To participate in todays hearing. Members are reminded to keep p their video function on at all ible for hemsel theyre notot recognized by the chair. Ve the members are also reminded ey that they are responsible for muting and unmuting themselves. To mute themselves after they r have finished speaking. Consistent with regulations, 96s astaff will only mute members and witnesses as appropriate when not recognized to avoid inadvertent background noise an otherre embarrassments. Members are reminded that all house rules related to order ano decorum apply to this remote trn hearing. G this hearings entitled exposure notification and Contact Tracing, how ai helps localities open safety and researchers finn it pure. Statem i will now recognize myself for four minutes to give an openingc statement. Good morning. Todays hearing will focus on the essential trade offs that ry the covid19 pandemic is forcing upon us to make between life, liberty, privacy, and the pursuit of happiness. A and the r
Wrong and world will end on june 21st that means that the central bank will inject at least another 100. 00 trillion dollars of money if not 3. 00 or 4 trillion dollars afia money what could be more bullish for stocks and bonds wow this is going to be an epic rally could hardly wait. Well thats just kind of a joke but this next headline is not a joke of course and this is that we saw on friday of last week that a bankruptcy judge mary walrath just approved hertz request to issue new shares now remember hertz is bankrupt as we told you they declared chapter 11 bankruptcy which means that shareholders will get nothing but share prices rocketed by up to 50600 percent they keep on going up and down then the judge approved the plan when the creditors came and said basically they wrote in an application to the court basically saying theres some maniacs who are buying this bankrupt company and we the creditors have the full rights in courts in Bankruptcy Court so if these people are willing t
Monday morning that they were going to go bankrupt well you know in america when you go bankrupt in chapter 11 we declare chapter 11 what happens is your creditors line up to see who gets the debt whoever is this has the most senior debt the bond holders the bank loans anything like that they cant your money 1st your assets they liquidate everything and then if theres anything left over a which creditors make sure theres not and the lawyers get paid and everything that then maybe equity holders shareholders might get paid so they never get paid right but when the news broke that they were going to go bankrupt chesapeake. People on robinhood especially these free apps available and its mostly for millennia old and generations a very young traders new traitorous and they all just got new money free money stimulus checks 1200. 00 each from the government they poured into it stop prices up at 300 percent at one point it close at 170 something percent 180 percent but heres what you know the
500 stocks down over the last 10 weeks today was the 3rd straight day with over 6000000000 shares traded on the nasdaq all of which have been higher than any day in history to put that in perspective from 2009 until 2020 there wasnt even a one day with 5000000000 shares theres no connection between the economy and the stock market now that spot abnormal theres usually a lag between the 2 main street can collapse and then stock market can start moving up based on anticipation of main street or the economy picking up and sometimes the stock market will go down before the economy does because it has this tendency to be a quote discounting mechanism but what were seeing here is not a discounting of prices based on some fundamental analysis of the economy what were seeing is an utter divorce an utter split from the real economy and the financial ised funny money fed driven casino that is now taken over the globe this is causing 2 things the overlord class are becoming fabulously wealthy and
Other. Yesterday, down over 200 adding that, you are down more than 1,000 points of decline in early session right now. Well see what the market does as we get close tore reopening and of course to the closing bell today s p 500 down 33 and nasdaq down 101. The central bank indicated it would keep Interest Rates near zero projected that the u. S. Economy will shrink by 6. 5 in 2020. They do see a gain they are expected by 5 in 2021 followed by 3. 5 gain in 2022 and will continue increasing Bond Holdings and Mortgage Backed securities at 40 billion a month. Take a look at the 10year note, yield now sitting at 0. 698 . Crude oil prices have also come down a little too. Wti is down about 3 this morning. Ticking at 38. 38 a lot of this is because of what the fed is you no saying you are really expecting some tough economic sledding. The news out of 12, 13 states probably not great either. I think it would be hard for me to sell right now. You wait around. We dont invest. You would have wis