The Federal Reserve's emergency coronavirus programs have unleashed the possible dangers of moral hazard in financial markets once again. Former NY Fed President William Dudley explained the situation to Bloomberg. Alister Bull reports: Federal Reserve support for U.S. corporate debt, designed to preserve market functioning during the coronavirus pandemic, could have the unintended consequence of encouraging more risky behavior, said former New York Federal Reserve Bank President William Dudley. “People who have high-yield debt that’s outstanding, a lot of times that’s happened by choice,” … [Read more...]
America’s Bravest Protect Our Cities, Blue State Politicians Let ‘em Burn
While America’s bravest protect our cities, blue state politicians let ‘em burn. Last night on his primetime Fox News show, Tucker Carlson called out blue state politicians for abandoning their constituents as rioters, looters, and murderers took to the streets. Watch the latest video at foxnews.com In Philadelphia, looters tried to rob the wrong store. A band of looters attempted to rob a gun shop, but the owner was ready for them. Corey Davis reports for ABC 6: Police said one person is dead following a shooting during a burglary attempt inside a South Philadelphia gun store early … [Read more...]
Mortgage Delinquencies Soar
Shockingly, but unsurprisingly, mortgage delinquencies soared last month. Worst hit were lodging and retail loans. Joe Rennison writes for the Financial Times: The percentage of commercial property loans left unpaid by borrowers in the US more than trebled last month, in a sign of a deepening crisis in the $1.3tn market for bonds backed by the mortgages. The delinquency rate on loans underpinning commercial mortgage-backed securities rose from 2.3 per cent in April to 7.4 per cent in May, according to the data service Trepp. Borrowers are considered delinquent when they fail to make a … [Read more...]
Harley-Davidson in Transition, Probably a Takeover Target
Debbie and I have put over 100,000 miles on our Harleys riding across the United States and Canada. My riding days are behind me, but as a devotee, I keep an eye on Harley’s business, as I have for years. If you’re one of my long-time readers, you know Harley was Young Research’s stock of the decade in the 1990s. In June 1998, I and millions of Harley-Davidson fans celebrated the company’s 95tht anniversary. I wrote then: For about $18,000, you can be astride a classic American cruiser, the Harley-Davidson Road King—if you can get one. This summer Debbie and I will ride our Harleys … [Read more...]
You Need to Seek Some Shelter for When Things Get Ugly
Coronavirus Infects Stock Market: Part LVI “Requests for driving directions on Apple Inc.’s Maps app are back around mid January levels, while data from Dutch location technology firm TomTom International BV show traffic congestion gradually climbing in some late U.S. cities, though it is still down substantially from March levels in many,” reports the WSJ. But after this weekend’s riots, who is in a rush to visit a city? The future of the city is on the rocks. Blue state governors and mayors have gone wild. They’re a fiscal mess. Consider the self-inflicted wreckage of mismanaged … [Read more...]
Is Remote Working About to Set Off a Flight to the Suburbs?
Laura Forman reports in The Wall Street Journal: The rise of remote working could empower renters in places like New York City and San Francisco to finally buy homes—just not necessarily in those cities. That could be good news for major online real-estate companies such as Zillow ZG +0.47% and Redfin RDFN -0.47% once the market thaws out. Transactions have plummeted globally as a result of the coronavirus pandemic. Global real-estate tech strategist Mike DelPrete says short-lived transaction declines of as much as 90% have been observed in cities in China, South Korea and Italy at the … [Read more...]
Cowards Loot, You Fight
Coronavirus Infects Stock Market: Part LV You’ve seen how quickly blue state governors go wild. Now you’re seeing the looting and burning by cowards the blue-state governors aim to protect. Is this a dress rehearsal? Consider the recklessness from blue state governors and their self-crowning press conferences, stirring up resentment from the producers of the world. The allies of blue-state politicians in the media and technology industries have no problem setting one set of rules for America’s producers, and another for their favored groups. Tucker Carlson explains: Watch the … [Read more...]
How will the U.S. Repay $30 Trillion in Debt?
With Congress considering yet another stimulus bill with the price tag measured in trillions, Victor Davis Hanson offers a sobering reminder of what comes next. The deficit is expected to exceed $4 trillion soon and the national debt may climb to $30 trillion or nearly $100,000 for every American. How will the United States sustain this level of debt, let alone repay it? VDH offers five ugly choices. Inflation looks like the most expedient option for the political class. Negative Interest Rates One, Americans would be forced to live with permanent near-zero interest rates, or … [Read more...]
Get Ready: Your Survival Guy’s Guide to the Second Wave
Coronavirus Infects Stock Market: Part LIV You read the news: “Coronavirus reaches 100,000 deaths,” streaming across all forms of media yesterday and yet, not a peep just a couple of years ago when the flu killed 80,000. It’s like the media is taking a victory lap, cheering the virus numbers higher. A group of restaurants and bars in Rhode Island want government money to stay closed, claiming it’s stressful being open. Imagine all the pushy parents wringing their hands because little Jonny can’t play travel sports this summer. Talk about an aggressive group. They along with the … [Read more...]
Big Government Politics on the Shores of Newport and Beyond
Coronavirus Infects Stock Market: Part LIII Blue state governors have completely dropped the ball in the name of science, killing businesses and creating new health problems like anxiety and depression. In blue Rhode Island, we have our governor patting us on the head after a “successful” Memorial Day weekend. “The good news is, overwhelmingly, people were out and about doing the right thing,” she said during her daily news briefing. Tonight’s Newport City Council meeting will hear a resolution to require all pedestrians to wear masks on certain streets at all hours of the day. Councilwoman … [Read more...]
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