Purchases of uncollateralized debt, using 10-to-1 leverage beyond Congressionally allocated funds, and treating those uncollateralized bonds AS THEIR OWN COLLATERAL, reflects neither the “letter” nor the “spirit” of the law.

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Purchases of uncollateralized debt, using 10-to-1 leverage beyond Congressionally allocated funds, and treating those uncollateralized bonds AS THEIR OWN COLLATERAL, reflects neither the "letter" nor the "spirit" of the law.@FederalReserve @ChrisVanHollen https://t.co/2RLow3Czz9 — John P. Hussman, Ph.D. (@hussmanjp) May 19, 2020 https://twitter.com/NorthmanTrader/status/1263056342174089216

Discover the Central Bank secrets nobody’s talking about!! And is GOLD cheap right now?? The intel YOU NEED!

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NEW INTERVIEW! Discover the Central Bank secrets nobody’s talking about!! And is GOLD cheap right now?? The intel YOU NEED! 🔥😎👍 Emil Kalinowski (Host of "Making Sense/Eurodollar University") RCS Ep. 50 https://t.co/GSvzY3ZPUf via @YouTube Special thx @emilkalinowski — George Gammon (@GeorgeGammon) May 20, 2020

It is so easy to be wrong—and to persist in being wrong—when the costs of being wrong are paid by others.

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It is so easy to be wrong—and to persist in being wrong—when the costs of being wrong are paid by others. — Thomas Sowell Quotes (@ThomasSowell) May 20, 2020 https://twitter.com/VailshireCap/status/1262794397244026880 Herablife selling $600 million in junk bonds to fund …. share buybacks.https://t.co/gmrQx4mIRy by @PSeligson — Tracy Alloway (@tracyalloway) May 20, 2020 A look at this … Read more

One of the reasons why massive QEs are disinflationary is because they incentivize malinvestment and perpetuate overcapacity, zombifying the economy.

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Excellently stated Tweet of the day. Also people don't get this negative interest thing at all. A chicken and egg scenario involving the Fed has emerged. Who is following whom?https://t.co/j0gNNBx0CQ — Mike "Mish" Shedlock (@MishGEA) May 19, 2020 The US economy was already weighed down by a proliferation of zombie companies before this crisis hit. … Read more

All Earning Releases for next week (Week of May 25th). Important ones highlighted in red.

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by AveenoFresh As promised, here are the earnings for next week. I’m posting so you guys can play earnings wayyyy before earnings whisper comes out with their graphic. Just like last time, the tickers are ordered by marketcap and I’ve removed all companies under a marketcap of 150M. The highlighted ones are just companies I … Read more

“This is still the most bearish bear market that we have seen so early in a global recession. It’s too early to call the all-clear.”

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https://twitter.com/TenYearNote/status/1262888028533477376 https://twitter.com/ThinkTankCharts/status/1262828860233695233 In Georgia, where restaurants have been open for three weeks, bookings are still down by 84% https://t.co/fqlY1AT9Xr — The Economist (@TheEconomist) May 20, 2020 The retail sales report in the US suggests a disastrous fall in personal consumption which amounts to 70% of GDP. @yardeni via @SoberLook pic.twitter.com/a2jTxJ5mXr — Adam Tooze (@adam_tooze) May … Read more

Record leverage! Small caps have never been so indebted relative to EBITDA. Russell 2000 stocks now trade at a historic 15x EV to 2020 EBITDA estimates!

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Record leverage. Small caps have never been so indebted relative to EBITDA. More importantly: Russell 2000 stocks now trade at a historic 15x EV to 2020 EBITDA estimates! Stunning level of optimism priced in the markets these days. pic.twitter.com/gsDjqcdRXz — Otavio (Tavi) Costa (@TaviCosta) May 19, 2020  

TRUMP: Pelosi Has Mental Problems

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Trump says Pelosi has ‘mental problems’ after ‘morbidly obese’ comments Donald Trump refused to directly respond to Speaker Nancy Pelosi’s criticism over his decision to take an unproven malaria drug to prevent coronavirus because he is “morbidly obese,” but minutes later he accused her of having “mental problems.” “I don’t respond to her,” the president … Read more

White House Adviser Reveals Why the Dems Spending Bill Does NOT Sit Well With Republicans

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https://www.youtube.com/watch?v=Iy-sOlKFtDg Cassandra Fairbanks from The Gateway Pundit reports, The White House will not be approving a CV stimulus package that gives checks to illegal aliens, no matter how hard the Democrats want to. Speaking to ABC’s This Week, White House adviser Peter Navarro said that House Speaker Nancy Pelosi “lost” him with her plan to … Read more

Enough! (Stop Saying “We’re All In This Together)

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https://www.youtube.com/watch?v=18A017yqQGU For the love of God, stop telling me that “we’re all in this together.“ I don’t know about you but I’m in a virtual prison. My civil liberties and my essential rights have been seized by an invisible dystopian biotyranny of jackbooted thugs pushing a flu d’état fantasy.  

WTF Actually Hell….Sullivan Appointed Prosecutor Allowed to Call Witness and Fact Find. Sick Perversion of Justice Here

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by sundance This is so far outside the bounds of traditional judicial activity it is unprecedented.  In the case against Michael Flynn the court appointed amicus curiae, essentially a court appointed outside lawyer enlisted to prosecute the case despite the DOJ withdrawal motion, John Gleeson has now filed a motion requesting: (1) a briefing schedule, (2) oral arguments; … Read more

Bond investors balk at use of ‘ebitdac’ to skirt debt restrictions …growing trend of companies reporting “earnings before coronavirus” [FT]

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Bond investors have hit out at the growing trend of companies reporting “earnings before coronavirus”, warning that this new pandemic-era financial metric could allow businesses to use imaginary numbers to raise more debt than they can handle. Fund managers have long complained about the heavy adjustments riskier companies make to their earnings when borrowing from … Read more

WINNING: A Day of Reckoning Coming!

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Lindsey Graham Sets Vote To Subpoena Comey, Brennan, Dozens More Over ‘Crossfire Hurricane’ The Senate Judiciary Committee, led by Chairman Lindsey Graham (R-SC), will vote June 4 on a move to subpoena documents and testimony from more than 50 current or former government officials, including former FBI Director James Comey and former CIA Director John Brennan. … Read more