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Thursday, August 06, 2020

The death of the Devil Mouse

Their losses are not only accumulating, they are accelerating. Which is more than a little fascinating in light of what I wrote in Corporate Cancer concerning the Devil Mouse.
Debt, diversity, and the Devil Mouse

Investors often say that which cannot continue will not. But as one influential economist who was also a highly successful investor noted, “the market can stay irrational longer than you can stay solvent.” So, we can’t expect to know exactly when a converged company is going to succumb to the corporate cancer that has infested it. There is an awful lot of ruin in companies as big and resource-rich as Apple, Disney, Google, Intel, or Microsoft; a single disaster, or even a single series of disasters is probably not going to be sufficient to do them in.

But if the precise end of a converged company cannot be foreseen, the beginning of the endgame often can be. This is because a corporate failure cascade, or a process in a system of interconnected parts in which the failure of one or more parts triggers the failure of other parts, is often observable by even casual observers.

For example, Disney looks indomitable when seen from a distance. It has a market capitalization of nearly $250 billion and in 2018 reported an annual profit of $12.6 billion on $59.4 billion in revenue. It owns a veritable gold mine of intellectual property, from Mickey Mouse to Star Wars, and is arguably the most formidable entertainment empire in the history of the world to date.

But look a little closer and a less imposing picture begins to take form. In just the last year, Disney’s debt has increased by $38 billion, to a total of $53 billion now owed. And while that figure is considered low by industry standards, it has amassed that gargantuan debt to pay for projects that are already failing at an rate that is extremely uncharacteristic of historical Disney projects.

Consider, too, that Netflix now owes $12.4 billion in debt with $15.8 billion in annual revenue, so despite Disney’s low debt/equity ratio of 0.38, it has a debt/revenue rate of 89.2 percent, which is actually higher than the notoriously unstable Netflix’s 78.4 percent.

Star Wars isn’t the only one of Disney’s once-dominant properties and franchises that are failing. The two Galaxy’s Edge theme parks were failures at launch, attendance is declining at both its flagship parks, and ESPN has been losing two million subscribers a year for the last seven years.

Although it has ridden the Marvel Cinematic Universe—which it did not create—to record-breaking box office heights, its attempt to mine its rich cartoon franchise for live action films has not panned out very well when corrected for inflation—the 1994 Lion King made $178 million more than its 2019 remake—and its attempts to create new franchises that can be similarly exploited have repeatedly failed.

On the other hand, Disney is still generating mammoth profits, its seemingly endless series of remakes are profitable, and the launch of its new Disney+ streaming channel could lead to a whole new period of growth for the entertainment giant. Then again, the decision to retroactively censor old films from Song of the South to Dumbo and The Lady and the Tramp tends to suggest that convergence will cause Disney+ to disappoint too.

In the end, it is probable CEO Bob Iger’s declaration that the corporation’s push for more diversity in its entertainment products will be followed by an increase of diversity in its executive suite before he retires that will prove the most reliable guide for the future of Disney as well as a test of the central thesis of this book.

There are only three possibilities, after all. Either social justice convergence is beneficial for business, it is harmful for business, or it is irrelevant. And at this point, it should be eminently clear that is about as good for the average corporation as cancer.

Are we seeing the beginning of a series of convergence-related failure cascades across corporate America? Disney may prove to be a useful harbinger in this regard.
Remember, that was all written before Corona-chan devastated Disney's vital parks business. So let's look at what is happening of late on the Devil Mouse front:
Analyst Rich Greenfield recently looked at Disney and ESPN’s reports and found very troubling numbers for the sport network and its parent company. ESPN’s loss in subscribers is also shocking for its size. The loss of subscribers continues and is down another six percent year-over-year. So far, this year’s subscriber loss has accelerated over past years. The sports network was down 4.5 percent in the first quarter, off 5.5 percent in the second quarter, and down a whopping 6 percent in the third quarter. Indeed, the six percent decline ESPN saw in the third quarter this year is just part of the declines suffered in every quarter at since the third quarter of 2016.

ESPN+ ARPU down 22% year-over-year, as it is basically being given away within the Disney/Hulu/ESPN+ bundle. $4.18 vs. $5.33 last year. How do you make money at $4.18 of $ARPU? 
That 6-percent Q3 decline suggests that ESPN will be down to 78 million subscribers by the end of the year, down from 99 million in 2013. It certainly looks like a corporate failure cascade in progress. And while there is a LOT of ruin in the Devil Mouse, the speed at which its debt is accumulating means that it might not take as long as you would assume for that debt to become unserviceable. I haven't run the numbers yet, so I don't know how long it might take to go critical, but the fact that Disney is already running a higher debt/revenue ratio than Netflix is an ominous indicator.

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56 Comments:

Blogger cylindrical crown August 06, 2020 8:10 AM  

Sports fans can refuse to watch sports longer than sports businesses can afford to pay their players.

Blogger Doom August 06, 2020 8:33 AM  

Ominous? Oh. You mean for them. I'm sort of liking things. I just wish there was one more thing I could do to speed it up other than... nothing. Goes for a lot of companies.

Blogger My 1 millionth internet profile August 06, 2020 8:35 AM  

ESPN could have survived the corona-chan-created collapse in sports if they had just spent most of their empty airtime running replays of classic games, or even some of their documentaries.

Instead, it was a 24-hour harangue on how awful white people are and that BLM is the moral arbiter of our time, maybe of all times, and you can get that idiocy for free almost anywhere else.

"Market cap" is a joke when applied to corporate health, because when the wrong word goes in the right ear, all that "equity" disappears faster than a child actor who speaks up. It's happened so many times, not even Wall Street hucksters believe in the notion anymore. Which doesn't stop them from flogging the idea to death.

Blogger Jim August 06, 2020 8:41 AM  

That was also written before Disney shelled out 71 billion to buy Fox. The one good thing Comcast ever did.

Blogger Jose Miguel August 06, 2020 9:00 AM  

Praise be to God! What arises from the ashes of the USA empire will be superior for sure, at least at story telling and music.

Blogger David August 06, 2020 9:00 AM  

I love college football (follow every game for 4-5 teams), but already between the virus and the current political climate I've already soured on it for this fall, knowing that those topics will discussed more during the game than the game itself. I know it's going to be this way because it has to be this way to meet their current contract requirements, spiritually. Announcing already sucks so much, and I know this is the year it gets worse. We'll hear not only more of whether a catch was a catch, but we'll also get to hear about masks, and BLM, and vaccines, etc. I'll still give it a shot, but the first time I hear about BLM I'm done with the season. Can't be the only one feeling this way. 70M subscribers by year end?

Blogger RedJack August 06, 2020 9:05 AM  

Sports fan are leaving. My guys stopped watching baseball this year. I've stopped watching the NFL and college football. I have been a fan all my life, and now I could care less. My cousin used to watch every NASCAR race, and told me he no longer cares.

Depriving the mob of their circuses is not a great plan.

Blogger Happy Housewife August 06, 2020 9:08 AM  

I have a relative that works at Disney. He was saying that they need at least 5k visitors to each park daily to not lose money being open.

They're not even close to hitting that at the moment.

Blogger Silent Draco August 06, 2020 9:11 AM  

Broadcast contract renewal will be a slugfest. Reduced subscribers and market reach vs. lost interest from the fan bases. Could be the next card tipped out of the house.

Blogger Nostromo August 06, 2020 9:12 AM  

I am a devout follower of basketball, but I haven't watched a second of it the NCAA canceled the season. The last NBA game I watched was just before RON RON opened his piehole about how great China was, and their wokedness sure as hell isn't going to lure me back. Same with football, nascar, or any other sport that bends the knee to marxist b.s. I guess I'm just gonna go fishing. And if PETA shows up, I'll sick my dog on 'em.

Blogger Lightning in My Hands August 06, 2020 9:12 AM  

Personally, I just want the option to watch any National League sport without commentators. ESPN's demise may bring the dream to reality.

Blogger Damelon Brinn August 06, 2020 9:33 AM  

ESPN must have been brutal to watch the last few months, without sporting events to intersperse among their political commentary.

Blogger Cataline Sergius August 06, 2020 9:36 AM  

Disney's biggest money maker isn't films, it is the parks.

And reopening of Disney World has been a disaster.

They didn’t think through a lot of what would make money and what wouldn’t. Hollywood Studios is bringing the people in but opening EPCOT was a mistake, Future World was already mostly closed for refurbishing. Starting the Fall Food and Wine Festival (while not a bad idea in and of itself) was a huge mistake when they’ve eliminated Park Hopping. If you go to EPCOT that is the only park you can visit and the only thing to do there at the moment is eat at the kiosks. Standing still while you do it. No walking and munching. You stand and eat. That is all you are permitted to do.

Opening Animal Kingdom and immediately shutting down two of its main attractions, (Primeval Whirl and Rivers of Light) plus closing it at 6pm at night killed attendance. It turned the AK into a half-day park (again) and nobody wanted to bother with a half-day park if you can’t park hop. Avatar Flight of Passage is now a walk-on ride and believe me when I say that is freaking nuts.

I don’t claim to have the numbers but I’m willing to bet that at the moment Disney may well be losing more money now that WDW is open than they did when it was closed.


I wrote before Tuesday's earnings call. And yes, the parks are losing more money by being open than they were when they were shut.

There is now a fight going on between Bob Iger (Chairman of the Board) and Bob Chapek (CEO).

"According to Disney insiders, there is now a civil war going on in the company. The sides are very clearly drawn between those that want to prioritize things like the reskinning of Splash Mountain and those that want to make the cuts necessary to save the house Walt built."

Blogger Barbarossa August 06, 2020 9:40 AM  

And that's the reported debt. One has to assume an entity as large and varied as Disney will be engaged in the usual "sophisticated" practices of credit default swaps and other off balance-sheet shenanigans.

The real problem for them is that they burned their goodwill (of the philosophical, not accounting sort). Long, long ago, I would watch Disney movies because I "knew" that a Disney movie had a better-than-even chance of being fun. Fast forward to 2020: The David Copperfield movie will supposedly be released this month with some Pajeet as DC. Hard pass. It might actually be a good movie. It might be true to the spirit of the book, but in the book the young David Copperfield is not an immigrant from the Indian subcontinent. I'm just going to assume the movie is the usual nauseating paeans to multiculturalism. And that's the same starting assumption more and more folks are making about Disney products these days. "No until you convince me of yes" is not a great business model.

Blogger Azimus August 06, 2020 9:40 AM  

Is the lack of subscribers related to the lack of sports due to Kung Flu? Curious how this shows up in other sportstalk venues. Still, it is pleasing to see that festering spider den ESPN feeling the heat...

Blogger maniacprovost August 06, 2020 9:44 AM  

I don't even know if bankruptcy can be considered a negative outcome by the corporations anymore. Sure, in the short term nobody wants to be the CEO that bankrupted Disney. But Wall Street carries out an intentional game plan:
1) load up corporations with debt
2) bankruptcy. Cancel the common stock and give common shareholders nothing.
3) convert the debt to equity

The result is the company continues operation, but is owned by Wall Street Banks. They can either keep it or sell the stock again to a new set of suckers.

Blogger Happy Camper August 06, 2020 9:47 AM  

Hahaha!

Good.

I want Disney in particular to fail.

Their censorship, AND their claiming the grand old fairy tales as theirs ticks me off immensely.

Blogger rikjames.313 August 06, 2020 9:55 AM  

I had gotten a really large pack of Gillette fusion 5 blades (maybe 20?) before they started with the 'men are bad' campaign.

I have used their razors since I got out of boot camp and swore to never use another cheap plastic disposable. That is a lot of years.

This week I snapped in the last of their blades, bing searched for good razors, and went on amazon and ordered Schick.

I am just one guy, and really small in terms of profits for them. But screw 'em.

My wife was using our free year of Disney plus and she was geeking over the Hamilton show (which we had already seen live--my advice is don't).

A long ad/trailer for the Black is King nonsense came on and my wife, unsolicited by me, said we will not be buying the service.

Blogger Tars Tarkas August 06, 2020 9:59 AM  

Is debt to revenue that useful as an indicator? After all, if any company had this sort of debt all acquired in 1982, that would tell a different story than for the debt taken on in the last 10 years.
Does the debt matter or is it the interest that matters?

Blogger Silent Draco August 06, 2020 10:20 AM  

rkjames.313, thanks for the reminder. In the same position with Gillette blades, and I'm done. Bad men don't care; go broke, Kumar.

Blogger Brett baker August 06, 2020 10:24 AM  

I can tolerate commentators, as long as they stick to the game or at least the teams playing. Telling me about something else, shut up or say goodbye.

Blogger Silly but True August 06, 2020 10:24 AM  

Imagine Keith Olbermann being single-handedly responsible for at least 10m to 20m of 20m lost viewers of your network. Does he still work at ESPN or has he moved on again to Al Jazira or Pravda?

Blogger Damelon Brinn August 06, 2020 10:34 AM  

Is the lack of subscribers related to the lack of sports due to Kung Flu?

That can't have helped, but as it said, ESPN has been bleeding subscribers for a few years. There are a few reasons: cord-cutting in general, the high price ESPN charges cable companies, and the fact that younger people aren't as likely to sit down and watch entire sporting events. They watch highlights.

ESPN used to have a great highlight show called SportsCenter. In the 90s, we'd turn it on every morning and let it repeat in the background, catching recaps all the sports we missed the night before. No interviews, debates, or stories, just the highlights of what happened, presented with some wit (yes, there was a time when Keith Olbermann was entertaining). It was so good even *promos* for it were entertaining. It was so good it inspired a fictional show called Sports Night. And they managed to screw that up too.

Blogger Dan in Georgia August 06, 2020 10:54 AM  

@23 ESPN was best when it was the HeadlineNews of sports. Ubiquitous, always on in the background until something got your attention. Best when watched in a sports bar.

Blogger Stilicho August 06, 2020 10:59 AM  

Ditto. Was loyal customer since boot camp, went thru my stickpile and switched to Schick. Pleasantly surprised by better quality with Schick. Didn't used to be that way.

Blogger yoyoyoBigD August 06, 2020 11:00 AM  

Jose Miguel wrote:Praise be to God! What arises from the ashes of the USA empire will be superior for sure, at least at story telling and music.
Hard to say if it'll rise again, many empires ended up becoming unimportant.

Blogger SemiSpook37 August 06, 2020 11:03 AM  

@22

He's back with ESPN again AFTER they fired him a couple of years ago for allowing him to continue his schtick after he got canned from Current in the wake of the Al-Jazeera acquisition.

The only difference is that he has to tone it down, lest they bleed more subscribers.

Blogger yoyoyoBigD August 06, 2020 11:03 AM  

I consider Disney more dangerous than Gates vaccines, seeing it fail brings me happiness.

Blogger Section 8A August 06, 2020 11:07 AM  

I know what can fix this. Paint BLM on the floor of the NBA bubble games, and have the players put SJW BLM slogans on their jerseys. Only that level of virtue signaling can save the sinking ship. I think it can work.

Blogger RedJack August 06, 2020 11:20 AM  

I also changed razors to Schick. Honestly, a Gillette razor would last me a week or two, while the Schick razor lasts for a month. Slightly less sharp, but longer lasting.

Same with my Cornhuskers. I love the times I went with my Dad to the games, but since they have embraced free tuition for "unempowered" people, I hope they burn along with Omaha.

Blogger The Last Roman August 06, 2020 11:35 AM  

Even the diverse staff in my gym switched from ESPN to Japanese baseball earlier this week.

Blogger xavier August 06, 2020 11:50 AM  

Well I have a 2 year stock of Mach 3 and 1 of Fusion blades. And since I've grown my beard I shave rather...sparingly.
I figure I'll still have enough stock when Gilette is bought by some other company

Blogger Noah B. August 06, 2020 12:02 PM  

Gilette used to sponsor Friday Night Fights and my grandad was a loyal customer until his dying day. Dad and I were too for the most part, having tried some other razors and not liked them as well. Three generations and 70 years of customer loyalty up in smoke.

Here's a list of other P&G brands to avoid. I don't buy any of these anymore. The only thing I haven't found an equivalent quality replacement for is Oral B floss.

Blogger tuberman August 06, 2020 12:08 PM  

Most important is the demand they create for excellent alternatives. Culture Wars --Yes!

Blogger Jim August 06, 2020 12:22 PM  

rikjames.313 wrote:This week I snapped in the last of their blades, bing searched for good razors, and went on amazon and ordered Schick.
Amazon? Why? Disposable razors are one of the easiest things to buy elsewhere than from the censorious SJW shipping company.

Blogger Damelon Brinn August 06, 2020 12:48 PM  

There was a time when TV sports existed in a vacuum. I can't say guys like Brent Musburger in the 80s *never* remarked on a big current event during a broadcast. But almost universally, when you tuned in to a sporting event, it was like nothing else existed outside that arena.

I'm not sure when that changed. Maybe it was 9/11, when that was all anyone was talking about for a while, and sports got pulled into all the flag-waving.

Blogger Snidely Whiplash August 06, 2020 12:49 PM  

Noah B. wrote:Gilette used to sponsor Friday Night Fights and my grandad was a loyal customer until his dying day.
One of my earliest memories is watching FNF with my dad.

Blogger Jack Amok August 06, 2020 12:55 PM  

ESPN will be down to 78 million subscribers by the end of the year

Two years ago, a column looking at ESPN's decline (it's been losing viewers since 2011) ballparked 75 to 80 million subscribers as the break-even point ESPN needed to cover the payouts to various leagues it is on the hook for the next several years. That's running with minimal other operating costs (e.g. no high-priced on-air talent, no expensive promotions, etc.).

ESPN could have survived the corona-chan-created collapse in sports if they had just spent most of their empty airtime running replays of classic games, or even some of their documentaries.

I'm a rugby fan. New Zealand restarted their rugby season a few weeks ago (they've had almost no Kung Flu cases for a while). ESPN has rights to broadcast it, but the stuck it on their digital (ESPN+) platform instead of their regular cable channels, which were showing - I kid you not - Cornhole Challenge.

Blogger Yossarian August 06, 2020 1:19 PM  

I do hope Disneyland, cinemas, and all other revenue streams open up. I'm curious to know if people will even return to them. At no point during the lockdown have I heard anyone wish cinemas would open back up.

Blogger Th3 J3st3r August 06, 2020 1:21 PM  

It would seem that sports fans are the type of people to dedicate themselves to a certain team. I'm guessing team America was always a priority for them. Who could've known?
I suppose anyone that follows the nations of Europe fighting against each other through soccer would've known.
Sweden represent!

Blogger Geir Balderson August 06, 2020 1:55 PM  

I enjoyed Disneyland as a kid. It is a dream, but wouldn't it be wonderful if true Disneyphiles could band together and purchase the original Park. Forget that abomination named the California Adventure. Turn that portion into a lefty homeless encampment.

Blogger KPKinSunnyPhiladelphia August 06, 2020 2:20 PM  

Vox, fantastic financial analysis, just as good if not better than what you'd get out of high priced Wall St. firms.

I think Disney's future is as a "broken up" company. The content, properly managed, will always be valuable, but the theme parks are doomed. It's not only the convergence, it's that the demographics are against it.

I don't think ESPN will survive in its current form even if it totally abandoned the wokeness movement. Still, it will be around 10 years from now, but in a much more scaled down format with a "to the bones" cost structure.

From one perspective, buying Fox was desperation move. Content is king, and its newish content is, as you note, very very bad, so the Devil Mouse had to have content that matters -- in a way, like a junkie needing his next fix but who will inevitably spiral down.

But Fox's revenue will give them ANOTHER excuse to overload their balance sheet, with the consequences you have noted.

I've always had this fantasy that if you could buy, say, 30 year put options on the Euro, you, or you heirs, would eventually get very very wealthy. The Euro is doomed.

Same with Disney. Cratering is just a matter of time. No today. Not tomorrow. But eventually.

Blogger Akulkis August 06, 2020 2:34 PM  

>> Does he still work at ESPN or has he moved on again to Al Jazira or Pravda?

Pravda is actually a respectable news source these days. The days of being a mouthpiece for communists is over 2 decades in the past.

Blogger Homesteader August 06, 2020 3:02 PM  

I recently cancelled my Amazon account- Prime, Kindle, Audible, and Music- when I opened my Kindle only to be confronted with a line
of BLM-themed books which had NOTHING to do with my reading habits. The implication that I, a BadWhite, needed re-education was a BIT too much.

Sorry- happily deplorable, not up for some blue-haired SJW half-wit trying to shove unwanted agitprop
down my throat.

Same for Gillette.

Same for Disney.

Same for Cheerios, Google, et al.

I have no problem walking away from companies who despise the
customers who built them.

Thankfully, almost every converged company has a leaner, hungrier competitor I can use.
And if not, then- I'll do without.

Thus, I'll be poolside, enjoying the flames. Let them all burn.

Blogger MJ Meyers August 06, 2020 5:22 PM  

“How did you go bankrupt?"
"Two ways. Gradually, then suddenly.”

- Earnest Hemmingway, The Sun Also Rises.

Blogger Doktor Jeep August 06, 2020 7:00 PM  

Without Disney what are all those immigrants going to do? They'll have to go vote Democrat somewhere else.

Blogger Jab Burrwalky August 06, 2020 7:39 PM  

What's your alternative to Kindle/book for ebooks? If you've found one.

Blogger Pathfinderlight August 06, 2020 7:46 PM  

About a year ago, some humble
meme farmer found an old black & white image of a boxer with his trainer and overlaid it with the text "Schick: we still make razors for men". To me, this was the best ad of the year.

Blogger Homesteader August 06, 2020 8:15 PM  

https://archive.org/details/folkscanomy

Any of the many public domain repositories will do.

That, and a PDF reader..

Blogger MrNiceguy August 06, 2020 11:03 PM  

My wife and I were in a restaurant a few weeks ago that had ESPN on. No joke, they were playing converge of the National Cornhole Championships.

Grown men playing beanbag toss in an empty arena on the number-one sports channel. And this was before St. Fentanyl, so at least I didn't have to hear about the privilege of the mostly-white competitors.

Blogger MrNiceguy August 06, 2020 11:07 PM  

Not exactly a sport, but they're talk the WWE may go under. 200 live, sold-out shows a year, normally. In 'rona world - cancelled.

Blogger JamesB.BKK August 06, 2020 11:11 PM  

The managerial class is strip mining balance sheets with debt and income accounting schemes while scolding their shareholders about their views on the less-disciplined among us. Such a disgrace. Also a signal.

Blogger Canadian Warlord August 07, 2020 2:04 AM  

The NHL managed to converge badly without help from Disney, who sold their team decades ago. The sports media has gone dinosaur media, it's quite the turn. Black players are given special ceremony breaks to kneel during anthems, and the outrage mobs have two scalps of old-school coaches and are searching for more.

Corporate debt is really part of modern 'market' economics. So much of what's traded is toxic assets anyway, what's the difference? Disney's debt might as well be derivatives or IOU house mortgages run up by the former planet of Pluto, for all the good those stocks are going to be to the last round of suckers who buys them and can't sell the next day. As the debt goes up the price will go down, and a wing of the flying mouse will be clipped.

Blogger furor kek tonicus ( if you don't want to Racist, you must confess: Islam is right about the Jews ) August 07, 2020 10:32 AM  

yeah, NHL has a "We skate for Black Lives" slogan up on some of their stuff.

absolutely retarded.

Blogger OneWingedShark August 07, 2020 11:11 AM  

tuberman wrote:Most important is the demand they create for excellent alternatives. Culture Wars --Yes!
LOL — This is an excellent, positive way to look at it!
Thank you for sharing this comment.

Yossarian wrote:I do hope Disneyland, cinemas, and all other revenue streams open up. I'm curious to know if people will even return to them. At no point during the lockdown have I heard anyone wish cinemas would open back up.
I would differentiate between cinema-as-a-business and what-Hollywood-produces — I would like to see my local cinema stay in business, as it's one of the [relatively] few local places that a high-schooler can get a job.

Jab Burrwalky wrote:What's your alternative to Kindle/book for ebooks? If you've found one.
There was one I picked up a while back… Kobo, or something like that, which is really pretty good: excellent battery-life, good resolution, decently nice e-ink screen, and the backlight makes reading at night nicer. The other one I have is an older Nook color tablet, which I'm pretty pleased with due to its versatility (I use it as a PDF-reader for technical documents, in addition to ebooks).

Homesteader wrote:https://archive.org/details/folkscanomy
Any of the many public domain repositories will do.
That, and a PDF reader..

True; I don't know how well the Nook is doing, but I'm pleased with it for PDF reading.

JamesB.BKK wrote:The managerial class is strip mining balance sheets with debt and income accounting schemes while scolding their shareholders about their views on the less-disciplined among us. Such a disgrace. Also a signal.
I'm half-convinced that the Corona-pandemic was planned for the express purpose of putting small businesses out of business and allowing the banks to seize their property and the big-businesses to seize their market-share, in any case, that's certainly how the corporate-/financial-class have spun things. — The really frustrating thing about all this is that we could have shut down all international trade and travel back in February, using Corona-chan as an excuse, and been 7 months into building domestic production while staying free of the pandemic; yes, there would have been an economic hit, but it would not have been the 40+ million unemployed we have now, and there would be hiring for the new manufacturing and construction to offset at least some of the loss of jobs… but this was never an option, the globalists in power would never allow that to happen.

Blogger Damelon Brinn August 08, 2020 8:53 AM  

the outrage mobs have two scalps of old-school coaches and are searching for more.

Jack Del Rio will probably be next in the NFL. Not for anything racist, but he's spoken against Covid-mania. That's not going to be allowed for long in D.C., especially now that the Redskins are trying to sell their kinder, more sensitive, logo-less image to woke new fans.

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