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Some expectations were %35 percent, so this beat that by a little.  I don't know about jobless claims.

The market should hold up, they know it will be bailed out again (the Fed's "whatever it takes" line from yesterday).

That said, we have what, 30 million on continuing claims, 25 percent of small businesses say they will never reopen, or something like that.  Main Street - mostly people who need it - don't know what they are going to pay their bills, rent, or mortgage as UI and the extra 600 runs out this week.  No news on the bailout front from the pukes.

Sounds like a George Carlin routine.

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1 hour ago, Deleterious said:

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

Doing even better now.  Nasdaq is actually positive.  Has there ever been a bigger disconnect between the market and the real economy?  

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38 minutes ago, Deleterious said:

I told ya you wont be getting any back rent.

 

rent dispute, domestic assault, insanity. This one checks a bunch of boxes.

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15 minutes ago, tiger337 said:

Doing even better now.  Nasdaq is actually positive.  Has there ever been a bigger disconnect between the market and the real economy?  

The extra $600 a week in unemployment benefits has really propped things up IMO.  

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1 hour ago, tiger337 said:

Doing even better now.  Nasdaq is actually positive.  Has there ever been a bigger disconnect between the market and the real economy?  

I don't think so. 

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1 hour ago, Deleterious said:

The extra $600 a week in unemployment benefits has really propped things up IMO.  

Which runs out today if I am not mistaken.

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OK not sure why I missed it at first.  32% is annualized.  It was only a 9.5% drop for the quarter.  

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33 minutes ago, screwball said:

Which runs out today if I am not mistaken.

I believe the last check was already received.  I recall a story last week or so that suggested the 31st was misleading because the last payment would have gone out a few days prior.

 

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Just now, Deleterious said:

OK not sure why I missed it at first.  32% is annualized.  It was only a 9.5% drop for the quarter.  

Correct.  It will also be revised.  August 27th I believe.

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Amazon barely survived this quarter.  Expected EPS was $1.46 and actual turned out to be $10.30.  Poor bastards.  

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10 hours ago, Deleterious said:

Amazon barely survived this quarter.  Expected EPS was $1.46 and actual turned out to be $10.30.  Poor bastards.  

I am sure this has been talked about before, but the predatory type nature that is used in monthly services is disgusting and they almost got me for Amazon Music.  Kept charging a card I never use 9.99 a month for a service I never used until I get a statement saying I am late with a CC payment that I thought I had paid off months ago.  I buy so much and so rarely return something or have an issue with them that when I do they bend over backwards to make it right which saves them for me.  If they tried to enforce those measly charges I would have started looking elsewhere for online shopping.

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I find this interesting.

Every headline I read yesterday reported the US GDP drop at the annualized rate.  First article I see today about the EU GDP drop and it reports the quarterly rate.

Coronavirus: Eurozone GDP plunges by 12.1% in second quarter

Yesterdays headline from the same site.

Q2 GDP: US economy contracted by worst-ever 32.9% in Q2, crushed by coronavirus lockdowns

Could be possible that is just how each different agency reports their numbers.

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OK, The Journal was at least consistent with how it reported the numbers.

Europe Plunges Into Recession as Economy Suffers Record Contraction

Quote

The eurozone’s gross domestic product fell 40.3% on an annual basis, far exceeding the 32.9% contraction in the U.S. economy over the same period, according to data published Friday. That was equivalent to a 12.1% decline from the previous quarter, pushing the bloc as a whole into recession, by far the sharpest drop since comparable records began in 1995, the European Union’s statistics agency said in a statement.

 

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3 hours ago, John_Brian_K said:

I am sure this has been talked about before, but the predatory type nature that is used in monthly services is disgusting and they almost got me for Amazon Music.  Kept charging a card I never use 9.99 a month for a service I never used until I get a statement saying I am late with a CC payment that I thought I had paid off months ago.  I buy so much and so rarely return something or have an issue with them that when I do they bend over backwards to make it right which saves them for me.  If they tried to enforce those measly charges I would have started looking elsewhere for online shopping.

on the flip side... they contacted me last week saying that they detected suspicious activity and are reviewing my account and advised me to change my PW.  I did that.  Then they told me that again.  I contacted them and told them my last legit purchase (they got any bad ones before they showed up on my account so I never saw it).  Now they have issued refunds on my last 3 purchases, which were legit.  I'll be calling them today to tell them.  

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1 hour ago, Deleterious said:

I find this interesting.

Every headline I read yesterday reported the US GDP drop at the annualized rate.  First article I see today about the EU GDP drop and it reports the quarterly rate.

Coronavirus: Eurozone GDP plunges by 12.1% in second quarter

Yesterdays headline from the same site.

Q2 GDP: US economy contracted by worst-ever 32.9% in Q2, crushed by coronavirus lockdowns

Could be possible that is just how each different agency reports their numbers.

They have reported the GDP number here the way they did yesterday as long as I can remember.  It seemed different because it was so bad maybe.  But still, if they would have said 8.5 it is still really bad.  Depression level bad.

Read somewhere today one of the regional Fed's are predicting a 11 percent gain for the next report.  We'll see about that...

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10 hours ago, John_Brian_K said:

I am sure this has been talked about before, but the predatory type nature that is used in monthly services is disgusting and they almost got me for Amazon Music.  Kept charging a card I never use 9.99 a month for a service I never used until I get a statement saying I am late with a CC payment that I thought I had paid off months ago.  I buy so much and so rarely return something or have an issue with them that when I do they bend over backwards to make it right which saves them for me.  If they tried to enforce those measly charges I would have started looking elsewhere for online shopping.

Pretty much every huge corporation seems to be like that now - keeping you on automatic monthly billing even after you cancel, trying to sign you up for things you don't want with one click, etc.   I don't think Amazon is more sleazy than any of the other big guns.  My dealings with Amazon have been good for the most part although they seem to be going down hill the past year.  I don't know if they got too big or whether it's the pandemic,  

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Speaking of Amazon.  They just received approval from the FCC to go ahead with their satellite internet program.  They are going to launch 3,200 satellites and be able to provide internet service pretty much anywhere on earth, much like Musk with Starlink.  

Wiki says Starlink will end up with just over 1,500 satellites in orbit.  But they are approved for 12,000 and filed paperwork to get approval on 30,000 more.

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1 hour ago, Deleterious said:

Speaking of Amazon.  They just received approval from the FCC to go ahead with their satellite internet program.  They are going to launch 3,200 satellites and be able to provide internet service pretty much anywhere on earth, much like Musk with Starlink.  

Wiki says Starlink will end up with just over 1,500 satellites in orbit.  But they are approved for 12,000 and filed paperwork to get approval on 30,000 more.

what a difference a few years makes. IIRC, attempting a world wide satellite communication system (Iridium?)  put - or at least helped in a big way -  the old Motorola corp in its grave.

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1 hour ago, Deleterious said:

 

Wild read.  Not sure I buy all the author is selling either, but the Fed pukes are still pukes.

Quote

One way for the Fed to do that would be to amend that document to say inflation should average 2% “over time.”

They can't get inflation to what they want now, but they think they need to allow it to go higher than the "magic" 2 percent.  I think the author cited wrong legislation on that rule but I'm too lazy to look it up.  More BS Fedspeak.

On the Fed news front while we are at it: Neel Kashkari is making headlines.  He's the current Minny Fed head.  He was the guy who went Teddy and lived in a cabin in the wilderness after being a Hank Paulson's (Treasury Sec at the time) puppet when we bailed out the banksters in 08/09.  One of the main players in the swindle.  He might be a bigger creep than Tim (weasel dick) Geithner.

Even if he says something that may make sense - don't believe it - he is a POS to the core.

The only Fed mandates that matter are the Dow, NASDAQ and S&P.

 

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9 minutes ago, screwball said:

I think the author cited wrong legislation on that rule but I'm too lazy to look it up.  More BS Fedspeak.

I thought the Congressional mandate language is general - it's "full employment" and "stable monetary value" and then Fed defined targets for itself for each, i.e roughly 3.5-4% unemployment and 2% inflation.  

But I can't read the detail - against my ethical investment strategy to make any purchases with Murdoch (xD)

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32 minutes ago, Gehringer_2 said:

I thought the Congressional mandate language is general - it's "full employment" and "stable monetary value" and then Fed defined targets for itself for each, i.e roughly 3.5-4% unemployment and 2% inflation.  

But I can't read the detail - against my ethical investment strategy to make any purchases with Murdoch (xD)

I has nothing to do with Murdoch, it has to do with policy changes over the years.

Now that you made me do the homework, I'll give the author a pass.  The FOMC did change policy in 2012 to incorporate targeting a 2 percent rate.  It is also argued this had been addressed previously, as early as the Humphrey–Hawkins act of 1978 which mandated a 0 percent rate by 1988.  The research will also reveal a 2 percent policy target from a change in 2017 as well.

All BS really.

At the end of the day, this little ***** wants to give more people money (which they need) while they want higher inflation numbers which does nothing but reduce the spending power of the money they are giving you.

This is like getting a sandwich with a bite missing.  And by the time all this money finds its way into the hands of the serfs - the banksters and other fee extortionists who get their cut (plus inflation) - we get a bun.  While they tell us they are helping.

**** you!

Newsflash; they have no intention of helping us.  They don't give a ****.

But many are stupid enough to believe it.

No matter what rag it comes from.

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