May 5, 2020
Fashion brand J. Crew has also filed for bankruptcy protection…along with several other international clothing retailers such as Neiman Marcus and The Gap.
Sweeping travel restrictions tied to the Covid-19 outbreak and the global economic collapse have hammered revenue, particularly in the rental-car business…dismal demand, a too-big fleet and plunging prices for used cars, Hertz didn’t have enough liquidity.
North America’s meat-supply chain has fallen apart as outbreaks shutter slaughterhouses, heightening the prospect that pork, beef and chicken may go missing from grocery shelves and restaurant menus.
…(T)he savings rate surged to 13.1% in March — up from 8% in February…Americans had $2.17 trillion in savings last month.
“It’s more like a crisis kind of scenario…We see 30 million people filing new jobless claims, there’s a lot of distress of people just trying to get by.”
“…(B)usinesses have been forced to lay off or furlough employees on a massive scale…US unemployment is expected to stay high for some time, weighing on any economic recovery…”
California has become the first state to borrow money from the federal government so it can continue paying out rising claims for unemployment benefits during the coronavirus pandemic.
The short answer is because temporarily closing or “shutting in” a well costs money—and potentially lots of money.
“It was exactly like the mortgage crisis in that… banks were making enormous loans to people that there was no way they were ever going to be repaying them and then securitizing them into asset backed securities and selling them to investors,”