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  • Our Inevitable Collapse: We Can’t Save A Fragile Economy With Bailouts That Increase Fragility

    ZeroHedge - May 1st 2020 4:39pm EDT

    Our Inevitable Collapse: We Can’t Save A Fragile Economy With Bailouts That Increase Fragility Authored by Charles Hugh Smith via OfTwoMinds blog, By bailing out the sources of systemic fragility with trillions of dollars, the Fed has shifted the risk to the entire financial system and the nation’s currency. That the global economy is fragile […]

  • David Einhorn Smells Blood, Unveils A “Host Of New Questions” For “Fraud” Elon Musk

    ZeroHedge - May 1st 2020 4:19pm EDT

    David Einhorn Smells Blood, Unveils A “Host Of New Questions” For “Fraud” Elon Musk While Musk may have much bigger headaches on his hand following his bizarre “unvetted” tweets from this morning which as even Musk reportedly admitted were in violation of his SEC settlement, in his latest letter to investors published today Greenhorn’s David […]

  • SoftBank’s International Arm Cuts 10% Of Employees As Coronavirus Seals WeWork’s Fate

    ZeroHedge - May 1st 2020 2:55pm EDT

    SoftBank’s International Arm Cuts 10% Of Employees As Coronavirus Seals WeWork’s Fate SoftBank may have succeeded in stiffing WeWork shareholders out of $3 billion, but the company recently informed shareholders that its loss for the fiscal year ended in March was even larger than it had anticipated, largely due to WeWork, though the company’s investments […]

  • 30 For 30: 30 Million Jobless Claims vs. 30% Gain in Equity Prices

    ZeroHedge - May 1st 2020 2:40pm EDT

    30 For 30: 30 Million Jobless Claims vs. 30% Gain in Equity Prices Submitted by Joseph Carson, Former Chief Economist of Alliance Bernstein The great divide between finance and the economy rolls on. In the past 6 weeks, jobless claims have increased by 30 million, while the S&P 500 index has increased by more than […]

  • Fed Cuts Pace Of Treasury QE To Just $8 Billion Per Day

    ZeroHedge - May 1st 2020 2:23pm EDT

    Fed Cuts Pace Of Treasury QE To Just $8 Billion Per Day From an initial $75 billion per day when the Fed announced the launch of Unlimited QE in March, the US central bank first reduced its daily buying to $60 billion per day, then  four weeks ago announced another ‘taper’ in its bond-buying program […]

  • What Is The NFL Telling Us About The Economy?

    ZeroHedge - May 1st 2020 2:10pm EDT

    What Is The NFL Telling Us About The Economy? Authored by Michael Maharrey via SchiffGold.com, The conventional wisdom seems to be that the economy will quickly recover once governments open things up again. But recent moves by the National Football League indicate its leadership isn’t so confident. On Wednesday, NFL Commissioner Roger Goodell announced deep cost-cutting moves for the […]

  • “The Trade War Is Back”: BMO Warns The “Summer Promises To Be Unlike Any In Political Memory”

    ZeroHedge - May 1st 2020 2:04pm EDT

    “The Trade War Is Back”: BMO Warns The “Summer Promises To Be Unlike Any In Political Memory” Authored by Ian Lyngen, Benjamin Jeffrey and Jon Hill of BMO Capital Elbow Bumps and Bandanas It’s May Day and Trump’s trade war is back. Shifting away from addressing the pandemic, the White House is reportedly designing retaliatory […]

  • Will Depression II Dictate Trump’s Fate?

    ZeroHedge - May 1st 2020 1:43pm EDT

    Will Depression II Dictate Trump’s Fate? Authored by Patrick Buchanan via Buchanan.org, As of April 30, the coronavirus pandemic has killed 61,500 Americans in two months and induced the worst economic collapse since the Great Depression. And if history is our guide, the economic crisis, which has produced 30 million unemployed Americans in six weeks, […]

  • Tesla Slashes Model 3 Price In China To Qualify For (More) Government Subsidies

    ZeroHedge - May 1st 2020 1:25pm EDT

    Tesla Slashes Model 3 Price In China To Qualify For (More) Government Subsidies As if Tesla just being in China, operating with Chinese sweetheart loans and using Chinese benefits to obtain factory land wasn’t enough of a subsidy of its own, Tesla is now reportedly cutting the price of Model 3 sedans by 10% in […]

  • US Oil Rig Count Collapses As Wave Of Shale Well Closures Begins

    ZeroHedge - May 1st 2020 1:11pm EDT

    US Oil Rig Count Collapses As Wave Of Shale Well Closures Begins For the 7th straight week, the US oil rig count has plunged (down 53 to 325). This is the biggest drop since the 2015 collapse and the same total oil rig count first seen in 2006… And while U.S. shale oil producers have […]

  • Goldman Turns Bullish On Oil, Sees Brent Rallying Back To $30 In Q3

    ZeroHedge - May 1st 2020 12:58pm EDT

    Goldman Turns Bullish On Oil, Sees Brent Rallying Back To $30 In Q3 Now that the USO has been terminally crushed and all those 220,000 Robin Hood BTFD chasers have suffered catastrophic losses, Goldman – which several weeks ago correctly predicted that the price of landlocked oil such as WTI could turn negative – is […]

  • Government Is On The Hook To Forgive Hundreds Of Billions In PPP Loans, Has No Idea How They’ll Do It

    ZeroHedge - May 1st 2020 12:28pm EDT

    Government Is On The Hook To Forgive Hundreds Of Billions In PPP Loans, Has No Idea How They’ll Do It As with any piss-broke society that functions purely by taking on massive amounts of debt via money printing to try and keep itself afloat, the next obvious step after Central Banks make “loans” by printing […]

  • “They’re All High On Fed Fairy Dust…”

    ZeroHedge - May 1st 2020 12:10pm EDT

    “They’re All High On Fed Fairy Dust…” Authored by Michael Maharrey via SchiffGold.com, Everybody realizes the US economy is in a bad spot. But most people still seem to believe it will bounce right back once we deal with the coronavirus. They’re all high on Federal Reserve fairy dust. US GDP contracted by 4.8% in […]

  • Hacked? Tesla Tumbles After Musk Twitter Account Says “Stock Price Too High”

    ZeroHedge - May 1st 2020 11:17am EDT

    Hacked? Tesla Tumbles After Musk Twitter Account Says “Stock Price Too High” Elon Musk just tweeted that he’s planning on selling all his possessions and “will own no house”, before tweeting that Tesla’s share price is “too high” – basically a wet dream for Tesla bears. Which raises suspicions about whether Musk’s account was hacked. […]

  • Mark Cuban Calls Out Elon Musk After CEO’s Bizarre Conference Call Tirade

    ZeroHedge - May 1st 2020 11:15am EDT

    Mark Cuban Calls Out Elon Musk After CEO’s Bizarre Conference Call Tirade It was just two days ago when Elon Musk lashed out at California officials for extending the state (and, most importantly, Tesla’s) lockdown orders. As we noted, the notoriously volatile CEO went off on a bizarre expletive-laden tirade, calling government officials “fascists” and at […]

  • That Was Fast: CTAs Hammered After Turning “+100% Long” As Gamma Craters

    ZeroHedge - May 1st 2020 10:56am EDT

    That Was Fast: CTAs Hammered After Turning “+100% Long” As Gamma Craters When yesterday we discussed the recent bizarro ramp in stocks that sent the S&P just shy of 3000 on the day the latest GDP print confirmed the US had entered a recession if not a depression, we explained that – in a world […]

  • Jeff Bezos Called To Testify Before Congress As House Judiciary Launches Amazon Perjury Probe

    ZeroHedge - May 1st 2020 10:42am EDT

    Jeff Bezos Called To Testify Before Congress As House Judiciary Launches Amazon Perjury Probe After a report in the Wall Street Journal appeared to show that Amazon used data gleaned from third-party transactions and used it to for the company’s own competitive advantage on its platform, the House Judiciary Committee on Friday announced that it […]

  • Rabo: This Is How We Get To The “Unthinkable” 10-Handle In The Yuan

    ZeroHedge - May 1st 2020 10:20am EDT

    Rabo: This Is How We Get To The “Unthinkable” 10-Handle In The Yuan Submitted by Michael Every of Rabobank The ‘Clause is Cause’ Clause As we had flagged repeatedly in recent days, US-China relations have suddenly deteriorated. US President Trump claims to have evidence that Covid-19 started in the Wuhan Institute of Virology. Moreover, he […]

  • US Manufacturing Surveys Show Record Collapse In Output, Orders, & Jobs

    ZeroHedge - May 1st 2020 10:05am EDT

    US Manufacturing Surveys Show Record Collapse In Output, Orders, & Jobs Following the utter devastation across all regional Fed surveys, it should be no surprise that this morning’s national manufacturing surveys (ISM and Markit) are a disaster. Markit US Manufacturing 36.1 – 11-year low (weaker than expected and worse than the flash print) PMI US […]

  • “F**k Trump Supporters” – Rutgers Prof Blames White Conservatives For Using Virus To Kill Black People

    ZeroHedge - May 1st 2020 9:50am EDT

    “F**k Trump Supporters” – Rutgers Prof Blames White Conservatives For Using Virus To Kill Black People Authored by Jonathan Turley, Brittney Cooper, an associate professor in the Department of Women’s, Gender and Sexuality Studies at Rutgers University, is doubling down on her prior public comments denouncing Trump supporters and alleging a conspiracy to kill black people.  […]

  • Biden Bumbles Over Tara Reade Answers During Tense MSNBC Interview

    ZeroHedge - May 1st 2020 9:35am EDT

    Biden Bumbles Over Tara Reade Answers During Tense MSNBC Interview Joe Biden’s personnel records from his days in the Senate have come under the microscope after former staffer Tara Reade says she filed a formal sexual assault complaint against him – an allegation he officially denied on Friday. Biden, who graduated from the University of […]

  • Association Of American Physicians Says ‘Trump-Touted’ Drug Has 90% Chance Of Helping COVID-19 Patients

    ZeroHedge - May 1st 2020 9:13am EDT

    Association Of American Physicians Says ‘Trump-Touted’ Drug Has 90% Chance Of Helping COVID-19 Patients Via The Association of American Physicians and Surgeons, In a letter to Gov. Doug Ducey of Arizona, the Association of American Physicians and Surgeons (AAPS) presents a frequently updated table of studies that report results of treating COVID-19 with the anti-malaria drugs chloroquine (CQ) and […]

  • After Gold & Oil Contract Chaos, CME Group Secures $7 Billion Credit Line “In Case Of Clearing Member Default”

    ZeroHedge - May 1st 2020 8:55am EDT

    After Gold & Oil Contract Chaos, CME Group Secures $7 Billion Credit Line “In Case Of Clearing Member Default” Something unusual is coming… First we had unprecedented dysfunction in the gold futures markets with dramatic paper and physical price divergences amid virus-inspired geographical shortages for deliverables. “I’ve never seen that before,” said one gold trader […]

  • “It’s A Crock Of S**t!” – Here’s Why Bill Blain Is Furious This Morning

    ZeroHedge - May 1st 2020 8:34am EDT

    “It’s A Crock Of S**t!” – Here’s Why Bill Blain Is Furious This Morning Authored by Bill Blain via MorningPorridge.com, I am deeply uneasy about what’s happening in financial markets. The Coronavirus has completely turned the global economy on its head. It will create the most profound changes to the way we live and our […]

  • Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years

    ZeroHedge - May 1st 2020 8:18am EDT

    Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years Exxon Mobil Corp. has reported its first quarterly loss in 32 years amid oversupply conditions, a crashed economy, and a pandemic that continues to destroy petroleum demand.  The company reported a $610 million loss for the quarter ending March 31. That is equivalent to about a […]