SCIENCE: A California City Tested Universal Basic Income. Here’s How Recipients Spent the $500 in Free Money.

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The first data from an experiment in a California city where needy people get $500 a month from the government shows they spend most of it on things like food, clothing and utility bills. The 18-month, privately funded program started in February and involves 125 people in Stockton. It is one of the few experiments … Read more

HONG KONG: Hong Kong protests: many residents blame government as shopping malls and rail network remain out of action for entire day for the first time in city’s history.

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North Point resident says government is creating terror in society by shutting down public facilities and stopping people from coming out Another woman says MTR being a listed company has no right to disrupt services whenever it feels like Major shopping malls across Hong Kong were closed and the city’s entire rail network remained shut … Read more

Hong Kong protesters defy mask ban as city grinds to halt

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Masked pro-democracy protesters marched through Hong Kong in defiance of a ban on face coverings as much of the city ground to a halt on Saturday, with the subway suspended and many shops shuttered following another night of violence. Thousands of protesters staged unsanctioned marches and flashmob protests at multiple locations, a day after the … Read more

America’s Retail Apocalypse: Latest store closings

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by Dr. Eowyn The retail apocalypse of America’s brick-and-mortar stores continues. Here are the dying or dead retail stores (USA Today): All Dressbarn stores are closing. Forever 21 filed for Chapter 11 bankruptcy protection Sept. 29, 2019, hobbled by expensive leases and declining mall traffic. The family-owned company said it would close “most” of its stores in Asia and … Read more

[Chart] CEO confidence number plunges back to financial crisis levels

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by SpontaneousDisorder Sauce: https://twitter.com/BittelJulien/status/1179685787434180609   Given the yield curve is inverted still and stocks are 3x overvalued I doubt it. Maybe this indicator will just go much lower in a recession, or just stay at a very low level. Its a bad idea to place too much importance on any one sentiment indicator, but it … Read more

Worst IPO Since 2007? (SDC)

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by nyWP SmileDirectClub: Moving Fast and Breaking Things in People’s Mouths – 85% Downside 36 State Complaints have been filed against SmileDirect by state affiliates of the American Association of Orthodontists (AAO) alleging, in a substantiated fashion, that SmileDirect is illegally operating as a dentist without proper licensing in the subject states. In Just 5 … Read more

Americans Are Taking Out Ridiculously Long Auto Loans

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by Disloyal_Donkey Car and Driver ​ Stumbled across this while researching which Buggati I want when these SPY Puts print money for the next recession. TLDR: The middle class peasants can’t afford this shit. Auto loans, auto loan rates, and auto loan lengths are all averaging at their high. ($32,119 average, 6% APR for new, 10% … Read more

WeWork CMBS Cause Jitters, Bonds Hit Record Low

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Wolf Richter wolfstreet.com, http://www.amazon.com/author/wolfrichter It’s so big: Soul searching in the Commercial Mortgage Backed Securities market. The $702 million in unsecured 7.875% bonds that WeWork issued in April last year traded at a record low on Friday afternoon, at 83 cents on the dollar, down 21% from 105 cents on the dollar six weeks ago … Read more

Hard Data Gets Put to the Test

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via knowledgeleaderscapital: United States and indeed global economic data have been weak – at least that is the unabated message from the PMI data that were released this week on both manufacturing and services. At this stage everyone knows the survey data, or “soft” data, are weak. The important question now is whether that weakness will … Read more

Orders of Heavy Trucks Collapse, Layoffs Start

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Wolf Richter wolfstreet.com, http://www.amazon.com/author/wolfrichter “Fleets are nervous. The latest manufacturing and construction numbers are concerning. The trade issue with China looms.” Layoff decisions by heavy-truck manufacturers are trickling out. A couple of days ago, it was Daimler-owned Freightliner, which said in a statement to WBTV that it would “adjust its production output in line with lower market … Read more

CIA Coup Confirmed Against President Trump

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COUP: Brennan Calls on Republicans in Congress to ‘Abandon Trump’ and Oust Him From Office Former CIA Chief John Brennan is ramping up his attacks against President Trump after his first coup attempt using the Russian collusion canard failed. Brennan this week said Trump deserves to be ousted from office and called on Republicans in Congress to … Read more

The Market Begins Pricing In More Rate Cuts

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via UPFINA The S&P 500 fell over 1% in the minutes following the disappointing non-manufacturing ISM PMI report on Thursday. Unlike the reaction to the disappointing manufacturing PMI, stocks recovered quickly because the odds of rate cuts increased. This is yet another example of stocks rallying on bad news because the Fed can help it out. … Read more

Investors are paying a massive premium for stocks that have stable earnings growth & are perceived as safer investments (low vol). Returns are usually poor when crowding is this extreme.

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Investors are paying a massive premium for stocks that have stable earnings growth & are perceived as safer investments (low vol). Returns are usually poor when crowding is this extreme. pic.twitter.com/d2gzdJAJhr — Greg (@GS_CapSF) October 4, 2019 Goldman's' "current activity indicator" shows US economic growth of 1.3% for September, BUT .. .. if you took … Read more