We have seen a complete change of pace in 2020. One in which has some very prominent economists completely at odds with each other. The stock market has accelerated thanks to a few massive tech companies. On the other end of the spectrum we have major establishments going under, bankrupt, closing stores, and leaving more people without work. When furloughs become layoffs, perhaps more people will wake up.
Barry Diller calls stock market ‘great speculation,’ says to save cash
Billionaire media mogul Barry Diller on Tuesday urged investors to maintain sizable cash positions following the stock market’s robust rally from coronavirus-induced lows in late March. “Personally, and professionally, every nickel you can, keep it … wherever it’s banked,” the chairman of both Expedia and digital media group IAC said on CNBC’s “Squawk Box.”
Soaring wealth during pandemic highlights rising inequality
WASHINGTON (AP) – Americans’ household wealth rebounded last quarter to a record high as the stock market quickly recovered from a pandemic-induced plunge in March. Yet the gains flowed mainly to the most affluent households even as tens of millions of people endured job losses and shrunken incomes.
New Lockdowns Could Lead Europe to Economic Depression | dlacalle.com
The rise in Covid-19 cases in countries like France and Spain has increased the risk of newlockdowns. Governments should understand by now that shutting down the economy is highlyinefficient and devastating for jobs and business solvency.
Sweden Heavily Redacts BlackRock Report on Credit Market Woe – Bloomberg
Without Aid, 74 Percent of U.S. Hotels Expect to Lay Off More Employees | Northstar Meetings Group
Seven months after the Covid-19 pandemic struck the United States, the hospitality industry is still reeling and the need for federal relief is growing dire. New research from the American Hotel and Lodging Association shows 68 percent of hotels have less than half of their normal staff working full time.
Grand Chicago Hotel in Foreclosure, a Symbol of Covid-19’s Toll on Hospitality Industry – WSJ
The Palmer House Hilton has been one of Chicago’s grandest hotels for more than a century. Charles Dickens and Oscar Wilde were guests. Frank Sinatra serenaded diners at its supper club.
Hilton Laying Off 22% Of Corporate Workforce
The hotel operator Hilton Worldwide Holdings is cutting 22% of its global corporate workforce, the company announced Tuesday, as the travel and hospitality industry still reels with declining demand from the coronavirus. Hilton is laying off 2,100 white-collar workers in effort to “reduce its cost structure.”
Can Brands Save Rome’s Monuments? – Bloomberg
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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It’s simply data that is generally not found through conventional means.
The stock market keeps going higher, lead by tech stocks. Technology stocks are benefitting from the low interest rates in place today. Financial companies have been unable to see their stocks rise like tech. Money and debt and cash.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.