Too late to close down Wall Street

Hedge fund billionaire(?) Bill Ackman pleaded with President Trump on Wednesday to close down Wall Street for a month in what he described as “extended spring break” due to Covid-19.

I use a question mark on his wealth since an estimated $13 trillion has vaporized from portfoliios since the coronavirus outbreak hit the US shores.

Ackman tweeted “propose a 30-day federally mandated rent, interest and tax holiday for all.”

Ackman later told CNBC, “I went into lock down more than a month ago to save my father’s life,” said Ackman, his voice noticeably cracking referring to his 81-year-old father who has diminished lung capacity. “We need to save everybody’s life.”

As I wrote earlier, I believe this will be a sharp V-shaped recovery as funds will need to be put to work in stocks since there is no other asset class to recoup the losses.

The New York Stock Exchange announced that it will shut down floor operations on Monday and go to all-electronic trading, which essentially is what it is anyway.

The trading floor is little more than a TV studio with most of its cavernous trading rooms closed years ago.

Thursday morning Dow futures are down 300 points or roughly 1.5%.

I’ll come back later to update the news.

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