Earnings Fizzles & Fiscal Fireworks

(1) The big losers are boosting the P/E! (2) Industry analysts chopping earnings estimates. (3) An optimistic outlook for 2021 and 2022 could drive S&P 500 to new highs next year. (4) The CBO sees a depression during Q2 followed by a recovery during H2-2020. (5) YRI vs CBO. (6) CARES Act shows Washington really cares with big bucks. (7) Treasury expecting to get its money back from Fed’s lending programs. (8) Round and round we go with more rounds of free money. (9) MMT’s magical mystery tour. (10) No constituency left behind.