Crypto thread

US high yield energy spreads continue to rise. Now at 2320 basis points (23.20%), implying a default rate of roughly 40%. 

Wall, what are your thoughts on this? 

Go to ZH and read the article about Trump's meeting with the big hedge fund guys today...then tell me what his motivations are.

My thoughts are Trump is a disgusting pig.

About corp credit, nothing has changed...has the FED bailed out the B and C credit bombs? No and they arent planning to, so spreads have to keep widening since crude isnt rebounding and at these prices there are billions in debt that are going to implode and quickly.

Russia is winning...much more than Trump is here.

Air BNB hosts will be the first housing people to fail. 

Some of them have up to 10 mortgages and 0 guests. 

Democrat Jerry Nadler: 

NYC isn’t NYC without our non-profit museums. But if we want our museums to survive COVID-19, we need to protect them NOW. That’s why I led the NYC congressional delegation with Democrat Carolyn Maloney in calling for $4 Billion in emergency funds to equip museums to outlast this pandemic. 

I do not feel bad for air bnb people.

Nor jerry nadler

Is this a joke?

So who deserves the cash more, Boeing and American Air scam airline or a non-profit museum?

Id say until the first two take their lumps the non-profit comes in line just the same as any scam corp does...both employ people, both serve a part in the community...at least the museum didnt steal from the taxpayer and enrich themselves with the theft then come crying for bailouts.

Nope. That isn’t a joke. 

That’s a tweet from Democrat Jerry Nadler. Chair of the House Judiciary Committee.  

Wall, you support $4 billion going to NYC museums? 

How much do museum employees make and how many people does it take to run one? I don't see how they would need that much money to get through this....or am I missing something? 

Pork is pork...so if you dont like this pork then you cant like the other pork really. That is how I see it. 

I'd spend 4B on a museum before I would let Boeing or AA or others who bought back stock with debt and taxpayer funded freebies get a bailout. THAT pork is rancid disgusting pork that often causes economic death.

I don’t like any pork. I think it’s all a scam and my money is invested in bitcoin and gold until everything burns to the ground. 

I’m hearing that the $6 trillion stimulus package may already be up to $10 trillion. 

Everyone needs to google ‘what does $1 trillion look like’ ... and then buy bitcoin. 

Mayor Garcetti announces water and power will be shut off for non-essential LA businesses that don’t close. 

Bill de Blasio 3/2/2020 (tweet): 

“Since I’m encouraging New Yorkers to go on with your lives + get out on the town despite coronavirus, I thought I would offer some suggestions. Here’s the first: thru Thurs 3/5 go see “The Traitor”. If “The Wire” was a true story and set in Italy, it would be this film. 

One trillion seconds is 31,707 years 

One million Canadians filed for unemployment last week. Their population is 37 million. 

Anyone watching Barstool guy Portnoy day trading on livestream? 

This is the back story — PENN bought majority of Barstool. Portnoy got something like $50 million. 55% in stock and 45% in cash. PENN was $31 at the time. It then dropped to $28 and he bought $3 million more. Then it dropped to $4. 

Now he is day trading on livestream with a stack of $3 million. He was +$330k yesterday. He’s +$120k today. 

They switch back and forth between camera on him and the screen that he’s trading on. 

Wild. 

Is he trading futures?

With the swings even today I could see that being entertaining but if you are wrong you could get wiped out. If you were long then you got hit by a wave just now or short you made bank...that quick.

He just left for a meeting. 

He bought 10,000 Nike stocks right off the rip and sold 20 minutes later for like $150k profit. Then bought CVS went up and started crashing so he sold.

Portnoy got pummeled on Cheesecake Factory -$100k+ on an overall green day. 

I think jobs report hits hard tomorrow. 

Bottom cant be in. That would be a painless 1 month recession. 

Dow Jones +5% on the same day jobless claims for the week are 5 times worse than the previous worst week in American history.

Hmmmm.  

People fomo’ing in are about to get destroyed 

Imagine being bullish as the world goes unemployed 

Wake up people 

They’re about to pull the rug out 

The market isnt about the economy really...its about cheap capital and leverage and has been for over a decade.