Dewey Fernfield
Mass layoffs are taking place today and in contrast, we have seen such euphoria in the stock market. Of course, to those who have been paying attention, easy money policies have not only enabled this but encouraged such behavior. There has never been a time in history when such a discrepancy has occurred and yet the media, the analysts, the investors are all chanting and cheering for it to never stop, even for a day. Big mistake.
U.S. airline jobs to hit lowest levels in years after Covid cuts 90K jobs
U.S. airline employment to reach lowest levels in decades after pandemic cuts 90,000 jobs
U.S. airline employment will soon fall to the lowest level since the mid-1980s, the result of the pandemic’s devastating impact on the sector, an industry group said Thursday. Airlines will have cut the equivalent of about 90,000 jobs by year-end, including more than 30,000 furloughs at airlines like United and American that began last month and the departure of thousands of other workers who accepted buyouts from Southwest, Delta and other carriers.
Job Openings, Hiring in Banking Are Falling, While Firings Rise, Offers Pay Less – Bloomberg
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COVID-19 will drastically change travel habits forever – Inmarsat
https://www.inmarsat.com/news/covid-19-will-drastically-change-travel-habits-forever/
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Former Kodak executives given millions in stock for options they did not own | Financial Times
Former Kodak executives given millions in stock for options they did not own
Eastman Kodak handed five former executives stock worth millions of dollars this July in exchange for options they did not own, raising questions about the company’s controls just months after a proposed $765m loan from the Trump administration put it in the limelight.
$521,769,000,000: Federal Spending Sets Record for First Month of Fiscal Year | CNSNews
$521,769,000,000: Federal Spending Sets Record for First Month of Fiscal Year
The federal government set an all-time record for the amount of money spent in the first month of a fiscal year, when it spent $521,769,000,000 in October, the first month of fiscal 2021, according to the Monthly Treasury Statement released today.
US piles up record October budget deficit of $284.1 billion
US piles up record October budget deficit of $284.1 billion
WASHINGTON (AP) – The U.S. is starting the 2021 budget year the way the old year ended, with soaring deficits. The Treasury Department reported Thursday that the federal government ran up a record October deficit of $284.1 billion, double the red ink of the same month a year ago, as revenues declined while spending to deal with the impact of the coronavirus soared.
CA: Golden Gate Bridge tolls may go up as district faces financial crisis: ‘It’s quite brutal’ | Mass Transit
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Should working from home be taxed? – MarketWatch
Should working from home be taxed?
Should remote workers be taxed? Those who work from home are getting a free ride, argues a new analysis from Deutsche Bank, and the economic ills that have been exposed by the sudden migration of roughly half the workforce to their living rooms rather than offices should be partially offset by a tax.
Greece Offers Tax Breaks to Lure the Work-From-Anywhere Crowd – Bloomberg
Global Rich Are Rushing to Buy UK Country Homes and Historic Estates – Bloomberg
Chipotle opens its first digital-only restaurant as online orders soar
Chipotle to open its first digital-only restaurant as online orders soar
Chipotle Mexican Grill on Saturday will open first digital-only restaurant. Unlike a traditional Chipotle location, it will not include a dining room or a line for ordering.
The stock market has risen in particular tech stocks. People have been asking what tech stocks should I buy? They are purchasing ETF’s and stocks like Apple and Amazon. The economy has been in a different scenario as we have seen an unwinding.
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“This is the madness of 2020. Job cuts, economy weak, stocks up. But 2021 looks to be much worse for the economy. Stocks on the other hand will definitely need some more QE. “Only” $20 trillion from global central banks in a few months is definitely not enough. What do you think? 2021 BETTER or WORSE for the economy and/or stock market?”
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Killer Kapitalism…Even the largest bubble will burst one day.