On Wire

Breaking news, updates, and reports on current events.

Sales at over 77% of restaurants have declined by 50%. Only 15% say they would survive a six-month shutdown

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As of April 13, over 38% of restaurants said they have closed temporarily or potentially permanently with over 77% of respondents reporting they have seen at least a 50% reduction in sales, according to a survey emailed to Restaurant Dive from the James Beard Foundation and Independent Restaurant Coalition. Two-thirds of restaurants say they are … Read more

WISCONSIN: “I Took an Oath to Uphold the Constitution” – Sheriff Will Not Enforce Authoritarian Stay-at-Home Order

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Racine County Sheriff Christopher Schmaling announced on Friday his department will not be enforcing Wisconsin’s Draconian stay-at-home order. Wisconsin Governor Tony Evers (D) on Thursday evening extended his stay-at-home order for another month! Wisconsin Republicans threatened lawsuits in response to Evers’ stay-at-home extension. And now a sheriff is refusing to enforce the Democrat Governor’s order. … Read more

WTH? US using Chinese drones to spy on and lecture Americans about Wuhan virus

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by DCG Yesterday national GOP spokesperson, Elizabeth Harrington, shared a report from MSNBC in which US agencies are acquiring drones and using them to enforce social distancing rules. As if isn’t bad enough to have Big Brother watching your every move, the report states the drones are coming from China. Even worse? The NY Times reports that the … Read more

LIBERATE VIRGINIA: Let’s Get This Party Started!

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Any fellow Virginians heard about any planned runs on the governor’s mansion? I don’t have FakeBook or Twatter and VCDL hasn’t posted a word about any planned protest. I’d love to mimic Montana and hang some eviction notices on old governor Blackface’s taxpayer funded home. Anyone heard anything?     h/t CrsCrpr

China mislabeling goods to avoid tariffs.

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WASHINGTON – Vietnamese officials say China is intentionally mislabeling its products as “made in Vietnam” to avoid American tariffs, and have ordered offices to more aggressively examine products’ certificates of origin. Chinese firms first export products to Vietnam, then change the labeling on packages before exporting the goods to the United States, Japan or Europe, they said. “Dozens” of … Read more

More than 160 South Koreans have tested positive a second time for the coronavirus, a development that suggests the disease may have a longer shelf life than expected

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More than 160 South Koreans have tested positive a second time for the coronavirus, a development that suggests the disease may have a longer shelf life than expected https://t.co/9k0Y5SEX59 — The Wall Street Journal (@WSJ) April 17, 2020 RISK MANAGEMENT UNDER UNCERTAINTY Don't know if COVID spread via humans? Assume It doesDon't know if mask … Read more

Volatility will rule for a long time imo as the fed will have ever more to prop up to keep this ship patched together.

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https://twitter.com/hks55/status/1251249534728056832 Guggenheim’s Minerd Sees Chance of S&P Falling as Low as 1,200: Bloomberg https://t.co/Y7im6qQmLm — Win Smart, CFA (@WinfieldSmart) April 17, 2020 https://twitter.com/edwardnh/status/1251197963227070464 https://twitter.com/NorthmanTrader/status/1251109157958225920 🔰Conference Board Leading Economic Index Sees Largest Decline in Its History🔴🔴🔴 #recession #depression pic.twitter.com/24ZY5GCYLr — Antonio Pérez-Algás (@apanalis) April 17, 2020 Curious your thoughts on the implications of the world’s second … Read more

More questions than answers. Luckin Coffee accounting scandal highlights the murky standards of China Inc.

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by ilikepancakez Analyst report from Nigel Stevenson at GMT Research, a Hong Kong based accounting research firm: https://www.gmtresearch.com/en/research/luckin-coffee-more-questions-than-answers/ Summary / Highlights I found relevant : Even if the alleged fraud was the work of a small group of individuals, it is hard to understand how the board and senior management failed to spot the fabrication of … Read more

Charlie Munger: ‘The Phone Is Not Ringing Off the Hook’

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https://www.wsj.com/articles/charlie-munger-the-phone-is-not-ringing-off-the-hook-11587132006 “Well, I would say basically we’re like the captain of a ship when the worst typhoon that’s ever happened comes,” Mr. Munger told me. “We just want to get through the typhoon, and we’d rather come out of it with a whole lot of liquidity. We’re not playing, ‘Oh goody, goody, everything’s going to … Read more

Has anyone else noticed that the Fed’s Main Street Expanded Loan Facility program can be acronymized as “F-MSELF”?

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by 4d39faaf-80c4-43b5 Aggregate Funds Available – A Federal Reserve Bank will lend up to $600 billion to a Special Purpose Vehicle (SPV), which will in turn purchase participations in either new loans under the Main Street New Loan Facility (MSNLF) or upsized tranches of existing loans under the Main Street Expanded Loan Facility (MSELF). The … Read more

The Gilead leak was coordinated with the opening of America plan to prop markets for a week without Fed action.

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by kafkagoeswest Call me a conspiracy theorist, but I knew the announcement would come today about the plan to open, but the interesting thing is the Gilead leak being promoted by the media as a massive element of this AH surge. The thought being we’re opening soon and have a therapeutic is all too convenient. … Read more