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The PPP program ends on July 31, two weeks from now. Congress is nowhere toward extending it.

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PPP was not enough for small businesses as coronavirus crisis surges - Axios axios.com/ppp-small-busi…
A new Goldman Sachs survey, provided first to Axios, finds 84% of PPP loan recipients will exhaust their funding by the first week of August and only 16% say they're very confident they will be able to maintain payroll if no further government relief is provided.

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I have no problem not extending the PPP. It is correct to say it offers perverse incentives

But if you’re going to end it for these reasons, go all the way. End all Fed securities buying programs and QE in 2 wks too. Doesn’t the same apply?

I’m not holding my breath.

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Jim Bianco
@biancoresearch
Takahashi Korekiyo headed the Bank of Japan and Japan's Minister of Finance (Treasury Secretary) in the 1920s and 1930s.

He was truly a man ahead of time, his policy prescriptions read like he could be a central banker today....

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Takahashi Korekiyo in the 1920s
Following the onset of the Great Depression, he introduced controversial financial policies which included abandoning the gold standard, lowering interest rates, and using the Bank of Japan to finance deficit spending by the central government.

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These programs are largely credited for pulling Japan out of the Great Depression.

en.wikipedia.org/wiki/Takahashi…

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But a sobering bit of history for all central bankers re-creating Korekiyo's policies ....
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Jim Bianco
@biancoresearch
Pre-Mkt Tesla is up another $100 to $1650, or ~7%. This will push its mkt cap to over $300 billion, passing JPM, MasterCard and P&G to move into the top 10 by value.

I BELIEVE this is the first time a US company has reached the top 10 in value and was NOT in the S&P 500.
Note … It is possible Berkshire reached the top 10 in value before it was added to the S&P 500 in 2010.

(The reason Berkshire was excluded was it high stock price kept it share turnover below the minimum to get included. Then BRK/B was issued and it qualified.)
At $300 billion, TSLA is far and away the largest company by market value to not be in the S&P 500.
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Jim Bianco
@biancoresearch
The Dallas Fed has a "Mobility and Engagement Index" that aggregates all available mobility data.

Here is the chart of mobility by day of the week pre-shutdown.

We tended to be most mobile on Saturday and least mobile on Wednesday.

Note the scale.

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Now here is the same chart on the left (orange) compared to how mobile we have been since April 1 (blue).

They are both on the same scale.

This radically shows the work at home effect and the shutdowns and the massive impact it is has on our mobility.

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In one sense, this chart states the obvious. But, when you see how massive the disruption has been to everyone's lives, understand that the economic data we rely on is not equipped to reflect an economy that underwent this radical a change in such a short period of time.

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