The Breakdown - What the Stock Market’s ‘Robinhood Rally’ Means for Bitcoin

Episode Date: June 10, 2020

Today on the Brief: Saudi Arabia injects $13 billion in bank liquidity via blockchain. China’s state TV CCTV says Binance is still allowing crypto trading in China. MakerDAO community greenlights real world collateral.  Our main topic: The “Robinhood Revolution.”  The next time someone tells you crypto markets are too irrational or volatile, point them to stock markets right now. The largest 50-day rally in history Every S&P 500 stock up from 10 weeks ago Multiple bankrupt companies up more than 100% since they declared bankruptcy This is the “Robinhood Revolution,” as a horde of day traders are outperforming billionaire investors and commanding the stock market narrative.  This episode looks at: Who is this new generation of investors  Why they’re so active right now What they’re betting will go up Why they don’t care about earnings, balance sheets or any other fundamentals Four scenarios for how this rally could have an impact on the bitcoin and crypto industry 

Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. This episode is sponsored by BitStamp and Cipher Trace. The Breakdown is produced and distributed by CoinDesk. And now, here's your host, NLW. Welcome back to The Breakdown. It is Tuesday, June 9th, and today's main topic is going to be the Robin Hood rally in the stock markets. to talk about what it is, whether it's real, and what it means for Bitcoin. Before that, however, the breakdown brief. First up on the brief is Saudi Arabia's central bank pumping $13 billion

of bank liquidity into the markets using blockchain. So what happened? Like every other central bank in the world, the Saudi Arabian central bank right now is primarily concerned with liquidity in capital markets. And so introduced an injection of 13 billion million dollars worth of capital to a set of local banks. The key detail for our purposes is that they did this in part via a blockchain system. Now, they didn't give any info about which banks got what or how much was actually dispersed through blockchain, so theoretically it could be a much smaller trial. However, the key detail here is that blockchain was used in this very significant and important capacity. Why is this interesting? Well, as you guys know, I usually don't cover the

technology side of the blockchain industry, are much more fundamentally interested in the money side of it, right? How blockchain enables new types of digital money in specific Bitcoin, obviously. However, this idea of blockchain as a disruptive force in banking has been a long-standing narrative in this industry. It has attracted capital to this industry. And even though I believe that actually in a lot of ways, the quote-unquote blockchain space is two fundamentally different spaces, at least two fundamentally different spaces, sometimes uncomfortably mashed together. The reality is that this sort of example of real world in the wild use of blockchain to change the way that money is distributed, to change the way that the banking system works, could provide

some pretty significant tailwinds for at least the blockchain part of the industry and maybe just the perception of the industry as a whole. I don't think it necessarily addresses the blockchain, not Bitcoin, sort of fud and narrative, but I do think it's interesting to watch when this technology that has long been long on ideas and promises and short, perhaps a little bit, on delivery and execution is actually starting to be used in that execution, in that operations. Brief topic to Chinese state media and Binance. So what happened? Chinese state media CCTV is saying that Binance is letting or at least enabling local users

trade crypto. So basically, CCTV, which is the state media arm, went and tried to get a, on the local Binance and buy cryptocurrencies, and they were able to. They were able to do this through a P2P type setup. With regard to the specific website, Binancezh.com that the Chinese CCTV reporter used, Binance said that it was a test site and, quote, most of its users are from Egypt. So why this matters? This is an example of the complicated state of crypto buying in China. Centralized exchanges were banned in September of 2017. P to P2, trading has been allowed but gray. Over-the-counter trading has been allowed but gray. And it seems

recently there have been reports of police freezing OTC bank accounts and perhaps coming down a little bit harder on that. And this is completely in the realm of speculation on my part. But I do wonder, and I think it's worth watching, how Chinese state media and Chinese officials respond to or change their stance on over-the-counter trading or peer-to-peer trading in advance of the DSEP digital currency launch. I could see a case for and a scenario in which China comes down even harder than it has before to effectively stop competition for their own digital currency. Third and finally on the brief, MakerDAO greenlights real-world collateral. So what's the story? The community of Maker-Dao has voted to allow real-world collateral as a way to get stable

coin loans. Specifically, the real-world collateral under discussion is tokenized trade invoices and music streaming royalties. Both of these come from a company called centrifuge, which turns real-world assets into securities that tokens can be issued against. So why does this matter? The vision for MakerDAO has always been to have this algorithmic stable coin that is made stable by having a huge variety of collateral backing the system. And it started obviously with ETH, with Ethereum's native token, but then has expanded last year to move from single collateral dye to multi-collateral dye, that includes other tokens such as Braves' BAT token. That was, in and of itself, still a first move or an early move towards the eventual vision,

which is the entire world of tokenized assets, both real world and digital tokens, being collateral for this system. And in the vision, that variety of different tokens creates the stability that underlies it. You're not going to see an effect every asset move in the same direction at the same time. And so the goal is it creates more resilience. Now, the people who don't agree with this vision and the people who perhaps were against the move from single collateral die to multi-collateral die are worried that it just creates new attack vectors. They're worried that it creates new complexity that reduces security.

They're worried that it just creates, or maybe is perhaps not the right time yet for this. But the reality is that MakerDAO continues to push forward, continues to innovate in this space and continues to be a leader in demonstrating what Defi can do. So something to keep an eye on if you're interested in defy and the tokenization of real world assets. But with that, let's shift our attention to today's main topic, the Robin Hood Rally and what it means for Bitcoin. I am really excited for today's main theme. I've been watching with both fascination and sometimes incredulity over the last few weeks about what's been going on in markets, and I wanted to take some time to actually explore it in its own context, but then also put it in the context of potential implications

for Bitcoin as well. So let's talk about what's been going on first. Since the March 23rd lows, we've had the largest 50-day gain in S&P 500 history. Every stock in the S&P 500 is up today from where it was 10 weeks ago. In addition, there have been some just truly friggin weird things happening, particularly as relates to bankrupt companies being some of the biggest winner. A lot of people can't believe this. Charlie Belayo wrote this morning, I love the smell of mania in the morning, talking about the fact that this new truck company, Nicola, was promising an electric truck and its market cap was all of a sudden bigger than Ford's, even though Ford had $150 billion in revenue over the last year compared to Nicola Zero. And there's so many more

stories like this. One tweet that I thought really nailed it was from Corey Hofstein, who said, my timeline went from worse than 2008 to its 1999 real quick. Today's Bloomberg headline was, everywhere you look under surging stocks is fervid retail buying. So my question is, is this really the Robin Hood rally? And what does that mean? So let's get into that. Let's start our conversation about Robin Hood with another headline,

this one from CNBC. Robin Hood traders cash in on the market comeback that billionaire investors miss. This is a key part of this narrative, the idea that Robin Hood investors got it right while billionaires got it wrong. Let's talk about Robin Hood. Robin Hood is an app where people buy stocks, right? It's got about 10 million users. The average age of a Robin Hood user is 31.

And in Q1, this horrendous quarter for the markets, 3 million new accounts signed up. So who are these people? Well, let's have a quote from one of the people featured in this article who says, I just started taking it seriously about two months ago. I've been watching AAL American Airlines since the beginning of that time, and I felt eventually, once COVID relaxed, markets would move up. This story is full of people exactly like that. And importantly, this isn't a new phenomenon just on the basis of this crisis.

The week before the markets really started to react to coronavirus, February 26, the cover story of Bloomberg Business Week was about Wall Street Betts, R-Sash-Wall-Street Bets. a Reddit forum where this type of day traders congregate to talk to each other and claim victories to give each other tips, and this at the time 900,000 member strong community, which has swelled 40% since then to 1.3 million members, has become an epicenter for this sort of day trading activity. It has also been embodied in some popular figures. Dave Portnoy is the founder of Barstool sports, and since the crisis began, he started something that he called Davy Daytrader Global, where he sits on live Periscope, basically all day on Twitter, and talks about his stock

picks. Some have actually called this new excitement from retail in the markets, the Davy day trader effect. And there's a whole different story to be had, and maybe it's for a different episode, about the power of individual media right now, the Rogans and the Portnoy's over the world compared to traditional media. But holding that aside, there is no doubt. that this rise of Wall Street bets, of Robin Hood, and of the Davy Day Trader effect have all happened simultaneously over the course of this crisis. Which gets us, I think, to a question of where it came from. Why did all of a sudden this Robin Hood crowd start to exert more influence or at least capture more of the narrative? And I think we do want to distinguish between the two. Well,

one, there was extra time. When the entire world, but in particular the U.S. shut down, all of a sudden there were no sports for people to focus on, no sports for people to bet on, there were no jobs to distract people. And I think in this regard, Portnoy is the king of this, right? His handle is Stool Presidente. He is the king of barstool sports. But in a world of no sports, he said, screw it, I'm going to go mess around with stocks, right? I'm going to go play that game instead. My game isn't available, so I'm going to play that game. How many people did he drag with him from the sports world to the market? its world. Reinforcing this point, Travis Kling tweeted yesterday, the NBA will start playing

four-plus playoff games a day in July. If you don't understand why that is bearish for stocks, then you don't understand what's been driving stocks. One part of this was extra time, and nothing to focus that time on, but another part is extra money. This is a quote from a story in Bloomberg as well, securities trading was among the most common uses for the government stimulus checks in nearly every income bracket according to software and data aggregation company, Enver Street Yodley. People earning between 35,000 and 75,000 annually traded stocks something like 90% more than the week prior to receiving their stimulus checks. In other words, this company found that there was a meaningful increase in people getting involved in the stock

market when stimulus checks hit. Now, there's a huge number of issues with this. I'm going to get into it later, perhaps. There's real questions about what happens when this whole set of payments that have been deferred, mortgage payments, rent payments actually come due. It could be a whole new phase for this economy, but that's not the topic today. But the point of the matter is that research suggests that there was an increase in stock market participation when those stimulus checks came. So that's part two. BitStamp is the original global cryptocurrency exchange. Since 2011, BitStamp has been the preferred exchange for serious traders and investors, trusted by over four million customers, including

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Learn more at cyphertrace.com. Part three is cheap infrastructure, and this is a longer, more secular trend to no-fee trading. When all of a sudden we're in an environment where there's no fees for trading and people can just do more without having that risk, at least, they just get more involved, right? So all of these things combined to be a perfect storm for what we've seen in this Robin Hood rally. Well, then the question becomes, what have they actually done? What have they been betting on? And I think a really important point is that part one is that they've been betting on extremely obvious things.

They've been betting on things like pharma, particularly companies who are experimenting with COVID vaccines and COVID-related medicines. They've been betting on things like kids' educational companies, like genius brands, which makes sense if you're a parent at home dealing with homeschooling. They've been betting on things that are potentially about corona-proofing the world, like remark holdings that has heat-sensitive cameras for casinos, right? So these are really obvious things, and I think it's important to not overstate how much this has been a success of common-sense bets in the wake of coming out of a crisis. No financial engineering there, just a little bit of common sense. But they've also made some more

counterintuitive bets as well. When oil was crashing, they bet the opposite direction. They flooded into the market to try to get exposure. With airlines in particular, they've been extraordinarily bullish in the face of extraordinarily pessimism. And we're going to come back and hear a clip that regards Warren Buffett Airlines and Dave Portnoy again in just a minute. but the fact of the matter is that this Robin Hood set has been much more bullish on cruise stocks, on airline stocks. Basically, their bet was that people have a short memory and they simply will not care. Once they say it's okay to go again, they're not going to stay off planes. People are just going to go live their lives, come what may. Whereas professional investors

were much more bearish. If you'll remember, at his big annual Berkshire Hathaway gathering, Warren Buffett said that they had completely liquidated their positions in the air. airlines. And this gets actually to our next point. There's a part of this narrative, there's a part of this story that's the idea of the professionals versus the crowd, the Buffett's versus the Wall Street bets. And the key here is that this set of investors do not give a shit what professionals are saying. All they care about is what their peers are saying. All they care about is what the people who actually influence them, which is not traditional media. It's not traditional professional professional professionals. It's people on Wall Street bets, and it's the Portnoy's of the world.

And frankly, the world of value investors has just been wrong over the last couple weeks, right? Stanley Druckenmiller came out and said that he had been humbled by the return of equities. And if you thought that the new breed of investment professionals would somehow themselves be more humble, boy, were you wrong. Let's take a listen yesterday to Dave Portnoy talking about Warren Buffett and how much writer he was than the Oracle of Omaha. Alaska Airlines up 17%. Boeing up 13%. Carnival up 16%.

Delta up 7.5%. What do you do if you listen to old man Buffett? Get out on the airlines. Idiot. What an idiot. Norwegian up 18%. Spirit up 12%. Unbelievable. All I do is make money. This game's so easy. Look at me. Look at me. It's so easy.

Literally the easiest game I've ever been a part of. Up, up, up, up, up, up. I'm up $290 grand on the day and I'm mad and I'm mad as hell. Mad as hell. Because I've sold so much of my airlines because you take profits, people. Why take profits when every stock blows up? Every airline goes up 20% every day. You just wake up 20%. Losers take profits.

Winners push the chips to the middle and know the seven ain't coming. I should be up a billion dollars. I should be up a billion dollars. That's how right I have been about cruises and airlines. They're not just up. They're up a billion percent. I should be up a billion dollars. That clip, by the way, got picked up and was the center of a news article on MarketWatch today.

So again, this is something that is important. impacting and at least spooking the regular markets, right? There is this narrative of Portnoy beating Buffett now that, as ridiculous as it might seem, is a part of our financial conversation in 2020. So there's a couple things going on here, I think, that are worth noting. One is that, frankly, this new set of investors, I think, has a different belief set about what regular people are going to do going forward, right? That explains to me the cruise line stocks, the airline stocks, the casino stocks, right? It's basically people who are saying, you are overestimating the impact of the fear of this disease on future human behavior once you allow us to go outside of our

houses again. So that's part one, and that's a little bit more of the kind of the rationalist side, where reasonable people can disagree about that. It's a bet on human psychology and behavior, so someone's going to be right and someone's going to be wrong. The other part of this that's interesting, though, is almost a more nihilistic disregard for fundamentals and a total not caring about the underlying real economy as it relates to pricing stocks. Stacey Herbert put this perfectly in a tweet. She said, millennials came of age in 2000. Through Robin Hood, they are betting against and beating the olds like Buffett and Drucken Miller who still believe in balance sheets earning blah, blah. Millennials have never known a value-based economy in their lives.

The economy does not matter. The purest expression of this has to be in the bankrupt stocks. Joe Wisenthal yesterday wrote, I've seen a lot of unusual micro-bubbles over the years. Cannabis, blockchain, fuel cells, space, electric cars, etc. But I don't think I'd ever have guessed before that bankruptcy itself would be an exciting investment theme. Bloomberg wrote a piece called Retail Traders' Flout Legal Logic by buying up bankrupt stocks, and the numbers are nuts. Hertz has climbed 95% since it's filed for bankruptcy on May 22nd. J.C. Penny, up 167% since May 15th. Whitting petroleum up 835% since April 1st.

And then companies that have been planning for bankruptcy are also seeing huge gains. Chesapeake Energy Corporation jumped 182% since Monday. GNC Holdings, 106% since Monday. Basically, this is completely nihilistic behavior. This is a complete rejection of the broader economy in favor of the game that is stocks. This is a game to these betters and they're all betting on The Greater Fool. They're betting that someone else will buy and that they can get out before the whole thing ends. It is the most adult game of musical chairs ever with the highest stakes ever.

And it has literally nothing to do with the actual fundamentals of these companies. So what are people's interpretations of this? I took to Twitter to ask people what they thought about this rally. Was it actually the Robin Hood rally or was that just a cute narrative. And by and large, people said something to the effect of, it's a fun narrative, but retail doesn't actually have enough money to move things. No matter the fact that the articles coming out today are all about actual volume of retail trades being significant, right? So here's just one example. Over 200,000 calls changed hands for United Airlines on June 3rd, the most in over a decade.

The stock has jumped around 30% on the plans to boost flights, right? So you're talking not just about a trade that people are interested in, but more volume of different trades than they've seen in a decade. Now, of course, the question is how much actual money is in each of those trades, which is totally reasonable, but there's this kind of psychic or cognitive dissonance it feels like between this is a fun narrative, but retail doesn't actually have enough money to move things from what the financial media is reporting. Of course, cynics around financial media will say that's the point. This is just a game of self-fulfilling prophecy. That's kind of interesting. A second interpretation is just jokingly waiting for them to go away. Chai Girl on Twitter said, can someone please let me

know when all of these Robin Hooders have to go back to their job? So I have notice. A really interesting additional take that I saw came from someone who said that basically the difference between retail and hedge funds is not as meaningful as it once was because there isn't the same sort of information asymmetry that they're used to be in these markets. So actually, their point was that it's much reduced. But then there's the question of the Fed. And ultimately, this is where almost everyone lands. is that this is a byproduct of the Fed itself. Nate Anderson tweeted out, The S&P 500 is now positive year to date,

despite a massive recession and $21 million still unemployed. Meanwhile, five stocks in bankruptcy were up triple digits today despite little to no expected equity recovery. Quote, the Raven retweeted this and said, Hey, Federal Reserve, look at the ruin that has become of the capital markets. You've turned a market into the butt of a bad joke. Congrats. Sven Heinrich said, if the entire S&P 500 declares bankruptcy, it can rally 500%.

Hashtag new market logic. And Joe Wisenthal again pointed out that even if it was the Fed, professional money managers only have themselves to blame. He says, I don't really get how professional money managers can blame the Fed for their having missed the rally. Even if you stipulate that it's all Fed-driven, you knew the Fed existed going into this, and the Fed announced its policies for everyone to see at the same time.

Honestly, I think in this weird, twisted way, this is kind of the greatest triumph of U.S. monetary policy history I've ever seen. We are, in the one hand, a consumer society, right? We need people to take on debt and spend money for our economy to work. And there's a lot to take issue and umbrage within that. And I think Bitcoin is, in many ways, a reaction to that, right? A prioritization of savers over spenders, a different type of economic organization. But, you know, if you remember in the early 2000s, when everyone just got a sent a stimulus check of 600 bucks to go buy a TV. That's what they wanted us to do. But really, especially since 2008, we're not so much a consumer

society as much as an asset stock market society, right? What our society or what our economy is predicated upon is the never-ending increase of stock market prices. That is both the political scorecard, but it's also essential to the way that our economy is actually structured and our ability to keep it going. This recession, we handed people money. We handed people money and what did they do, they plowed it into stocks without any regard whatsoever for the fundamentals of the thing that they were buying. That is so quintessentially American in the way that we've set up what it means to be an American, where the only god is the god of the markets, that it almost brings a tear to one die, you know? It really is pretty patriotic. All joking aside, I do think

that when you set up the rules of the game to be about nothing other than what someone else will do, a pure play market that is just for betting and has nothing to do with fundamentals. Of course, this is what you're going to get. What did you expect? What did you expect? But I digress. So let's turn now to what this actually means for Bitcoin, because I think that there are some really interesting scenarios that we might play out. Scenario 1.

There's a possibility that this crowds out the space for Bitcoin. And what I mean by that is that if you can turn $10,000 in Hurtstock into $125,000 in hurtstock in a matter of weeks, which is what's happened, that's literally like one of the best crypto pumps from 2017. If that sort of madness continues happening, then people are going to have their attention distracted away from crypto markets because there's plenty of degenerate gambling available in traditional markets that are, you know, better regulated and easier to access and all that sort of stuff, right?

They have better liquidity. So that's part one or scenario one is that this crowds out the space for Bitcoin and crypto trading. Scenario two is that this is good for quote unquote crypto, right? And I use that word or that term, not just Bitcoin specifically. I think that you're going to see some people who, if this continues to go, take their gains and look for a new area to invest in, right? The Altcoin Casino is waiting there for them. And it's kind of the same principle of how when Bitcoin goes up, people diversify into alts if you're a trader, right? This isn't for people who are fundamentalists and hodlers. This is for people who are looking for those short-term price gains. Amin Sergar said,

I predicted that at some point people will realize that PE ratios are absurd and start looking into crypto assets. Let's see if it happens. I actually polled about this yesterday on Twitter and got a pretty significant number of responses. So I asked, does the Robin Hood rally create a new generation of retail crypto investors? A, yes, because they're hungry now. B, no, because they can invest in real companies and get the same rush. C, it's complicated, explain in the comments. Of the respondents, 825 respondents, 42.1% said yes, they're hungry now. This Robin Hood rally might create a new generation of retail crypto investors.

B, 35.9% said no because they can invest in real companies and get the same rush. So obviously, still a very mixed opinion, but some meaningful portion of people believe that you could see some of this money that's being made in the stock markets find its way over into crypto market. So that's scenario or outcome number two. Outcome number three, good for Bitcoin. So again, I'm using my term specifically and clearly. Scenario three, good for Bitcoin. If the party continues, I think that we're going to get some counter narratives where people start to get pretty nervous about how real this is and how absurd it is and how much it is driven by this Fed money printing. And there will be some, like the port noise of the world, I believe, who will just

continue to plow forward through ruin and desolation. But I think that there will be others who get a little more concerned and want to start hedging into some other assets. I think that could be good for gold because that's obviously such a traditional hedge. But I think that you could see some people want that uncorrelated hedge and look to Bitcoin. And this isn't so much because they're worried about inflation, although that might also represent some portion of the audience. It's more just because they're going to be looking for something that isn't behaving the same way, right? That isn't in lockstep. Right now we have an S&P 500 that is every asset on that list is up from where it was 10 weeks ago. That's great when times are good, but if you start to get nervous about what that rally

is based on, you're going to go looking for that schmuck insurance, as Shemoth put it, and Bitcoin is there waiting for you. So scenario three is that this is good for Bitcoin, and again, this is in the context of this crazy stock market rally continuing. Number four is mixed for Bitcoin. So this is scenario number four, the mixed for Bitcoin scenario. If the market crashes, I could see it going two ways. On the one hand, it could be bad for Bitcoin because retail money that might have gone in or might already have some exposure is going to get washed out. This is especially assuming you think there is meaningful overlap between the Davy Day Trader crowd, the Robin Hood Rally crowd, and the Bitcoin crowd, which maybe there isn't. But I think in general,

we're still at a point where in the short term, stock market crashes are not good for Bitcoin. We've seen this, at least in terms of short term price. They do lead to people. people selling off other things. Although who knows if it might be a little bit different if it's just retail traders. But that's the way that a market crash would be bad for Bitcoin. The way that it could be good or at least more neutral for Bitcoin is that you're going to have, again, that push to uncorrelated assets. The narrative of Bitcoin as uncorrelated is sitting there and waiting. And so as some of these retail traders get washed out and some of the institutional FOMO people who have followed on also get washed out, there's that waiting narrative of the Paul Tudor Joneses who got into Bitcoin

and all these others who have started to kind of put Bitcoin in this category alongside gold and other store of value assets as something that's good as a hedge against what other things are happening in the market. So I can see a real mixed scenario for Bitcoin should this rally not continue. So anyways, those are kind of the four outcomes that I see. But I want to go back to this point, I think, about just how reflective of our time this rally is. I mean, honestly, this is a moment where if you want to understand Bitcoin, the best way to do so is to look at what stocks have done and particularly what our monetary policy has enabled in stock markets. We really are structuring the economy such that all that matters is the price of assets, despite the fact

that that that radically increases inequality, despite the fact that that leaves huge numbers of people behind. But here we are. And the more that you see this sort of Robin Hood rally effect, the more that you're going to have people try to fomo into that. And this is destined to end poorly for everyone who's involved, or for at least for the people who are at the bottom of this ladder who are involved, right? I mean, you just have to listen to Portnoy in that last clip where he says, don't take profits, stay in, put all your chips into the middle of the table, right? That's fine for him. When his net worth goes from $100 million to $118 million, as he made sure to clarify the other day, it doesn't really matter. And if it goes down, again, it's just a pride game, right?

But for people who are turning their $1,200 stimulus checks into $10,000, and then leveraging that even longer, who just read about investing in options on Investopedia like 10 minutes ago, you're going to have potentially disastrous outcomes. But the end of the day, maybe it won't matter, because maybe we're in a world where the Fed will just print our way out of the coming deferred mortgage crisis that's happening in three months, or that government will bail us out of unemployment crises that happen. You know, it may be that the nihilistic position right now is the correct one in the short term, and that's just wild.

With that in mind, let's just have one more port-noid clip, because again, I think clearly, if there's an avatar of this moment, it's him. So this comes from April 27th towards the beginning of the crisis, and the tweet that goes with this is Stocks 101. It only goes up. It never goes down. And if it does go down, they'll print more shrewd bucks. Check this out and listen especially to that last.

line. And until tomorrow, guys, be safe and take care of each other. The stock market doesn't matter. That's, I've said it. You see the headlines of Wall Street rallies because Corona is close to over. All right, like, what's that mean? I'm sitting in my house. New York City has been shut down. Boston, shut down. L.A., shut down. All the major says, so Peacock, Nebraska's opening. And what do people do? People have any jobs? there's the unemployment. No one has money. Nobody has money.

You get, what, you tickled from a stimulus check? Nobody has money. When is this crash coming? It is not. We could get hit by an asteroid, and stocks would go up.