Any move to “cancel” debt held by China — i.e. default on it — would destroy the full faith and credit of the U.S., send U.S. interest rates soaring and could ignite a global financial catastrophe
— CNBC’s Brian Schwartz: “Big money donors are pressuring Joe Biden to not choose Sen. Elizabeth Warren as his running mate, even while the centrist former vice president tries to appeal to progressive voters. Biden and his team, according to people familiar with the matter, have heard from many donors in the business community about who they think would be best to be chosen as his vice presidential nominee.
, and Michigan Gov. Gretchen Whitmer. Many Biden contributors spoke on the condition of anonymity as these conversations, both with Biden and among his associates, were in private.”— WSJ’s Caitlin McCabe, Anna Hirtenstein and Chong Koh Ping: “U.S. stocks [finished] their best month in decades on a downbeat note after data on spending and unemployment further revealed the extent of the coronavirus pandemic’s damage.
“In zoological terms, is the 34 percent rebound since the low of March 23 the start of a new bull market or merely a dead cat bounce we will all forget when the bear returns? My starting point is that I would worry about the scale of the rebound if I thought investors were becoming confident about a rapid, V-shaped recovery, which appears unlikely. I would also fret if they were way too optimistic about the risks to survival companies face.
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