OK, Wow

OPEC fails to agree on a new round of production cuts (current limits expire at the end of March.) Saudis decide to respond to the coronavirus slowdown (and Russian intransigence) by threatening to boost production. Prices plunge.

So - are the Saudis trying a knockout punch of the mullahs in Iran? Experts think that might be one result, intended or otherwise:

″$20 oil in 2020 is coming,” Ali Khedery, formerly Exxon’s senior Middle East advisor and now CEO of U.S.-based strategy firm Dragoman Ventures, wrote Sunday on Twitter. “Huge geopolitical implications. Timely stimulus for net consumers. Catastrophic for failed/failing petro-kleptocracies Iraq, Iran, etc - may prove existential 1-2 punch when paired with COVID19.”

Silver linings as the stock market crumbles. But - and do consult your financial advisor - if I had to make a decision right now, I'd decide to have another cup of coffee. But I'd also come in buying. Definitely not a time to sell; we're at the bottom, or close to it. (Yeah, six months from now I'll re-read this by candlelight as the generator roars outside and the only other sound is gunshots warding off looters and rioters. But he persisted!)

Comments

[henry]

And Dow dropped 2,000 before bouncing a bit for now.

[Captain Hate]

The mullahs are taking pipe from the Saudis, as are the Rooskis and Venezuelans. LOLGF to all.

[henry]

How we know this oil/corona thing will blow over in a few days...

Breaking News Feed @pzf
9m

BREAKING NEWS: Moody’s economist Mark Zandi: US economy now likely to lapse into recession in 2020.

[henry]

Donald J. Trump @realDonaldTrump
14s

Good for the consumer, gasoline prices coming down!

[henry]

Donald J. Trump @realDonaldTrump
37s

Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!

[MissMarple2]

I have been trying to pay my internet bill. AT&T has so many gimcracks and gizmos on their bill-paying page that I had to get someone special to help me.

PLUS, the guy who was handling my bill sounded like Jose Jiminez!!! I expected to hear Senor Wences next!

I would NOT buy stock in AT&T! They have an inefficient way of collecting payments!

[MissMarple2]

Boy, if gasoline drops down around $2.00 I am going to fill up my tank!

[Narciso]

Hes quite a hack, does he use ouija board

[Narciso]

Khedery i remind you is the one who vouched for maliki.

[1/2aboy&1/2aman]

I honestly believe more people under the age of 60 will die from consuming the new KFC offering of fried chicken sandwiched between two glazed fried donuts than covy19.
Nothing like biding one’s time on a Monday in the surgical waiting room listening to the local doom and gloom news on one TV and another TV above my head with the CNBC market malaise. Why can’t they just have the weather on 24/7?
And, Why did I leave home without a bottle of whiskey as something in this frap is likely to do me in?

[Narciso]

Thats crazy isnt it, coronoary sandwhich.

[Narciso]

What are you in for?

[henry]

Donald J. Trump @realDonaldTrump
28s

So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!

[Jim Eagle]

There is a Shia quarter in Eastern province of Saudi Arabia, Qatif, which has been shutdown because of a suspected resident with CoVid-19.

More shia on sunni or vice versa.

[Captain Hate]

Why do healthcare places inflict CNN on people?

[Narciso]

Clearly vienna convention violations.

[1/2aboy&1/2aman]

My wife had a cancerous nodule removed from her thyroid in December and today had the whole thyroid removed.

[clarice]

Must read by VDH:https://www.amgreatness.com/2020/03/08/california-is-a-cruel-medieval-state/

[MissMarple2]

Oh, I am sorry to hear that, 1/2aboy&1/2aman!

[Stephanie Nene Not Your Normal Granma]

Boy, if gasoline drops down around $2.00 I am going to fill up my tank!

Filled up at $1.97 last night. :)

[Captain Hate]

1/2aboy&1/2aman,

That's a very high survival rate type, no? Best wishes.

[Tom R]

First ever survivor of Arkancide attempt?

http://www.msn.com/en-us/movies/celebrity/harvey-weinstein-fell-and-hit-head-while-in-jail-is-reflecting-on-past-behavior-rep-says/ar-BB10WP7j?ocid=ientp

[Tom R]

First ever survivor of Arkancide attempt?

http://www.msn.com/en-us/movies/celebrity/harvey-weinstein-fell-and-hit-head-while-in-jail-is-reflecting-on-past-behavior-rep-says/ar-BB10WP7j?ocid=ientp

[MissMarple2]

Stephanie,

Are you in the Midwest? I have to go out and I am trying to figure whether it's worth stopping.

[Dave (in MA)]

He hit his head and suddenly realized what a scumbag he is? Sounds like a Twilight Zone.

[1/2aboy&1/2aman]

Yes that’s my understanding. Appreciate the wishes. Doc said surgery went very well. She has to spend the night and no doubt by the weekend will be back busting balls.

[Dave (in MA)]

I was at Wegman's yesterday around dinner time to pick up some food and I happened to stop in the paper goods aisle. It was almost completely cleaned out.

[Dave (in MA)]

Best wishes to 1/2agirl&1/2awoman, 1/2.

[James D.]

Moody’s economist Mark Zandi: US economy now likely to lapse into recession in 2020.

Well, mission effing accomplished, MSM and Democrats.

[Jim Eagle]

MM,

Steph is in Jah.Ja:)

[rse]

Steph is in a suburban county to the ne of atl, mm.

[clarice]

1/2 It has, as I'm sure you know, a very high survival rate. she'll have to take thyroid replacement medicine, but that should be it.

[D]

JamesD:
There won’t be a recession,
Wishful thinking on the part of Zandi and the Dems.
Coronavirus: much ado and hysteria for a common flu.
I no longer watch coverage of it.
TomR:
Are you ready to take up my challenge and get out and campaign for Sessions?

[Extraneus]

Thanks to JimNJ for the bird migration link. Very cool.

[Extraneus]

And don't you need skin for fried chicken? At least where I live, boneless thighs are also skinless.

[D]

Weinstein is playing the victim card like Hillary and Warren.
No one believes any of them and Clinton and Warren are giving women a bad name.

[clarice]

https://www.wsj.com/articles/the-senate-and-the-judiciary-11583706589?mod=MorningEditorialReport&mod=djemMER_h

[clarice]

ext, here--they are skin on.

[Extraneus]

Ah. I'll have to look more closely next time I venture out to the grocery store. Maybe we have them, too.

[Narciso]

Best wishes.

[henry]

All parts of deep state must contribute to orangemanbad panic.

Adam Klasfeld @KlasfeldReports
28m

DEVELOPING: The Southern District of New York, one of the most influential federal courts in the United States, shut its doors Monday to people who have visited five of the countries hardest hit by the coronavirus epidemic within the last 14 days.

https://twitter.com/KlasfeldReports/status/1237031509250498560

[Extraneus]

Unless it drops from here, TM might have called the bottom to the minute. :-)

[1/2aboy&1/2aman]

Thanks Narc, Clarice, MM and all.

[Ignatz Ratzkiwatzki]

--(Yeah, six months from now I'll re-read this by candlelight as the generator roars outside and the only other sound is gunshots warding off looters and rioters. But he persisted!)-

LOL
But if the generator is roaring why are you reading by candlelight?
Maybe it's the neighbor's generator.

[Ignatz Ratzkiwatzki]

I doubt we're anywhere near a bottom yet.

[henry]

Breaking News Feed
@pzf

JUST IN: Irish authorities are set to cancel the nation’s annual St. Patrick’s Day celebrations over coronavirus concerns.

[MissMarple2]

I bought a huge bunch of toilet paper at Kroger a week ago. My daughter wants MORE because she is afraid of shortages. Sigh.....

[Comanche Voter]

1/2Aboy---I've been on thyroid replacement medicine for a bit more than ten years now. A pituitary adenoma put paid to my pituitary gland--which in turn shut down my thyroid. Me and my endocrinologist are now BFF--see him once a year and he adjusts the dosages of the various hormonal replacements. But life can and will go along nicely without a thyroid gland. Best wishes to you and your wife.

[MissMarple2]

Well, I have to run out so I will report back on gas prices here.

[Tom R]

I think I know the answer already but wanted to run a inheritance/estate tax question by everyone. My wife's father was a "prepper" who didn't trust banks so after the 2008 market crash and the election of Obama he started storing all his cash at his house. He passed a few years ago and my mother in law is in bad shape and is going to be joining him soon. My wife and I were discussing paying for kids going to college and she mentioned a rough estimate on much of her parents savings her and her siblings were expected to split. I told her whatever amount she got deduct about 25% for the estate tax. She didn't realize she would have to pay a tax on the inheritance since it was all in cash and wouldn't go thru probate.

My assumption is if we deposit all of that cash in a bank we will have to declare it as inferitance and pay the estate tax on it. If however we just store it a safe at the house and spend it normally we could avoid paying the estate tax but then we would be guilty of committing tax evasion. I told my wife you could pay the estate tax or knowingly commit a federal crime take your pick. Correct analysis on my part?

[Ignatz Ratzkiwatzki]

If the cancer is confined to her thyroid it is extremely rare for anyone to die of it. The survival rate is almost 100%.
Baby Ig's best friend's mom had it in her late twenties over twenty years ago and is still going strong.

[henry]

CNBC @CNBC
1m

Port Authority head tests positive for coronavirus, New York Gov. Cuomo says

[henry]

and the hype continues.

Breaking News Feed @pzf
4m

BREAKING NEWS: A D.C. priest has Coronavirus. He offered communion and shook hands with more than 500 worshippers last week and on February 24th.

[sbwaters]

Tom, there are lower limits for fed and state estate taxes.

[Tom R]

SBW @ 11:51

Ballpark estimate is $100K in cash.

[Extraneus]

This is an interesting thread about how soap attacks the virus, via Surber.

https://twitter.com/PalliThordarson/status/1236549305189597189

[Neo]

CNN - A malfunction causes red wine to flow from faucets in an Italian town

[Manuel Transmission]

Henry, our displaced DC pal told us last night that her DC minister has the bug. He is also Tucker’s preacher so they may stay at their new FL digs for the duration.

[henry]

I went in for a blood test this morning. The clinic didn't even have the typical flu warnings up.

[Buckeye]

Mrs. Buckeye always buys the huge plastic bags of TP.

She has lived with me for 40 years:)

[Old Lurker]

One concern, even if the total amount is under the death tax exclusion limits, is that depositing >$10,000 in cash at the bank will trigger a filing by the bank that might cause the IRS to wonder if the cash in the mattress had been taxed when earned by the deceased parents. Then the deceased's estate will have to prove that it was after-tax cash that had been stored.

[GUS]

blah blah blah, you people know NOTHING,

Timmy Geithner is the only man who can save us from this VIRUS.

Oh and Bill Nye the TV GUY.

[MissMarple2]

Gas is at 2.10 here. I think I will wait until Wednesday when my Social Security check is deposited.

An entire school system up in Noblesville is closed due to corona virus....for 2 weeks!

[sbwaters]

Tom R., I expect 100k to be below that required to pay estate taxes in most states, but who the hell am I. It sure is in New York State.

[sbwaters]

Tom R. You will have to declare it, take 6 months for probate, but exempt from taxes.

[lyle]

What OL said, Tom. Cash deposits into banks in amounts over 10 grand have to be reported. Numerous deposits under that amount raise alerts. Estate taxes shouldn’t be a concern if your parents’ estate is under ~$11mill.

[Tom R]

https://www.theepochtimes.com/nfl-asks-supreme-court-to-reconsider-class-action-over-sunday-ticket-tv_3261986.html

I subscribed to the Sunday Ticket for a long time when I had Directv. I had no problem with paying the subscription fee since I wasn't a fan of the NFL teams that you get to watch for free in north Alabama. IANAL but I don't see the merits of the plaintiff's argument. Sounds like they think each NFL team should be able to offer their own subscription service for just that one team. I doubt NFL owners will ever approve that because it means the large market popular teams will generate more revenue than the small market/less popular teams.

The only feasible alternative I can see is for the NFL to start offering a subscription like MLB does with MLB.tv. I pay an annual subscription to watch any game i want via live streaming. I think all the revenue from MLB.tv subscriptions is split evenly among all teams. The NFL has a contract with ATT/Directv thru 2022 so I don't think this option is possible while the current contract is in effect.

[Captain Hate]

Isn't having cash on hand after tax by definition, assuming you haven't engaged in some sort of barter activity? Coming from a pre tax account would generate a 1099.

[1/2aboy&1/2aman]

Thanks CV and Ig. Signing off as these old bones need a nap. Could’ve never been a surgeon as I could not do my best job at seven something in the morning and just after changing to DST to boot. Thanks again all.

[MissMarple2]

My sister the nurse took a few days off because she HATES Daylight Savings Time and needs a few days to acclimate. She is taking the time to do Spring Cleaning.

[Tom R]

Thanks to all the tips so far. The amount of cash my wife's parents saved up was almost all due to being thrifty and depositing any leftover money after taxes and paying bills into their bank account. They didn't invest their money in anything 401k, mutual funds, etc. The only money their savings generated was whatever the bank's compound interest rate was.

[Ignatz Ratzkiwatzki]

I don't think there is a state in the nation that would tax that size of an estate.
If your MIL has a trust then none of her estate need go through probate. If she doesn't all of it, including the cash will.
TC is the guy with the bona fides to answer you definitively, Tom.

[henry]

Ah, no need to pay off pandemic bonds then. Grift accomplished.

Breaking News Feed @pzf
1m

BREAKING NEWS: WHO declares COVID-19 coronavirus a pandemic as spread of the virus accelerates.

[clarice]

Apparently NM dems aren't stuck on stupid:https://www.americanthinker.com/blog/2020/03/monday_schadenfreude_plame_flames.html

[Ignatz Ratzkiwatzki]

Michael Fumento has been the go to guy on sane analysis of these kind of things for a long time;
Coronavirus going to hit its peak and start falling sooner than you think.

[Marlene]

Good afternoon! I stopped at Walmart after an appointment for a few items. I'm already stocked up on the end of times items. This morning those shelves were empty. I noticed a lone bottle of Mr. Clean on the shelf when I walked down the cleaning products aisle.

[Captain Hate]

Does anyone here trust the WHO?

[MissMarple2]

https://www.washingtonexaminer.com/washington-secrets/twitter-exec-jail-impeachment-for-trump-calls-social-media-chief-racist-d

A guy named Ian Brown has gone after Dan Scavino and President Trump - wants them removed and impeached. (Moron.)

[Ignatz Ratzkiwatzki]

--Ah, no need to pay off pandemic bonds then. Grift accomplished.--

That something that crazy is even allowed by the contributors to the WHO should cause its dismantling.

[Old Lurker]

"...due to being thrifty and depositing any leftover money after taxes and paying bills into their bank account."

That's good. But at some point, 2008 you said, they took it out of the bank in cash and hid the cash at home, right?

Had it stayed in the bank, no problem. But now when it goes back into the bank as cash-cash the bank will report it and the IRS might want you to prove that it was saved up with after tax income. Since the IRS is "presumed right", they can say "that cash was never taxed and here is the tax bill plus penalties and interest. Pay it or prove us wrong." Burden is on the taxpayer to prove the IRS is wrong.

Pain.

[Captain Hate]

Patterico is going maximum loon over the climate change flu, including canceling a planned overseas trip with his loon mother and sisters. None of his catamites find any humor in that.

Still not tired of winning.

[clarice]

Patteriso is probably in more danger in the L.A. courthouse and precincts.

[MissMarple2]

I just got a news alert from Fox. A Soviet spy radio was discovered in a forest in West Germany, testifying to agent activity during the Cold War.

[Manuel Transmission]

Well, this is probably way too good to be true, but a guy can dream...

Jeffrey David Cox (in Google,) - real name just David Cox) is the head of Federal Prison Guards in Manhattan. Jeffery is the boss of the guards who were supposed to keep Jeffery Epstein alive while in the Metropolitan Correctional Center in Manhattan. He also is friends with Bill and Hillary Clinton. This is such a small world . Stop everything!! Updated info; 11/24/19 David Cox just had a $20 million mansion "bought for him" in Shanghai, by a company called HSBC Holdings. HSBC had been found to have money laundered and funded terrorists and Mexican drug cartels. Hillary buried this in 2012 by negotiating it down to a relatively small fine. On July 30, 2019 Russian intelligence picked up info regarding a hit on Epstein being ordered, for exactly $100mil. On Aug. 3, 2019, Clinton linked entities in NYC transfer $100mil to HSBC. HSBC transferred $50m to their China branch, who then used it to buy the mansion, as well as a $7m luxury apartment for another Clinton connected union boss in charge of hiring guards. Aug 10 2019 Epstein found dead in an ultra secure prison where only 1 other person has ever been able to commit suicide... Such a small world...

This came in with a picture of this dude shaking hands with Cankles, but I couldn't get it to post.

[Dave (in MA)]

I just shook hands with a Chinese guy, so I guess I should start getting my affairs in order.

[henry]

CNBC @CNBC
12m

Prince Andrew refuses to cooperate in Jeffrey Epstein probe, prosecutors weighing 'options'

https://twitter.com/CNBC/status/1237065599525761025

[Dave (in MA)]

Does anyone here trust the WHO?

Daltrey, sure.

[Dave (in MA)]

Possible NBC Healine:
Dow Jones Industrial Average Down 1.8 Million Points.

[Dave (in MA)]

For some reason Keith Moon is trending on Twitter, nearly 42 years after he Keith Mooned himself to death. https://twitter.com/search?q=%22Keith%20Moon%22&src=trend_click

[rse]

This is very good.

https://cms.frontpagemag.com/fpm/2020/03/stigma-corona-virus-katie-hopkins

You know, even with the duplication I am not really getting his point. An unknown killer virus with no known cure that turned a Princess cruise ship into a floating plague hotel and has killed 100 Italians in a week sounds just a bit more dangerous than words right now.

The Director General of WHO is a gentleman named Tedros Adhanom Ghebreyesus, which I think is short for Utter Madman. Rallying around his own rhetoric, he is leading the fight for unity in the media and online, retweeting a tweet from Twitter that says: “Take care of each other.”

If this is what leadership of an international health organization looks like, the world is a sicker place than I thought. And I say that having watched Joe Biden sniffing the heads of baby girls.

We must not talk about people transmitting the virus, or infecting others, or spreading the virus, as this implies intentional infection and assigns blame.

Instead, he says, we must talk about people acquiring or contracting COVID-19, just as one might acquire a new job or shares in Tesla.

[Captain Hate]

Somehow a while back I heard the audio of an ancient interview with Art Modell from when he operated the old stadium and talking about British Invasion groups playing there and they mentioned The Who and he went into this "Who's on First" type routine only not funny and sounding like a clueless codger who you just wanted to STFU.

Dave wins the Art Modell award.

[Jane]

Man Tran, where was that from?

[D]

Just split the money amongst yourselves.
Open accounts for 8000 dollars or less.
Eventually put it in college funds.

[Tom R]

I am a big fan of The Who but an even bigger fan of Led Zeppelin.

http://www.msn.com/en-us/music/news/led-zeppelin-scores-big-win-in-stairway-to-heaven-copyright-case/ar-BB10X5yD?ocid=ientp

[MissMarple2]

Daggone it! I have been doing housework and it's almost 2:00 PM, even though it feels earlier.

I hate Daylight Savings Time!

[JM Hanes]

Ignatz

"Whatada dagos do? Always kissing, always pinching either facial or other cheeks, always sharing pizzas and always hooking their thumb nail on their incisors and flickin other wops off."

I thought "dago" was a pejorative for Spaniard. Aside from the kissing, and sharing pizzas (horrors!) I've never noticed cheek pinching and never once seen an Italian actually doing a thumb flick. Have you ever spent any time in Italy?

[D]

I love that it is still light at 7:45 at night.
Love the spring ahead.

[John S]

I have a niece who has lived in Milan for the last 30 years. She reports on the situation there:

"Hello, it’s pretty bad. I can go out if I need to, and I went to pick something up today and get my bike fixed. The streets are absolutely empty, like Christmas Day. We are supposed to stand far apart and not gather in groups. We can travel around by car from city to city, but if we do that, we have to sign a document stating why we are travelling, and if the reason is not an emergency risk getting fined $250 or three months in jail! I’m going to forgo public transport and use the bike from now on. Thanks so much for thinking of me! We are all fine. Love to you too!"

[D]

JMH:
It is a smear word for Italians, just like mick is for Irish people.

[MissMarple2]

This guy seems to know what he's talking about:

Dr. Drew on the coronavirus: “Businesses are getting destroyed and people’s lives are being upended not by the virus, but by the panic. The panic must stop. And the press, they really somehow need to be held accountable because they are hurting people”pic.twitter.com/as2xu0Am8E

— Ryan Saavedra (@RealSaavedra) March 9, 2020

Video at the link. (I like the part where he says "the press must be held accountable.")