As GDP looms…
Category: Markets
Howard Marks Has Lots To Say About Bailouts And Moral Hazard. So, I’ll Bite.
“Most of us believe in the free-market system as the best allocator of resources.”
Harley Bassman: Fed Now Risks ‘Eroding The Basic Foundation Of Capitalism’
“It is never different this time.”
The Writing Was On The Wall. Pandemic Or No Pandemic, This Recession Was Coming.
“…there have always been shocking triggers behind major economic crises.”
‘Since 9/11’: 93% See Global Recession In BofA Survey As Cash Levels Surge To 20-Year High
Respondents see a “U-shaped” recovery, not a “V-shaped” miracle.Â
‘We Now Encounter A Grim Reality’: IMF Sees Worst Downturn Since Depression In ‘The Great Lockdown’
“This crisis is like no other.”
JPMorgan Reports 69% Drop In Net Income As ‘Likely Severe Recession’ Prompts $6.8 Billion Reserve Build
“The first quarter delivered some unprecedented challenges.”
‘There’s No Such Thing As A Free Market.’ Imagine A Future Where Asset Prices Are Administered
Call it a requiem. Or a pseudo-lament. Or maybe just an obituary dressed up as
Against The Gods: ‘Historically A Losing Proposition’
“Unhindered by moral hazard”…
Just How Bad Is It Out There For America’s Small Businesses? This Bad…
“Hourly workers have seen hours, shifts, and operations come to a full stop.”
Marko Kolanovic Addresses ‘Critical’ COVID-19 Questions On Herd Immunity, True Mortality Rate
“The analogy is with an iceberg.”
Morgan Stanley’s Sobering COVID-19 Call: ‘This Is Far From Over’
“…recovering from this acute period in the outbreak is just the beginning, not the end”.
Oprah Versus COVID.
“Everybody gets a car”.
Dangerous Territory.
“…as investors’ focus turns to the real economy a reality check or two remains in the cards.”
Saudis Declare OPEC+ ‘Up And Alive’ After Mexican Standoff, But Demand Still ‘Down And Dead’
“We’re more than happy with the deal.”
‘We Either Produce Food Or Not’, Smithfield CEO Warns, As Virus Closes Sioux Falls Plant
“An alarming statistic.”
Neel Kashkari: Barring ‘Miracle’, America Should Expect 18 Months Of Rolling Shutdowns
“This could be a long, hard road we have ahead of us.”
Junk Bonds’ Guardian Angel Is Only So Benevolent
Not everyone is a winner.
Once Red-Hot Private Debt Market Sees 41% Collapse In Fundraising Amid Virus Tumult
Back in January, JPMorgan’s Nikolaos Panigirtzoglou noted that persistent underperformance from hedge funds over long
One-Third Of Global Trade May Be Lost To Coronavirus. In Services, The Damage Could Be Permanent.
“…declines in services trade during the pandemic may be lost forever.”
‘The Fed Will Likely Monetize The Entire Stimulus Delivered By Congress’ (And Making The Covert, Overt)
“These are administered markets.”
Albert Edwards On Bear Market Rallies, Direct Deficit Financing And Yellen’s Stock Trial Balloon
“Maybe direct Fed buying of the S&P might break the link.”
Airfares See Record Crash, Gasoline Plunges As Coronavirus Deflation Comes Knocking
As you might imagine, there are some fireworks in March’s report.
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