Of it so those are the guys getting bailed out by the fed in the meantime u. S. Housing j. P. Morgan chase to raise mortgage borrowing standards as Economic Outlook darkens it just got harder to buy a house from tuesday this week customers applying for a new mortgage will need a credit score of at least 700. 00 and we acquire to make a down payment equal to 20 percent of the homes value but this is an interesting concept one of fairness as it relates to the economy and its not really a big day and to be american system is not designed to be fair because fair is what is fair for one person is unfair to another person and thats a highly subjective term what america relies on is free market capitalism it relies on competition and if you are successful competing then. And you succeed remember in america possession is 9 tenths of the law now if you dont compete successfully then you get thrown out of the game basically but thats the way it is in the United States and. Having said that when
Ruined by the coronavirus pandemic new figures out of the u. S. Are 26000000 people have now lost their jobs. Looting and rioting in south africa troops deployed in cape town to enforce a citywide. Latin american code 1000 cases begin to soar it could all and peru stop to see the effects of the outbreak. Now the u. S. House of representatives has passed a new 484000000000. 00 relief bill to help keep Small Businesses afloat during the pandemic and also to provide funds for hospitals now passed with a big bipartisan support and will now go to President Donald Trump the final approval and follows a 2 trillion dollars stimulus package that was already passed last month. U. S. Workers are struggling as the outbreak takes a toll on the economy and just 5 weeks all of the jobs created since the end of the 2009 recession have been wiped out more than 26000000 americans are now unemployed it really cant change my life drastically. So my mom put it away. Into like my savings account hinske its
Fairness that weve seen. Since the intervention is fed days so say in 1907 when the plunge Protection Team and Alan Greenspan came to the rescue of the the bad bets made on wall street chicago. And ever since and weve had more and more and more unfair system it starts off a little bit unfair and as we see like a little change of direction way back then in history becomes a huge gap we see that with the wealth and income gaps and we see that with every single crash and the subsequent bailouts gets worse and worse towards the very wealthy and the connected so when weve already covered the trillions going to the banks instantly and the fact that the ordinary person is struggling to read well you know waiting desperately for the stimulus checks to arrive to them the measly little ones you know when the fed is buying these collateralized Loan Obligations you have to realize that 81 percent of them are owned just by j. P. Morgan Wells Fargo Bank of america and citibank just those 4 banks own
Fairness that weve seen. Since the intervention is fed days so say in 1907 when the plunge Protection Team and Alan Greenspan came to the rescue of the bad bets made on wall street chicago. And ever since and weve had more and more and more unfair system it starts off a little bit unfair and as we see like a little change of direction way back then in history becomes a huge gap we see that with the wealth and income gaps and we see that with every single crash and the subsequent bailouts gets worse and worse towards the very wealthy and the connected so when weve already covered the trillions going to the banks instantly and the fact that the ordinary person is struggling to read well you know waiting desperately for the stimulus checks to arrive to them the measly little ones you know when the fed is buying these collateralized Loan Obligations you have to realize that 81 percent of them are owned just by j. P. Morgan Wells Fargo Bank of america and citibank just those 4 banks own 81
Here believe it or not, maybe your stat of the day, 164 of the s p 500 are actually higher now year over year for all the market damage over the past year. A good chunk of the market still remains higher we have a great Investment Committee lined up for you again today. That would be guy adami, and karen finerman, who will join us in a bit let us begin the show by focusing on four big mac row calls today from well known firms, all kind of saying the same thing are you ready, folks lets walk you through it, number one, goldman sachss, the market urn likely to make new lows morgan stanley, pull backs should be bought jpmorgan chase, were going to hit all time highs in the market next year. Piper stanley being more direct. The bear market has concluded. There you go guy adami, you heard that, you have four calls all saying the same thing, its not taken away from main street and the human toll we understand we are focused on the markets. Do you agree with those pretty optimistic views no,