On Wire

Breaking news, updates, and reports on current events.

It’s Official: Debt Restructurings Coming Quote Tweet

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It’s Official: Debt Restructurings Coming https://t.co/xcZZEyXBik — Willem Middelkoop (@wmiddelkoop) March 27, 2020 Fitch Downgrades UK Credit Rating To AA- After Sterling’s Best Week Since 1985 Plaza Accord The UK’s public finances were already set to weaken following the stimulus measures announced in the budget on 11 March, and they are now set to deteriorate more rapidly… https://twitter.com/LynAldenContact/status/1243546441844490240 … Read more

3% of restaurant operators have already closed permanently

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3% of restaurant operators have already closed permanently per research from the National Restaurant Association – 11% anticipate going out of business within 30 days– 44% are temporarily closedhttps://t.co/rwRORzp9ET pic.twitter.com/MgHKtT9Ypo — Stacey (@iamstacetheace) March 27, 2020 This announcement of layoffs by United Airlines came literally a few hours after they got $25B in grants from … Read more

ECB will own half the eligible corporate market by year-end, and half the entire IG corporate market within 18 months.

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ECB will own half the eligible corporate market by year-end, and half the entire IG corporate market within 18 months. pic.twitter.com/92pAMPQ9MV — Taylor-Swift Yield Spread (@TayTayLLP) March 27, 2020   Draghi: Europe Must ‘Prevent From Morphing Into a Prolonged Depression’ ‘The challenge we face now is how to act now with sufficient strength and speed … Read more

If things get uglier, will the Fed buy high yield bonds?

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If things get uglier, will the Fed buy high yield bonds? They’ve proven they’ll flout the law by skirting the Federal Reserve Act by buying securities prohibited by law through special purpose vehicles. Curious on your views. Graph care of DB’s Slok ⁦@Quillintel⁩ pic.twitter.com/AWoIfBSLsi — Danielle DiMartino Booth (@DiMartinoBooth) March 27, 2020  

I still would like to know why we are bailing out corporations 5 weeks after all time highs. Corporations that have chosen to spend a cumulative $5.4 trillion in buybacks since 2009. That was their choice not to build any reserves.

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https://twitter.com/NorthmanTrader/status/1243583459140030469 U.S. corporate profits have been relatively flat for several years. This chart shows the Wilshire total stock market plotted alongside corporate profits, indexed to 100 in 1995. Not a pure apples to apples comparison, but interesting. pic.twitter.com/LBnNXpZFg4 — Lyn Alden (@LynAldenContact) March 27, 2020 Fed's balance sheet adds $1 trillion in a week, up … Read more

BOOKMARK THIS. And then pray George is drawing the appropriate historical parallel.

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BOOKMARK THIS. And then pray George is drawing the appropriate historical parallel. https://t.co/kSC3XfjYVF — Danielle DiMartino Booth (@DiMartinoBooth) March 27, 2020 https://t.co/sWubsGA7L1 — IV (@iv_technicals) March 27, 2020 If you think that’s going to keep us afloat while we have 30%+ unemployment and the consumer economy (aka, the majority of our economy) is imploding, you … Read more

Fed Chair Jerome Powell’s Lie Of The Day: “We are Limited By The Ability To Take Losses”

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(by Half Dollar) Is anybody else sick of this? I know I am. The Fedspeak isn’t even b-rate hollywood good anymore. It’s actually pretty appalling. That said, Powell just claimed the Fed is limited by the ability to take losses. Here’s the exchange in its entirety, if you can stomach it: "All over the world investors … Read more

QE is Bullish for Stocks, Bearish for Bonds

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by Tom McClellan The Federal Reserve invented “quantitative easing”, or QE, back in 2009, as a way to try to stimulate the economy out of the damage of the 2008 financial crisis.  It worked!  Or perhaps I should say, it worked at lifting up the stock market.  Its effect on the actual economy is still open … Read more

Clumsy Social Media Campaign Against Coronavirus Misinformation May Have Drastically Reduced Public Awareness of Pandemic in Early February; Delayed Meaningful Preparation by Weeks

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by johntwit     It was widely publicized in late January that social media companies including Facebook and Twitter were going to crack down on Coronavirus related misinformation. This effort by social media companies was unprecedented, with Consumer Reports saying in an article that “experts say their efforts appear more aggressive than any previous crackdown … Read more

Italy Is About To Hit 1,000 Deaths Per Day

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+919 today https://www.worldometers.info/coronavirus/ I Compared Italy’s Death Rate With The US Death Rate From A Different Angle I looked at deaths per million of population over time. Keep in mind that this ratio will rise over time as deaths rise daily, but population remains constant. I picked Italy because they have one of the highest … Read more

If Trump Says Something Like This, It’s Because He Hates People And Wants Them To Die. But Now That Andrew Cuomo’s Saying It

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Cuomo wonders if coronavirus quarantine may have backfired in some cases. “We closed everything down. That was our public health strategy,” said Cuomo during an Albany press briefing. “If you re-thought that or had time to analyze that public health strategy, I don’t know that you would say ‘Quarantine everyone.’” It’s the third day in … Read more

They’re Mad That You’ve Prepared For The Pandemic And The Economic Collapse

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by Brandon Smith via Alt-Market The Grasshoppers Are Swarming Mad That You Are Prepared For The Crash Most people are familiar with the tale of the Ant And The Grasshopper, an ancient fable about a grasshopper who spends the fruitful months of spring and summer in idle recreation, dancing and playing carelessly while the industrious ant works tirelessly … Read more

MEXICO CLOSES BORDER WITH TH US. — Mexicans are now climbing the wall back into Mexico?

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Video shot at the U.S.-Mexico border in El Paso, Texas, shows migrants climbing a fence as Border Patrol agents look on. It’s unclear whether the migrants were climbing toward the U.S. or Mexico side of the border. (June 27) SO MEXICO’S GOING TO BUILD A WALL AND PAY FOR IT? Coronavirus: Mexicans demand crackdown on Americans crossing the … Read more