Jorma

This story about possible reinfection is just rumor at this point. Maybe it can happen but it will turn out to be rare. https://www.vox.com/2020/7/12/21321653/getting-covid-19-twice-reinfection-antibody-herd-immunity

I've stopped seeing on the news ticker stories about companies expanding and tapping their credit lines and announcements of new offerings. Maybe they are still borrowing like crazy and my haphazard glances at the news ticker are wrong but it is quite possible that the huge corporate credit expansion is over. Add in the now current fall in Treasury borrowing and we may have a problem.

Reportedly University of Alabama students are throwing Covid parties to try and spread the virus. I say reportedly because maybe it's a Mellow Yellow thing. Youngsters will have to look that up. I doubt students today have the sense of humor. https://abcnews.go.com/US/alabama-students-throwing-covid-parties-infected-officials/story?id=71552514 As a WAG I'd say 30% of Americans want to infect you and don't give a damn if you die. Which shouldn't be news to anyone but seems to be news to most everyone.

I think there will be blood. Hopefully sporadic, and that will be that. Civil war will not be bullish.

I don't usually engage in this sort of stuff but this one is perfect.

Cripes, it's been 4 years since the founder drove into a bridge abutment at 90 mph. https://www.cbsnews.com/news/ex-ceo-of-chesapeake-energy-aubrey-mcclendon-dies-in-car-crash-a-day-after-indictment/ The whole shale thing has been so whacked that history won't believe it.

Is this $155bn slug of Treasury supply the next week the biggest in recent memory with virtually no Fed support? And that's without figuring in yesterdays $66bn. https://www.treasurydirect.gov/instit/annceresult/press/press_cashpydwn.htm

That's what I said last week. Instead of spending on new stimulus or infrastructure they could mostly just suspend issuance. Well that is one possible outcome. And remember they don't have a plan. They just have bluff and bluster and of course, money.

Don't ask me. In my 69 years I have never gone to Florida. Actively never wanted to go. Why? I can't say exactly.

WTF ? I guess because Navarro says China trade deal over. Whatever that means. Get ready for war maybe.

The fireworks industry needs capital. Well what industry doesn't? https://pbs.twimg.com/media/EbHRuwoXkAQ4sKN?format=jpg&name=medium

Funny thing about that. I hadn't had that stuff in probably 50 years and recently I saw it on the shelf and picked one up. It was terrible, mainly because it is so salty. I'm not sure why you thought there was an Underwood car.

That's the Maserati logo.

Governors are followers. It's Americans themselves who are to blame. Most Americans think freedom amounts to giving everyone the finger. 'Im going to do this stupid probably destructive thing, just because'. And because they can they say they are free. Americans are pretty dumb too and damn proud of it. None if which is going to change.

TNX 6.97. LOL

Civil war isn't going to be good for stocks.

30% of Americans missed their housing payments in June, Some 37% of renters and 26% of homeowners are at least somewhat worried that they will face eviction or foreclosure in the next six months. https://www.cnbc.com/2020/06/16/30percent-of-americans-missed-their-housing-payments-in-june.html?__source=sharebar|twitter&par=sharebar

I saw an item on the news ticker yesterday which summarizes pretty well where we are. UAL said that it expected to have $17bn in, quote, "liquidity", by the fall. Noting it expects to lose $40m a day in the second quarter and $30m in the 3rd. Now the jury is out if nearly unlimited capital in the form of credit is a sustainable economic model.

I get where you coming from Lee about the $1.5TN Treasury cash hoard being employed to boost the economy pre election but how, on what. So far in American history the government only spends money that legislation has told it to. Until a new stimulus bill is passed and right now that isn't happening until McConnell gets his orders from Trump there isn't any way to unload a trillion into the people economy to make the numbers look good before the election. I'd suspect that the Treasury is going to slam on the borrowing brakes at some point and wait for the market to head to Mars.

So far the stocks or coupons interplay is picture-book.

With the first stimulus mostly spent and the Treasury with $1.4Tn in its account, why is it going to continue to borrow at the $400bn/month rates. While another round of stimulus is surely coming until the ink is dried why would the Treasure continue to borrow so much?

Funny thing that. Coincidence? Except today ZN is already headed down pretty hard.

You have a mistake on the top of page 4. "it projected $2.68 billion in bill issuance for the whole second quarter"

I'd think a petrologist would know. Come to think of it you never did show us a diploma and now it turns out your a quack. Damn.

That's from the days when capital was scarce. Now capital is unlimited, for some. With unlimited capital there is nothing ̶w̶e̶ they can't do. Send people to Mars for instance.