CNN's Brooke Baldwin Test Positive For COVID-19

CNN anchor Brooke Baldwin just confirmed on Instagram that she has tested positive for COVID-19, joining her colleague, Chris Cuomo, among the more than 1 million people around the world who have been infected. Baldwin, a star reporter on America’s most trusted Fake News organization, said on Instagram that she is “OKAY” and has “chills, […]

'Mark It Zero' – Triple-Levered Short Oil ETN Crashes To “Complete Loss”

And just like that, it was gone! Following the biggest daily surge in oil prices ever… and another major surge in prices today, things have gone a little bit slightly turbo for “investors” in one leveraged oil ETN. Source: Bloomberg Unprecedented spikes in price along with a record ‘super-contango’ have left the VelocityShares Daily 3x […]

BofA: “QE vs Unemployment” Means Soaring Inflation Will Crush The Dollar

Here are the key takeaways from Michael Hartnett’s latest Flow Show: Lows on corporate bonds & stocks to hold on extreme bearishness & policy stimulus. Policy ended credit crunch but not yet recession…US dollar, oil, HY bonds will signals worst of recession priced-in. Big EPS headwinds: bias asset allocation toward growth, yield, quality alongside stagflation […]

Measuring the Cost of Regulation: A Text-Based Approach

We derive a measure of firm-level regulatory costs from the text of corporate earnings calls. We then use this measure to study the effect of regulation on companies’ operating fundamentals and cost of capital. We find that higher regulatory cost results in slower sales growth, an effect which is mitigated for large firms. Furthermore, we […]

Google Publishing Location Data To Monitor Social Distancing

Google has launched a website which uses anonymized location data to show where people are taking social distancing more seriously than others. Collected from their various products and services, the COVID-19 Community Mobility Reports site will show changes in behavior – such as shopping and recreation, from a top-down look at entire countries – to […]

This Is What Economic Collapse Looks Like

Authored by Michael Snyder via The Economic Collapse blog, Approximately ten million Americans have filed new claims for unemployment benefits over the past two weeks.  To put that in perspective, the all-time record for a single week before this coronavirus pandemic hit was just 695,000.  So needless to say, 6.6 million claims in a single week […]

End of the Secular Bull? Not So Fast

Maybe Coronavirus Didn’t End the Bull MarketEvery rally or bust has large counter moves that may not be a real break from underlying trends.Bloomberg, April 1, 2020 After the sudden collapse in equity markets in mid-March, the assumption across the board was that not only was the long bull market over but that a bear market […]

The New Inequalities and People-to-People Social Protection

Yves here. On the one hand, this post contains many examples of how people with resources are assisting those hit hard by the coronavirus crisis. On the other, it is also all too apparent that in most cases, these charitable acts only make a dent in the problems most face, although admittedly shows of concern […]

You Have an Extra 3 Months to File Your Taxes. Should You Wait?

The government has granted everyone an extra three months to file — and pay — their 2019 federal income taxes because of the coronavirus turmoil. Whew! It helps to have wiggle room in uncertain times. But just because you have more time, should you take it? If you’re owed a significant tax refund, for instance, […]

For Small-Business Owners, Hard Decisions Become Personal

Meganne Wecker got a sense in January of the economic blow coming to her family’s furniture business from her suppliers in China. Ms. Wecker, the president of Skyline Furniture, a 74-year-old manufacturer in the Chicago suburbs, heard from her partners in China about the economic devastation caused by the coronavirus outbreak. Skyline, which has about […]

Bill Bernstein on Pandemics & Markets

Ben sits down with investor, author and market historian William Bernstein to put the current crash into perspective with history’s worst crises. Words of Wisdom from William Bernstein: Deep vs shallow risk His take on “now show Japan” How stocks redistribute during bear markets How a crisis impacts behavior Can we use history to help […]

Links 4/3/2020

Tiny picnic tables for feeding squirrels in style Boing Boing (JBird4049). Ocean Creatures Have Been Protecting Us From Millions of Viruses This Entire Time Science Alert What’s a virus, anyway? Part 1: The bare-bones basics Stanford Medicine CSU Predicts Busier-Than-Average Atlantic Hurricane Season in 2020 Weather Underground The hilltop fortress town that cut itself off […]

Coronavirus, Control, Irritability, and Guilt

It is hard to think that anyone is getting through this Covid-19 crisis unscathed. Even the super rich have fled and tried bunkering themselves, only to discover that they can’t get ventilators and the specially trained operators on site too if they are felled by the disease. Most people are looking at at best, interruptions […]

Key Official Missing in Action: North Carolina Treasurer, Sole Fiduciary of Its Pension, Has Covid-19 but State Refuses to Say More

Public officials in mission critical roles don’t have the privilege of playing the personal privacy game. Their ability to perform their duties is of critical importance to citizens in their jurisdiction. For instance, when Boris Johnson was diagnosed with Covid-19, the Government made a statement, claiming he had a mild case and would continue working […]

Mercedes-Benz E63 S AMG 4MATIC Wagon

I had a fun conversation with a group of car buddies (online) recently. Someone posed this question: What if you could only have ONE CAR?Meaning, you, your spouse, your entire household: ONE CAR. My answer would be something that was fun to drive, had all wheel (or four wheel) drive, space to haul some gear, […]

That was then, this is now: Palantir privacy edition

Data-analytics company Palantir Technologies Inc. is in talks to provide software to governments across Europe to battle the spread of Covid-19 and make strained health-care systems more efficient, a person familiar with the matter said. The software company is in discussions with authorities in France, Germany, Austria and Switzerland, the person said, asking not to […]

How many lives is hospitalization saving in the pandemic?

Do we have evidence that hospitalization of COVID19 patients is actually saving significant numbers of lives? I’ve now seen multiple studies suggesting that up to 80 or 90 percent of patients who end up on ventilators ultimately die.  At this point, I guess there’s no way to know if the other 10 percent would have lived […]

Mnuchin Says Energy Firms Can Be Bailed Out By The Fed

As part of the Coronavirus CARES Act, the $2 trillion fiscal stimulus meant to resuscitate the US economy, Congress allocated $454 billion to help underwrite the special lending programs from the Federal Reserve. This could generate up to $4.540 trillion in new lending (assuming 10x leverage for highly-rated assets) likely geared toward small and medium-sized […]

The State-By-State Toll Of Coronavirus On The Job Market

Courtesy of Joseph Brusuelas of the Real Economy Blog and Wallet Hub The widespread layoffs of American workers worsened in the third week of the coronavirus shutdown, with all states (with the exception of the Virgin Islands) now having reported a significant increase in initial jobless claims at some point during the three-week period. This […]

WHO Targeted In Major COVID-19 Data-Hacking Campaign Believed Tied To Iran

A new report by Reuters alleges a major attempted hack of the World Health Organization (WHO) during the worldwide coronavirus pandemic linked to Iranian state entities. WHO officials described “a sustained digital bombardment” by hackers described as seeking internal information on the deadly coronavirus, further said to be “more than doubled” compared to prior hacking attempts […]

New York's Unemployment Fund Will Be Insolvent In 2 Months

With 92,381 total cases, surging by 8,669 in one day, and resulting in 2,373 deaths, New York has emerged the epicenter of the coronavirus pandemic. Just as concerning, is that it is also among the states least prepared to deal with the record surge of unemployment claims by workers in restaurants, retail shops and hotels […]

What Really Caused Oil To Rally By 25%?

Submitted by Nick Cunningham of OilPrice Oil prices spiked 25 percent on Thursday after President Trump tweeted that Saudi Arabia and Russia would cut production by 10 to 15 million barrels per day (mb/d), but there are a variety of reasons why a cut of this size faces steep odds. Incidentally it was the biggest […]

The fiscal multiplier during World War II

WWII is viewed as the quintessential example of fiscal stimulus and exerts an outsized influence on fiscal multiplier estimates, but the wartime economy was highly unusual. I use newly-digitized contract data to construct a state-level panel on U.S. spending in WWII. I estimate a relative fiscal multiplier of 0.25, implying an aggregate multiplier of roughly […]

The Covid-19 Slump Has Arrived

Over a normal two-week period we’d expect around half a million U.S. workers to file claims for unemployment insurance. Over the past two weeks we’ve seen almost 10 million filings. We’re facing an incredible economic catastrophe. The question is whether we’re ready to deal with this catastrophe. Alas, early indications are that we may be […]

Fear of Rejection Is Costing You Money

Rejection is an experience I’m quite familiar with. As a freelance writer, sending pitches and being told “no” — if I’m lucky enough to get a response at all — is part of my daily routine. This past holiday season, I received one rejection the day after Christmas and two more the day after New […]

How can a programmer help bleg?

I appreciate your frequent high quality work on covid 19.  I’m assuming you’re more plugged into various endeavors to fight covid 19 than I am, so I wanted to ask you for some suggestions. For someone who has strong technical and analytical skills, but little domain-specific knowledge about pandemics, virology, or any of the other […]

2:00PM Water Cooler 4/2/2020

By Lambert Strether of Corrente. Patient readers, this Water Cooler is way too light (though I fancy there are some topics that will provoke discussion). I’ve had some household issues over the past couple of days, and frankly I’m out of gas. Back to the usual tomorrow! –lambert #COVID-19 At reader request, I’ve added this […]