More layoffs. More store closures. More economic hardship. But it doesn’t matter because the stock market is rising, right? What a joke this has become. You can’t ignore the majority and look at the few. Most of the population inside and outside of the US are worse off today than a year ago. The stimulus isn’t working. Buying corporate bonds of Apple doesn’t fix the economy. But they stuff it down your throat. Will you take it?
Disney to lay off 28,000 employees as coronavirus slams theme park business
Prolonged closures of Disney’s California-based theme parks and limited attendance at its open parks has forced the company to lay off 28,000 employees across its parks, experiences and consumer products segment.
Unfriendly skies: Airline workers brace for mass layoffs
DETROIT (AP) – The worries are growing for United Airlines flight attendant Jordy Comeaux. In a few days, he’ll be among roughly 40,000 airline workers whose jobs are likely to evaporate in an industry decimated by the coronavirus pandemic. Unless Congress acts to help for a second time, United will furlough Comeaux on Thursday, cutting off his income and health insurance.
US retail bankruptcies and store closures hit record
Retail bankruptcies, liquidations and store closings in the U.S. reached records in the first half of 2020 as the COVID-19 pandemic accelerated industry changes, particularly the shift to online shopping, The Wall Street Journal reports. In the first six months, 18 retailers filed for chapter 11 protection, mostly concentrated in apparel and footwear, home furnishings, …
Manhattan Offices Are Nearly Empty, Threatening New York City’s Recovery – WSJ
Manhattan office employees are returning to work at a slower pace than those in most other major U.S. cities, raising the risk that New York faces a more protracted and painful recovery from the coronavirus pandemic than much of the rest of the country.
Coronavirus: Movie theaters in jeopardy as studios move blockbusters to 2021
In late March, like many businesses, the film industry entered a period of forced hibernation as the U.S. went into lockdown to stem the coronavirus pandemic. With indoor cinemas closed, drive-in theaters were a lone bright spot until May, when some state governments began to loosen guidelines and permit indoor theaters to reopen to the public with limited capacity.
Gold’s Record High Gives New Life to Dollar Doomsayers – WSJ
Can gold keep going? This year ranks as one of the best on record for investors in the precious metal, with futures prices up almost 24% for 2020 after hitting an all-time high in August.
SocGen’s maths geeks built an empire: do the sums still add up? | Financial Times
Thirty years ago, a group of maths and engineering graduates from Paris’s elite grandes écoles changed the direction of one of France’s oldest and most important banks. Under Antoine Paille, a 31-year-old software engineer, the small team was given a basement office a few streets from the Palais Garnier opera house in Paris with instructions to build a new business for Société Générale, the lender founded in the 19th century.
German Inflation Further Below Zero Bolsters Stimulus Case – Bloomberg
Germany Says EU’s Massive Stimulus Package at Risk of Stalling – Bloomberg
Bailey Says BOE Hasn’t Yet Reached a Judgment on Negative Rates – Bloomberg
Property investment – Britain’s coming commercial property slump | Britain | The Economist
A MONG THE assets that adorn the queen’s property portfolio are 17 provincial shopping and leisure centres. On September 18th Crown Estates, which manages the monarch’s portfolio, wrote down their value by 17%, cutting Her Majesty’s net worth by £552.5m ($700m).
Policy Makers Should Be Able to Lift Rates: Dallas Fed President Robert Kaplan – Bloomberg
Federal Reserve Bank of San Francisco | Commercial Banks under Persistent Negative Rates
Do extended periods of negative policy interest rates continue to encourage commercial bank lending? A large panel of European and Japanese banks provides evidence on the impact of negative rates over different lengths of time.
Queen to receive government ‘bailout’ to top up income after Crown Estate hit by economic slump | The Independent
Boris Johnson’s government has confirmed it will top up the Queen’s income following a significant slump in the Crown Estate ‘s revenue during the coronavirus crisis. The royal family takes in rental receipts from shops in London’s Regent Street, alongside malls and retail parks around the country – but the value of its portfolio has fallen by more than £500m since the pandemic hit.
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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 money that has been invested in 2020 has been pushed into equities, stocks. We have also seen flows into bonds, debt but not nearly as much as with stocks. Interest rates are very low and this has been very good for stocks.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.