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Congressional Hearing On GameStop Ahead: What Investors Need To Know

2021-02-18

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04:44","market":"us","language":"en","title":"Congressional Hearing On GameStop Ahead: What Investors Need To Know","url":"https://stock-news.laohu8.com/highlight/detail?id=2112854219","media":"Benzinga","summary":"On Thursday, Congress is taking its first crack at sorting through the stock market drama surroundin","content":"<p><img src=\"https://static.tigerbbs.com/b0c9f3a5ed532d4cf485d12eb5fa75a1\" tg-width=\"600\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p>\n<p>On Thursday, Congress is taking its first crack at sorting through the stock market drama surrounding Reddit’s WallStreetBets, the trading app Robinhood, hedge fund Citadel Securities and high-flying stocks like <b>GameStop Corp.</b> (NYSE: GME).</p>\n<p><b>What Happened?</b> The House Financial Services Committee is holding a hearing on Thursday in which the CEOs of Reddit, Robinhood, Citadel Securities and Melvin Capital will testify about the circumstances surrounding extreme volatility in GameStop that led to Robinhood restricting buying in the stock.</p>\n<p>WallStreetBets poster and GameStop trader Keith Gill, also known as Roaring Kitty, will also testify.</p>\n<p><b>Why It’s Important:</b> WallStreetBets users coordinated a massive pump-and-dump strategy targeting GameStop and other highly shorted stocks in January by leveraging the power of an option market gamma squeeze and a short squeeze.</p>\n<p>By aggressively buying out-of-the-money call options and shares of the underlying stocks, these retail traders forced a positive feedback loop of buying volume from momentum traders, institutional hedging&nbsp;and hedge fund short covering. As a result, GameStop’s shares skyrocketed from under $20 to as high as $483 in a matter of days.</p>\n<p>Losses at Melvin Capital got so bad that the hedge fund required a $2-billion investment from Citadel, which also pays Robinhood for its order flow.</p>\n<p>Robinhood subsequently banned and restricted buying of GameStop, a decision that is now the subject of at least 30 user lawsuits. Robinhood said the decision to restrict trading was not influenced by Citadel or any other customer and was simply made to protect its users from potential losses.</p>\n<p>Since Robinhood first enacted the&nbsp;restrictions, GameStop’s share price has crashed back down to around $46.</p>\n<p><b>What To Watch For Thursday:&nbsp;</b>Citadel founder Ken Griffin will likely face tough questioning on Thursday about Citadel’s roles as a hedge fund, a market maker and <a href=\"https://laohu8.com/S/AONE\">one</a> of Robinhood’s largest customers. Citadel reportedly handled 27% of all the NYSE trades last year, generating $6.7 billion in revenue in the process. Its separate hedge fund business also buys and sells stocks and oversees about $34 billion in assets.</p>\n<p>On Wednesday, Piper Sandler analyst Richard Repetto said investors should expect a lot of noise and very little action from Washington.</p>\n<p>“We suspect there will be plenty of headlines to come out of the hearing. However, we don't expect any substantive market structure discussions or conclusions to result,” the analyst said in a note.</p>\n<p>Repetto recommended investors buy&nbsp;any hearing-related weakness in shares of <b>Interactive</b> <b>Brokers Group, Inc.</b> (NASDAQ: IBKR) and<b> Virtu Financial Inc</b> (NASDAQ: VRTU).</p>\n<p><b>Benzinga’s Take:</b> The Washington, D.C.&nbsp;grandstanding machine will likely be out in full force on Thursday, and investors should expect Citadel and Robinhood to be the primary targets.</p>\n<p>Yet the much more important piece of the puzzle will be if and when the WallStreetBets fiasco results in actual changes to market regulations, including potential restrictions on short selling or changes to short seller disclosure laws.</p>\n<p>Latest Ratings for GME</p>\n<table>\n <tbody>\n  <tr>\n   <th>Date</th>\n   <th>Firm</th>\n   <th>Action</th>\n   <th>From</th>\n   <th>To</th>\n  </tr>\n </tbody>\n <tbody>\n  <tr>\n   <td>Jan 2021</td>\n   <td>B of A Securities</td>\n   <td>Maintains</td>\n   <td></td>\n   <td>Underperform</td>\n  </tr>\n  <tr>\n   <td>Jan 2021</td>\n   <td>Telsey Advisory Group</td>\n   <td>Downgrades</td>\n   <td>Outperform</td>\n   <td>Underperform</td>\n  </tr>\n  <tr>\n   <td>Oct 2020</td>\n   <td>Jefferies</td>\n   <td>Downgrades</td>\n   <td>Buy</td>\n   <td>Hold</td>\n  </tr>\n </tbody>\n</table>\n<p></p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Congressional Hearing On GameStop Ahead: What Investors Need To Know</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCongressional Hearing On GameStop Ahead: What Investors Need To Know\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 04:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/congressional-hearing-gamestop-ahead-investors-204449982.html><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>On Thursday, Congress is taking its first crack at sorting through the stock market drama surrounding Reddit’s WallStreetBets, the trading app Robinhood, hedge fund Citadel Securities and high-flying ...</p>\n\n<a href=\"https://finance.yahoo.com/news/congressional-hearing-gamestop-ahead-investors-204449982.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8438949fef4e8746a54844c65ff7cf6d","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://finance.yahoo.com/news/congressional-hearing-gamestop-ahead-investors-204449982.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2112854219","content_text":"On Thursday, Congress is taking its first crack at sorting through the stock market drama surrounding Reddit’s WallStreetBets, the trading app Robinhood, hedge fund Citadel Securities and high-flying stocks like GameStop Corp. (NYSE: GME).\nWhat Happened? The House Financial Services Committee is holding a hearing on Thursday in which the CEOs of Reddit, Robinhood, Citadel Securities and Melvin Capital will testify about the circumstances surrounding extreme volatility in GameStop that led to Robinhood restricting buying in the stock.\nWallStreetBets poster and GameStop trader Keith Gill, also known as Roaring Kitty, will also testify.\nWhy It’s Important: WallStreetBets users coordinated a massive pump-and-dump strategy targeting GameStop and other highly shorted stocks in January by leveraging the power of an option market gamma squeeze and a short squeeze.\nBy aggressively buying out-of-the-money call options and shares of the underlying stocks, these retail traders forced a positive feedback loop of buying volume from momentum traders, institutional hedging and hedge fund short covering. As a result, GameStop’s shares skyrocketed from under $20 to as high as $483 in a matter of days.\nLosses at Melvin Capital got so bad that the hedge fund required a $2-billion investment from Citadel, which also pays Robinhood for its order flow.\nRobinhood subsequently banned and restricted buying of GameStop, a decision that is now the subject of at least 30 user lawsuits. Robinhood said the decision to restrict trading was not influenced by Citadel or any other customer and was simply made to protect its users from potential losses.\nSince Robinhood first enacted the restrictions, GameStop’s share price has crashed back down to around $46.\nWhat To Watch For Thursday: Citadel founder Ken Griffin will likely face tough questioning on Thursday about Citadel’s roles as a hedge fund, a market maker and one of Robinhood’s largest customers. Citadel reportedly handled 27% of all the NYSE trades last year, generating $6.7 billion in revenue in the process. Its separate hedge fund business also buys and sells stocks and oversees about $34 billion in assets.\nOn Wednesday, Piper Sandler analyst Richard Repetto said investors should expect a lot of noise and very little action from Washington.\n“We suspect there will be plenty of headlines to come out of the hearing. However, we don't expect any substantive market structure discussions or conclusions to result,” the analyst said in a note.\nRepetto recommended investors buy any hearing-related weakness in shares of Interactive Brokers Group, Inc. (NASDAQ: IBKR) and Virtu Financial Inc (NASDAQ: VRTU).\nBenzinga’s Take: The Washington, D.C. grandstanding machine will likely be out in full force on Thursday, and investors should expect Citadel and Robinhood to be the primary targets.\nYet the much more important piece of the puzzle will be if and when the WallStreetBets fiasco results in actual changes to market regulations, including potential restrictions on short selling or changes to short seller disclosure laws.\nLatest Ratings for GME\n\n\n\nDate\nFirm\nAction\nFrom\nTo\n\n\n\n\nJan 2021\nB of A Securities\nMaintains\n\nUnderperform\n\n\nJan 2021\nTelsey Advisory Group\nDowngrades\nOutperform\nUnderperform\n\n\nOct 2020\nJefferies\nDowngrades\nBuy\nHold","news_type":1},"isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384888201,"gmtCreate":1613639081803,"gmtModify":1704883009371,"author":{"id":"3575028624369265","authorId":"3575028624369265","name":"LuiJunDa","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Let’s go","listText":"Let’s go","text":"Let’s go","images":[{"img":"https://static.tigerbbs.com/ff4d83e91535162b1b25e2d34cd7a409","width":"750","height":"1471"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384888201","isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":384978705,"gmtCreate":1613610765907,"gmtModify":1704882669359,"author":{"id":"3575028624369265","authorId":"3575028624369265","name":"LuiJunDa","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CLF\">$Cliffs Natural Resources(CLF)$</a>haha","listText":"<a href=\"https://laohu8.com/S/CLF\">$Cliffs Natural Resources(CLF)$</a>haha","text":"$Cliffs Natural Resources(CLF)$haha","images":[{"img":"https://static.tigerbbs.com/a7e7c4eb42cc61c6a031dd2083502522","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384978705","isVote":1,"tweetType":1,"viewCount":103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":365944911,"gmtCreate":1614693998233,"gmtModify":1704774108839,"author":{"id":"3575028624369265","authorId":"3575028624369265","name":"LuiJunDa","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Come help ?doing task","listText":"Come help ?doing task","text":"Come help ?doing task","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/365944911","repostId":"1103406593","repostType":4,"repost":{"id":"1103406593","pubTimestamp":1614693752,"share":"https://www.laohu8.com/m/news/1103406593?lang=&edition=full","pubTime":"2021-03-02 22:02","market":"us","language":"en","title":"Sugar Rush - Why The Economy Will Run Hot, Then Crash","url":"https://stock-news.laohu8.com/highlight/detail?id=1103406593","media":"seekingalpha","summary":"Summary\n\nThe expected \"sugar rush\" from more stimulus is why the economy will \"run hot\" then crash.\n","content":"<p>Summary</p>\n<ul>\n <li>The expected \"sugar rush\" from more stimulus is why the economy will \"run hot\" then crash.</li>\n <li>The vast majority of the growth in the U.S. over the last decade was due to a variety of artificial inputs which are not indefinitely sustainable.</li>\n <li>There is a massive disconnect between the \"stock market\" and the \"real economy.\"</li>\n</ul>\n<p>The expected \"sugar rush\" from more stimulus is why the economy will \"run hot\" then crash. As every parent knows, giving a child too much \"sugar\" leads to a \"rush\" of energy. Then comes the crash, where you find them in some odd place taking a nap.</p>\n<p>The Coming Economic \"Rush\"</p>\n<p>Recently, JPMorgan joined the rest of the Wall Street banks in predicting a surge in economic activity for 2021 of 6.4%. Of course, the entire reasoning behind the rise in activity was due to \"stimulus.\"</p>\n<blockquote>\n \"In a note to clients, JPM's chief economist Michael Feroli made the following forecast revisions:\n</blockquote>\n<p>The statement quickly lays out the premise of the \"rush and crash\" syndrome.</p>\n<p>The chart below shows annual real GDP growth rates from 2008 to the present. The surge in GDP in 2021 is a continuation of the \"sugar rush\" of monetary interventions. However, notice economic growth \"crashes\" back to annual norms in 2022.</p>\n<p>The dashed black line is the average annual growth of GDP from 2007 at just 1.7%. (Without the addition of JPMorgan's estimates, the actual growth rate through 2020 was only 1.3%).</p>\n<p><img src=\"https://static.tigerbbs.com/9629eb53dc18f1655fe49df3259efb8e\" tg-width=\"913\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p>\n<p>For reference, a rate of growth below 2% isn't strong enough to absorb population growth.</p>\n<blockquote>\n (Note: Prior to 2000, an economic growth rate of 2% was considered \"pre-recessionary.\" In order to justify excess spending and Government interventions, 2% growth is now considered a \"success\" of policy.\"\n</blockquote>\n<p><b>It's All Been Artificial</b></p>\n<p>Here is the more significant issue. The vast majority of the growth in the U.S. over the last decade was due to a variety of artificial inputs which are not indefinitely sustainable. From increasing federal expenditures:</p>\n<p><img src=\"https://static.tigerbbs.com/2516f49b7c1565d8d1451ce1c82f702d\" tg-width=\"912\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p>\n<p>And a litany of \"bailouts,\" which are a function of increased debts and deficits and massive monetary interventions.</p>\n<p><img src=\"https://static.tigerbbs.com/724349a20ecbb1ec296a5399d6d3472e\" tg-width=\"910\" tg-height=\"521\" referrerpolicy=\"no-referrer\"></p>\n<p>While the economy may have \"appeared\" to grow during this period, economic growth would have been \"negative\" without debt increases. The chart below shows what economic growth would be without the increases in Federal debt.</p>\n<p><img src=\"https://static.tigerbbs.com/254442d01aca7a78e94a8ad57f5a3c8c\" tg-width=\"885\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p>Such is why, after more than a decade of monetary and fiscal interventions totaling more than$37 trillionand counting, the economy remains on \"life support.\"</p>\n<p>(It required roughly $12 in support to generate $1 of economic growth.)</p>\n<p><img src=\"https://static.tigerbbs.com/245086ab1ba07a40241fb1b03a647762\" tg-width=\"894\" tg-height=\"476\"></p>\n<p>While the claims of a robust economy rely heavily upon a surge in consumer spending, it is a mirage of the increase in \"social benefits.\"</p>\n<p><b>Real Incomes Not Improving</b></p>\n<p>A significant problem with a bulk of the analysis put out by mainstream economists, and the media is that it often fails to examine the underlying causes. An excellent example has been that consumer incomes are surging, which will support the economic \"sugar rush.\" A look at the chart below would undoubtedly suggest that to be true.</p>\n<p><img src=\"https://static.tigerbbs.com/209cc9c414434eee3f179dfde40d0155\" tg-width=\"772\" tg-height=\"490\"></p>\n<p>However, the reality is much less optimistic when you strip out \"government transfer payments.\" While the economy has rebounded, real disposable incomes remain below previous highs. Notably, of the next $1.9 trillion in stimulus, only roughly $900 billion flows to households. Such won't boost incomes markedly.</p>\n<p><img src=\"https://static.tigerbbs.com/ce655a76accf67d1d60c0b7f02242c1c\" tg-width=\"774\" tg-height=\"490\"></p>\n<p>The chart below shows the problem more clearly. As noted above, the \"real\" economic prosperity of household incomes has not improved markedly without government supports. Such is why, at roughly 2% economic growth, nearly 1-in-3 households are dependent on some form of government handout.</p>\n<p><img src=\"https://static.tigerbbs.com/fb264f1eabee006ba8d182a2162ad101\" tg-width=\"777\" tg-height=\"574\"></p>\n<p><b>A Surge In The \"Welfare Trap\"</b></p>\n<p>There is a massive disconnect between the \"stock market\" and the \"real economy.\" As we have discussed previously, the top10% of income earners own nearly 90%of the stock market.</p>\n<p><img src=\"https://static.tigerbbs.com/6cd9a5efcc6666d6d4fd8861a0ceea4a\" tg-width=\"900\" tg-height=\"517\"></p>\n<p>For the bottom 80%, which drives the bulk of personal consumption expenditures (PCE), they continue to struggle to make ends meet. Such is why the dependency on social welfare now comprises one-third of total incomes. Other statistics are just as daunting.</p>\n<ul>\n <li><p>38 million Americans on food stamps</p></li>\n <li><p>According to the Census Bureau, an estimated 50% of the 330 million Americans get at least one federal benefit.</p></li>\n <li><p>An estimated 63 million get Social Security; 59.9 million get Medicare; 75 million get Medicaid; 5 million get housing subsidies, and 4 million get Veterans' benefits.</p></li>\n</ul>\n<p>Those numbers continue to rise.</p>\n<p><img src=\"https://static.tigerbbs.com/1e9a46308e827715af3777b1586ce189\" tg-width=\"1280\" tg-height=\"491\"></p>\n<p>Without government largesse, many individuals would be living on the street. The chart above shows all the government \"welfare\" programs and current levels to date.</p>\n<p>The problem with \"stimulus programs\" is that you can see the immediate subsequent contraction once the benefit depletes. Since one-third of incomes dependent on government transfers, it is not surprising that the economy struggles as recycled tax dollars used for consumption purposes have virtually no impact on the overall economy.</p>\n<p><img src=\"https://static.tigerbbs.com/a11738fa36d2bea285ea86c1eb6b8b7a\" tg-width=\"779\" tg-height=\"490\"></p>\n<p>In fact, in the ongoing saga of the American economy's demise, U.S. households are now getting more in cash handouts from the government than they are paying in taxes for the first time since the Great Depression.</p>\n<p>Such occurs when the current administration remains enthralled with finding some universe where socialistic programs lead to sustainable economic growth.</p>\n<p>It doesn't.</p>\n<p>The Coming \"Crash\"</p>\n<p>As the stimulus hits consumers, they spend it rather quickly, which leads to a \"sugar rush\" of economic activity. Such as:</p>\n<ol>\n <li><p>Consumers use the funds to make either necessary or discretionary purchases creating demand.</p></li>\n <li><p>In anticipation of demand, companies boost \"inventories.\"</p></li>\n <li><p>The boost in \"inventory stocking\" boosts manufacturing metrics.</p></li>\n</ol>\n<p>We are seeing this currently as manufacturing and inventory metrics surge.</p>\n<p>As shown, the stimulus will lead to a short-term boost in PCE, which will correspond with increased economic growth. (PCE comprises nearly 70% of the calculation.)</p>\n<p><img src=\"https://static.tigerbbs.com/6516b0d8f4641bb54be6c447fd64a5af\" tg-width=\"791\" tg-height=\"479\"></p>\n<p>However, there is a \"dark side\" to stimulus-fueled activity.</p>\n<ol>\n <li><p>Since companies know the stimulus is \"temporary,\" they don't make long-term hiring and capital expenditure plans.</p></li>\n <li><p>The increase in activity leads to an inflationary rise that companies have difficulty passing on to consumers, ultimately reducing profit margins.</p></li>\n <li><p>Again, since companies know the stimulus is temporary, they opt for \"efficiencies,\" such as outsourcing and automation, to lower labor and production costs.</p></li>\n <li><p>After the stimulus gets depleted, consumers struggle with higher costs which further deteriorates their standard of living.</p></li>\n</ol>\n<p>Unless the Government is committed to a continuous stimulus, once the \"sugar rush\" fades, the economy will \"crash\" back to its organic state.</p>\n<p><img src=\"https://static.tigerbbs.com/ea0ad408722f4e7b0e53228cbd75e567\" tg-width=\"792\" tg-height=\"477\"></p>\n<p>The bottom line is that America can't grow its way back to prosperity on the back of social assistance. The average American is fighting to make ends meet as their living cost rises while wage growth remains stagnant.</p>\n<p><b>Deflation Set To Return</b></p>\n<p>That brings us to the hard truth.</p>\n<p>If we assume even the most optimistic economic outcome of the current stimulus bill, the reality is that economic growth will remain mired in its long-term downtrend.</p>\n<p>As the budget deficit grows over the next few years, interest payments alone will absorb a larger chunk of tax revenue. Such comes at a time when that same dollar of tax revenue only covers the entitlement spending of the 75 million baby boomers migrating into the social safety net.</p>\n<p>By the way, the only other time government income support exceeded taxes paid was during the \"Great Depression\" from 1931 to 1936.</p>\n<p>The debt problem remains a massive risk to monetary and fiscal policy. If rates rise, the negative impact on an indebted economy quickly depresses activity. More importantly, the decline in monetary velocity clearly shows that deflation is a persistent threat.</p>\n<p><img src=\"https://static.tigerbbs.com/383872d3c785e619d2a2d346e89a0175\" tg-width=\"1024\" tg-height=\"569\"></p>\n<p><b>No Real Options</b></p>\n<p>There are no real options unless the system is allowed to reset painfully.</p>\n<p>Unfortunately, given we now have a decade of experience of watching monetary experiments only succeed in creating a massive \"wealth gap,\" maybe we should consider the alternative.</p>\n<p>Ultimately, the Federal Reserve, and the Administration, will have to face hard choices to extricate the economy from the current\"liquidity trap.\"However, history shows that political leadership never makes hard choices until those choices get forced upon them.</p>\n<p>Most telling is the current economists' inability, who maintain our monetary and fiscal policies, to realize the problem of trying to \"cure a debt problem with more debt.\"</p>\n<p>The Keynesian view that \"more money in people's pockets\" will drive up consumer spending, with a boost to GDP being the result, has been wrong. It hasn't happened in 40 years.</p>\n<p>As Dr. Woody Brock aptly argues:</p>\n<blockquote>\n \"It is truly 'American Gridlock' as the real crisis lies between the choices of 'austerity' and continued government 'largesse.' One choice leads to long-term economic prosperity for all; the other doesn't.\"\n</blockquote>\n<p>Take your pick.</p>\n<p>While we likely see a spark of inflation, it probably won't last long. Eventually, the grip of the debt-driven deflationary cycle will regain its burdensome hold.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sugar Rush - Why The Economy Will Run Hot, Then Crash</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSugar Rush - Why The Economy Will Run Hot, Then Crash\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-02 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4410290-sugar-rush-why-the-economy-will-run-hot-then-crash><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe expected \"sugar rush\" from more stimulus is why the economy will \"run hot\" then crash.\nThe vast majority of the growth in the U.S. over the last decade was due to a variety of artificial ...</p>\n\n<a href=\"https://seekingalpha.com/article/4410290-sugar-rush-why-the-economy-will-run-hot-then-crash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4410290-sugar-rush-why-the-economy-will-run-hot-then-crash","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1103406593","content_text":"Summary\n\nThe expected \"sugar rush\" from more stimulus is why the economy will \"run hot\" then crash.\nThe vast majority of the growth in the U.S. over the last decade was due to a variety of artificial inputs which are not indefinitely sustainable.\nThere is a massive disconnect between the \"stock market\" and the \"real economy.\"\n\nThe expected \"sugar rush\" from more stimulus is why the economy will \"run hot\" then crash. As every parent knows, giving a child too much \"sugar\" leads to a \"rush\" of energy. Then comes the crash, where you find them in some odd place taking a nap.\nThe Coming Economic \"Rush\"\nRecently, JPMorgan joined the rest of the Wall Street banks in predicting a surge in economic activity for 2021 of 6.4%. Of course, the entire reasoning behind the rise in activity was due to \"stimulus.\"\n\n \"In a note to clients, JPM's chief economist Michael Feroli made the following forecast revisions:\n\nThe statement quickly lays out the premise of the \"rush and crash\" syndrome.\nThe chart below shows annual real GDP growth rates from 2008 to the present. The surge in GDP in 2021 is a continuation of the \"sugar rush\" of monetary interventions. However, notice economic growth \"crashes\" back to annual norms in 2022.\nThe dashed black line is the average annual growth of GDP from 2007 at just 1.7%. (Without the addition of JPMorgan's estimates, the actual growth rate through 2020 was only 1.3%).\n\nFor reference, a rate of growth below 2% isn't strong enough to absorb population growth.\n\n (Note: Prior to 2000, an economic growth rate of 2% was considered \"pre-recessionary.\" In order to justify excess spending and Government interventions, 2% growth is now considered a \"success\" of policy.\"\n\nIt's All Been Artificial\nHere is the more significant issue. The vast majority of the growth in the U.S. over the last decade was due to a variety of artificial inputs which are not indefinitely sustainable. From increasing federal expenditures:\n\nAnd a litany of \"bailouts,\" which are a function of increased debts and deficits and massive monetary interventions.\n\nWhile the economy may have \"appeared\" to grow during this period, economic growth would have been \"negative\" without debt increases. The chart below shows what economic growth would be without the increases in Federal debt.\n\nSuch is why, after more than a decade of monetary and fiscal interventions totaling more than$37 trillionand counting, the economy remains on \"life support.\"\n(It required roughly $12 in support to generate $1 of economic growth.)\n\nWhile the claims of a robust economy rely heavily upon a surge in consumer spending, it is a mirage of the increase in \"social benefits.\"\nReal Incomes Not Improving\nA significant problem with a bulk of the analysis put out by mainstream economists, and the media is that it often fails to examine the underlying causes. An excellent example has been that consumer incomes are surging, which will support the economic \"sugar rush.\" A look at the chart below would undoubtedly suggest that to be true.\n\nHowever, the reality is much less optimistic when you strip out \"government transfer payments.\" While the economy has rebounded, real disposable incomes remain below previous highs. Notably, of the next $1.9 trillion in stimulus, only roughly $900 billion flows to households. Such won't boost incomes markedly.\n\nThe chart below shows the problem more clearly. As noted above, the \"real\" economic prosperity of household incomes has not improved markedly without government supports. Such is why, at roughly 2% economic growth, nearly 1-in-3 households are dependent on some form of government handout.\n\nA Surge In The \"Welfare Trap\"\nThere is a massive disconnect between the \"stock market\" and the \"real economy.\" As we have discussed previously, the top10% of income earners own nearly 90%of the stock market.\n\nFor the bottom 80%, which drives the bulk of personal consumption expenditures (PCE), they continue to struggle to make ends meet. Such is why the dependency on social welfare now comprises one-third of total incomes. Other statistics are just as daunting.\n\n38 million Americans on food stamps\nAccording to the Census Bureau, an estimated 50% of the 330 million Americans get at least one federal benefit.\nAn estimated 63 million get Social Security; 59.9 million get Medicare; 75 million get Medicaid; 5 million get housing subsidies, and 4 million get Veterans' benefits.\n\nThose numbers continue to rise.\n\nWithout government largesse, many individuals would be living on the street. The chart above shows all the government \"welfare\" programs and current levels to date.\nThe problem with \"stimulus programs\" is that you can see the immediate subsequent contraction once the benefit depletes. Since one-third of incomes dependent on government transfers, it is not surprising that the economy struggles as recycled tax dollars used for consumption purposes have virtually no impact on the overall economy.\n\nIn fact, in the ongoing saga of the American economy's demise, U.S. households are now getting more in cash handouts from the government than they are paying in taxes for the first time since the Great Depression.\nSuch occurs when the current administration remains enthralled with finding some universe where socialistic programs lead to sustainable economic growth.\nIt doesn't.\nThe Coming \"Crash\"\nAs the stimulus hits consumers, they spend it rather quickly, which leads to a \"sugar rush\" of economic activity. Such as:\n\nConsumers use the funds to make either necessary or discretionary purchases creating demand.\nIn anticipation of demand, companies boost \"inventories.\"\nThe boost in \"inventory stocking\" boosts manufacturing metrics.\n\nWe are seeing this currently as manufacturing and inventory metrics surge.\nAs shown, the stimulus will lead to a short-term boost in PCE, which will correspond with increased economic growth. (PCE comprises nearly 70% of the calculation.)\n\nHowever, there is a \"dark side\" to stimulus-fueled activity.\n\nSince companies know the stimulus is \"temporary,\" they don't make long-term hiring and capital expenditure plans.\nThe increase in activity leads to an inflationary rise that companies have difficulty passing on to consumers, ultimately reducing profit margins.\nAgain, since companies know the stimulus is temporary, they opt for \"efficiencies,\" such as outsourcing and automation, to lower labor and production costs.\nAfter the stimulus gets depleted, consumers struggle with higher costs which further deteriorates their standard of living.\n\nUnless the Government is committed to a continuous stimulus, once the \"sugar rush\" fades, the economy will \"crash\" back to its organic state.\n\nThe bottom line is that America can't grow its way back to prosperity on the back of social assistance. The average American is fighting to make ends meet as their living cost rises while wage growth remains stagnant.\nDeflation Set To Return\nThat brings us to the hard truth.\nIf we assume even the most optimistic economic outcome of the current stimulus bill, the reality is that economic growth will remain mired in its long-term downtrend.\nAs the budget deficit grows over the next few years, interest payments alone will absorb a larger chunk of tax revenue. Such comes at a time when that same dollar of tax revenue only covers the entitlement spending of the 75 million baby boomers migrating into the social safety net.\nBy the way, the only other time government income support exceeded taxes paid was during the \"Great Depression\" from 1931 to 1936.\nThe debt problem remains a massive risk to monetary and fiscal policy. If rates rise, the negative impact on an indebted economy quickly depresses activity. More importantly, the decline in monetary velocity clearly shows that deflation is a persistent threat.\n\nNo Real Options\nThere are no real options unless the system is allowed to reset painfully.\nUnfortunately, given we now have a decade of experience of watching monetary experiments only succeed in creating a massive \"wealth gap,\" maybe we should consider the alternative.\nUltimately, the Federal Reserve, and the Administration, will have to face hard choices to extricate the economy from the current\"liquidity trap.\"However, history shows that political leadership never makes hard choices until those choices get forced upon them.\nMost telling is the current economists' inability, who maintain our monetary and fiscal policies, to realize the problem of trying to \"cure a debt problem with more debt.\"\nThe Keynesian view that \"more money in people's pockets\" will drive up consumer spending, with a boost to GDP being the result, has been wrong. It hasn't happened in 40 years.\nAs Dr. Woody Brock aptly argues:\n\n \"It is truly 'American Gridlock' as the real crisis lies between the choices of 'austerity' and continued government 'largesse.' One choice leads to long-term economic prosperity for all; the other doesn't.\"\n\nTake your pick.\nWhile we likely see a spark of inflation, it probably won't last long. 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