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7 minutes ago, screwball said:

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.

Yeah - a few of the Fed sites have the 2012 doc referenced. I don't think you could find a majority of Fed governors willing to try to target 0 anymore. 1% maybe if Congress did something to push them, but that doesn't seem likely in any near future.  

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They want to inflate the debt away.  As it has always been in the last 40+ years.

That's theft, but they don't like to say that part out loud.

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1 hour ago, Deleterious said:

I was just going to post that <high five to D> since we were talking about that last week.

While I'm here, Big Brother is at it again; Google to buy 6.6% stake in ADT in home security push

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The company will start linking popular devices like Google Home Mini, Nest Thermostat and Nest Wifi to its control center this year and other Google devices in 2021, ADT Chief Executive Officer Jim DeVries told Reuters.

 

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Kodak Loan Disclosure and Stock Surge Under SEC Investigation

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The Securities and Exchange Commission is investigating the circumstances around Eastman Kodak Co. ’s announcement of a $765 million government loan to make drugs at its U.S. factories, according to people familiar with the matter.

News of the loan last week caused Kodak’s shares to rise as high as $60, before falling to about $15 on Monday due to a dilution in the shares. Amid the heightened volatility, trading volume has surged. The price spike briefly produced a potential windfall for company executives who owned stock-option grants, some of which were granted on July 27, the day before the loan was officially announced.

The SEC’s investigation is at an early stage and might not produce allegations of wrongdoing by the company or any individuals, the people familiar with the matter said. Among the areas being probed by regulators: how Kodak controlled disclosure of the loan, word of which began to emerge on July 27, causing Kodak’s stock price to rise 25% that day.

 

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35 minutes ago, Deleterious said:

Hackett is out at Ford, retiring in October.

 

not much surprise there.

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Nikola’s entire quarterly revenue of $36,000 was from solar installation for the executive chairman

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At one point the company’s market valuation topped that of Ford’s, despite the fact that Nikola has yet to produce a single vehicle for sale.

That is hilarious.

The whole Nikola thing just screams scam.  They broker ground on their new factory earlier this month.  Some Youtuber just drove out to the location the past few days and it is nothing but an empty parking lot.  Not a single piece of construction equipment around.  

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Recap.  Bought Apple at $295.  Two months ago I sold at $320 or $325.  It is now $455.

Short term that is a kick in the balls.  Long term I will end up making more with what the money was used for.  But not gonna lie, it stings a bit right now.

 

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Household Debt and Credit Developments in 2020Q21

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Aggregate household debt balances declined by $34 billion in the second quarter of 2020, a 0.2% drop, and now stand at $14.27 trillion. The drop was the first decline since the second quarter of 2014 and the largest decline since the second quarter of 2013. Balances are $1.59 trillion higher, in nominal terms, than the previous peak (2008Q3) of $12.68 trillion and 27.9% above the 2013Q2 trough.

 

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https://www.bls.gov/news.release/empsit.nr0.htm

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Total nonfarm payroll employment rose by 1.8 million in July, and the unemployment rate fell to 10.2 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In July, notable job gains occurred in leisure and hospitality, government, retail trade, professional and business services, other services, and health care.

And we still have this.

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For March through June, BLS published an estimate of what the unemployment | | rate would have been had misclassified workers been included. Repeating this | | same approach, the overall July unemployment rate would have been about 1 | | percentage point higher than reported. However, this represents the upper | | bound of our estimate of misclassification and probably overstates the size | | of the misclassification error.

 

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3 hours ago, Deleterious said:

Starting to regret we didn't buy that land up north to sell the timber.

Weekly.png

yeah- had to buy some studs yesterday and noticed the price was up.

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Has anyone seen any figures on small business licenses recently? I was at the county treasurer’s office this afternoon and overheard a conversation that indicated that they have been quite busy with new applications.

It makes some sense, folks lose jobs and decide to go out on their own doing something they like to do. 

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8 hours ago, CMRivdog said:

Has anyone seen any figures on small business licenses recently? I was at the county treasurer’s office this afternoon and overheard a conversation that indicated that they have been quite busy with new applications.

It makes some sense, folks lose jobs and decide to go out on their own doing something they like to do. 

I have not seen anything official.  But just what I see and hear there is not much going on in terms of new business right now.  But I am also not out and about as much as I was before Covid.

We decided not to open the two bars we purchased back in April, even before Michigan shut down the bars.  Our thinking was why dump a bunch of money into advertising and building the brand names only to face another shutdown just as people started to know who we are.  We do not really see anyway we open either location until a vaccine is found.  We are currently estimating 12-18 months before we even open.

The good news is, we had two empty buildings, so we rented the space out as storage.  Local restaurants are paying us to store extra tables and chairs that they do not need with the 50% rule in effect.  We are also renting out part of our parking lot to a restaurant next door so they can expand their outdoor dining.  We also had a very generous offer from someone wanting to purchase one of our liquor licenses. 

 

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3 hours ago, Deleterious said:

I have not seen anything official.  But just what I see and hear there is not much going on in terms of new business right now.  But I am also not out and about as much as I was before Covid.

We decided not to open the two bars we purchased back in April, even before Michigan shut down the bars.  Our thinking was why dump a bunch of money into advertising and building the brand names only to face another shutdown just as people started to know who we are.  We do not really see anyway we open either location until a vaccine is found.  We are currently estimating 12-18 months before we even open.

The good news is, we had two empty buildings, so we rented the space out as storage.  Local restaurants are paying us to store extra tables and chairs that they do not need with the 50% rule in effect.  We are also renting out part of our parking lot to a restaurant next door so they can expand their outdoor dining.  We also had a very generous offer from someone wanting to purchase one of our liquor licenses. 

 

It is admirable how you are adjusting to circumstances during a tough time for small business.  

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4 hours ago, tiger337 said:

It is admirable how you are adjusting to circumstances during a tough time for small business.  

Easy to look good when I don't mention the bad stuff.

All three catering services we started at the new year are done.  So we are stuck with a huge lease on that kitchen plus the expensive build out cost to renovate it before we opened.  Also the vehicles we bought for it.

That didn't end up being a total disaster.  To free up space to start doing a lunch service we moved a bunch of our prep work to the closed catering kitchen and ship it over to each location in the vans.  

Our staff has been lights out during all of this.

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