Monday, July 13, 2020

Zero Hedge — The "Biblical" Default Wave Arrives: Here Is The Avalanche Of Bankruptcies Unleashed By Coronavirus


Brooks Bros? Is nothing sacred anymore? (snark)

Zero Hedge
The "Biblical" Default Wave Arrives: Here Is The Avalanche Of Bankruptcies Unleashed By Coronavirus
Tyler Durden

8 comments:

Matt Franko said...

Banks report tomorrow....

Ralph Musgrave said...

Yawn. The people who will be punished are those who took risks by funding businesses via debt rather than equity. If they fail, then serve them right. They shouldn't have taken that risk.

lastgreek said...

When I hear the name Del Vecchio (the CEO of Brooks Bros.) I am reminded of that great hockey player Alex Delvecchio who played for over 20 years (1950-1974) with the same team the Detroit Red Wings.

https://en.wikipedia.org/wiki/Alex_Delvecchio

PS: Name suggestion for the Washington Redskins: Washington Red Wings. This way they get to keep the R. Probably will upset the Detroit :(

Peter Pan said...

Washington Cherry Blossoms
Toronto Make Beliefs
Salt Lake City Slickers

May the hockey season begin...

Andrew Anderson said...

Don't be too hard on the "borrowers", Ralph, since government privileges for private credit creation drive people and businesses into debt.

And the MMT folks are fine with government privileges for private credit creation and would INCREASE(!) those privileges.

And Neil, that's why your moralizing about free loaders is pious hypocrisy coming from an MMT proponent.

NeilW said...

Presumably you're on the "shirker" side of the fence. Better start that charity and get the metro-liberals to fund it.

Andrew Anderson said...

I'm on the justice side of the fence and that means ALL fiat creation should be for the general welfare and that EXCLUDES fiat creation for the banks and asset owners.

Justice also excludes government guarantees of private liabilities, including privately created liabilities.

Or have you never heard of equal protection under the law?

Peter Pan said...

Andrew, you will have to build a movement for people who share your values, or can be persuaded to adopt similar values. Sign me up.