Category: Categories

JC Penney Shares Halted As Bankruptcy Filing Looms Tyler Durden Fri, 05/15/2020 – 09:44 JC Penney shares have been halted Friday morning just minutes after the open as the company is widely expected to file for Chapter 11 bankruptcy protection. *JC PENNEY IS HALTED FOR NEWS PENDING — Tom Flatten The Curve Hearden (@followtheh) May 15, 2020 We have been closely following the trials and tribulations of JCP, Neiman Marcus and other retailers who have filed for bankruptcy or are expected to soon file, as the coronavirus outbreak delivers the final blow toppling over the house of cards of junk[…]

‘We Made It’ – Half Of New York’s 10 Regions Reopen Friday As Cuomo’s “UnPAUSE” Begins: Live Updates Tyler Durden Fri, 05/15/2020 – 09:31 Summary: 5/10 NY regions allowed to reopen Friday More data out of Texas shows reopening going smoothly Surge in new cases, deaths fails to materialize in Georgia Australia reopens pubs this weekend Spain imposes 14 day quarantine order on foreigners China reports no new deaths for a month Japan lifts ‘state of emergency’ for most prefectures NY’s “unPAUSE” begins * * * Update (0915ET): Texas and Georgia are both emerging as “bellwethers” for the rest of[…]

US Industrial Production Plunges By Most In Over 100 Years Tyler Durden Fri, 05/15/2020 – 09:22 Having crashed in March, April industrial production was expected to crash even harder. Industrial production plunged 11.2% MoM (very modestly better than the 12% drop expected) but still the worst in 101 years… Source: Bloomberg Manufacturers in the U.S. were among the first to experience the pandemic’s economic drag as producers fell victim to supply-chain disruptions, a severe weakening in exports market and a drop in domestic demand. Capacity Utilization collapsed to a record low 64.9% The Industrial Average still has a long way[…]

“Will Get Worse” – Virus Pushes Germany Into Recession  Tyler Durden Fri, 05/15/2020 – 09:15 The German economy fell into recession after recording the sharpest quarterly contraction since the 2009 financial crisis as coronavirus-related shutdowns decimated the end of the first quarter, data showed on Friday.  The 2.2% first-quarter contraction is a preview of what is to come. The second quarter could decline by as much as 10%, Federal Statistics Office official Albert Braakmann warned.  Braakmann said the Statistics Office is not in the game of making predictions but added: “The forecasts – as you probably know – are for around -10%.” A much deeper[…]

Why Assets Will Crash Tyler Durden Fri, 05/15/2020 – 06:00 Authored by Charles Hugh Smith via The Daily Reckoning, The increasing concentration of the ownership of wealth/assets in the top 10% has an under-appreciated consequence: when only the top 10% can afford to buy assets, that unleashes an almost karmic payback for the narrowing of ownership, a.k.a. soaring wealth and income inequality: assets crash. Most of you are aware that the bottom 90% own very little other than their labor (tradeable only in full employment) and modest amounts of home equity that are highly vulnerable to a collapse of the[…]

Nationwide Lockdown Sparks Plunge In Local Govt Tax Revenues; Cuts In Services Strike As Demand Soars Tyler Durden Fri, 05/15/2020 – 05:30 Small to medium size cities and counties across the United States are facing huge budget gaps amid the coronavirus shutdown induced record unemployment, drying up crucial tax revenue for local governments.  Bloomberg profiles a domino effect that Jefferson County, Alabama famously went through in 2011 leading to the biggest municipal bankruptcy in US history, saying it’s experience portends a tsunami of what will be similar local government collapses. “A massive share of the local government’s tax revenue disappears. Elected officials lay[…]

How Bad Is It? Tyler Durden Fri, 05/15/2020 – 05:00 Authored by Jeff Deist via The Mises Institute, How bad is it? That is the question on everyone’s mind as we come to grips with the economic carnage caused by global economic shutdowns, supply chain disruptions, and ongoing quarantines of million of people. Do we face another Great Depression, or simply a deep recession more like 2008? And equally important, are soft Americans prepared for either? Have we started to process all of this psychologically? Have we really come to terms with the enormity of the situation, with the unprecedented risk posed by[…]

Hunger Pandemic: Visualizing COVID-19’s Effect On Global Food Insecurity Tyler Durden Fri, 05/15/2020 – 04:15 While COVID-19 is dominating headlines, another kind of emergency is threatening the lives of millions of people around the world – food insecurity. However, as Visual Capitalist’s Iman Ghosh notes, the two are very much intertwined. By the end of 2020, authorities estimate that upwards of 265 million people could be on the brink of starvation globally, almost double the current rate of crisis-level food insecurity. Today’s visualizations use data from the fourth annual Global Report on Food Crises (GRFC 2020) to demonstrate the growing scale of[…]

Pro-Refugee French Activist Murdered By Migrant He Was Sleeping With Tyler Durden Fri, 05/15/2020 – 03:30 Authored by Paul Joseph Watson via Summit News, A pro-refugee activist in France was found dead at his home after being murdered by the same 20-year-old Afghan migrant he had been sleeping with. 63-year-old Jean Dussine was head of a group called Itinérance that helps vulnerable migrants. The activist also personally allowed some of the migrants to stay at his home. According to Ouest France, Dussine was found dead at his home having been viciously beaten with an iron rod as he slept. Dussine[…]