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Keyword: economy

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  • Robert De Niro says coronavirus decimated his finances

    07/09/2020 5:16:25 PM PDT · by RummyChick · 106 replies
    nypost ^ | 7/9/2020 | degregory
    Robert De Niro says he’s running out of dinero. The coronavirus dealt a massive financial blow to the actor’s finances he revealed in court, as his estranged wife asked for an emergency order to raise her monthly American Express card credit limit from $50,000 to $100,000. The “Irishman” actor appeared by phone on a Skype call in his Manhattan divorce case with Grace Hightower as her lawyer told a judge that De Niro unfairly cut her monthly Am-Ex allowance from $100,000 to $50,000 and said she and their children had been banned from an upstate compound where De Niro is...
  • Joe Biden's tax plan may wallop the stock market — here's one disturbing estimate

    07/09/2020 2:20:06 PM PDT · by lasereye · 37 replies
    Yahoo ^ | July 9, 2020 | Brian Sozzi
    Details on how former vice president Joe Biden would rebuild the U.S. economy in the wake of the COVID-19 pandemic if he were elected president in November hit the newswires on Thursday. And one thing was confirmed for many market watchers: A Biden presidency may not be so great for stock prices. “Biden will ensure that corporate America finally pays their fair share in taxes, puts their workers and communities first rather than their shareholders, and respects their workers’ power and voice in the workplace,” a Biden campaign email memo wrote Thursday. Titled “Build Back Better,” the plan is in...
  • Voters’ Choice: Growth or Stagnation

    07/09/2020 1:36:15 PM PDT · by JeepersFreepers · 5 replies
    The Wall Street Journal ^ | July 8, 2020 | Phil Gramm and Mike Solon
    Tax cuts demagogued as giveaways to the rich were creating higher wages and bonuses for workers and producing the lowest unemployment rates on record for blacks, Hispanics, single women, the disabled and those with criminal records. Wages at the bottom were growing faster than at the top. Real median weekly wages have risen six times as much in three years under Mr. Trump’s policies as they did in eight years under Mr. Obama’s policies. Labor-force participation has risen by 1.1% under Mr. Trump while it fell by an astounding 4.6% under Mr. Obama. In the first three years of the...
  • Storied apparel brand Brooks Brothers files for bankruptcy, as it seeks a buyer and closes dozens of stores

    07/08/2020 5:51:35 AM PDT · by C19fan · 36 replies
    CNBC ^ | July 8, 2020 | Lauren Hirsch
    The coronavirus pandemic has now claimed one of the country’s oldest and most prestigious retailers. Brooks Brothers — pioneer of the polo and uniform of the polished prepster — filed for bankruptcy on Wednesday, as it continues to search for a buyer. The retailer, which is more than two centuries old, boasts of having dressed 40 U.S. presidents and countless investment bankers. Early to the office-casual look, it became known for its crisp oxfords and jaunty sports jackets. But rent had become a burden, and the pandemic torpedoed a sale process that began in 2019.
  • Diversify? Almost half of Warren Buffett’s Berkshire Hathaway portfolio is now composed of a single stock

    07/08/2020 8:33:52 AM PDT · by SeekAndFind · 32 replies
    Market Watch via Yahoo Finance ^ | 07/08/2020 | By Shawn Langlois
    Warren Buffett once said that “diversification is protection against ignorance. It makes little sense if you know what you are doing.” The take-away: Load up on what you know. Even if it’s a tech stock, apparently. A recent peek into Buffett’s Berkshire Hathaway BRK.A, BRK.B, $214 billion portfolio underscores that the Oracle of Omaha is following his own advice, considering how much stock Berkshire has accumulated in Apple AAPL. Buffett, thanks to Apple’s stellar run, now owns more than $91 billion’s worth of the iPhone maker, which constitutes 43% of the total Berkshire pie, according to figures cited by the...
  • As local news crumbles, should the federal government intervene?

    07/08/2020 9:03:15 AM PDT · by rintintin · 67 replies
    Columbia Journalism Review ^ | July 8 2020 | Lauren Harris
    Journalism is just one of the industries hard-hit by the economic fallout from the pandemic. While we reimagine journalism’s structures and funding models, what role might the government play in intervening to support the role of a functioning press—not just someday, but now? In a new report published by the Hussman School of Journalism and Media at the University of North Carolina, Penny Abernathy—a collaborator on our Cutback Tracker project—underlines the stakes. Since 2005, more than a quarter of the country’s newspapers have disappeared. In the same fifteen-year span, the number of local journalists working in newsrooms has dropped by...
  • Gold storms past $1,800 towards new record high (Inflation?)

    07/08/2020 9:22:56 AM PDT · by Perseverando · 63 replies
    Yahoo Finance ^ | July 8, 2020 | Peter Hobson
    LONDON (Reuters) - Gold pushed above $1,800 an ounce on Wednesday for the first time since 2011, with analysts expecting further gains as investors stock up on an asset they expect to hold its value while the coronavirus convulses the global economy. Spot gold prices have surged 40% in the last 14 months and are within striking distance of 2011's record high of $1,920.30 an ounce. "We'll be challenging the $2,000 level by the end of the year," said Ross Norman, an independent analyst. "We are in a bull market for gold." (Graphic: Gold's latest rally, Powering the rally...
  • ABQ businesses manifest financial ruin

    07/07/2020 8:49:51 PM PDT · by brownwill6767 · 23 replies
    Albuquerque Journal ^ | 7/5/20 | pilar martinez
    Albuquerque’s small-business community drew back the curtain last week on months of struggle as members came out in force to speak against three worker protection ordinances proposed by Albuquerque city councilors. In written public comments sent to city councilors ahead of a June 29 meeting and provided to the Journal, local business owners from a wide range of industries begged the council to vote down proposed ordinances they said would decimate their already battered margins and in some cases force them out of business or out of the city. ADVERTISEMENTSKIP The comments also revealed more details of the hardships caused...
  • Wall Street Analysts Say Market Rally Foretells a V-shaped Recovery

    07/07/2020 6:34:24 PM PDT · by SeekAndFind · 10 replies
    Epoch Times ^ | 07/07/2020 | Emel Akan
    There’s a common fear that Wall Street, buoyed by bullish sentiment, has gotten far ahead of the economic recovery and corporate earnings. However, despite continued volatility and uncertainty, analysts don’t expect a sharp market correction and say there’s still room for some upside for U.S. stocks ahead. Much better than expected economic data combined with positive news on drug treatments and potential vaccines for COVID-19 have bolstered investor confidence in recent months. But a spike in coronavirus cases as reopenings advance and the potential for a Democratic win in November pose downside risks to the stock market, according to analysts....
  • Service side of economy roars back in June, ISM shows, but momentum might be hard to sustain

    07/07/2020 9:51:09 AM PDT · by lasereye · 7 replies
    Marketwatch ^ | July 6, 2020 | Jeffry Bartash
    The numbers: Restaurants, dentists and other service-style companies that dominate the U.S. economy saw a surge in growth in June as businesses were allowed to reopen, pointing to a gradual recovery after extended coronavirus lockdowns. The Institute for Supply Management’s index of nonmanufacturing companies jumped to 57.1% in June from 45.4% in May, marking the single biggest increase since the survey was created in 1997. It was also the highest reading since February and easily topped the 51% forecast of economists polled by MarketWatch. Any number above 50% indicates more companies are expanding, but the big increase in June overstates...
  • Economic numbers suggest a recession on its way out the door

    07/07/2020 8:30:24 AM PDT · by SeekAndFind · 13 replies
    Washington Examiner ^ | 07/07/2020 | Tim Worstall
    The grand economic question of our time is not the coronavirus, nor the lockdown, but how quickly do we put this all behind us? We know we're in a recession, and we know what has caused it, obviously enough. What we don't know is whether this time around will be like the recession of 1920, wherein by 1921, we couldn't quite see that it actually even happened, or whether it will be more like the events starting in 1929, when it took at least a decade to claw our way back. The answer will tell us a lot about the...
  • CBO predicts V-shaped recovery, GDP growth to top 12% for rest of 2020

    07/06/2020 7:08:40 PM PDT · by BeauBo · 29 replies
    The Washington Times ^ | July 2, 2020 | Stephen Dinan
    The Congressional Budget Office is predicting the economy will come roaring out of the coronavirus recession with growth surging to 12.4% the rest of this year, before settling back into the longer-term trend of about half that. Unemployment will peak at more than 14% but “fall quickly” as the economy rebounds later this year and into next year, the CBO said in its new update Thursday... CBO can’t be sure of the numbers it’s using. “A further contributor to the overall uncertainty is that the speed and intensity of the recent downturn have greatly increased the difficulty of recording and...
  • Modelers Were ‘Astronomically Wrong’ in COVID-19 Predictions, Says Leading Epidemiologist—and the World Is Paying the Price [Stanford]

    07/02/2020 12:47:12 PM PDT · by Red Badger · 22 replies ^ | Thursday, July 2, 2020 | Jon Miltimore
    In a recent interview, Dr. John Ioannidis had a harsh assessment of modelers who predicted as many as 40 million people would die and the US healthcare system would be overrun because of COVID-19. =========================================================================== Dr. John Ioannidis became a world-leading scientist by exposing bad science. But the COVID-19 pandemic could prove to be his biggest challenge yet. Ioannidis, the C.F. Rehnborg Chair in Disease Prevention at Stanford University, has come under fire in recent months for his opposition to state-ordered lockdowns, which he says could cause social harms well beyond their presumed benefits. But he doesn’t appear to be...
  • LIVE THREAD: President Trump Holds a Press Conference: 7/2/2020 at 9:30AM Eastern

    07/02/2020 6:29:33 AM PDT · by Buckeye McFrog · 44 replies ^ | 7/2/2020 | PDJT
    President Donald Trump holds a Press Conference. 7/2/2020 at 9:30AM Eastern
  • Manufacturing Recovery Was Much Stronger Than Expected in June

    07/01/2020 4:37:34 PM PDT · by Forgiven_Sinner · 14 replies
    Breitbart ^ | 1 Jul 2020 | JOHN CARNEY
    Factory activity in the U.S. surged higher than expected in June, suggesting that the broader economy grew for the second consecutive month after April’s contraction. The Institute for Supply Management’s index of manufacturing activity jumped 9.5 percentage points to 52.6 in June. The gauge of new orders rose 24.6 points to 56.4, the largest ever monthly increase. The production component of the index also rose by more than 24 points to 57.3. The Purchasing Managers Index is constructed from the results of surveys of executives in manufacturing businesses. Economists had expected a reading of 49, with the highest estimate in...
  • Pizza Hut’s largest U.S. franchisee files for Chapter 11 bankruptcy

    07/01/2020 12:13:22 PM PDT · by Perseverando · 64 replies
    CNBC ^ | July 1, 2020 | Amelia Lucas
    NPC International, the largest U.S. franchisee of Yum Brands’ Pizza Hut, filed for Chapter 11 bankruptcy on Wednesday. The company operates more than 1,200 Pizza Huts and nearly 400 Wendy’s restaurants. In contrast to most of the restaurant industry, Pizza Hut is one of the rare companies to report same-store sales growth in April and May, thanks to higher digital and delivery sales. But the coronavirus pandemic follows years of slumping U.S. sales for Pizza Hut, and NPC has struggled with a debt burden of roughly $1 billion. Seeking Chapter 11 protection means that NPC can continue to operate while...
  • US Economy Poised for Strong Rebound Despite Setbacks, Economists Say

    06/30/2020 2:12:48 PM PDT · by SeekAndFind · 12 replies
    Epoch Times ^ | 06/30/2020 | Emel Akan
    WASHINGTON—As states across the country progress through their reopening phases, some economic indicators that surpass expectations have boosted hopes of a speedy U.S. recovery. A spike in retail sales and in personal consumption in May indicated that consumers were back and eager to open their wallets. While the U.S. economy shows clear signs of recovery, some economists are taking a more cautious stance, raising concerns about the possibility of a second wave of COVID-19 that could stall reopening plans and hurt consumer spending. Despite some setbacks in several states, White House economic adviser Larry Kudlow still predicts a sharp economic...
  • Don't Be Fooled, Recent Coronavirus Data Suggests the Lockdowns Were a Colossal Mistake

    06/30/2020 7:07:59 AM PDT · by SeekAndFind · 51 replies
    PJ Media ^ | 06/30/2020 | Matt Margolis
    In various states across the nation, there’s been a noticeable trend of an increase in coronavirus cases. While this fact makes the headlines, the detail that seems to get overlooked is the fact that deaths have declined. Florida, Arizona, Texas, California, and Ohio are among the states that have experienced spikes in cases but have maintained declining death rates or no spike in deaths. How is this possible? Conventional wisdom suggests that a spike in cases should result in a spike in deaths, but that has not panned out. The protests and riots following George Floyd’s death have been going...
  • Rocker Sammy Hagar wants economy to re-open even if it means dying

    06/28/2020 6:24:31 PM PDT · by willk · 47 replies
    Just the News ^ | June 24, 2020 | Emma McSpadden
    Rocker Sammy Hagar is over coronavirus lockdowns and said he’d rather perform concerts and die from COVID-19 than watch the economy plummet. The 72-year-old former Van Halen frontman said in a Rolling Stone interview that he’d be comfortable playing a show before there’s a vaccine. “I’m going to make a radical statement here. This is hard to say without stirring somebody up, but truthfully, I’d rather personally get sick and even die, if that’s what it takes,” he said. The Red Rocker, who in the past has said he supports Trump, says he wants to leave behind a strong economy...
  • China Is Behind and Beside Leading Liberal Media Efforts to Destroy President Trump and America

    06/27/2020 10:38:21 AM PDT · by SeekAndFind · 21 replies
    Gateway Pundit ^ | 06/27/2020 | Joe Hoft
    China, the same country that gave us the China coronavirus, costing over 100,000 American lives, is also behind much of the bad press related to President Trump and the USA. China’s CCP (Communist Party) created an entity labeled the “United Front” directed to ensure the media in the US is flattering towards China and policies beneficial to China. The United Front also supports Democrat policies that benefit China and pushes the promotion of these policies. We’ve reported numerous times how China’s economy is stalling, if not going backwards. There are numerous measurements that support this position, and yet you...