F*ck Jerry

[The beef 675] [I'm an image] “Talk about a buzz kill.” - Jeff Hey there carnivores, Markets were down on Wednesday thanks to Jerome Powell’s negative outlook for the economy. And today we’re talking about what he said to send markets down. Keep raging, Jeff & Jason [Image] [I'm an image] F*ck Jerry Thanks for nothing, Jer. Fed Chairman Jerome Powell gave his thoughts on the economy yesterday... and it would have been better if he just kept his mouth shut. Powell told the White House that [it should keep spending money]( to prop up the economy as it looks to help the US recover from the coronavirus pandemic. Jerry Interest Rates warned of a bleak future. Sadly, it doesn’t sound very far fetched at all. With economies opening more slowly than expected, company revenues could remain depressed, leading to decreased spending (or worse, bankruptcies), which leads to fewer jobs, which leads to Americans spending less... which leads to, you guessed it... less company revenues. [It’s a vicious cycle.]( It's of no interest Powell didn’t stop at saying that the economy is worse off than the Bulls post-Jordan (both times). He indicated that [there are no plans for the Fed]( to move its benchmark rate negative after dropping it to zero in March. So, how did markets react? As you can expect, they took a nosedive. The Dow, S&P, and Nasdaq dropped 2.17%, 1.75%, and 1.55%, respectively. But it wasn’t all Jer-bear’s fault... Billionaire investor David Tepper took to day-time TV to say that the stock market is the second most overvalued he has ever seen it. The other time? 1999 aka the tech bubble. The bottom line... On the plus side, at least we don’t have to worry about inflation... right now. Consumer prices posted their [biggest decline since 2008](, dropping 0.8% for the month of April. Clothes, auto insurance, flights, and hotel rooms all saw record price declines. Ah, the Four Horsemen of the Coronapocalypse. [Image] Why Bother Learning Options When You Can Steal Ideas From Wall Street’s Most Informed & Profitable Traders? [Alternate text]( Tonight at 8:30 PM ET— Kyle Dennis Reveals His #1 Tool For Hunting Down Explosive Options Register Now For This One-Time Live Event [Reserve Your Seat]( [I'm an image] ☑️ Turnover. Spalding got some [deflating news]( today. The NBA is switching official ball providers for the ‘21-22 season. Spalding, which has been the league’s ball du jour for the last 30 years, is out as the official NBA basketball. In its place? Wilson. Cue Tom Hanks yelling. The terms of the deal were not released. In the NBA’s defense, Wilson was the first official ball of the league starting in 1946. From 1983 to the time of this announcement, Spalding was the official ball of the league. ☑️ A Kickstart in the a*s. Kickstarter is sending employees packing, cutting [almost 40%]( of its workforce through layoffs and buyouts (read: layoffs, with a little more incentive to leave). Kickstarter was one of the first tech companies to unionize, which it did in February of this year. Convenient timing. That union, represented by the Office and Professional Employees International Union, was the reason employees got buyouts at all. So it could be worse. CEO Aziz Hasan cited a 35% drop in new projects with “no sign of rebound” as the reason Kickstarter is cutting headcount. You mean the company that relies on people using disposable income to fund products that will probably never reach scale is struggling? You don’t say… ☑️ Hazard Pay. Mark Zuckerberg is showing his, or at least his lawyers, caring side, as the tech giant agreed to [pay $52M]( to settle a lawsuit with content moderators who said they suffered psychological damage after having to deal with the BS that some people post on Facebook. More than 10k moderators can receive up to $1k in medical screening, and can tack on required treatment to that bill as well. Facebook said it will also provide on-site coaching to give moderators more control over the f*cked up content they have to comb through on a daily basis, because everyone knows watching horrific videos on your own terms is way better than getting paid to do it. ☑️ The magic’s gone. I hope Mickey Mouse has been saving up his Disney Dollars over the last few months. Disney reported that it’s on track to lose [more than $1B in earnings]( each month its parks remain closed. Disney Shanghai took the plunge and opened up this week, making it the only park to reopen since the outbreak of coronavirus, Disney is working on a backup plan, though. Earlier this week, the media mogul raised $11B in senior notes, with maturities ranging from 2026-2060, hopefully beyond the end of this whole thing. In the meantime, the company has $14.3B in cash on hand to play with. 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