From 3,200 employees down to 1,000 employees in half a year.

The longer the Pandemic drags on, and work-from-home gets entrenched, the further Old Normal moves out of reach.

The Fed is funding consumption circuitously via Treasuries and government stimulus spending, shifting impact from asset prices to consumer prices.

But who are the suckers?

Low income earners got crushed. Many high-income earners could work-from-home.

Wolf Richter on the HoweStreet.com podcast.

“Extend and pretend” works wonders for a little while. But with auto loans, it gets dicey in a hurry. And then what?

Even manufacturers, after months of crushed commodities prices, experience inflation and are able to pass it on. Stimulus money the government and the Fed have thrown around by the trillions.

“The recovery is expected to be slow and uneven. It has not started quite yet based on the weak Class 8 orders in May.”