Billionaire Ray Dalio Says Wealth Gap Is Largest Since 1930s Ray Dalio, the billionaire founder of investment management firm Bridgewater Associates, says ultra-loose monetary policy, the growing wealth gap, and the rise of a super power to challenge the U.S. are the three major forces on the global economy and financial system. He made the comments in a conversation with Bloomberg’s Erik Schatzker during the Bloomberg Global Asset Owners Forum.
Economists don't believe it either... Coronavirus surge has economists not believing ‘hype’ of June jobs blowout First, the good news: June saw a second consecutive month of record-breaking job market gains, with nearly 5 million people getting back to work as coronavirus-related lockdowns were relaxed. The jobless rate also tumbled to 11.1%, with more dislocated workers being absorbed by the ravaged labor market. Now, the bad news: The data was a partial snapshot of the labor market, mostly captured in mid-June — right before a new wave of COVID-19 infections began ricocheting across the world’s largest economy, which are threatening a return to lockdowns that have been progressively unwound. And despite two months of seven-digit job creation, those aren’t enough to counteract the staggering numbers of jobless workers still in limbo.In fact, the more compelling story could be found in weekly unemployment data, released simultaneously with the non-farm payrolls report that showed over 19 million continuing claims. Since the coronavirus became a byword for economic decimation, nearly 50 million have filed for unemployment benefits. To date, over 30 million of them remain without jobs, economists pointed out on Thursday. European banking giant ING succinctly summarized the dynamic using the title of a song from iconic 80s rap group Public Enemy: “Don’t believe the hype.” June’s blowout jobs report was “great news, but it doesn't tell the whole story. 31.5mn people are claiming unemployment benefits and employment is still 15 million lower than February,” wrote James Knightley, ING’s chief international economist. “Moreover, with states dialing back on re-openings the July jobs report could be far more sobering,” he added. Amanda Agati, PNC Bank’s chief investment strategist, told Yahoo Finance in an interview that millions of jobless claimants were a “really worrisome” sign. “It reinforces the point the jobs information and data doesn't jibe with a V-shaped recovery” that many in the market have hoped for, she added. It also raises the risk that July’s report will be a letdown — especially with COVID-19’s stubborn refusal to fade away. “A month ago we were in a much better place... maybe save the fireworks for the July report,” Agati quipped. Sun Belt states that include Florida, California and Texas — some of the most populous regions in the country — are now reimposing restrictions on citizens after lifting them. That poses considerable peril to bars and restaurants that were decimated by the first wave of mass lockdowns. “The virus’ second wave (or stubborn first wave) has raised doubts as to whether this can be sustained,” said Michael Feroli, economist at JPMorgan Chase, who said those questions were reinforced by the higher-than-expected jobless claims. “This occurred as PPP [Payroll Protection Program] funds began running dry in the second half of June (mostly after the reference week for the June employment report),” he said, adding that there were downside risks to the bank’s estimates for 12% growth in the second half of the year. According to some, a run of better-than-expected data — which includes a monster rebound in retail sales in an economy composed of 70% consumer spending — is also raising concerns that the federal government will pull back on fiscal stimulus. The major concern is that the headlines will lead some to conclude that it is time to close the door or pull back aid to those out of work,” said Joe Brusuelas, chief economist at RSM. “In our estimation that would be a serious policy error that would put in jeopardy a nascent recovery that we think is in play,” he said. Brusuelas added that additional unemployment payments set to expire at the end of July may result in “a sharp decline in household consumption in late summer and early fall, just before the November U.S. election.” President Donald Trump’s electoral fortunes hinge on whether the economy can pull off a death-defying recovery before November — one reason why he’s called for a new round of bigger, direct payments to consumers. However, at least some analysts warned that a sharp recovery is far from certain. “No doubt the administration will be crowing about today’s numbers, but they’d better make the most of them; the July and August numbers won’t be as good; at this point, we can’t rule out a decline in payrolls,” wrote Ian Shepherdson, chief economist of Pantheon Macroeconomics. https://finance.yahoo.com/news/coro...ving-hype-of-june-jobs-blowout-174533789.html
It's time to start socializing the Reparations conversation when it comes to Trump and his supporters and beneficiaries. Those who benefitted at great expense to the rest of us need to step up. Looking at you, private equity, monopoly industries, estate tax ****wads. Etc It can't come close to covering the cost, but it's time to start discussions
I'd be happy enough if he gets prosecuted, thrown in jail, and rots than getting a dime of monetary reparations.
Would you loan this nation money? * unprecedented corruption and nepotism in executive branch * complete disfunction in legislative branch * arguably world’s worst management of pandemic * about 30% of citizenry turning away from idea of basic facts and embracing conspiracy theories * armed thugs can take over state capital buildings * hippie thugs can take over police stations Yeah, I’d want a high vig if I’m loaning these losers $.
Health experts, science experts, and economic experts all agree. FEDERAL RESERVE Wearing masks is now the most important thing for the economy, Fed’s Kaplan says https://www.cnbc.com/2020/07/10/wea...y-feds-kaplan-says.html?__source=twitter|main
https://www.cnbc.com/2020/07/13/us-budget-deficit-hits-all-time-high-of-864-billion-in-june.html U.S. budget deficit hits all-time high of $864 billion in June - The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. - The Treasury Department reported Monday that the deficit hit $864 billion last month, an amount of red ink that surpasses most annual deficits in the nation’s history and is above the previous monthly deficit record of $738 billion in April. - That amount was also tied to the trillions of dollars Congress has provided to cushion the impact of the widespread shutdowns that occurred in an effort to limit the spread of the viral pandemic.
