4/22/20 Power Five

1. JPM’s Commercial Clients Beat Out Small Businesses Looking for PPP – There’s been a lot of outrage against big companies taking advantage of the PPP rollout. But can you really blame them for taking care of their largest and most profitable clients? Without guidance from the SBA, nearly 5,000 lenders were left to manage the application, review, and funding process. If Congress would just leave the program funded and not place these arbitrary caps, banks wouldn’t have to pick favorites.

2. An Investor’s Look into Crude Oil’s Black Monday – “The commodity has done the seemingly impossible: falling over 100% in a day. In fact, crude oil declined 260%, which makes the previous 1991 record decline 35% look like small peas.”

3. A Coronavirus Fix that Passes the Smell Test – Michael Lewis’ latest Bloomberg columns remain must reads. An interesting look at how one man is blending the seemingly unrelated fields of epidemiology and Wall Street.

4. How the Virus Changed How We Spend Money – “This is the sharpest decline in consumer spending that we have ever seen.”

5. The Strange History is Utah’s Spiral Jetty – American land art at its finest. Submerged for 20 years, the Spiral Jetty kept locals away but has seen growing interest recently, as the intrigue over Robert Smithson’s masterpiece increases.