Rogue Governor Challenges White House: Chapter Two

In this episode the carefully wrought White House guidelines for how to bring the US economy back to life in the midst of a pandemic are still challenged by a rogue governor, but all is not the same as in the Tuesday night instalment. To recap, the question posed by the previous White House Watch […]
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White House Watch: Finally, Time to get that ‘Fire Fauci’ Tattoo

Thank heavens, tattoo parlours will reopen in a week throughout Georgia. If you’re trying to decide between “Fire Fauci” and “Lock him (her) up,” we’ll leave it up to your good judgment. Your wife can stop in to the nail salon and hair dresser. Even if you’re driving in from New York, you’ll enjoy the […]
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Texas Energy Regulator Delays Oil Production Vote

A divided Texas Railroad Commission Tuesday postponed its vote on limiting oil production in the nation’s largest oil-producing state, with the majority preferring to conduct additional due diligence and avoid potential legal minefields. “We need to get information correct before we make a move,” TRRC chairman Wayne Christian said, a stance backed by fellow commissioner […]
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US Existing Home Sales Plunge in March

US home resales slowed dramatically in March, falling by 8.5% to a 5.27 million annual rate after a February gain, the slowest pace since April 2019 and below the 5.40 million rate expected. The current month’s data still reflect some contract signings before the full social distancing impact of the COVID virus, so the current […]
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Is Oil Special or Lots of Bottomless Holes?

It’s the night of the living dead in Houston, where the unthinkable happened, oil became worthless. In fact, oil became even worse than worthless. It was a day so bad that you had to pay people to take it. If you were a trader who never took delivery, only bought and sold futures contracts, the […]
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Hopes vs Reality? Or Hopes Become Reality?

The virus is still moving, killing more than 2,000 people in the United States for the fourth day in a row Friday and only for the fifth time ever. The death toll is leveling, on a deadly plateau. Except in those states like Illinois, where the daily death toll keeps getting worse. The hope is […]
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The Reopening, Chapter One: The Questions

By one count there were 2,174 virus deaths in the United States in the latest 24 hours, not the worst day this week, yet the question that suggests itself is whether Thursday was the best day to encourage governors to start planning for recovery. “Our experts say the curve has flattened and the peak in […]
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Jobless Claims Pile Up, Housing Starts Plunge

The growth rate of initial US jobless claims slowed further in the April 11 week from the spike in late-March, but filings remain extremely high and lifted the total number of new claims filed over the last four weeks to 22.034 million. The level of initial claims fell by 1.370 million to 5.245 million in […]
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Virus Tops Another Grim Record Amid Jagged Mosaic

In the US, the virus continued painting a clear picture Wednesday of death on the march, killing more in the latest day than ever before, while all the elements that could make up a different picture, of success against the disease, remains a muddled mess. A status report with two weeks to go before the […]
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US Retail Sales Plunge 8.7% as Consumers Stay Home

Data Flash: Food Store Sales Jump 25.6%, Most Other Categories Fall Sharply; Empire State Index Drops to -78.2 in April from -21.5 in March; Industrial Production Falls 5.4%, Manufacturing Down 6.3%, Lows Since 1946 As US consumers heeded government warnings to remain home to mitigate the spread of COVID-19, and most businesses were told to […]
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