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45 minutes ago, Deleterious said:

I would love them to compare that to 2009.

That would be interesting.  That wasn't pretty either.

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What do you do if you are a landlord?  You can evict your tenant but it sure looks like it’ll be tough to replace them in this environment.    Don’t you have to try and work out some type of terms or payment plan rather than just keep the security deposit and have a vacant property for the foreseeable future.  

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If you haven't given me any money I'm booting you.  If you are at least paying me something it shows me you are trying.  I'm willing to help those types out pretty much anyway I can.  So I work with them, although I think collecting any missed rent is a pipe dream.

It's also very location dependent.  Battle Creek had a ton of jobs before Covid and Battle Creek has a ton of jobs now.  Every fast food place is hiring, Meijer, Walmart, Target, Lowes, and Menards are all hiring.  Every factory out in the industrial park is hiring, typically at $15+ per hour.  IMO there isn't really a viable reason you couldn't pay me rent right now in BC.  

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4 minutes ago, Deleterious said:

You know things are serious when McDonalds is closing 200 stores.  

The stores may close but the last cheeseburger and fries that come off the grill will look the exact same 7 years from now.  

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I used to pay for my tigers season tickets with coins.  Every year I would have a jug I threw change in when I got home. Then when renewal came up I would cash it in and use that for my half.  Of course the cost back then was a lot less.  I only had 21 games and the price per game was less.  Now it’s 28 games. 

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I designed equipment for a company that made Mickey D burgers (as a supplier). Was in the plant many times. Clean as a whistle, stringent process to get in, top notch manufacturing mouse trapery (new word), and they made a whole bunch of them.

The addition of adding fresh meat (read unfrozen) burgers and the changes to do so were really interesting. They doubled the capacity to do both frozen and non, which had to highly segregated from each other. A logistics and process nightmare that would make Rube Goldberg proud.

I won't eat one.  I do like the fries.

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FOMC meeting today.  Not that it really matters.

On the news front, I got a kick out of this one.  A couple of the usual suspects.  One mentioned in the article (Sorkin) is also a morning anchor on Bubblevision, and he also writes for the rag known as the NYT.  He is a ****ing little creep.  And of course the other is the well known POS Krugman.

New York Times Rewrites the Timeline of the Fed’s Wall Street Bailouts, Giving Banks a Free Pass - Wall Street on Parade.

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11 hours ago, Hongbit said:

The stores may close but the last cheeseburger and fries that come off the grill will look the exact same 7 years from now.  

Truth.  I put a mcd's cheeseburger on the dashboard of my car for 6 months when I was in college.   Surely you're thinking "that's gross" in which you'd be right, except when I unwrapped it, it had no decomposition whatsoever.    The good thing is that means I'll live forever too.

 

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18 hours ago, screwball said:

106627776-1595444094848-20200721_Nova__T

The above is a chart from CNBC on upcoming evictions.  I didn't post the article because it could start a political ****storm.  A couple other business sites have a similar chart.  If you google CNBC, evictions you can find it.  Not a pretty sight.

Thanks for that.....we were at my mother in laws old place yesterday for an open house for potential renters to rent.  We got 250 inquires about the home about 30 that actually filled out an app and about 12 that came to see the house yesterday.  City final inspection is going on now as we speak.  Expect to have the lease signed before Saturday.

We tried to sell it, but the market in that area is a renters market.  We have another in a better part of town that only got about 4 people interested when we first put it up for rent.

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Two homes sold in my neighborhood recently.  One was for sale about a month with the price lowered a couple of times (I thought it was overpriced), and the other went in two days.  That one was a good deal IMO.  Sold for 4 grand over listing and had 3 offers.

I don't know what the rental market is like around here.  I suppose that depends on the state, city, etc.

Heroin sales must be good with all the ODs I read about almost daily.

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Up 200% yesterday as well.  I didn't even know they made much of anything anymore.  So I went looking for the cause.  They secured a government loan from the DoD because they are a big contractor.

I remember the days of yore.  When stock price rose because of something the company produced.  Not because it could finagle a government loan.

 

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Not posting the article because I thought the headline was a little political.  But Reuters is reporting that Americans are $21.5B behind on rent right now.  That is just rent, who knows how much on mortgage payments.

 

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Jobless Claims from the DOL
 

Quote

 

In the week ending July 25, the advance figure for seasonally adjusted initial claims was 1,434,000, an increase of 12,000 from the previous week's revised level. The previous week's level was revised up by 6,000 from 1,416,000 to 1,422,000. The 4-week moving average was 1,368,500, an increase of 6,500 from the previous week's revised average. The previous week's average was revised up by 1,750 from 1,360,250 to 1,362,000.

The advance seasonally adjusted insured unemployment rate was 11.6 percent for the week ending July 18, an increase of 0.5 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending July 18 was 17,018,000, an increase of 867,000 from the previous week's revised level. The previous week's level was revised down by 46,000 from 16,197,000 to 16,151,000. The 4-week moving average was 17,058,250, a decrease of 435,500 from the previous week's revised average. The previous week's average was revised down by 11,500 from 17,505,250 to 17,493,750.

 

GDP from BEA - 20 page .pdf

Quote

Real gross domestic product(GDP) decreased at an annual rate of 32.9percent in the second quarter of 2020(table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased5.0percent.The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Advance Estimate” on page2). The "second" estimate for the second quarter, based on more complete data, will be released on August27, 2020.

image.thumb.jpeg.d73f81ff28e158a6156adc7c27144f68.jpeg

In a word; OUCH!

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Goes to show how much garbage market analysts spew. How many times have we heard the mantra that the market will always have already have priced in bad news that is already known. Did anyone, anywhere, think the 2nd quarter numbers weren't going to be terrible?

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Worst GDP drop in the history of the country and the market is down .8%.  Seems like it was priced in to me.

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