Here we are deep into the pandemic, recession and the year. It is now autumn. Have you thought about that? Can you recall all the shills from Wall Street in the media telling you about how you can get rich by buying their stock suggestion back in January? As we have stated in recent pieces, as the data gets collected, analysts will lower their forecasts for GDP and economy in general. We saw the early stages of this trend this past week. Of course, their new, lower call has never within its report, stated an admittance of error.
Even Elon Musk is showing signs of ego and BS. Did he not make bold proclamations about his company, Tesla and their forth coming, Battery Day? It came and went. It produced NOTHING! This is all around us. You get talk about this and that in the media to which leads to EVERYONE asking for something. They all have the ego sickness. They go to bed saying, "Give Me..." They wake up and say, "I Want..."
3,500...or whose America?
is the number of US companies that are suing the government and President Trump over tariffs because their product is made in China. These people are so greedy and unappreciative of America that they offshored their labor to a foreign nation and now, they want relief. Drop dead!...that is my answer to them. And those who used China for a supply line, well, you should have thought about that before you decided to sell a certain product. Pay the tariff!
Not alone
A report by Motley Fool says that 25% of hotels are at risk for foreclosure. Already 23% are delinquent on 30-days on loans. By the way, did you know that this is the highest percentage on record? To put this figure in perspective, only 1.3% were delinquent last year. They too, are seeking help from Congress with lobbyists pushing the HOPE Act. This is more cheap money for wealthy people to stay in business. They will probably get their way. They have leverage and real estate to which has been the best investment in modern history. Nothing like another bailout for the rich.
More than 8 million renters have not paid rent for August according to the Census Bureau. They have their hand out to the government too. And of course, both presidential candidates offer cookies. The debates are nothing more than shouting matches that place guilt at the other party for any shortcoming within our nation. I wrote that sentence the other day. I watched the first presidential debate last night. It confirmed my original evaluation. The real sad point was that these two men are suppose to be the best. No wonder America is in decline and in turmoil.
Deserving Hand...
A report shows that there are still over 11 million workers who were laid off and their claims are still not processed for benefits to which they are entitled. This huge number is also not reflected into the ranks of the unemployed. Think about that? How does that number effect the total unemployed percentage? Oh, yeah. Disney will add around 30,000 to that number with their announcement of layoffs at their theme parks due to the virus.
Then, there is JP Morgan...
the firm will be fined a whopping $1 billion with a "B." Why, you ask? They are guilty of "Spoofing." Can you guess which industry that they tried to manipulate? We told you in the past. Never trust banks when it comes to money and currency. They sought to "play" the metals market. Once a fiat, always a fiat. They are one of the forces that is causing precious metals to retrace. Don't worry. This is only temporary.
Ray Dalio...
was in the news. He went on record saying that America needs to find ways to improve social mobility. We agree. It starts with quality jobs. We said it before and we will say it here again, my idea for a water project as a national goal is central to the answer. Ray goes on about the future and the challenge of China. He is correct and he is also right that America needs to create and produce. These two factors are necessary ingredients to produce wealth to which we need to pay our way out of all this excessive debt.
Jumping the creek...
in the stock market refers to a point where a stock skips its resistance point. Look for the market to break its 200-day average. It will jump the creek...on the express elevator - down.
Something else...
This tidbit won't make the news, but it is something that will effect commodity prices in the future. According to a report by Bloomberg, it says that seafarers are in turmoil. Shipping firms seek workers in low-wage nations. Most have little seafaring experience, but a job is the attraction. The workers find out that these firms offer little medical and now with the virus, offer no way to return them to their home port. The report says that 300,000 sailors are being put in this violation. There is an international maritime union that is providing this data. Shipping companies claim that they cannot get replacements due to the virus and lack of air transport. In addition, many ports are closed or due to the virus outbreak on ships (120 total). The ports won't let them enter. These sailors want out, but they are captives at sea. They have long past their time of duty at sea, but they cannot get off the boat or their situation. These sailors are tired and sick. Mishaps happen under those circumstances. Shipping insurance rates will rise along with future shipping costs and thus, inflation to all of us. By the way, Singapore seems to be the only port that helps sailors, especially in today's environment.
One bit of encouraging news...
Mercedes is rolling out a semi-truck with hydrogen fuel. They say it can cross the entire US on one tank of fuel. Wow! A vehicle that runs on water. Hyde, of the 70s show was right, "It runs on water, man!"...Peace.
