News Story of the Day: It has been a blood bath in the rental market – both commercial and residential. It is estimated that retail landlords collect approximately $20 billion in rent every month. So far in April, rent collection has ranged between 15 and 30 percent. This is creating a domino effect: nine percent of retail property loan borrowers are behind in their April payments, and it could top $10 billion this month.
Chart of the Day: The Federal Reserve is buying junk bonds, so naturally the junk bond market is soaring. The lesson? Never bet against the Fed.
Illustration of the Day: A tale of two Associated Press news reports:
Quote of the Day: Some great commentary from the great Jeff Deist of the Mises Institute:
“The Fed is, in effect, a lawless economic government unto itself. It serves as a bizarro-world ad hoc credit facility to the US financial sector, completely open ended, with no credit checks, no credit limits, no collateral requirements, no interest payments, and in some cases no repayments at all. It is the lender of first resort, a kind of reverse pawnshop which pays top dollar for rapidly declining assets. The Fed is now the Infinite Bank. It is run by televangelists, not bankers, and operates on faith.”
Tweet of the Day: Former Vice President Joe Biden’s linguistic skills rival that of Lincoln, Kennedy, and Reagan!
“We gotta, it’s just, but ya gotta, I mean, the, uh, we gotta reassure, look, here, my, my message to everybody I talk to”
– @JoeBidenIt’s sad and uncomfortable to watch him as he continues to deteriorate. It’s insane that he’s a candidate for President. pic.twitter.com/CIbp5gdV4D
— Robby Starbuck (@robbystarbuck) April 16, 2020
Video of the Day: Hey, everyone is making a DIY face mask to protect themselves from the Wuhan Coronavirus. Well, now you can watch a libertarian make a face mask!
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