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Link: https://www.cnbc.com/2020/04/30/wells-fargo-says-it-will-no-longer-accept-applications-for-home-equity-lines-of-credit.html Wells Fargo, one of the largest home lenders in the U.S., said it it stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic. “Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit (HELOCs) after April 30,” the bank said in a statement. During tough economic times, HELOCs are riskier products for banks because in a foreclosure, the lender who made the primary mortgage is first in line to get paid in a recovery.

Moreover, one can argue that the expected duration of unemployment matters more than the unemployment rate itself, especially if the recovery is quick (and so duration is short). These are very large numbers by historical standards, but this is a rather unique shock that is unlike any other experienced by the U.S. economy in the last 100 years.

"Just want to point out, our population has doubled since the great depression." - Yes, exactly. Our population has doubled, yet the lowest weekly unemployment claims in the past 6 weeks was 5x the previous weekly record. This is blowing the great depression numbers away regardless of population. The highest unemployment rate in US history was 24.1% during the great depression. The Fed is projecting 32.1% unemployment rate this quarter.

The "official" stats in the link above were updated at the beginning of April for March 2020 to only 8.9%. It will be interesting to see what they set it at during the beginning of May 2020.

https://www.marketwatch.com/story/us-jobless-claims-climb-38-million-in-late-april-to-push-coronavirus-total-to-30-million-2020-04-30?mod=article_inline It seems as if everyone believes that all these jobs are still there waiting for everyone to return. The big question is what % of these jobs have vanished forever or been replaced by efficiencies or permanent changes in behavior? Another point is that these numbers do not represent ALL of the unemployed. Evidently many cannot get in to actually apply or even worse are not eligible for some technicality.

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Thank you. I'm watching a documentary on Amazon about the history of the Catholic Church and they were discussing it. I figured one of you might know more about it. Thanks.. So it is possible that he was actually "in person" walking out of Rome when Jesus told him basically to return to Rome according to the show. I think he supposedly sent his secretary back to Rome instead.

Just curious if we have proof?

https://mkorostoff.github.io/1-pixel-wealth/

I'm watching commercial property valuations plummeting from 11% down to 49% for various types in L.A. area. My second question is how or if these plummeting values will ever transfer to the residential housing market. My gut says that the unemployment rate will have a larger effect but I just can't help but wonder. The rout in Oil is probably a boost for residential pricing since there will be more disposable income left for buyers / owners. Your thoughts? Your area?

https://nationalpost.com/health/covid-19-likely-spread-by-building-ventilation-say-canadian-researchers-working-on-an-hvac-fix “This has been on people’s radar for quite a while,” he said. “Somebody on a different floor sneezes …The particle can stay airborne long enough to go all the way through the system and then pop out in somebody else’s office.”

https://youtu.be/60KJz1BVTyU OUTLINE: 0:00 - Introduction 2:48 - Engineering at scale 8:36 - Increasing access to the economy 13:09 - Machine learning at Square 15:18 - Future of the digital economy 17:17 - Cryptocurrency 25:31 - Artificial intelligence 27:49 - Her 29:12 - Exchange with Elon Musk about bots 32:05 - Concerns about artificial intelligence 35:40 - Andrew Yang 40:57 - Eating one meal a day 45:49 - Mortality 47:50 - Meaning of life 48:59 - Simulation

Many websites, including this one, as well as newspaper rooms that might have existed "pre-google" stealing their content reported on Coronavirus "rumors" in China and were warning the world. Since mainly Google (and Facebook) have become the source of what's important for people to know in the 2010-2020 era they have a certain "editorial" responsibility that I think many are missing. The Press of yesteryear were also our "watchmen" calling out warnings and alerting the masses. Through years of stealing content from the press and fewer and fewer actually reading news articles or subscribing to journalists a whole new generation has no "Press".... just corporate owned PR departments. They killed any possible profit from investigative journalism long ago. Now the skeleton corporate "Press" crew can only be seen if they "Pay to Play" with Google. (and Facebook) Imagine for a moment if a "Boston Globe" sounded the alarm to a listening audience that China was covering up a plague to a world of 1988. Politicians would have been pressured to react and secure borders etc. The WHO would have been held accountable. People would have known that a President defunded the Pandemic protection from the CDC etc... Evidently somebody in 2020 didn't pay Google enough. And since I won't pay them to "promote this post"... this very important message probably will not be seen by most people. Welcome to the new Internet completely owned by Google and Facebook. Would you say their "AI" editorialism of selecting what they think is relevant for your searches and news distribution worked? Or was your search "flawed"? p.s.- Don't even get me started how people get their news on Facebook.

Will people still prize subway access? Will people still want to cram into planes? (to me they are sort of the same although planes seem to have better ventilation) I wonder if we will see an exodus from the cities for more suburban lifestyle choices? People are speculating that we may see a repurposing of all the office space toward residential use now. I wonder if the suburban home will now claim a premium over 10th floor city views? Just some early Saturday morning thoughts. What do you think some of the post coronavirus changes will be?

Interesting.... so we got it from the Germans....

https://www.wsj.com/articles/amazon-scooped-up-data-from-its-own-sellers-to-launch-competing-products-11587650015 Is Amazon soon to become a regulated entity within the US as a shopping platform due to misuse? malfeasance?

Why didn’t their god save them? What a cruel cruel god they worshiped.

https://www.independent.co.uk/news/world/americas/bible-belt-us-coronavirus-pandemic-pastors-church-a9481226.html?utm_source=reddit.com “As many as 30 church leaders from the nation's largest African American Pentecostal denomination have now been confirmed to have died in the outbreak, as members defied public health warnings to avoid large gatherings to prevent transmitting the virus.“

A Moment was a medieval unit of time. 1 day was divided into 24 hours and 1 hour was equal to 12 lengths of the period from sunrise to sunset. The hour was divided into 4 puncta, 10 minuta, or 40 momenta. Considering an average 12 solar hours: 1 moment = 90 seconds ⏱