2 clear and distinct factions have form[ed] in the economy in 2020. We are witnessing some pieces rising higher, stronger, and better than ever before. Others are dealing with serious, overwhelming problems. Look at the financial system. It is nearly caving under the weight of the incredible debt load. But certain stocks have performed incredibly well. Within the jobs situation, some are simply business as usual, others don’t have food to put on the table. The disparity is unlike anything we’ve ever seen.
Food banks and pantries see explosive demand in North Carolina
‘My kids are starving’: Food banks and pantries see explosive demand in North Carolina as pandemic continues
Feeding America estimates that food insecurity will affect nearly 1 in 5 North Carolina residents, or 19.3%, this year. Already, area food banks and pantries have seen demand go “through the roof” and many wonder if they’ll be able to keep pace.
1 billion meals challenge | Feeding America
The 1 Billion Meals Challenge* aims to provide 100 million meals per year through 2025 to families struggling with hunger in the United States. Now in its sixth year, the campaign has provided more than 517 million meals to people in need through Feeding America network of 200 food banks.
U.S. faces shortage of up to 8 billion meals in next 12 months, leading food bank says – The Washington Post
The Salvation Army Sets Out to “Rescue Christmas” Due to Immense Impact of COVID-19 | The Salvation Army USA
(September 14, 2020) – For the first time in 130 years, The Salvation Army is starting its annual holiday fundraising campaign early in order to rescue Christmas. The funds raised through the organization’s iconic red kettles are at risk this year due to COVID-19 while requests for services are at an all-time high.
Long-term jobless figures rise, underscoring economic pain | TheHill
The number of people who have joined the ranks of long-term unemployment has spiked to a record high in a worrying sign of the economic recovery’s health. According to the Labor Department, the number of people out of work for more than 27 weeks increased to 2.4 million in September, an increase of 32.5 percent from the previous month.
‘Great Polarization’ may be next for world’s richest, UBS says
The Covid-19 shock could act as a catalyst to spur increased opportunities for those who offer digital or other tech solutions, while the wealth of those in older industries may in turn suffer, UBS Group AG and PricewaterhouseCoopers said Wednesday in a report.
Wells Fargo (WFC) Eliminates More Than 700 Jobs in Commercial Banking – Bloomberg
Venezuela, Once an Oil Giant, Reaches the End of an Era – DNyuz
CABIMAS, Venezuela – For the first time in a century, there are no rigs searching for oil in Venezuela. Wells that once tapped the world’s largest crude reserves are abandoned or left to flare toxic gases that cast an orange glow over depressed oil towns.
Fed’s Kashkari warns: Delayed stimulus will have ‘enormous consequences’
Minneapolis Federal Reserve President Neel Kashkari became the latest central banker to warn against not getting more stimulus to the U.S. economy, saying that the cost of doing nothing could be major. As the impasse in Washington intensifies, Kashkari told CNBC that workers, businesses and governments need more cash from Congress.
Less than 11% of people with federal student loans are paying during Covid-19
In March, as it rapidly became clear that the coronavirus pandemic would upend our lives, the U.S. Department of Education offered student loan borrowers a break from their monthly payments. They accepted. Less than 11% of people with federal student loans are repaying them during the pandemic, according to data analyzed by higher education expert Mark Kantrowitz.
Condo Listings Surge 215% in Signal of Downtown Toronto Weakness – Bloomberg
Hertz Drops 2020 Executive Pay Plan Judge Called Offensive – Bloomberg
UK to EU: We need to know by October 15 if trade deal is possible | Reuters
LONDON (Reuters) – Britain needs to know by Oct. 15 if there is going to be a deal with the European Union because businesses need to prepare, Prime Minister Boris Johnson’s spokesman said on Tuesday.
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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.
There have been many interesting financial market movements in 2020. People are investing in tech stocks. They ask what are the best tech stocks in 2020. It has been shown that equities are going higher because interest rates are so low.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.