Read this First 5/14/2020
UnMasked - The list of "high level officials" involved in "Unmasking" General Flynn is long and included Former President Obama and Joe Biden. The President and Vice President knew about, or were involved with, spying on the opposition and then trying to cover it up. The surveillance in the name of "concern about Russia" has turned out to be nothing but a plot to spy on Trump and his campaign. (Remember when the press started the "Trump lies, he is crazy, he says the Government wiretapped his offices at Trump Tower." Well, they DID wiretap his office. They claimed they were listening for Russians. But, there were no Russians. Ever... The loser media is not covering the story nor apologizing. They may have to now, at least a LITTLE.. .. Senators are calling for Obama, Biden and Senior aides to testify under oath... Of course the NY Post wins the best byline/headline: "Unmasked: What did Biden know and when did he Forget it"
COVID Deaths: Too high or too low??.. Confirmed deaths 80,000 ..Some stories say that's too high and some say too low. Some say people who had Covid that died at home probably aren't counted. Also, anyone that tests positive for COVID is counted as a "Covid death". So, if you were in hospice and given a week to live.. and you die .. but test positive for Covid then you are a covid death. Who is right? No one will ever know. One thing I DO know is that EVERYTHING in politics is about MONEY. The more cases you have the more of a "case" you have to ask for Federal money. So, we will NEVER have an accurate count. The truth doesn't sell papers. Sensationalism and controversy does...
Quick Question: Total number of people that have died from the AIDS virus? ZERO. No one dies from AIDS. People die from "Opportunistic Infections" after HIV has weakened their immune system so badly it cannot fight anything off. Search AIDS death count and you'll probably get to page 10 before you see that anywhere..
LOCKDOWN UPDATE: The Supreme Court of Wisconsin has rescinded the State's lockdown order. The court claims that the order from the Health Secretary to isolate and close businesses is invalid because the Health Secretary does not have the authority to issue that order... Washington DC has extended its lockdown until mid-June.. despite having a low incidence of Covid cases and deaths...NJ has said it will employ "Social Distancing Ambassadors" at beaches. HAHAHAH.. HAHAHHA.. HAHAHAHA... Really? What authority will you give them? Stun Guns? Badges? Ticketing power? The betting line for "Number of F-U get outta my face" that they get is 247 per day...
When did, "Flatten the Curve" turn into "Shutdown until vaccine" ?? We were supposed to "protect against a spike that overwhelms our hospitals" not destroy America and turn it into a Socialist state where the Government spends trillions and controls the people. I went back to March Rants and stand by what I have been saying all along. This is DANGEROUS if you are old or have a condition that affects your respiratory system. Be VERY careful. The rest of the population, those under 60 (i.e. MOST of the Workforce) just be careful. Wash hands. Stay away from coughing people. (Yes, I DID say this months ago. Check you prior rants. I would say "check your deleted files" but I know NO WAY do you delete this GOLD) .. This has obviously gotten political and people are DONE with the fake news and panic. Remember the words of Ben Franklin:
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety." - Ben Franklin. ... and..
Here come the Lawsuits! .. NY (Meaning Gov. Cuomo) made the decision in March to return COVID infected people to their nursing homes. This obviously caused massive death in the homes. NJ and PA followed NY's lead. Now, families are asking "why" and lawyering up. Ya know what? Those families will GET PAID. Why? Because in all the mayhem, with all the unknowns and misinformation, there was ONE THING.. ONE THING that we KNEW about this virus: It was REALLY BAD for Old or sick people. That is the ONE thing that was never in question. You know what else? Governors cannot be sued for acting in their official capacity so.. The Families will get PAID .. and YOU and I will be paying them for our Governors stupidity ...
In Da Swamp: Republican Mike Garcia has, in fact, won the Special Election in California. A Republican won an election in California...and it only took a Democrat being evicted for ethics violations to make it happen. (Yes, she resigned.. but she was guilty) ..
Senator Burr had his cell phone seized by the FBI in the investigation of his stock sales. Burr and his brother both dumped a bunch of their stock positions right before the market sold off due to the Coronavirus.
The Judge in the Flynn case is under fire for refusing to close the case despite the DOJ dropping the charges. He said he will allow amicus briefs and asked if Flynn should be held in contempt. The Judge is being criticized for playing politics. Shocker Alert: He is a Clinton appointee ... and...
I think it's sad when a teenager dies. But what do you think of this story? .. A few weeks ago a group of punks attacked a 15 year old girl. Cameras showed them viciously beat her and stomp on her until she was lying on the sidewalk. They did this to steal her "Air Jordans".. which they did. .. Well, this week the 16 year old punk that was leader of the gang that beat this girl was shot dead in the street in Brooklyn. Is that sad? or Justice? .. I think probably, BOTH ..
SPORTS: MLB: The MLB is issuing guidelines for return to play. Lemme ask you a question: If they cannot police sign stealing, bean balls, or drug use... How are they gonna enforce, "No spitting and No High Fives" ???
One of the few sports still competing is UFC. If you are Anthony Smith you probably wish it wasn't. Glover Teixeira literally knocked Smiths teeth out during their fight. He had to pick them up and hand them to the ref. At least there were no spectators and he didn't get Covid-19. Because that would have REALLY ruined his day ...
CELEBRIDIOTS: Happy 70th Birthday to Stevland Hardaway Morris. You know him as Stevie Wonder. .. When you believe in things that you don't understand then you suffer... Superstition's not the way ...
Singer Melissa Etheridge has cancelled her Facebook concerts for the foreseeable future after her 21 year old son died of an overdose. The artist released a statement: "Today I joined the hundreds of thousands of families who have lost loved ones to opioid addiction. My son Beckett, who was just 21, struggled to overcome his addiction and finally succumbed to it today." .. Bummer... and
Hailey Baldwin and her wife Justine Beebs decided to do the "Executive Workout" at their house in Canada. If you are unfamiliar with that workout it goes like this: "Work up a sweat .. by sitting in the Sauna for 30 minutes. Then shower and go". Fortunately, Hailey felt like showing us how it's done.. HERE ..
Stock index futures appear to be in wait-and-see mode, inching between gains and losses overnight, as hopes for a quick economic rebound are brought into question. "The path ahead is both highly uncertain and subject to significant downside risks," Jerome Powell declared yesterday as the S&P 500 closed lower for the second day in a row. The Fed Chair also called for additional fiscal support, and on the monetary side, added that negative rates are "not something we are looking at." Amid the warnings of a prolonged recession, data today is expected to show another 2.5M Americans filing jobless claims for the week ended May 9, lifting the total number to about 36M since March 21, or nearly a quarter of the working age U.S. population.
Some Wall Street heavyweights are sounding the alarm over stock prices, saying the risk-reward of holding shares is the worst they've seen in years. Over the last few days, Stan Druckenmiller has called a V-shaped recovery a "fantasy," while David Tepper said that next to 1999, equities are overvalued the most he's ever seen (but doesn't expect the market to retest the bottom). Others, like Bill Miller, aren't buying the sentiment, and don't see the market as "dramatically overvalued."
'Uncertainties remain' in the oil industry
Market forces have "demonstrated their power" in recent weeks, according to the IEA, but a resurgence of coronavirus cases will have "major consequences." In its closely-watched monthly report, crude demand showed a fall of 8.6M bpd to 91.2M for 2020, while on the supply side, it expected a "spectacular" fall of 12M bpd this month, falling to a nine-year low of 88M. Executive Director Fatih Birol said it will take more than a year, and perhaps several, for oil demand to recover to what it was before the coronavirus pandemic.
High court tosses stay-at-home order
While lockdown orders have been challenged across several states, the latest decision from Wisconsin marks the first such lawsuit to succeed against a broader political debate taking place across the nation. In a 4-3 ruling, the Wisconsin Supreme Court struck down the state's stay-at-home order as "unlawful, invalid, and unenforceable" and said the state's health secretary exceeded her authority. The order, which had been set to run until May 26, also restricted travel and business, along with threatening jail time or fines for those who don't comply.
Tesla (NASDAQ:TSLA) CEO Elon Musk has said staff should stay at home if they feel uncomfortable returning to work, but the latest company email puts workers at a crossroads. "Once you are called back, you will no longer be on furlough so if you choose not to work, it may impact your unemployment benefits as determined by your local government agency – and not by Tesla. We completely respect your decision and will support you, without any penalties from us," read an email from HR boss Valerie Workman. Police visited Tesla's Fremont plant on Wednesday to assess whether the EV maker was adhering to "reopening" safety protocols agreed to with Alameda County.
It would be "unacceptable" for French pharma giant Sanofi (NASDAQ:SNY) to reserve any COVID-19 vaccine for the U.S. first, after the firm's chief said he would give preference to the American market because "it's invested in taking the risk." "For us, it would be unacceptable for there to be privileged access to such and such a country for financial reasons," deputy finance minister Agnes Pannier-Runacher told Sud Radio. In April, Sanofi joined with Britain's GlaxoSmithKline (NYSE:GSK) to work on the vaccine, though trials have not even started.
Pexip paves way for virtual IPOs
With video communication on many investors' minds, shares in Norway's Pexip soared by 54% this morning on the Oslo Stock Exchange, following an IPO that was more than 12 times oversubscribed. "The fact that 100% of the virtual 1-1 meetings on the roadshow led to subscriptions to the IPO also demonstrates that virtual meetings can be just as impactful, even when they involve complex negotiations," said CEO Odd Sverre Østlie. Pexip competes with Zoom (NASDAQ:ZM) and Bluejeans (NYSE:VZ), and says its video conferencing software is used by the U.S. military and the German government.
Social media companies will now have only one hour to delete content related to pedophilia and terrorism, according to a new French law, or face a fine of up to 4% of their global revenue. For other "manifestly illicit" content, companies like Facebook (NASDAQ:FB), Twitter (NYSE:TWTR), YouTube (GOOG, GOOGL), Instagram and Snapchat (NYSE:SNAP) will have 24 hours to remove it. It's the latest legislation by Paris against tech giants. Earlier this year, France passed a controversial "digital tax," though its implementation was delayed as the country worked out a broader international tax agreement.
The Freddie Mac (OTCQB:FMCC) COVID-19 Payment Deferral solution returns a homeowner's monthly mortgage payments to their pre-COVID amount by adding up to 12 months of missed payments, including escrow advances, to the end of the mortgage terms without accruing any additional interest or late fees. This will help borrowers keep their mortgage payment current following their hardship when other options - such as reinstatement, or a repayment plan - are not viable. Fannie Mae (OTCQB:FNMA) also unveiled a COVID-19 payment deferral option that allows homeowners in forbearance due to the pandemic to shift their missed payments to the end of the loan term.
Weighed down by roughly $14.5B in debt, satellite operator Intelsat (NYSE:I) has filed for bankruptcy protection. It's seeking to use the Chapter 11 proceedings to assist it in taking advantage of a planned auction of a swath of spectrum currently being used by satellite operators that the FCC wants to be repurposed for 5G networks. In order to be eligible to receive $4.87B in accelerated relocation payments, the company needs to spend more than $1B on clearing activities, and it's secured a commitment for $1B in debtor-in-possession financing.
What else is happening...
Airline industry gloom sees GE (NYSE:GE) sink to near three-decade low.
Grubhub (NYSE:GRUB) takeover by Uber (NYSE:UBER) valued at $6B.
NYC lawmakers cap third-party delivery fees.
Fiat (NYSE:FCAU) and Peugeot (OTCPK:PEUGF) say merger on, dividends off.
Tyson (NYSE:TSN) to cut some beef prices as much as 30%.
California Resources (NYSE:CRC) could be on verge of bankruptcy.
Nomura sees cloud boost despite spending slowdown.
Wednesday's Key Earnings
Cisco (NASDAQ:CSCO) +2.4% AH limiting Q3 revenue downside. SmileDirectClub (NASDAQ:SDC) -3.2% AH on Q2 headwinds from pandemic.
In Asia, Japan -1.7%. Hong Kong -1.5%. China -1%. India -2.7%. In Europe, at midday, London -2.3%. Paris -1.9%. Frankfurt -1.7%. Futures at 6:20, Dow -0.1%. S&P flat. Nasdaq +0.3%. Crude +4.2% to $26.35. Gold +0.5% to $1725. Ten-year Treasury Yield -3 bps to 0.62%
Today's Economic Calendar
8:30 Initial Jobless Claims 8:30 Import/Export Prices 10:30 EIA Natural Gas Inventory 1:00 PM Fed's Kashkari: "Our Economy and Health in Crisis" 4:30 PM Money Supply 4:30 PM Fed Balance Sheet 6:00 PM Fed's Kaplan Speech
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