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Report: Goldman Sachs explores moving key operation from NYC to Florida, where taxes are low, to save money

Goldman Sachs, the investment bank behemoth that controls nearly $2 trillion of assets, has reportedly explored shifting some of its key operations out of Manhattan, which has one of the highest costs of living in the world and is one of the most taxed places in the United States.

According to Bloomberg News, Goldman is eyeing south Florida — in the area north of Miami, such as Fort Lauderdale and Palm Beach — as the new base of its asset management division.

Sources told Bloomberg News that executives have been scouting out potential office space and talking to local officials about the benefits of moving one of Goldman’s major operations to the area, including the tax and lifestyle advantages, which are attractive to the business and employees.

In fact, moving one of its top operations to Florida could save Goldman hundreds of millions of dollars, or more, per year, considering the amount of money the bank generates.

More from Bloomberg News:

Inside Goldman, sentimental attachment to the city where it rose to prominence is taking a back seat to the company’s ambitious target unveiled early this year to cut $1.3 billion in costs, in part by shifting employees to cheaper locales. It’s unclear how many people could eventually go to Florida. In the last decade, Goldman has incrementally expanded offices in places like Dallas and Salt Lake City to thousands of jobs in an effort to trim expenses. The virus has cemented its resolve to accelerate that shift.

The firm’s newly reconfigured asset-management division pulls in about $8 billion in annual revenue and is a critical pillar of Goldman’s plans to diversify its ways of making money. A decision to create a central location for the business in Florida would not only include back-office staff but also some investment professionals, two of the people said. The shift would be carried out over time.

What did Goldman Sachs say?

In a statement provided to Bloomberg News, the bank played coy.

“We are executing on the strategy of locating more jobs in high-value locations throughout the U.S., but we have no specific plans to announce at this time,” a spokesman for the bank said.

Anything else?

Goldman Sachs is not the only company exploring a reprieve on taxes, regulations, and cost of living.

According to CNBC, billionaire Elon Musk has told “several of his close friends and associates” that he plans to move to Texas from California. Musk, the world’s second richest person, has denounced Democrat-imposed regulations and high taxes.

Earlier this year, in response to COVID-related restrictions, Musk threatened to move Tesla’s headquarters from Palo Alto to Texas or Nevada.

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Let The Exodus Begin: New Jersey Raises Tax On Millionaires

This article was originally published by Tyler Durden at ZeroHedge. 

In the latest suicidal move by New Jersey, the state which after Illinois is in the direst of financial straits and has the second-lowest credit rating in the nation…

… On Thursday morning, Jersey Governor Phil Murphy and Democratic leaders agreed on a budget deal that will raise taxes on millionaires, sparking another exodus from a state which has already seen many of its richest residents – such as David Tepper – depart for more hospitable states.

As the NYT gloats, “Gov. Philip D. Murphy campaigned on a vow to raise taxes on the rich in New Jersey. It took three years and a pandemic to get it done.” Clearly the NYT has any idea just how worse off the state will be in a few years as a result of sliding real estate prices and broadly lower tax revenues.

Murphy, a former Goldman Sachs executive and fervent Democrat who took over as NJ governor from Chris Christie in 2018 was expected to announce on Thursday morning a deal that includes a higher tax rate for residents earning more than $1 million a year. In keeping with Murphy’s social justice warrior ambitions, the agreement also includes a $500 rebate for families with at least one child and an annual income of less than $150,000 a year for couples and $75,000 for single parents. The new tax is expected to generate an estimated $390 million this fiscal year, while the $500 rebate is expected to cost about $340 million a year.

“Blink and you’ll miss the next Trenton tax hike,” the state’s Republican chairman, Doug Steinhardt, said in a statement. “That’s how fast Phil Murphy and his Democrats are spending your money.”

New Jersey must have a budget in place for the Oct. 1 start of the revised fiscal year, a nine-month cycle. The current fiscal year was lengthened by three months amid uncertain revenue during the novel coronavirus pandemic. The new spending plan includes $4 billion in borrowing to plug a revenue gap.

* * *

New Jersey’s move is an early glimpse of what will happen to tax rates across the country should Joe Biden become president: as part of his platform, the former Vice President has proposed raising taxes on people earning more than $400,000 to finance a slate of programs.

In the Garden State, the so-called millionaire’s tax was an initiative the Democrat-led Legislature had symbolically approved for years before Mr. Murphy took office in 2018, knowing that it would never be signed into law by the former Republican governor, Chris Christie. But Murphy, a self-avowed progressive who arrived in Trenton with few legislative allies, had been unable to win support for the idea from the Senate president, Stephen M. Sweeney, a political rival, or the Assembly leader, Craig J. Coughlin.

Until now.

Facing a fiscal crisis brought on by the urgent health needs of the pandemic and the months-long shutdown of businesses, lawmakers agreed to raise the tax rate on earnings over $1 million to 10.75 percent, up from 8.97 percent. Individuals earning more than $5 million were already taxed at the higher rate.

As the NYT notes, the deal underscores the “shifting political climate and a recognition that the wealthy may need to contribute more to the state’s recovery with so many residents out of work and struggling to feed their families.” And now the wealthy – who are no longer bound to a local office thanks to a Work From Home world – will show Murphy just how easy it is for them to uproot and leave to states with low, or no, state income tax.

In neighboring New York, Democratic Gov. Andrew M. Cuomo has largely resisted proposals to raise billions by taxing the wealthy, instead consistently calling on the federal government to bail out the state, which he is says needs some $59 billion to cover two years of projected state deficits. It’s a battle he will likely lose. Meanwhile, progressives in Albany have been pushing the governor to consider a variety of bills, including one to raise the tax rate on those earning more than $100 million to almost 12 percent.

The millionaire’s tax is part of a nine-month, $32.4 billion spending plan that must be adopted by Oct. 1. The proposed budget Murphy released last month also includes about $1.2 billion in spending cuts and $4 billion in new bonding debt.

And now the question is when New Jersey will complete its ritual suicide, hiking taxes on HFTs and frequent fire stock transactions, a move which will not only not boost revenues but lead to the prompt departure of such wealthy residents as the New York Stock Exchange (located, ironically enough, in NJ) and the Nasdaq.

The post Let The Exodus Begin: New Jersey Raises Tax On Millionaires first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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TOUCHED A RAW NERVE: Silver Roaring – $20 BECOMES REALITY!!

This article was contributed by James Davis at Future Money Trends. 

I’m probably going to shock you, but I am currently CAUTIOUS WITH precious metals.

Gold and silver have been GENERATING SPECTACULAR returns for us in 2020, especially if you caught the bottom with silver since we’re up more than 50% since.

Gold stocks and silver stocks have been CHEWING THROUGH WALLS and delivering massive gains as well.

Right now, though, gold is swimming in the HIGH SEAS. It’s playing with price targets that are FOREIGN TO IT. Goldman Sachs sees it hitting $2,000, Bank of America sees $3,000, and Rob McEwen predicts $5,000.

Silver is SO, SO CLOSE to hitting $20/ounce and it’s up nearly 60% since April!

We should begin to entertain the thought that precious metals are going to face TREMENDOUS RESISTANCE in the days and weeks ahead, perhaps the most excruciating seller momentum ever as short-term traders TAKE PROFITS on both the physical metals and the stocks.

Courtesy: Zerohedge.com

This is SUPERIORITY!

In 1980, Paul Volcker, then FED Chairman, gave fiat currencies air by raising rates to over 15%. Doing so stopped the INFLATIONARY MADNESS of the 1970s, but it also birthed the beginning of the end for America’s middle class and savers.

He basically CREATED THE TOP for government interest rates.

Look at the chart above and you’ll notice how he stopped gold from entering a point where it would have covered more than the ENTIRE CURRENCY SUPPLY.

At $850/ounce, gold had backed the dollar again by free-market forces in 1980.

Nixon essentially freed it up in 1971 to CALL BULLSHIT on the $35:1 conversion, and in nine years, it achieved that goal.

Had this happened once more in 2020, the price would be north of $20,000/ounce.

In other words, today’s gold price of $1,820 is EQUIVALENT TO gold’s price in the mid-1970s when it traded for $60.

We need to put things INTO CONTEXT, and today, gold covers only 5% of the dollars in existence, which means that $850 in 1980 is like $36,000 today!

Courtesy: Zerohedge.com

Goldman Sachs has put S&P 500 earnings for the full year at $115, which means that at 3,200 points, the P/E ratio is currently 27.8.

In this environment, VALUATIONS of the classical kind are less meaningful than in previous times since so much liquidity is pumped into the currency system that stocks serve as an INCOME HEDGE to governments and corporate bonds.

The S&P 500 dividend yield is 1.93%, which is 300% MORE THAN the yield of the benchmark 10-year Treasury bond.

A pension fund, university endowment fund, sovereign wealth fund, insurance company, and wealthy institution will CHOOSE STOCKS over bonds in this world.

Stocks are now bond replacements, which is the reason investors are willing to pay ADDITIONAL PREMIUMS for them, but there’s a limit to that.

Courtesy: Zerohedge.com

We’re entering a DEEP RECESSION. In it, many Americans will be suffering.

Don’t wait for Trump, Biden, or anyone else to dig you out of the situation you find yourself in.

Create your own destiny; this is a time for CALIBRATING CAREER CHOICES.

Struggling industries, such as travel, leisure, hospitality, restaurants, retail stores, banking, insurance, energy, and commercial real estate are SPEWING LAVA with opportunities to fill roles of leadership and innovation.

Capitalize on the leadership gap and assume your position in history!

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FIRE IN THE HOLE: $22 Silver – GOLDMAN SACHS BULLISH!

This article was contributed by James Davis with Future Money Trends. 

Gold is experiencing a BRILLIANT 2020 thus far, up 14%, and HANDILY BEATING both the traditional stock indices and its LITTLE SISTER, silver.

Because of safe-haven demand, the metal has been a TREMENDOUS VALUE-ADD for parking cash, far superior to fiat currencies and bonds.

I want to stress MY PERSONAL OPINION that the more eccentric central banks become, the more gold’s ULTIMATE VALUE will reveal itself.

Its DOOMSDAY worth will be mostly unearthed when the FED’s official 2% inflation emerges because that’s what the world’s investors have ENGRAINED IN MIND as their benchmark for deeming inflation as a problem. Below that, they ignore gold, for the most part.

When the notion that debt restructuring IS REAL, that’s when loss of faith in the current system will prove that gold, being that it is without COUNTERPARTY LIABILITY, is the only real safe haven and its value proposition will be strongest at work.

Courtesy: Zerohedge.com

The U.S. economy has peaked for the time being (2-3 years), in our opinion. It will continue to grow steadily, but it needs to find ITS NEW DIRECTION because the age of globalization has certainly peaked.

With the regime change in China in 1978, a country of 1B citizens was standing there full of potential but with NOTHING AT HAND. Special Opportunity Zones emerged in conjunction with the U.S. government and globalization HIT OVERDRIVE.

China is no longer cheap today and Africa is the future of cheap labor pools, but it is a continent that is COMPLETELY different from China.

As an economic tool, globalization will continue to play a pivotal role in corporate profitability, but it won’t be the primary driver of thick margins.

The world has evolved and COVID-19 has CHANGED PRIORITIES for multinationals. They now cherish reliability over cost optimization in an uncertain political landscape. America no longer serves as a tailwind for corporate outsourcing.

As you can see above, economic indicators have retraced all the way back to 2014 levels, but they won’t BOUNCE RIGHT BACK because the pandemic has changed some businesses for good.

Courtesy: U.S. Global Investors

Not only has globalization (which has been the STRONGEST TREND in 40 years for corporate expansion) peaked in popularity, but COVID-19 has proven the MORAL HAZARD THEORY is now set in motion in a big way.

If this is the first time you’re hearing this term, get used to it. Just like MMT (Modern Monetary Theory), this one is entering mainstream jargon.

As you can see above, corporations are ISSUING RECORD AMOUNTS of DEBT, taking advantage of government stimulus plans and central bank intervention programs.

While the classic value investors, who have ruled the 20th century, CRY WOLF, a new playbook of investment rules has crept in, which has made it so that Warren Buffett’s performance has lagged for years, as well as several other Great Depression-era billionaires.

While they are accustomed to purchasing companies when they trade for CHEAP MULTIPLES in the way that Benjamin Graham taught in the decades that followed the 1929-1932 period, today’s investors COUNT ON central banks to disallow collapses and resets, thus they’re thinking differently.

I’m working on an EXCLUSIVE REPORT about this that will explain this thoroughly.

When the American consumer regains its footing, Goldman Sachs believes silver will hit $22/ounce, so know that market sentiment towards the recovery metal, the industrial precious metal, is gaining traction.

Expect bombshell reports from us!

EXCLUSIVE REPORTS, Featured In This Article and in Others, Which Are Considered ESSENTIAL READING:
1. Gold Investing – DOWNLOAD HERE!
2. Trump’s War with Mainstream Media – DOWNLOAD HERE!
3. Covid-19 Round2 Sell-Off Playbook – DOWNLOAD HERE!
4. Why The Dollar Is Dead – DOWNLOAD HERE!
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AFRICA Central Banks cheap labor China corporate Economy Emergency Preparedness experts Fed Federal Reserve Forecasting globalization Gold Goldman Sachs Headline News Intelwars Metals money overdrive Silver United States value

FIRE IN THE HOLE: $22 Silver – GOLDMAN SACHS BULLISH!

This article was contributed by James Davis with Future Money Trends. 

Gold is experiencing a BRILLIANT 2020 thus far, up 14%, and HANDILY BEATING both the traditional stock indices and its LITTLE SISTER, silver.

Because of safe-haven demand, the metal has been a TREMENDOUS VALUE-ADD for parking cash, far superior to fiat currencies and bonds.

I want to stress MY PERSONAL OPINION that the more eccentric central banks become, the more gold’s ULTIMATE VALUE will reveal itself.

Its DOOMSDAY worth will be mostly unearthed when the FED’s official 2% inflation emerges because that’s what the world’s investors have ENGRAINED IN MIND as their benchmark for deeming inflation as a problem. Below that, they ignore gold, for the most part.

When the notion that debt restructuring IS REAL, that’s when loss of faith in the current system will prove that gold, being that it is without COUNTERPARTY LIABILITY, is the only real safe haven and its value proposition will be strongest at work.

Courtesy: Zerohedge.com

The U.S. economy has peaked for the time being (2-3 years), in our opinion. It will continue to grow steadily, but it needs to find ITS NEW DIRECTION because the age of globalization has certainly peaked.

With the regime change in China in 1978, a country of 1B citizens was standing there full of potential but with NOTHING AT HAND. Special Opportunity Zones emerged in conjunction with the U.S. government and globalization HIT OVERDRIVE.

China is no longer cheap today and Africa is the future of cheap labor pools, but it is a continent that is COMPLETELY different from China.

As an economic tool, globalization will continue to play a pivotal role in corporate profitability, but it won’t be the primary driver of thick margins.

The world has evolved and COVID-19 has CHANGED PRIORITIES for multinationals. They now cherish reliability over cost optimization in an uncertain political landscape. America no longer serves as a tailwind for corporate outsourcing.

As you can see above, economic indicators have retraced all the way back to 2014 levels, but they won’t BOUNCE RIGHT BACK because the pandemic has changed some businesses for good.

Courtesy: U.S. Global Investors

Not only has globalization (which has been the STRONGEST TREND in 40 years for corporate expansion) peaked in popularity, but COVID-19 has proven the MORAL HAZARD THEORY is now set in motion in a big way.

If this is the first time you’re hearing this term, get used to it. Just like MMT (Modern Monetary Theory), this one is entering mainstream jargon.

As you can see above, corporations are ISSUING RECORD AMOUNTS of DEBT, taking advantage of government stimulus plans and central bank intervention programs.

While the classic value investors, who have ruled the 20th century, CRY WOLF, a new playbook of investment rules has crept in, which has made it so that Warren Buffett’s performance has lagged for years, as well as several other Great Depression-era billionaires.

While they are accustomed to purchasing companies when they trade for CHEAP MULTIPLES in the way that Benjamin Graham taught in the decades that followed the 1929-1932 period, today’s investors COUNT ON central banks to disallow collapses and resets, thus they’re thinking differently.

I’m working on an EXCLUSIVE REPORT about this that will explain this thoroughly.

When the American consumer regains its footing, Goldman Sachs believes silver will hit $22/ounce, so know that market sentiment towards the recovery metal, the industrial precious metal, is gaining traction.

Expect bombshell reports from us!

EXCLUSIVE REPORTS, Featured In This Article and in Others, Which Are Considered ESSENTIAL READING:
1. Gold Investing – DOWNLOAD HERE!
2. Trump’s War with Mainstream Media – DOWNLOAD HERE!
3. Covid-19 Round2 Sell-Off Playbook – DOWNLOAD HERE!
4. Why The Dollar Is Dead – DOWNLOAD HERE!
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FATAL KRYPTONITE: Dollar Finished, Savers Crushed – GOLD DELIVERS!

This article was contributed by James Davis with Future Money Trends.


Goldman Sachs actually told its high-net-worth clients that it is a perfect time to EXPLOIT MADNESS exhibited by part-time retail investors and to CRUSH THEM. I’ve seen some REMARKABLE TESTIMONIES on how the average person decides on which stocks to buy and why.

One thing that really SUNK HOME the point of just how wild things have gotten is shown by a survey conducted with people who normally bet on sporting events. They say they have been buying stocks AS A REPLACEMENT, out of boredom.

The second SHOCKING STUDY has proved there’s a correlation between day trading and social media chat rooms about gambling.

Courtesy: Zerohedge.com

You can clearly see the correlation between the Great Depression ending, real wealth creation and prosperity spreading when America produced real products in the 1940s–1970s, and the REVERSAL IN THESE TRENDS when globalists HIJACKED the opportunity from the middle class and incentivized Special Opportunity Zones in China to GAIN MOMENTUM at the expense of many UNSUSPECTING PEOPLE!

Between 1937 and 1982, America’s middle class boomed and capitalism included many more people. That totally changed in 1982 and has intensified until present day.

Big trends either EAT YOU WHOLE or change your life FOR GOOD. In the case of globalization and outsourcing, the trend ate up workers and gave shareholders and executives an INCOME BOOM.

The most destructive UNINTENDED CONSEQUENCE of the income and wealth gap is ACCESS TO HIGHER EDUCATION.

Because tuition is so expensive, the chance that low-income demographics have to become doctors or medical professionals (which are America’s HIGHEST EARNERS as employees) or to assume major roles in Silicon Valley and tech, ARE SUPER LOW.

This perpetuates the gap, ushers NEW WINDS of populism into politics, and INSTIGATES SOCIAL UNREST. When you believe you have no chance of ever becoming FINANCIALLY SOLVENT and that debt will follow you around for the rest of your life, it sometimes leads to INVESTMENT INDIFFERENCE. One loses respect for money and gambles with it, whether on sporting events, Las Vegas, card games, or through Wall Street. You become angry over the topic of money and its fairness and distribution.

It’s unfortunate, but I can empathize with them since it is DEPRESSING to feel stuck!

Courtesy: Zerohedge.com

You can really see how the income for the top 1% WENT EXPONENTIAL in the mid-1980s.

The great equity BULL MARKET started in 1982, and that has led to this surge in income growth for the elite.

The majority of Americans is not BENEFITING FROM the growth of their corporations since the ownership is concentrated in high-net-worth individuals.

The fatal kryptonite of the masses is their LACK OF CONNECTION with the growing industries in America that require SPECIALIZED SKILLS, the type that the poor can’t even begin to imagine how to acquire!

The cheap labor pool offered by other countries around the world makes it so that America is too expensive to go back to being a leading manufacturing hub, but also too untrained to include more households in the tech boom.

This great drama will drive politics, society, and industry to find solutions, but YOU CAN’T wait for it to do so since life is too precious to leave to someone else.

You must work days and nights on DEVELOPING yourself, on educating yourself, and on improving your skills. Open the doors for yourself; there is NO OTHER WAY!

EXCLUSIVE REPORTS, Featured In This Article and in Others, Which Are Considered ESSENTIAL READING:
1. Gold Investing – DOWNLOAD HERE!
2. Trump’s War with Mainstream Media – DOWNLOAD HERE!
3. Covid-19 Round2 Sell-Off Playbook – DOWNLOAD HERE!
4. Why The Dollar Is Dead – DOWNLOAD HERE!
Share
Categories
Bear Market Boredom cheap labor Depressing exploit the madness Gambling Goldman Sachs Great Depression Headline News highest earners improve yourself Intelwars Middle Class Prosperity retail investors social media chat rooms Stock Market Stocks stuck gold standard Wall Street wealth creation

FATAL KRYPTONITE: Dollar Finished, Savers Crushed – GOLD DELIVERS!

This article was contributed by James Davis with Future Money Trends.


Goldman Sachs actually told its high-net-worth clients that it is a perfect time to EXPLOIT MADNESS exhibited by part-time retail investors and to CRUSH THEM. I’ve seen some REMARKABLE TESTIMONIES on how the average person decides on which stocks to buy and why.

One thing that really SUNK HOME the point of just how wild things have gotten is shown by a survey conducted with people who normally bet on sporting events. They say they have been buying stocks AS A REPLACEMENT, out of boredom.

The second SHOCKING STUDY has proved there’s a correlation between day trading and social media chat rooms about gambling.

Courtesy: Zerohedge.com

You can clearly see the correlation between the Great Depression ending, real wealth creation and prosperity spreading when America produced real products in the 1940s–1970s, and the REVERSAL IN THESE TRENDS when globalists HIJACKED the opportunity from the middle class and incentivized Special Opportunity Zones in China to GAIN MOMENTUM at the expense of many UNSUSPECTING PEOPLE!

Between 1937 and 1982, America’s middle class boomed and capitalism included many more people. That totally changed in 1982 and has intensified until present day.

Big trends either EAT YOU WHOLE or change your life FOR GOOD. In the case of globalization and outsourcing, the trend ate up workers and gave shareholders and executives an INCOME BOOM.

The most destructive UNINTENDED CONSEQUENCE of the income and wealth gap is ACCESS TO HIGHER EDUCATION.

Because tuition is so expensive, the chance that low-income demographics have to become doctors or medical professionals (which are America’s HIGHEST EARNERS as employees) or to assume major roles in Silicon Valley and tech, ARE SUPER LOW.

This perpetuates the gap, ushers NEW WINDS of populism into politics, and INSTIGATES SOCIAL UNREST. When you believe you have no chance of ever becoming FINANCIALLY SOLVENT and that debt will follow you around for the rest of your life, it sometimes leads to INVESTMENT INDIFFERENCE. One loses respect for money and gambles with it, whether on sporting events, Las Vegas, card games, or through Wall Street. You become angry over the topic of money and its fairness and distribution.

It’s unfortunate, but I can empathize with them since it is DEPRESSING to feel stuck!

Courtesy: Zerohedge.com

You can really see how the income for the top 1% WENT EXPONENTIAL in the mid-1980s.

The great equity BULL MARKET started in 1982, and that has led to this surge in income growth for the elite.

The majority of Americans is not BENEFITING FROM the growth of their corporations since the ownership is concentrated in high-net-worth individuals.

The fatal kryptonite of the masses is their LACK OF CONNECTION with the growing industries in America that require SPECIALIZED SKILLS, the type that the poor can’t even begin to imagine how to acquire!

The cheap labor pool offered by other countries around the world makes it so that America is too expensive to go back to being a leading manufacturing hub, but also too untrained to include more households in the tech boom.

This great drama will drive politics, society, and industry to find solutions, but YOU CAN’T wait for it to do so since life is too precious to leave to someone else.

You must work days and nights on DEVELOPING yourself, on educating yourself, and on improving your skills. Open the doors for yourself; there is NO OTHER WAY!

EXCLUSIVE REPORTS, Featured In This Article and in Others, Which Are Considered ESSENTIAL READING:
1. Gold Investing – DOWNLOAD HERE!
2. Trump’s War with Mainstream Media – DOWNLOAD HERE!
3. Covid-19 Round2 Sell-Off Playbook – DOWNLOAD HERE!
4. Why The Dollar Is Dead – DOWNLOAD HERE!
Share
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Unemployment claims could rise by nearly 2 million this week, Goldman Sachs estimates

Businesses nationwide have been devastated by the coronavirus-related shutdowns as state and local governments seek to “flatten the curve” and slow the spread of COVID-19, which means unemployment rates are spiking. One estimate from Goldman Sachs indicates more than 2 million people may file unemployment claims this week, according to The Wall Street Journal.

The outlook: Last week, the number of jobless claims jumped by 70,000 to 281,000, reaching the highest level since 2017. Oxford Economics said the rise was a “small preview of what’s to come,” according to NPR.

If Goldman Sachs’ estimate is correct, that would be an understatement.

“State-level anecdotes point to an unprecedented surge in unemployment this week,” a Goldman Sachs Economic Research report read. “These anecdotes suggest that the next jobless claims report covering March 15-21 will show that initial claims rose to roughly [2.25 million], the largest increase in initial jobless claims and the highest level on record.”

The report pointed to severe declines in consumer spending in sports and entertainment, hotels, restaurants, and public transportation.

Trying to keep it quiet? The New York Times reported Thursday that the Trump administration instructed state labor officials to provide unemployment numbers in generalities rather than specifics until the federal government releases numbers next Thursday:

In an email sent Wednesday, the Labor Department instructed state officials to only “provide information using generalities to describe claims levels (very high, large increase)” until the department releases the total number of national claims next Thursday.

The email, which was shared with The New York Times, noted that the reports were monitored closely by financial markets and should therefore remain embargoed. “States should not provide numeric values to the public,” wrote Gay Gilbert, the administrator of the department’s Office of Employment Insurance.

Stimulus efforts: Congress and the White House are working on an economic stimulus package that could exceed $1 trillion and may include direct payments of $1,000 or more to Americans who are below a certain income threshold.

A Senate GOP proposal set that threshold at $75,000 annually for individuals and $150,000 for families. The amount of the aid check would diminish gradually for families that exceed that income, and individuals who make more than $99,000 per year or families that earn more than $198,000 would not be eligible. Some GOP senators have expressed concern about potential waste involved in sending direct cash payments to Americans who currently earn enough money as to presumably not be in need of the cash boost.

The proposal also includes measures to provide tax relief and/or easier access to loans for small businesses and corporations, particularly in severely-impacted industries such as the airline industry.

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Grassley Floats Targeted Tax Relief In Response To Coronavirus

This article was originally published by Tyler Durden at ZeroHedge. 

Update: Senate Finance Committee Chairman Chuck Grassley (R-IA) is exploring tax relief to mitigate the impact of coronavirus.

“While we continue to assess the economic impacts, Chairman Grassley is exploring the possibility of targeted tax relief measures that could provide a timely and effective response to the coronavirus,” said a Grassley spokesperson. “Several options within the committee’s jurisdiction are being considered as we learn more about the effects on specific industries and the overall economy.”

Shortly after we posted a prediction from Goldman’s David Mericle that the government and/or the Fed will need to immediately step in with monetary and fiscal stimuli to try and manage the recent chaos in the markets, VOA’s Steve Herman reports that the White House will be holding a meeting to discuss economic stimulus later this afternoon. The meeting will include Treasury Secretary Mnuchin and the economic team.

Trump, meanwhile, is blaming an oil-driven spat between Saudi Arabia and Russia – not coronavirus fears – as “the reason for the market drop!

To review some of the options on the table, according to Goldman:

Beyond funding for virus testing and treatment, the most direct avenue is aid to corporates and small businesses, especially in sectors hit by the virus shock. A US precedent is the post-9/11 help for the airline industry, which involved $5bn in direct payments and up to $10bn in loan guarantees.

Another avenue—at least in the US where the central bank is very limited in what it can legally buy—is for the Treasury to backstop credit easing facilities for the Fed; however, it would probably take a material further deterioration in market conditions and functioning for such facilities to be reestablished.

On the Fed side, Goldman expects easing in March and April, with 100bp on the table. That said, it may have limited impact given where rates already are.

So far there’s been virtually no reaction to news of the meeting.

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[Leaked Audio] Bloomberg Says He’ll “Drone” His Critics & Protect The Banks

Democrat Michael Bloomberg has been caught saying he will drone those who disagree with him and protect the big banks. The hypocritical guy who backs and funds his own anti-gun campaign now wants the power to drone his critics.

Billionaire Democratic hopeful Michael Bloomberg vowed to “defend the banks” and jokingly suggested that he may hunt down his political rivals with Predator drones if elected, a leaked 2016 audio clip has revealed. While some may take it as a joke, giving power to a person who thinks killing people who disagree with him is a laughing matter is simply disturbing.

The Bloomberg campaign has confirmed the authenticity of the recording, which captured a speech he gave at a closed-door Goldman Sachs event at Yankee Stadium in June 2016. The clip was posted online by a self-styled disgruntled former Goldman executive several days ago and has since made the rounds.

Bloomberg’s opening remarks can only help to fuel concerns within the progressive wing of his own Democratic party that the billionaire is indeed in bed with big banks. When asked why he did not run in 2016, Bloomberg responded: “Well, to start, my first campaign platform would be to defend the banks, and you know how well that’s gonna sell in this country.”

While his campaign brushed off the remark as a joke, custom-tailored to the audience of corporate executives, Bloomberg seemed to be quite serious about his support for the banking industry at the time, arguing further that a strong banking system would boost job growth. But seriously… somebody’s gotta stand up and do what we need. A healthy banking system that’s going to take risks because that’s what creates the jobs for everybody. And nobody’s willing to say that. The trouble is, these campaigns in this day and age, really are about slogans and not about issues anymore,” he went on, lamenting that voters cast ballots based on the candidate they “hate the least.

And that’s not the only concern, especially if you are critical of Bloomberg’s proposed policies.  According to RT, in another excerpt from the nearly hour-long speech, which was uploaded last week by the user ‘cancelgoldman’ to SoundCloud, an audio-sharing platform, Bloomberg suggested that one of the benefits of being president is that as commander-in-chief can do away with inconvenient critics by taking them out with killer drones.

“It would have been a great job. No, I mean, you think about it, you have Predators, and the Predators have missiles, and I have a list of everybody that’s annoyed me or screwed me for the last 74 years, and bang-bang-bang-bang.” -Michael Bloomberg

Bloomberg has spent over $500 million out of his own pocket to promote his presidential bid, but so far his campaign is struggling to gain momentum. Hopefully, the release of this audio clip will see him out of the race and out the money he spent promoting his idiotic and sociopathic policies.

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