06/12/2020
Today Mark Hulbert, MarketWatch Market-timer sentiment had reached extreme bullishness, setting up a sell-off |
Mike Cosgrove, Issues & Insights Why did stocks move higher during the pandemic? Investors bet COVID-19's impact would be worst for just a few demographic groups. |
Matt Egan, CNN The stock market's runaway train has been derailed by a force nearly as powerful as easy money: a healthy dose of reality. |
Lawrence Reed, FEE "'Autonomous zone' has armed guards, local businesses being threatened with extortion." That was quite a striking headline to behold. My immediate reaction was, “Oh my gosh, the Paris Commune is back!” |
Michael Linden, USA Today April and May were incredible months for the stock market, which has increased 30% since its March lows. April and May were also horrific months for workers, with 37.2 million filing for unemployment, the most on record for a two month period. That both of these statements are true offers real insight into what our economy is, who it works for, and what policies should be adopted to help it thrive. If you ask President Donald Trump about this, he’ll give you a pretty clear answer. In response to the news Friday that the unemployment rate in May... |
Allison Schrager, City Journal Beating Covid-19 will require international cooperation |
Skip Estes, The Hill Statistical differences in federal income taxation and welfare policy is not a bailout. |
Robert Wright, American Institute for Economic Research For those unfamiliar with South Park Season 2, Episode 13, to call shenanigans is to publicly accuse someone of rigging a game. In the South Park case, a carnie rigged a game so that no players could win unless he wanted them to. In our case, the government rigged the response to COVID-19. Until La FOIA Grande, it will remain unclear exactly who did the rigging or why, but the how is now crystal clear — faulty logic. |
Richard Rahn, Washington Times |
Jeffrey Snider, RealClearMarkets |
Jack Nicas, New York Times Following an Oakland tavern and its staff â?" from the tattooed bartender to the undocumented cleaner â?" as they weather the economic and emotional fallout of the coronavirus. |
Sophie Alexander, SFGate Katrina Kehl warned her clients not to expect many offers on their $1.7 million home in Marin County, just north of San Francisco. They were, after all, in the middle of a pandemic and economic collapse. They ended up with 13 bids. "We took offers at four o'clock and they just started rolling in -- now we're at seven, now we're at eight," said Kehl, a real estate agent with Compass. "At 4:15 I got one, at 4:24 I got another." Across the San Francisco Bay area -- home to some of America's earliest and strictest shelter-in-place rules -- demand for real estate is soaring in outer suburbs... |
Chris Pope, Manhattan Institute Businesses are having a difficult time getting people back to work in part to unemployment benefits. |
Market Minder, Fisher Investments Economic reopeningsâ?"not policymakers' spending plansâ?"matter more to stocks, in our view. |
Liz Ann Sonders, Charles Schwab As expected, the Federal Reserve kept rates near zero, plans to keep them there until 2022, and established a floor under its large-scale asset purchases. |
Russell Redenbaugh & James Juliano, Kairos Capital Management |
Martin Pring, Pring Turner Asset Management |
Carrie Schwab-Pomerantz, Charles Schwab How do you manage money in times of crisis? Carrie Schwab Pomerantz recently answered a range of questions from Redditors. Here are three more. |
James K. Galbraith, Project Syndicate The United States has built an economy based on global demand for advanced goods, consumer demand for frills, and ever-growing household and business debts. This economy was in many ways prosperous, and it provided jobs and incomes to many millions. Yet it was a house of cards, and COVID-19 has blown it down. |
Anneken Tappe, CNN Business America is in a recession, but this downturn is unlike any the country has ever seen. |
James Pethokoukis, The Week Wall Street still might be crazy to be this optimistic. And maybe the stock market's spring fling will turn into a summer swoon. But it might also be the case that Wall Street is ignoring so many bad things today because America might look a lot better tomorrow. |
William Cohan, Vanity Fair Amidst a pandemic and bankruptcies and shuttered businesses and rent defaults and double-digit unemployment and massive civil unrest, the Dow and Nasdaq are near their highs. Thank the Fed—and don’t get too comfortable. |
Veronique de Rugy, Reason The president's tariffs have hiked prices and harmed consumers. |
Ed Yardeni, Dr. Ed's Blog As of Friday June 5, the S&P 500 was up 42.8% since March 23. This 52-day meltup is historic. |
247patrick & Hristina Byrnes, 24/7 Wall St. The coronavirus pandemic has no doubt raised many fears and caused much uncertainty, but it has also given people many reasons for optimism. |
Roger Nusbaum, Money Maven The market isn't going to make any sense for a while. |
Ron Lieber & Tara Siegel Bernard, New York Times Economic equality is crucial to racial equality. But at nearly every stage of their lives, black Americans have less than whites. |
Harry Holzer, The Hill We all hope for a rapid, sustained and evenly spread recovery in the months ahead, and we should all cheer for such news when we see it. At the same time, we cannot close our eyes to ongoing economic pain and uneven recovery. A sensible package of supports, that adapts to changes in need whenever and wherever they occur, is the right way forward. |
Veronique de Rugy, American Institute for Economic Research Economist Robert Higgs is well known for showing that government grows according to a ratchet effect: Government expands rapidly during a crisis and then recedes after the crisis is over, but it does not return to the pre-crisis level of involvement in our lives. But at this point, we need to expand the concept to include the fact that each time a crisis arises, the size of government’s response gets bigger and bigger, thus making ever more unlikely a return to pre-crisis size. |
Brett Arends, MarketWatch But if you?re 45 to 64, a new study says there?s some good news on the horizon |
Fisher Investments Editorial Staff, Fisher Investments |
Fisher Investments Editorial Staff, Fisher Investments |
Fisher Investments Editorial Staff, Fisher Investments |
Fisher Investments Editorial Staff, Fisher Investments |
Joseph Calhoun, RealClearMarkets Can you still call it crony capitalism if the crony is a foreign company? |
Jamie Powell, FT Alphaville If you think the aggregate equity market action doesn’t add up, then what’s been going on in some US names might tip you into madness. Particularly if you don’t believe in the afterlife. May we present to you: the zombie rally. |
Ben Carlson, A Wealth Of Common Sense This year is unlike anything we’ve ever seen before in terms of market and economic dynamics but there is plenty of investor behavior that has been around since the dawn of markets. Here are some things that will never change about the markets: |
Alex Tabarrok, Marginal Revolution The US is the only major country that spends more on prisons than police. |
Dion Rabouin, Axios Professional investors have largely abandoned the stock market amid the coronavirus pandemic, but sports bettors and bored millennials have jumped into the retail stock trading market with both feet. |
Tejinder Gill, Collaborative Fund Keep documenting. Keep distributing. We will keep changing. |
Tom Gara, Buzzfeed After a terrifying spring spent in lockdown and a summer of protests in the streets, things are going to get a lot worse in the fall. |
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