The Trump Economy

[RochesterRob]

6 minutes ago, 3rdnlng said:

They are limited by the contents of their wallet. I don't think their wells will run dry soon but selling their oil at a loss is not a strategy that they can sustain. 

Remember, if Russia didn't have nuclear weapons they would just be another country with an economy the size of Texas. With Trump as president, we're their daddy, while when Obama was in charge they were Michael to our Fredo. 

  Russia does in fact have nuclear weapons as does India so it makes the situation a game of emotions.  The 3 powers have always had a pragmatic aspect in terms of trade of goods that can found outside their own borders.  Beyond that general relations are generally cold.  In the past several years there have been minor border skirmishes between India and China.

[Nanker]

4 hours ago, RochesterRob said:

  Didn't Trump announce his intention to buy oil for the national reserve last week.

Yes, he did. He'll fill our strategic reserves at these lower prices and that takes millions of barrels of oil off the open market. Hopefully that will hasten the endgame. 

[Buffalo_Gal]

Trump administration rolls back Obama-era fuel efficiency standards
 

The Trump administration on Tuesday rolled back an Obama-era law that pushes automakers to produce more fuel efficient vehicles, severely limiting a rule designed to decrease pollution from transportation in the face of climate change.
 

The new rule cuts the year-over-year improvements expected from the auto industry, slashing standards that require automakers to produce fleets that average nearly 55 mpg by 2025. Instead, the Trump rule would bring that number down to about 40 mpg by 2026, bringing mileage below what automakers have said is possible for them to achieve.
 

The Trump administration has argued that cutting Corporate Average Fuel Economy (CAFE) standards will allow automakers to produce cheaper cars, something they say will save 3,300 lives as lower prices spur consumers to upgrade to new vehicles with better safety features that guzzle less gas than older models.
 

</snip>

[3rdnlng]

2 hours ago, Buffalo_Gal said:

Trump administration rolls back Obama-era fuel efficiency standards
 

The Trump administration on Tuesday rolled back an Obama-era law that pushes automakers to produce more fuel efficient vehicles, severely limiting a rule designed to decrease pollution from transportation in the face of climate change.
 

The new rule cuts the year-over-year improvements expected from the auto industry, slashing standards that require automakers to produce fleets that average nearly 55 mpg by 2025. Instead, the Trump rule would bring that number down to about 40 mpg by 2026, bringing mileage below what automakers have said is possible for them to achieve.
 

The Trump administration has argued that cutting Corporate Average Fuel Economy (CAFE) standards will allow automakers to produce cheaper cars, something they say will save 3,300 lives as lower prices spur consumers to upgrade to new vehicles with better safety features that guzzle less gas than older models.
 

</snip>

Now if they'd only get rid of ethanol. Once 10% ethanol was required to be mixed with gasoline my gas mileage dropped 10%. Next they can work on the faux electric driven cars that are in many cases fueled by coal. 

[ALF]

Trump Calls for New $2 Trillion Infrastructure Bill

 

WASHINGTON—President Trump on Tuesday said a significant investment in infrastructure should be part of a fourth congressional

coronavirus relief package, citing an opportunity in low interest rates.

 

https://www.wsj.com/articles/trump-calls-for-new-2-trillion-infrastructure-bill-11585668373

 

The next President will have one heck of a national debt.

[Deranged Rhino]

4 minutes ago, ALF said:

Trump Calls for New $2 Trillion Infrastructure Bill

 

WASHINGTON—President Trump on Tuesday said a significant investment in infrastructure should be part of a fourth congressional

coronavirus relief package, citing an opportunity in low interest rates.

 

https://www.wsj.com/articles/trump-calls-for-new-2-trillion-infrastructure-bill-11585668373

 

The next President will have one heck of a national debt.

 

This was expected before the lock down too -- interesting he's still going forward with it. Could be a real quick way to get a bunch of jobs ready for when it's lifted. 

(though, it seems infrastructure bills never deliver there)

Edited March 31, 2020 by Deranged Rhino

[3rdnlng]

48 minutes ago, Deranged Rhino said:

 

This was expected before the lock down too -- interesting he's still going forward with it. Could be a real quick way to get a bunch of jobs ready for when it's lifted. 

(though, it seems infrastructure bills never deliver there)

We have a developer in charge not someone who believes in Unicorns.

[Foxx]

On 3/29/2020 at 7:19 PM, Foxx said:

won't be long before we won't be able to store it. so much so that, will we see negative prices on a barrel?

 

The oil glut is filling up the world’s supertankers fast

The world’s oil tankers are being filled with crude at a record pace as the options to store a glut on land rapidly diminish, one of the industry’s largest owners said.

 

A combination of surging production from key producers worldwide and capitulating demand in the face of the coronavirus outbreak means that land storage is being overwhelmed, said Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS. The world is likely overproducing by about 20 million barrels a day, or 20% of normal consumption, he said, echoing wider industry views. ...

 

 

On 3/29/2020 at 7:50 PM, TPS said:

No. Futures prices are in a steep "contango," which means the current price is less than the future price to such an extent that it more than covers the cost of storage.  That means you can make a risk-free profit by buying oil today and storing it tankers--banks and hedge funds do this.  When the above ground storage runs out, and financial traders can't take advantage of this any longer, the Saudis will be forced to reduce pumping and meet the "real" demand for oil.  

as predicted...

 

Wyoming Asphalt Sour became the first grade to do so as it went into negative territory, with the 30th of March having the largest negative price so far, $-0.47. today's bid, $-0.08.

 

 

Edited April 1, 2020 by Foxx

[TPS]

2 hours ago, Foxx said:

 

as predicted...

 

Wyoming Asphalt Sour became the first grade to do so as it went into negative territory, with the 30th of March having the largest negative price so far, $-0.47. today's bid, $-0.08.

 

 

Well, I don't know about your prediction, and I did do a little googling before I wrote my post and saw that there were already some grades of oil selling at a negative price.  I was focused on the major grades listed on the futures exchange, Brent and WTI.  But kudos.

[Tiberius]

On 3/30/2020 at 10:30 AM, Nanker said:

This is the other "war" that we're in. Both the Saudis and Putin are trying to destroy the US Shale Oil industry and with it our energy independence.

I'd like to see POTUS address this more directly than he has. Of course, the media would harangue us with stories about how he no longer cares about containing the Chinese Corona Virus and is more concerned about his "Big Oil" buddies profits - ignoring the fact that tens of thousands of oil workers will be put out of jobs.

We would pay higher prices, right? 

[Tiberius]

Over 10 million Americans applied for unemployment benefits in March as economy collapsed

A record 6.6 million people filed a new jobless claim the week ending March 28.

[Chef Jim]

First.  Stop with the large font 

 

Second. This is in the wrong thread. 

 

Third.  Pathetic you’re happy about this.   And don’t lie and say you’re not. 

[SoCal Deek]

21 minutes ago, Chef Jim said:

First.  Stop with the large font 

 

Second. This is in the wrong thread. 

 

Third.  Pathetic you’re happy about this.   And don’t lie and say you’re not. 

Thanks Jim

The large font is proof of your third point. Those on the Left have been rooting for failure for three years. Unfortunately this particular circumstance is going to backfire on them just like every other Willie Coyote story they’ve spun. The American Public is not going to blame Trump for the job losses so the Dems will be left looking like heartless buffoons.

[Tiberius]

4 minutes ago, SoCal Deek said:

Thanks Jim

The large font is proof of your third point. Those on the Left have been rooting for failure for three years. Unfortunately this particular circumstance is going to backfire on them just like every other Willie Coyote story they’ve spun. The American Public is not going to blame Trump for the job losses so the Dems will be left looking like heartless buffoons.

Actually I just cut and pasted the headline which was in large print, that it upsets you is your problem, not mine. 

[Warren Zevon]

30 minutes ago, Chef Jim said:

Second. This is in the wrong thread. 

 

What thread would a lunch lady like yourself put information about the amount of Americans who applied for unemployment?

 

I've seen statistics on Trump's fantastic job numbers through the beginning of his presidency through 2019 in this thread countless times. 

Edited April 2, 2020 by Gary Busey

[Foxx]

45 minutes ago, Tiberius said:

Actually I just cut and pasted the headline which was in large print, that it upsets you is your problem, not mine. 

depending upon your browser, when you copy and paste like that, you will notice a box that pops up at the bottom of the editor that looks like such:

 

 

click on the underlined, 'Paste as plain text instead', and it will remove any formatting that was pasted in the copy. easy peasy.

 

 

 

Edited April 2, 2020 by Foxx

[Buffalo_Gal]

Forbes has an post about bank and mortgage relief being offered over the next few months. The post is updated regularly.

[Buffalo_Gal]

 

 

[Koko78]

1 hour ago, Buffalo_Gal said:

 

 

 

This is an interesting topic. Higher prices are great for the oil/gas industry (and our energy independence), but we, as consumers, end up paying more at the pump.

[3rdnlng]

21 minutes ago, Koko78 said:

 

This is an interesting topic. Higher prices are great for the oil/gas industry (and our energy independence), but we, as consumers, end up paying more at the pump.

Although it was nice to fill up in Irving the other day at $1.20 a gallon the oil prices that make that possible won't keep our rigs in business and we need oil prices to go up to the point that will keep our producers in business. I won't mind paying an extra $1 a gallon in order to do that. 

[Chef Jim]

5 hours ago, Gary Busey said:

 

What thread would a lunch lady like yourself put information about the amount of Americans who applied for unemployment?

 

I've seen statistics on Trump's fantastic job numbers through the beginning of his presidency through 2019 in this thread countless times. 

 

Because many of those good job numbers are due to things that he actually did once in office.  So those can be attributed to the "Trump Economy"

 

The reasons for these high unemployment filings have NOTHING to do with Trump. 

 

But you knew these things right?

5 hours ago, Tiberius said:

I'm sorry I'm an idiot...

 

 

We know.  Funny you're the only one here that has a problem with that. 

[Buffalo_Gal]

Big chains poised to scoop up small business coronavirus aid

</snip>
 

The Paycheck Protection Program — part of the $2 trillion relief package signed into law last week — was billed as a way to help local businesses that often form the fabric of communities retain workers and pay bills. But an expansive definition of “small business” in the law means that it will be open to much more than just Main Street shops when lenders start processing applications Friday.
 

Operators of name-brand hotel, restaurant and service chains and franchises with thousands of employees at locations scattered across the US are eligible. Lobbyists are pushing the Small Business Administration to interpret the law generously to help sectors devastated by mandatory business closures and stay-at-home orders, possibly making the aid available to international fast food and lodging giants and allowing individual owners to get around a $10 million cap on loans.
 

</snip>

[Taro T]

29 minutes ago, Buffalo_Gal said:

Big chains poised to scoop up small business coronavirus aid

</snip>
 

The Paycheck Protection Program — part of the $2 trillion relief package signed into law last week — was billed as a way to help local businesses that often form the fabric of communities retain workers and pay bills. But an expansive definition of “small business” in the law means that it will be open to much more than just Main Street shops when lenders start processing applications Friday.
 

Operators of name-brand hotel, restaurant and service chains and franchises with thousands of employees at locations scattered across the US are eligible. Lobbyists are pushing the Small Business Administration to interpret the law generously to help sectors devastated by mandatory business closures and stay-at-home orders, possibly making the aid available to international fast food and lodging giants and allowing individual owners to get around a $10 million cap on loans.
 

</snip>

 

Sorry, the franchisors SHOULD be getting relief out of the "$500B slush fund," not out of the small business relief funds.  If they get the money aimed at the legit small employers this will NOT help the economy recover when America is finally "back in business."  But, the elected officials that supported the Kennedy Center grants and the like already knew that.

[ALF]

In March, the economy shed 701,000 jobs, according to the Bureau of Labor Statistics

 

The unemployment rate inched up to 4.4%, from a near 50-year low of 3.5%.

 

The labor market survey concludes in the middle of the month, so the March report didn't count the worst of the coronavirus effects on the economy, including many of the stay-at-home orders around the country.

In the second half of last month, nearly 10 million Americans filed for first time unemployment benefits as the outbreak forced businesses to close and people to stay home. This development will be reflected in the April jobs report, which is due on May 8.

 

https://www.cnn.com/2020/04/03/economy/march-jobs-report-coronavirus/index.html

[Buffalo_Gal]

This is the email my Key business email received today for the SBA loan/grants:
 

The Small Business Administration ("SBA") has released its updated guidance and application late this evening. We will incorporate the finalized application and rules into our platform and begin taking applications Friday, April 3. We will notify you when our system is available and ready to accept your application.
 

We recommend gathering the following documents and information:
 

•     Payroll records from the past twelve months including compensation for any individuals in excess of $100,000 or individuals whose principal residence is outside the United States.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA))
 

We appreciate your patience and look forward to helping you during this challenging time.

[bbb]

4 hours ago, Buffalo_Gal said:

This is the email my Key business email received today for the SBA loan/grants:
 

The Small Business Administration ("SBA") has released its updated guidance and application late this evening. We will incorporate the finalized application and rules into our platform and begin taking applications Friday, April 3. We will notify you when our system is available and ready to accept your application.
 

We recommend gathering the following documents and information:
 

•     Payroll records from the past twelve months including compensation for any individuals in excess of $100,000 or individuals whose principal residence is outside the United States.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA))
 

We appreciate your patience and look forward to helping you during this challenging time.

 

Of course, I stopped having payroll (one employee) 14 months ago.  But, I was told by somebody that if "I'm paying myself" that should count.  Any validity to that?  

[Buffalo_Gal]

4 minutes ago, bbb said:

 

Of course, I stopped having payroll (one employee) 14 months ago.  But, I was told by somebody that if "I'm paying myself" that should count.  Any validity to that?  

Mnuchin had something at the presser yesterday that sole proprietors and independent contractors would be eligible, but they would have to wait until next week. I missed a few words, but it was something about bringing in paperwork. If you can find his portion of yesterday’s presser (it was at the beginning), it is worth a listen.

[Foxx]

1 hour ago, bbb said:

 

Of course, I stopped having payroll (one employee) 14 months ago.  But, I was told by somebody that if "I'm paying myself" that should count.  Any validity to that?  

you would apply for the, Economic Injury Disaster Loan Emergency Advance. it is a, ' loan advance that will not have to be repaid'. you can be eligible for up to $10k.

[Buffalo_Gal]

His twitter account is updating every two hours or so:
 

 

[Buffalo_Gal]

6 hours ago, Buffalo_Gal said:

This is the email my Key business email received today for the SBA loan/grants:
 

The Small Business Administration ("SBA") has released its updated guidance and application late this evening. We will incorporate the finalized application and rules into our platform and begin taking applications Friday, April 3. We will notify you when our system is available and ready to accept your application.
 

We recommend gathering the following documents and information:
 

•     Payroll records from the past twelve months including compensation for any individuals in excess of $100,000 or individuals whose principal residence is outside the United States.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA))
 

We appreciate your patience and look forward to helping you during this challenging time.

They sent an update:
 

Based upon the finalized guidance received last night from the SBA we are working to complete our electronic application today. We expect to be able to take loans over the weekend but will likely not fund until Monday. We will provide an update when the application is available.
 

As a reminder, we recommend gathering the following documents and information to expedite the application process:

•     Documentation to support the average monthly payroll costs. Acceptable supporting documentation includes payroll processor records, payroll tax filings, Form 1099-MISC (for independent contractor applicants), or income and expenses from a sole proprietorship. If you do not have any such documentation, you must provide other supporting documentation, such as bank records, sufficient to demonstrate the average monthly payroll amount.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA)).
 

We are committed to you and delivering during this time of uncertainty.

 

[bbb]

7 minutes ago, Buffalo_Gal said:

They sent an update:
 

Based upon the finalized guidance received last night from the SBA we are working to complete our electronic application today. We expect to be able to take loans over the weekend but will likely not fund until Monday. We will provide an update when the application is available.
 

As a reminder, we recommend gathering the following documents and information to expedite the application process:

•     Documentation to support the average monthly payroll costs. Acceptable supporting documentation includes payroll processor records, payroll tax filings, Form 1099-MISC (for independent contractor applicants), or income and expenses from a sole proprietorship. If you do not have any such documentation, you must provide other supporting documentation, such as bank records, sufficient to demonstrate the average monthly payroll amount.
•     Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA)).
 

We are committed to you and delivering during this time of uncertainty.

 

 

Is this for PPP, the disaster one, or both?  

[Buffalo_Gal]

10 minutes ago, bbb said:

 

Is this for PPP, the disaster one, or both?  

Paycheck Protection Program Application

[IDBillzFan]

 

2 hours ago, Buffalo_Gal said:

Mnuchin had something at the presser yesterday that sole proprietors and independent contractors would be eligible, but they would have to wait until next week. I missed a few words, but it was something about bringing in paperwork. If you can find his portion of yesterday’s presser (it was at the beginning), it is worth a listen.

 

Correct. Independent Contractors apply starting April 10th.

 

 

[billsfan1959]

 

After state governments across the country directed their citizens to shut down their businesses and just kinda hope things worked out, a new order has been issued: everyone is to jump off a bridge immediately.

 

Medical experts believe it's the best, most effective way to stop the virus. Assuming everyone follows through and obeys the order, coronavirus will be wiped out, according to officials. There are no bad side effects, as far as anyone can tell. A few people pointed out that it could kill everyone, but these people are anti-science and obviously hate their neighbors.

[Magox]

The unemployment rate will reach over 12 next month and close to 20% the following one. 

[Buffalo_Gal]

Kevin McCarthy: BofA had 10K loans today alone

[billsfan1959]

22 minutes ago, Magox said:

The unemployment rate will reach over 12 next month and close to 20% the following one. 

 

I know people that have been trying for two weeks to file unemployment insurance claims here in NC. Cannot process a claim online and cannot talk to a live person.

[Tiberius]

 

 

Stocks are set to jump, with Dow futures pointing to a more than 700-point gain

CNBC.com·14 hours ago

 

 

 

Moscow and Riyadh are 'very, very close' to an oil deal, says Russia's sovereign wealth fund chief

CNBC.com·7 hours ago

 

 

 

https://www.bloomberg.com/news/articles/2020-04-05/spanish-government-aims-to-roll-out-basic-income-soon

Quote

 

The Spanish government is working to roll out a universal basic income as soon as possible, as part of a battery of actions aimed at countering the impact of the coronavirus pandemic, according to Economy Minister Nadia Calvino.

 

 

Social Security Minister Jose Luis Escriva is coordinating the project and plans to put some sort of basic income “in place as soon as possible,” with the main focus on assisting families, Calvino, who also serves as deputy prime minister, said in an interview Sunday night with Spanish broadcaster La Sexta.

 

 

But the government’s broader ambition is that basic income becomes an instrument “that stays forever, that becomes a structural instrument, a permanent instrument,” she said.

 

 

[Tiberius]

This is a really interesting article on what is happening in the American oil market. It's pretty ugly. 

 

https://komonews.com/news/nation-world/chaos-and-scrambling-in-the-us-oil-patch-as-prices-plummet-04-05-2020

 

Quote

 

“It's just a nightmare down here,” said Lee Levinson, owner of LPD Energy, an oil and gas producer in Tulsa, Oklahoma. “Should these low oil prices last for any substantial period of time, it's going to be hard for anyone to survive."

Crude prices recovered some ground, trading at around $28 a barrel Friday, after a week in which President Donald Trump tweeted that he expects Saudi Arabia and Russia will end an oil war and dramatically cut production.

On Friday, he met with oil executives but there were no announcements, and prices remain well below what most U.S. producers need to stay afloat.

Among the latest casualties is Whiting Petroleum, an oil producer in the Bakken shale formation with about 500 employees that filed for bankruptcy protection Wednesday. Schlumberger, one of the largest oilfield services companies, slashed its capital spending by 30% and is expecting to cut staff and pay in North America. And Halliburton, another major oilfield services provider, furloughed 3,500 of its Houston employees, ordering workers into a one-week-on, one-week-off schedule.

“You will see a tremendous loss of jobs in this industry,” said Patrick Montalban, owner of Montalban Oil and Gas, based in Montana, who along with his son is slashing his salary in half and plans to cut the his remaining employees’ salaries by 25% and end their health insurance benefits.

Many American shale producers feel targeted by Saudi Arabia, which they suspect of trying to put them out of business. And it could be working.

“We’re just burning through money down here," said Levinson, LPD Energy’s owner. "And how long we can last is anyone’s guess.”

 

Trump's murderous buddy in Riyadh is sure taking advantage of the crisis __

[SoCal Deek]

8 minutes ago, Tiberius said:

This is a really interesting article on what is happening in the American oil market. It's pretty ugly. 

 

https://komonews.com/news/nation-world/chaos-and-scrambling-in-the-us-oil-patch-as-prices-plummet-04-05-2020

 

Trump's murderous buddy in Riyadh is sure taking advantage of the crisis __

Hey Tibs

The same story could be written about a thousand other industries that gutted American jobs over the last couple of decades through cheap overseas labor...but the Left doesn’t want him confronting any of those industries. 
Glad to read that your finally coming around!

MAGA