Sitemap - 2020 - The Credit Writedowns Newsletter

Musings on initial claims, the US economy and Tesla as year end draws near

Pegging market and economic trends

Laying Out The Bullish Case

Contextualizing the horrible jobless claims numbers

Big miss on jobs numbers

Good claims number. Now awaiting the jobs figure

Pre-inaugural fiscal relief unlikely

Coronavirus and initial claims bogeys ahead of schedule

Europe double dips as the US expands

Double dip is now the base case for the US as well as the global economy

Rotation toward value, Covid-19 spikes and electoral disputes

Addendum on divided government

Divided government, stimulus anxiety and Covid-19

Double dip is now the base case for the global economy

Shutdowns and double dips

The Macro Themes That Matter, Part 3, Markets Edition

The Macro Themes That Matter, Part 2, Mea Culpa Double Dip Edition

The Macro Themes That Matter, Part 1

Scalability and the K-shaped recovery

Chinese GDP, European double dip and Norway as the model

Two alternative takes on the recession and on coronavirus

Lessening credit distress and a jobless claims surge

The business cycle and credit, defaults, and bankruptcies

Sanguine about the near term but concerned about future trends

Continued high jobless claims, no stimulus and coronavirus

No stimulus, no problem?

David Rosenberg and the corona crisis as a depression

Economic downshift sinking in?

An update on momentum stocks as a secular stagnation play

Jobless claims remain dangerously elevated

Get while the getting is good (and more on jobless claims)

Search and Simplicity: The Silver Bullets of the Internet

Worries about a retail investor-led speculative mania, part 2

The US labor market is deteriorating

The Fed, endogenous money and balance sheet constraints

Thoughts on my September and October thesis playing out

Some thoughts on US jobs numbers and market volatility

Two takeaways from today's market meltdown

Fixing the jobless claims numbers

The convergence to zero trade end, volatility edition

Portfolio implications as the convergence to zero trade ends

The policy world we live in and its implications

Growth downshift, yes. But how much?

Initial claims and the fiscal cliff update

Signals to watch as crucial fall season approaches

Initial claims and the fiscal cliff

Momentum stocks as a long duration secular stagnation play

US economic outlook to now deteriorate quickly

Recent jobs data supports muted W-shaped recovery for now

The surge in jobless claims looks to be over

More on the fiscal cliff and a double dip

Jobless claims, the fiscal cliff and a double dip

Five important macro themes on my mind today

Where are we economically right now?

Initial jobless claims rise 100,000, unadjusted claims fall 100,000

Why initial jobless claims are going to go through the roof

News suggests major economic and political challenges ahead

Political impasse over jobless claims just as they mushroom

The information silo

Data show W-shaped recovery is taking hold

Bears forced to raise targets

'Bullish' takeaways from US jobs data

News flow as European shares outperform the US

Some brief thoughts on the second coronavirus spike and financial markets

The Fed's stress tests and severely adverse outcomes

The reverse-radical and W-shaped recoveries

Re-opening, the pandemic and a potential double dip

The coronavirus pandemic is worsening

Fed asset purchases and Hyman Minsky's two price system

The recession is over

My thoughts on the present re-opening rally hiccup

This feels like a phase shift

Some thoughts on the bullish narrative

The real economy and equity market mania

Worries about a retail investor-led speculative mania

Positive sentiment, the oil price rally and re-opening

Social unrest, economic fundamentals and the liquidity-driven rally

The three crises facing the United States

Why higher US savings won’t save the pandemic-hit economy

The Escalating New Cold War

Predicting post-coronavirus outcomes

What about the virus?

Re-calibrating forecasts and relative value in a post-lockdown world

Policy errors during a balance sheet recession and 25% unemployment

Hope reigns supreme despite the poor economic outlook

The jobs picture, coronavirus response protocols and mental health

Handicapping economic outcomes after the third phase of recession

Sweden's economy holding up as the rest of Europe suffers

Entering the third phase of recession

My take on the three d's of depression

Gauging post-lockdown economic outcomes as the US economy contracts 4.8%

Negative sentiment, the oil price collapse and re-opening business

Bullish thoughts about Europe's recovery

Broadening my content filter on Covid-19 and the economy

Asset allocation worries and pain in the oil patch

Reality is setting in, but only slowly

Yesterday marked the end of US energy independence

The post-coronavirus view of Italian government debt

Economic outcomes from the fight to exit lockdown

The post-coronavirus corporate earnings reports have begun

The Three Stages of Recession

Is it too late for a US lockdown and quarantine approach?

What makes a Great Depression a Depression and not a recession?

In defense of the Fed's junk bond campaign

The Fed crosses a Rubicon of credit easing by buying junk debt

How do we achieve minimal economic disruption from Covid-19?

Italy's quagmire and lingering impacts of post-lockdown social distancing

Europe begins coronavirus backside response planning

Looking forward on coronavirus, the economy and markets

Brief thoughts on the loss of 701,000 jobs in the US

Defining crisis and predicting outcomes in an environment of maximum uncertainty

The backside of the coronavirus storm

In the eye of the coronavirus storm

Europe hunkers down as US jobless claims hit record

Bringing a demand-side bazooka to a party with no supply

The premature lifting of lockdown

BREAKING: The Fed has announced unlimited QE to include many asset classes

Backside coronavirus responses after deep recession, equity rout

Are equities bottoming?

Coronavirus news as global recession deepens

The coronavirus effect on the real economy has arrived

Enumerating coronavirus' threats to the financial system

We are now in a financial crisis

Taking stock now that coronavirus has been officially declared a pandemic

Judging the state of the economy amid the coronavirus pandemic

How to think about Trump's coronavirus speech and likely outcomes

Social distancing, lockdown and quarantine and policy responses

Snapback rally coming as Trump targets stimulus

Financial crisis must be averted as financial panic takes hold

GDPNow at 3.1% as oil price freefall beckons liquidity crisis

Are we in recession already?

The coronavirus outbreak is a health crisis

Are we seeing the makings of another financial crisis?

We've had the relief rally already. What's next?

A relief rally is not out of the question

Preparing for an L-shaped recovery - will we get a coordinated global response to the coronavirus?

Market structure vulnerabilities amidst a coronavirus pandemic

Economic outcomes from a shift to the coronavirus as a pandemic

Coronavirus now causing rapid tightening of financial conditions

Coronavirus now causing rapid tightening of financial conditions

Near-panic over the economic impact of the coronavirus

The coronavirus is crushing supply chains and is a major threat to the global economy

The nightmare scenario is now playing out for the US Democratic Party

More thoughts on the Democratic Primary and today's Zeitgeist

The downside risks from coronavirus are mounting

Sanders' Socialism vs Crony Capitalism

Millennials' openness to socialism and more on a brokered convention

A brokered Democratic convention and the faltering European economy

How the Fed aims to prevent the next financial crisis using the Standing Repo Facility

German chancellor in waiting quits, Fedspeak comments, Repo thoughts, and economic bullishness

Jobs report confirms health of US economy and gives a boost to Trump

Some thoughts on the radicalization of politics in Germany (and around the globe)

Bullish US and EU data as we wait for the US jobs numbers

Data setback for the economic bears

More on the coronavirus, tail risk and policy error

Overkill on recession worries

A framework for thinking about tail risk

When is individual wealth too large?

BBB fallen angels and fake ETF liquidity

My constant end of cycle worries

UK and US looking inward, withdrawing from global role

The Iran conflict and why political events aren't bigger economic drivers

The new cautiously optimistic Credit Writedowns in 2020