The retail apocalypse continues: More than 2 million jobs disappeared in April, the latest in a series of bad news for the industry

by

According to the US Bureau of Labor Statistics, 2.1 million jobs were lost in retail for the month of April. Clothing and clothing accessories retailers saw the heaviest losses, with jobs declining by 740,000. An additional 5.5 million jobs were shed in food services and drinking establishments. Retailers from JCPenney and Macy’s to Gap and … Read more

Unemployment Is Really 35.7%

by

by Jim Quinn HEADLINES: PANDEMIC-DEEPENED RECESSION HAS HAD ITS EMPLOYMENT COLLAPSE AND INITIAL GDP CONTRACTION – April 2020 U.3 Unemployment Rate Really Was 19.5% per Bureau of Labor Statistics, Where the Reported “Headline” 14.7% U.3. Reflected Survey and Classification Errors That Were Disclosed but Not Corrected, for a Second Month / Headline 14.7% Was the … Read more

You Ain’t Seen Nothing Yet

by

Guest Post by Realestatepup The fall out from this will take 24+ months to rear it’s ugly head fully. By that I mean the wave of first commercial foreclosures, then residential. Commercial was already hanging by a thread, with brick-and-mortar stores shuttering and the bankruptcy filings of JC Penney, Forever 21, and J.Crew looming. Macy’s … Read more

UCNBT: “U CAN NEVER BEAT TRUMP”

by

by Wayne Allyn Root Dear President Trump, here’s an important message from your supporters. First it was “Stormy Daniels.” Then, “Russian Collusion.” Followed by “the Ukrainian Hoax.” Now, it’s “Coronavirus pandemic” and the resulting economic catastophe. “THEY” never give up. But who is “THEY?” “THEY” can’t possibly be Pelosi, Schumer, Schiff, Nadler, Maxine Waters, AOC, et al. … Read more

Why This Oil Rally Won’t Last

by

By Nick Cunningham Oil prices have rallied as traders believe the depths of demand destruction may be coming to an end with economies beginning to reopen. But some analysts are warning that the oil price rally may be premature. WTI prices have doubled from $12 to $24 in a little over a week. There is evidence … Read more

Wealth Taxes, Cash Grabs, and Other Schemes

by

 by The Phoenix They are coming for your money. Let’s cut through all of the day to day developments in the financial system and look at things in the BIG picture. The BIG picture is the global economy has screeched to a halt as governments around the world enforced “stay at home” or “shutdown” orders. This … Read more

Mark Cuban Hires Secret Shoppers To Monitor Dallas Businesses Reopening… 96% Of Stores ‘Non-Compliant’ With Mandatory Protocols

by

DALLAS (CBSDFW.COM) – Dallas Mavericks owner Mark Cuban, who’s made national headlines for his charitable work and his opinions during the coronavirus pandemic, says he wanted to see just how Dallas was reopening its economy after retail stores and restaurants were given the go-ahead from Gov. Greg Abbott last week. Those types of businesses, which also … Read more

One of the creepiest and most dystopian things I’ve seen since the pandemic began:

by

One of the creepiest and most dystopian things I've seen since the pandemic began: a terrifying camera-equipped remote-controlled robot patrols Bishan-Ang Mo Kio Park in Singapore to — for now — warn about social distancing. Look at the fear. Story: https://t.co/12QfT1mcyZ pic.twitter.com/hBGUhmC7N7 — Glenn Greenwald (@ggreenwald) May 8, 2020

Jim Rickards: I’ve repeatedly advised you shouldn’t reference 2008, 2000, 1998, 1994 or 1982 if you want to understand what’s going on. You need to go back at least to 1929.

by

I've repeatedly advised you shouldn't reference 2008, 2000, 1998, 1994 or 1982 if you want to understand what's going on. You need to go back at least to 1929. The Bank of England just said 1706 is a better frame of reference. I have to agree. pic.twitter.com/DQE2gScywy — Jim Rickards (@JamesGRickards) May 8, 2020 https://twitter.com/russian_market/status/1258791467067363330 … Read more

2 million job losses have been reported as permanent. That’s a 2001-style recession so far and a stat the media ignored

by

https://twitter.com/GreekFire23/status/1258837351259930626 HASSETT: ALL UNEMPLOYED EXPECT TO BE REHIRED BY EMPLOYER that is the stupidest fuking thing i have heard this month. — Heisenberg Report (@heisenbergrpt) May 8, 2020 This chart from @calculatedrisk is, in one word, breathtaking. pic.twitter.com/C8BatIEwti — Invictus (@TBPInvictus) May 8, 2020 hmm…something to keep an eye on Weekly East to West of … Read more