia Floods Market with Cheap Oil to Squeeze Out Russia

By Reuters on Mar 12, 2020 02:49 pm


By Olga Yagova and Gleb Gorodyankin MOSCOW, March 12 (Reuters) – Saudi Arabia has stepped up efforts to squeeze Russia’s Urals oil grade out of its main markets by offering its own cheap barrels instead after their long-standing deal to support global oil prices fell apart, seven oil sources said. Cooperation between Moscow and Riyadh […]  Read full story...
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Princess Cruises Suspends All Cruises for Two Months

By Reuters on Mar 12, 2020 11:00 am

March 12 (Reuters) – Princess Cruises, the operator of two ocean liners quarantined because of numerous coronavirus cases, said on Thursday it would suspend voyages of all its 18 ships for two months. The suspension upends an industry already struggling with cancellations following the outbreak, and comes after Finland’s Viking Line temporarily paused operations of […]  Read full story...
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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IMO Headquarters Closes, Meetings Suspended Due to Coronavirus

By Reuters on Mar 12, 2020 10:17 am


IMO Headquarters londonLONDON, March 12 (Reuters) – The International Maritime Organization (IMO), the United Nations’shipping agency, has closed its headquarters in London and postponed a session of its Marine Environment Protection Committee (MEPC). The IMO said the moves followed an assessment on Wednesday by the World Health Organization, which said the virus can be characterized as a pandemic. […]  Read full story...
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Agelbert NOTE: The following comment clamly explains why Mr. Trump is between a rock and a hard place. The commenter is a CAPITALIST Trump supporter who, because of his ideology, erroneously labels corrupt government intervention to prop up the markets as a "Marxist" evil rather than the routine selective (i.e. Socialist bailouts ONLY for the rich and the CAPITALIST SHAFT for everyone else) babying of the top 1% that CAPITALISM is infamous for. Ideology issues aside, the commenter can add and subtract quite well, though he seems allergic to using caps. 

Quote
Janus
There are two and only two options here:

first, and the one being tacitly proposed, is for the fed to step in and directly buy (seems having a coterie of market proxies is no longer good enough for a government that wants to go meta-marxist/lenninist) oil, oil futures, copper, iron, soybeans, coffee, fcoj, pork bellies, platinum, palladium, wheat, corn and all their respective futures contracts; while at the same time selling gold, silver and crypto and all their respective futures contracts.  this will also demand the coordinated buying of all etfs and their underlying assets.  all hy bonds, all junk bonds, all bond indexes and at the same time all sovereign bonds and sovereign bond synthetic instruments.  it would further require the direct purchase of stocks, stock futures and stock indexes -- particularly those companies in good standing with .gov.  oh and let's not forget real estate.  now that chinese buyers have been taken out of the market and prices are so far out of the reach of organic buyers (millenials plagued with student debt and boomers clinging to their single asset as if it were an investment), we will have to underwrite the ENTIRE real estate market, commercial and residential, and be the buyer of last resort for that too...not to mention reits and fixed income funds abstracted from real estate.  and we certainly cannot neglect real estate index/investment funds, they can't be allowed to feel the pinch -- no one can.  and since we're on the subject, since we've allowed insurance companies to buy their own reinsurance companies (in some sort of twisted feedback loop doomed to fail), we will have to underwrite both the insurance comapanies and the reinsurance behemoths.  did i mention banks and their derivative exposure?  lel.  only a few QUADRILLION needed to shore those balance sheets up.  F(inance) I(nsurance) R(eal) E(state) are all now marxist extensions of political policy.  kiss your constitution and free market goodbye.  the whole system is so interconnected you have to save them all if you save any.  and with such sweeping and drastic policy, it will still only net us a month or two of security.  we will be toast within six months if this policy is pursued.

this would result in asset prices so far divorced from any sense of value that, one, you would see absolutely no buyers or, two, the value of the currency will have to depreciate to levels that would match the synthetic valuations. and since we're now talking about valuations that are, if price discovery were allowed, several multiples apart from fed targeted prices, we're talking about the dollar being worth 1/3rd to 1/4 of its current puny purchasing power -- particularly for the things we need the most -- to maintain parity in so disjointed a market. something ultimately has to give, and in the end it will be the dollar.


and this is a dynamic that can no longer be hidden with CPI finageling a la cheaply produced foreign trinkets.  CPI will explode and there will be no ability to maintain the illusion any longer.

the only -- ONLY -- prudent thing to do is let it crash to about 50-40% of top tick, and then start to cushion the blow further down...because absent internvention, the market could realistically plummet 80%.  no exaggeration.  it's that bad. any attempt to keep this market range bound at current prices, or God forbid market peak, will absolutely destroy this country and its financial system. anyone telling you otherwise is not looking at the data and has no ability to forecast on earnings nor the catastrophic damage this virus will do to every sector of the market.

the other option is really the only option if we intend to carry on with our way of life and america's role in the world.  let the market drop, let prices stabilize, let assets (all assets FIRE related) become intrinsically valuable at market determined prices, and THEN boost the system back to life.  anything else would have to be interpreted as a deliberate attempt to sabotage this nation.  this will give us the opportunity to clear out the derivative market and other cancerous forms of malinvestment.  it's a once in a century opportunity being shooed away because daily political polls are the most important consideration.

i made a bet that this administration would act in America's long (and short) term interest.  we will soon know if my hopes have been misplaced.

Associated article:

by Tyler Durden Sat, 03/14/2020 - 13:30


The Aftermath - Surveying The Wreckage From Last Week's Market-nado

by Tyler Durden
Sat, 03/14/2020 - 13:30

The last two weeks have been unprecedented for any number of reasons  - trading ranges, fund blow-ups, basis dislocations, correlation-one regime, no safe harbor - but aside from being the fastest collapse from a peak into bear market in US history...


There are a number of other WTF charts that show what just happened from 30,000 feet...

The bond market's range this week was the largest ever...


And despite the massive liquidity, the money markets appear extremely stressed...


And market functioning in credit-related bond ETFs broke...


The market has swung from expecting nothing to demanding 100bps of rate-cuts next week by The Fed...


Bonds provided no 'hedge' this week as combined bond and stock losses were the worst since Lehman...


And aside from the broken market function, market internals are almost unprecedented (as Dana Lyons shows below)...

NYSE New Lows Hit A New High

Source: Dana Lyons' Tumblr

CBOE Equity Put:Call Ratio Hits Highest Level Since 2008

Source: Dana Lyons' Tumblr


After Multi-Decade False Breakout, Value Line Geometric Composite, i.e., the “Median Stock,” Now Down 40% To 7-Year Lows, Retracing 50% Of 2009-2018 Rally

Source: Dana Lyons' Tumblr


Likewise, 3 Weeks After False Breakout To All-Time Highs, Europe’s Stoxx 600 Now At 7-Year Lows, Retracing 50% Of Post-2009 Rally

Source: Dana Lyons' Tumblr


Deutsche Bank Hitting New All-Time Low

Source: Dana Lyons' Tumblr


Muni Bond ETF MUB Hit A 52-Week Low On Thursday…After Hitting 52-Week High On Monday (…same goes for $MBB $LQD $AGG)

Source: Dana Lyons' Tumblr


Junior Gold Miners 3X Bull ETF $JNUG: 2 Weeks Ago, Printed Multi-Year Highs @ 105; Today, It’s At An All-Time Low @ 7.50

Source: Dana Lyons' Tumblr


Crude Oil Testing Decade Lows $OIL

Source: Dana Lyons' Tumblr


S&P 500 9-Day Volatility Index $VIX9D Topped 100, Highest Reading On Record

Source: Dana Lyons' Tumblr

10-year U.S. Treasury Volatility Index $TYVIX Smashed Its Previous Record High

Source: Dana Lyons' Tumblr


Crude Oil Volatility Index $OVX Nearly Tripled Its Previous Record High

Source: Dana Lyons' Tumblr


And finally, if you wanted some even bigger context, the market is starting to reverse the illusion of wealth enabled by central bank largesse over the last five years (during which corporate profits have been flat):


Brace.
https://www.zerohedge.com/markets/aftermath-surveying-wreckage-last-weeks-market-nado
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Sun, 03/15/2020 - 17:40

By Tyler Durden

SNIPPET:

As the ultra rich Snake Plisken out of the soon-to-be quarantined Manhattan - where at least one bank has are already run out of $100 bills - to fortify themselves against the viral zombie peasant hordes in their impregnable castles in the Hamptons, one thing they're looking to hoard is cash, which has caused some substantial pressure on financial institutions in the area, according to Bloomberg. At least one New Yorker had his $30,000 cash withdrawal request denied at a Chase bank after being told the limit was $10,000. Meanwhile, bank employees said they were waiting on a "shipment of cash" to fulfill other requests that have been made exceeding the $10,000 amount.

Read more:



Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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by Tyler Durden

Sun, 03/15/2020 - 18:08

After firing the biggest emergency "shock and awe" bazooka in Fed history , one which was meant to restore not just partial but full normalcy to asset and funding markets, Emini futures are not only not higher, but tumbling by the -5% limit down at the start of trading...

Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Massive Marketwide Margin Calls (on COVID-19 bankrupting steriods) Monday?



Hat tip to Surly for the following MARCH 15, 2020 story that tells it EXACTLY LIKE IT REALLY IS:
 

SNIPPET:

Everyone expecting the financial markets to magically return to January 2020 levels once the pandemic dies down is delusional. All the dominoes of crashing market valuations, crashing incomes, crashing profits and soaring defaults will take down all the fantasy-based valuations of bubblicious assets: stocks, bonds, real estate, bat guano, you name it. (Actually, bat guano will be the keeper of all the asset classes listed.)

Read more:

The Covid-19 Dominoes Fall: The World Is Insolvent
charleshughsmith.blogspot.com - Subtract their immense debts and they have negative net worth, and therefore the market value of their stock is zero. To understand why the financial dominoes toppled by the Covid-19 pandemic lead to…

Read more Doomstead Diner Daily 3/16/20
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

 

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