But one record set in 2018 was a landmark few hedge fund luminaries cared to dwell on. Last October, in what industry insiders believe to be a first, three US-based hedge funds shut in the course of the same week. Tourbillon and Criterion were among those to cease operations, following an inability to generate sufficient money and capital.
Forecast 2019: Ding Ding ! Margin Call USA (thc0655, pinecarr)
Before 2019 is out, the US could find itself in a situation worse than the Great Depression. Supply lines are much longer now than they were then. If suppliers can’t get paid because trust has collapsed in the short-term corporate paper system, they won’t deliver supplies, which means you may not eat, or fill your gas tank, or heat your house, or get whatever else you need. Also, the USA in 1931 had not yet transformed itself into the fiasco-waiting-to-happen called suburban sprawl. How is Dallas going to work for people who spend a substantial chunk of their income on mandatory motoring (if there’s little or no income)?
In case you didn't get the memo, we are now officially in a bear market, and because this bear has been hibernating with not so much as one decent correction since February's 11.68% warning shot, he was an enraged, starving Papa Bear. What people are ignoring is that in the past eleven weeks he has enjoyed one massive gluttonous feast on the carcasses of shell-shocked “BTFD”-ers. While this bear was bulging-eyed ravenous on Oct. 3 from years of neglect, for the past eight weeks (save last week's PPT stick save) he devoured everything in his path and is ready for a brief respite from his engorgement, perhaps a nap for a fortnight or so as he prepares for his next Millennial Meal.
There is so much of life that remains undisrupted. The companies are competing to own the cloud — to become, in essence, the internet’s landlord. They have designs on cities: Google made a deal in 2017 to reimagine a chunk of waterfront Toronto from the ground up. Amazon is reworking the definition of community from the inside, as warehouses in rural areas provide the urban middle class with everything they want to stay home all weekend.
Many Americans assume that by the time they reach their 50s they’ll have steady work, time to save and the right to make their own decisions about when to retire.
But as Steckel’s situation suggests, that’s no longer the reality for many — indeed, most — people.
The Los Angeles area, the ultimate car-centric region with its sprawling freeways, approved a sweeping $120 billion plan to build new train routes and upgrade its buses. Seattle has won accolades for its transit system, where 93 percent of riders report being happy with service — a feat that seems unimaginable in New York, where subway riders regularly simmer with rage on stalled trains.
Perhaps no area faces a greater shake-up than the environment. To the horror of the environmentalists he so loathes, Bolsonaro has repeatedly signalled a desire to roll back environmental protections and make it easier to destroy the world’s biggest rainforest. Deeds have accompanied those words.
Jeremy Barnum, a National Park Service spokesman, had said as the shutdown took hold that “national parks will remain as accessible as possible while still following all applicable laws and procedures.” In practice, that has meant many park toilets were closed or filled to overflowing and acutely unable to deal with the larger crowds entering over the holiday period and taking advantage of the fact that many fees are not being charged during the shutdown.
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