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    Happy Thursday MarketWatchers. Don’t miss these top stories:Cruises from the U.S. can begin sailing again — but be ready for shorter voyages, multiple COVID tests and no more buffets While the cruise industry can start to take steps to reopen, the CDC's final approval could take months to receive.You could own the NYC rooftop where John Lennon claimed to spot a UFO The legendary John Lennon of the Beatles loved the anonymity of New York City and kept a residence in the iconic Dakota building on Manhattan’s Upper West Side before his untimely death. A red state is capping interest rates on payday loans — ‘This transcends political ideology’ Nebraska became the 17th state (plus the District of Columbia) to put a cap on payday loan interest rates following the approval of an initiative on the Nov. 3 ballot.What Trump and Biden tax policies could mean for your paycheck, tax...
    Photos: Vivint Houston Open at Memorial Park Golf Course Incredibly fun toys and games for adults Fed keeps interest rates on hold, warns of further pandemic impact on the economy The Federal Reserve left interest rates unchanged at ultra-low levels Thursday, and warned that the Covid-19 pandemic will continue weighing on the economy in the short term. © Drew Angerer/Getty Images "The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term," said the central bank in its November monetary policy statement. Load Error For the months to come, the Fed committed to buying more Treasury and agency mortgage-backed securities at least at the current pace of purchases to continue supporting financial market conditions. Fed Chairman Jerome Powell said during a press conference Thursday that the Fed...
    New York (CNN Business)The Federal Reserve left interest rates unchanged at ultra-low levels Thursday, and warned that the Covid-19 pandemic will continue weighing on the economy in the short term."The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term," said the central bank in its November monetary policy statement.For the months to come, the Fed committed to buying more Treasury and agency mortgage-backed securities at at least the current pace of purchases to continue supporting financial market conditions.Fed Chairman Jerome Powell was expected to speak at a news conference at 2:30 pm ET.An internal Fed survey in September showed the central bank officials expect to keep interest rates on hold through 2023.Read MoreThe Fed slashed interest rates to near zero in March in the wake of the pandemic crisis....
    The Federal Reserve Thursday announced Thursday that it will keep interest rates at near-zero and will take a wait-and-see approach to monetary policy. In the past few months, Fed officials have raised fears that economic growth and job gains could slow in the winter months amid rising coronavirus cases and the aftereffects of Congress failing to pass another stimulus package. Such a development could lead the central bank to pursue additional monetary easing. Already, the Fed has taken historic steps to counteract the effects of the pandemic and the shutdowns of business. It has pledged to keep its interest rate target near zero for years, if necessary, and has expanded its balance sheet by more than $3 trillion. Chairman Jerome Powell has said since the spring that more federal fiscal stimulus will be needed to support unemployed workers, struggling businesses in certain sectors, and state and local governments....
    The number of Americans seeking unemployment benefits fell slightly last week to 751,000 - the lowest figure in eight months since COVID-19 first started ravaging the US economy.  New claims for state unemployment benefits totaled 751,000 for the week ended October 31, compared to 758,000 in the prior week, the Labor Department said on Thursday. That figure, while it has decreased, is still high compared to pre-pandemic levels amid signs that the economic recovery is losing steam and fiscal stimulus ends.  A surge in viral cases and Congress' failure so far to provide more aid for struggling individuals and businesses are threatening to deepen Americans' economic pain.  Eight months after the pandemic flattened the economy, weekly jobless claims still point to a stream of layoffs.  New claims for state unemployment benefits totaled 751,000 for the week ended October 31, compared to 758,000 in the prior week, the Labor Department...
    The novel coronavirus originated in China and — for a period of time — brought the world’s second-largest economy to its knees. China elected to deal with the virus through draconian restrictions that locked down tens of millions of people. This was widely expected to have a crippling impact on China’s economy. As the world reopens, however, it appears China has had a stronger recovery than many western countries.
    London (CNN Business)The Bank of England is pumping another £150 billion ($195 billion) into the UK economy after warning of a double-dip recession because of the coronavirus pandemic and an uncertain outlook because of Brexit. The UK central bank said on Thursday that it would keep interest rates unchanged at a record low of 0.1% but would increase its purchases of UK government bonds to £875 billion ($1.1 trillion).Restrictions introduced to tackle a rapid rise in Covid-19 cases would weigh on consumer spending to a greater extent than the bank projected in August, "leading to a decline in GDP" in the fourth quarter of this year, it added. Europe could be facing a double-dip recessionEngland re-entered a national lockdown on Thursday, with restaurants, bars and non-essential businesses closed until December 2. The United Kingdom reported its second-largest daily increase in Covid-19 cases on Wednesday with 25,177 new infections recorded...
    By ARITZ PARRA, Associated Press MADRID (AP) — Erika Oliva spends at least three hours a week standing in line at a soup kitchen. She spends a couple more at the social worker’s office with her 8-year-old son, who has autism. She waits on the phone to the health center or when she wants to check if her application for a basic income program will get her the promised 1,015 euros ($1,188). So far, it hasn’t. “They are always asking for more papers but we still haven’t seen a euro. Everything seems to be closed because of the pandemic. Or you are told to go online,” said Oliva. She managed to apply online, but others in her situation don’t know how to use a computer or simply don’t have one. “Poor people queue. It’s what we know how to do best,” Oliva said. Lower income families around the world have...
    MADRID – Erika Oliva spends at least three hours a week standing in line at a soup kitchen. She spends a couple more at the social worker’s office with her 8-year-old son, who has autism. She waits on the phone to the health center or when she wants to check if her application for a basic income program will get her the promised 1,015 euros ($1,188). So far, it hasn’t. “They are always asking for more papers but we still haven’t seen a euro. Everything seems to be closed because of the pandemic. Or you are told to go online,” said Oliva. She managed to apply online, but others in her situation don’t know how to use a computer or simply don’t have one. “Poor people queue. It’s what we know how to do best,” Oliva said. Lower income families around the world have suffered disproportionately from the pandemic for...
    The presidential race is far from over — and that means extra time to place stock-market bets on the outcome. Joe Biden could usher in a bold environmental infrastructure plan if he unseats President Trump — and traders should plan accordingly by betting on green energy companies, experts tell The Post. Trump, on the other hand, would likely keep taxes low and continue reopening the economy amid the coronavirus pandemic, allowing tech stocks and consumer giants to continue their recent tear, investment mavens say. Investors looking to hedge their bets could snap up shares of businesses that stand to perform strongly regardless of who’s president, from homebuilders to Hershey’s chocolates, according to experts. Here are some stocks that are worth a look depending on who comes out on top — and some others to consider in either case. Stocks to buy if Joe Biden wins Joe BidenGetty Images While Wall...
    Exit polls show that voters were deeply divided over whether the pandemic or the economy was more important. Polling conducted by Edison Research for the National Election Pool found that 51% of voters favored containing the coronavirus even if it meant hurting the economy. Forty-two percent favored rebuilding the economy, even if it hampered efforts to slow the virus. The divide was heavily partisan. Of those who favored stopping the pandemic over restarting the economy, 80% voted for Joe Biden. Seventy-six percent who preferred opening the economy voted for President Trump. Views on efforts to contain the virus also broke along partisan lines. Of the 48% who said efforts were going well, 78% voted for Trump. Of the 50% who said efforts were going poorly, 88% voted for Biden. To date, more than 9.4 million cases and over 233,000 deaths due to COVID-19 have been...
    Wall Street famously loves certainty, which was decidedly absent on Wednesday as investors waited for key states to tally the votes that could prove decisive in Tuesday's presidential election.  "It's interesting that the market is up even though the uncertainty about who will be president has not really been resolved, in particular in light of possible legal battles," said Alexander Wagner of the University of Zurich and the Swiss Finance Institute, as well as the co-author of a study on the stock market's reaction to Donald Trump's 2016 presidential win. "But markets react to news. And it's not news that there will be lawsuits, or at least attempts at lawsuits." Even as millions of votes were still being counted Wednesday, the Dow Jones industrial average rose nearly 370 points, or 1.3%, the S&P 500-stock index added 2.2%, and the technology-heavy Nasdaq rose roughly 4%.  Get Breaking News Delivered to Your Inbox ...
    U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020.Kevin Lamarque | Reuters The Fed's two-day meeting is expected to end Thursday with no new proclamations from the central bank, and Chairman Jerome Powell will be sure to distance himself from the election uncertainty. But he is likely to be asked about one of the most pressing concerns in markets — fiscal stimulus to help the economy recover from the effects of the coronavirus. That topic has been a political hotspot, and it could be resolved in a number of ways depending on how the election turns out. "With a GOP Senate majority, the expectations for stimulus is absolutely getting dialed back, which is a good part...
    The U.S. Capitol is seen in the morning on November 4, 2020 in Washington, DC. The nation awaits the results of a historic presidential election between President Donald Trump and his Democratic challenger, former Vice President Joe Biden with swing states still too close to call.Al Drago | Getty Images As the question remains over who will capture the hotly contested presidential race, one casualty quickly emerging from fallout is the massive stimulus package Democrats were hoping to get to boost the economy. A blue-wave victory in Tuesday's elections was expected to cement funding as high as $3 trillion. Instead, the likelihood that the Senate will stay in Republican hands, combined with a presidential race that at least is tilting to Democrat Joe Biden, likely translates into something smaller – or no deal at all. "That's the most dangerous arrangement of variables from an economic perspective, precisely because it makes...
    Alex Saucedo retires at 26 because of brain bleeds Everything You Need to Know About Getting Botox for the First Time The Nasdaq is skyrocketing. That may not be a great sign for the economy When in doubt, buy Amazon. © Noam Galai/Getty Images People wear protective face masks outside Nasdaq in Times Square as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 22, 2020 in New York City. The fourth phase allows outdoor arts and entertainment, sporting events without fans and media production. (Photo by Noam Galai/Getty Images) That's the message from Wall Street as tech stocks skyrocket despite the fact no winner has been declared in the US presidential election. Load Error The Nasdaq spiked by a staggering 4% Wednesday, leaving the index that's home to Amazon, Alphabet, Facebook and Microsoft on track...
    Wall Street's main indexes opened slightly higher on Wednesday as the race for the White House went down to the wire, although investors remained worried about the prospect of a contested result. The Dow Jones Industrial Average rose 154 points, or 0.56 percent, at the open to 27,634.41. The S&P 500 opened higher by 37.30 points, or 1.11 percent, at 3,406.46, while the Nasdaq Composite gained 283.20 points, or 2.54 percent, to 11,443.78 at the opening bell. It comes after Treasury yields and stock futures swung up, down and back again overnight as early results showed a race that's still too close to call between President Donald Trump and former Vice President Joe Biden.  Investors see cause for optimism if either candidate wins, but much is at stake pending the results. They include prospects for a big stimulus effort for the economy, potential tax rate increases...
    VIDEO4:3204:32China and the election: CFR on how the outcome could shape foreign policyTrading Nation China remains the biggest foreign policy risk facing the U.S., according to Liz Economy, a senior fellow at Stanford University's Hoover Institution and the Council on Foreign Relations. Both President Donald Trump and former Vice President Joe Biden acknowledge the risk that China poses to the U.S. – from an economic and national security standpoint. However, the two candidates have competing views on how to confront Beijing. "I think if Trump earns another four years, he is going to double down on China, and it's going to mean more resources — military, economic and political — dedicated towards pushing back against China at multiple levels. It will be economic, it'll be military, and it'll be political," Economy, author of "The Third Revolution: Xi Jinping and the New Chinese State," said Tuesday on CNBC's "Trading Nation." As...
    9 flu shot myths you should stop believing and spreading 15 celebrities who are voting for the first time in the 2020 election Billionaire Nelson Peltz says a Trump win is good for America because he has done amazing things for the economy © Thomson Reuters Nelson Peltz, Trian Partners CEO. Thomson Reuters A Donald Trump re-election would be good for the US because he's done "amazing things" for the economy, billionaire Nelson Peltz told CNBC on Wednesday. "He's done things whether we had Republican or Democratic administrations," he said. "He did what's needed to be done. He started to protect America for the first time in 40 or 50 years." Trump has won the key battleground state of Florida, home to billionaire Peltz, which has voted Republican in eight of the last 12 presidential elections.  Here's an hour-by-hour guide to election night. Visit Business Insider's homepage for...
    Voters in New Jersey and Arizona decided on Tuesday to legalize marijuana, joining 11 other states and Washington D.C. in the highly relaxing club.   The ballot question means that New Jersey will join the District of Columbia and a dozen other states to legalize cannabis. The vote passed 67.2 per cent to 32.8 per cent. Under the amendment, only those 21 and older could legally buy and use the drug. It's unclear when cannabis will be available because legislation must first be passed in order to set up the new marijuana market. Recreational marijuana could bring the state $210 in revenue.  Arizona and New Jersey join 11 other states and Washington D.C. in legalizing recreational marijuana The amendment is expected to move relatively quickly because the Democrat-led Legislature and Democratic Gov. Phil Murphy supported legalization.  Proposition 207 in Arizona would let people 21 and older possess up to an...
    Americans who voted for President Donald Trump care predominantly about the economy, while those who voted for Democratic nominee Joe Biden care predominantly about racial inequality, according to CNN’s exit polls. 62 percent of Trump voters ranked the economy as the most important issue, followed by 17 percent for crime and safety, 8 percent for healthcare, 5 percent for the coronavirus, and 3 percent for racial inequality. For Biden voters, however, the results became reversed, with 36 percent ranking racial inequality as the number one issue, followed by 27 percent for the coronavirus, 13 percent for healthcare, 11 percent for the economy, and just 6 percent for crime and safety. CNN’s Jake Tapper said the results were “fascinating because obviously it’s a real reflection of not just what the candidate’s messages are — Donald Trump has been hammering home the point he’s best on the economy and Joe Biden,...
    George Floyd’s brother rallies voters on Election Day Olive Garden Is Opening Its First Location in This State Exit polls 2020: Voters are split on the state of the economy, but a majority says Covid has caused them financial hardship The economy was top of mind for voters as they cast ballots for president, according to preliminary results of a nationwide CNN exit poll. © Jessica Hill/AP Voters mark their ballots at First Presbyterian Church on Election Day, Tuesday, Nov. 3, 2020, in Stamford, Conn. (AP Photo/Jessica Hill) And while they were fairly evenly split on whether the country's economy is doing well, more than half said the coronavirus pandemic has caused them financial hardship. Still, more say they are better off today than four years ago (around 4 in 10) than say they are worse off today (2 in 10). About one-third of voters called the economy...
    George Floyd’s brother rallies voters on Election Day Olive Garden Is Opening Its First Location in This State Heres what mattered most to voters in the 2020 election, according to exit polls The economy, the coronavirus pandemic and racial injustice have emerged as top issues for voters in the 2020 presidential election, according to NBC News exit polls. When asked about the tradeoff between containing the coronavirus and rebuilding the economy, 52% of voters believed controlling the pandemic, even if it hurts the economy, was more important. Voters for President Donald Trump were more likely to point to the economy and crime and safety as important issues, while voters for Democratic challenger Joe Biden were more likely to identify the coronavirus pandemic and racial injustice. © Provided by CNBC Residents vote at the Beloit Historical Society on November 03, 2020 in Beloit, Wisconsin. The economy, the coronavirus...
    Residents vote at the Beloit Historical Society on November 03, 2020 in Beloit, Wisconsin.Scott Olson | Getty Images The economy, the coronavirus pandemic and racial injustice have emerged as top issues for voters in the 2020 presidential election, according to NBC News exit polls. According to early results from the NBC News survey of early and Election Day voters, about a third of respondents identified the economy as the most decisive issue in how they voted for president. Racial inequality was the top issue for 21% of surveyed voters, and 18% said the Covid-19 crisis mattered most in their decision. When asked about the tradeoff between containing the coronavirus and rebuilding the economy, 52% of voters believed controlling the pandemic, even if it hurts the economy, was more important. Responses aligned closely with voters' choices in the presidential election. Voters for President Donald Trump were more likely to point to...
              Ohio has only twice swung in favor of a losing candidate during a presidential election – in 1944 and 1960. Otherwise, as Ohio goes so goes America. According to The State of the Nation, a 50-state survey, Ohio voters are concerned about racism, the economy and healthcare. Race President Donald Trump has been grilled for his stance on race – while Biden has evaded the scrutiny. Biden’s campaign has sought to add context to 1977 comments the then-senator made during a congressional hearing on anti-busing legislation, related to the critical topic of de-segregation. “Unless we do something about this, my children are going to grow up in a jungle, the jungle being a racial jungle with tensions having built so high that it is going to explode at some point,” Biden said. Seventeen years later, Biden drafted the foundation of the 1994 crime...
    The lie driving this election is that President Trump is to blame for the nation’s COVID deaths. Democrats have blanketed the country with ads claiming Trump bungled the virus response. Joe Biden blames Trump for 230,000 deaths. Gov. Andrew Cuomo, too, is parroting the lie, even though it’s Cuomo who has blood on his hands, for forcing nursing homes to take in infected patients. Trump may taunt “COVID, COVID, COVID,” but actions are what count. He marshalled private companies to produce massive supplies of ventilators, erected field hospitals and swept away regulations to speed up the development of treatments. The COVID death rate in the United States has plummeted 70 percent since March, according to data from NYU Langone, largely because hospitals are equipped and doctors have more tools. How does that stack up against the rest of the world? A COVID patient in the United States has a better...
    Pete Buttigieg appeared on Fox News Monday night and clashed with Martha MacCallum over President Donald Trump’s economic record prior to and during the coronavirus pandemic. Buttigieg appeared with MacCallum right after Trump communications director Tim Murtaugh was on defending the president’s economic record. The former mayor responded by remarking, “I guess he thinks we are all stupid.” Buttigieg slammed Trump’s record and said, “If he’s trying to use the 2020 economy as an example of an economic triumph, he’s living on a different planet than the rest of us. The only reason those numbers are what they are is because it’s a partial comeback from the bloodbath that was the second quarter. We are still down as I think anybody knows.” “Well, I think anybody would understand that obviously when you shut down an entire economy the way that we had to, it’s going to take a while...
    PRESIDENT Donald Trump boasts the US has “the greatest economy in the history of our country.” The economy figures to be a crucial factor on Election Day when Trump squares off against Democratic challenger Joe Biden. ⚠️ Follow our US election 2020 live blog for the latest news & updates 3An employee arranges a fan on display for sale at a Walmart store in Secaucus, New JerseyCredit: Getty - Contributor What has Trump done for the economy? Trump has repeated many times that he has supervised "the greatest economy" ever, according to The Los Angeles Times. However, the Times reports that the economy has performed roughly on the same level it performed for Barack Obama during the last three years of his tenure. The economy added 6.6million jobs in Trump’s first three years, compared to 8.1million in the last three years under Obama, according to the newspaper. The country's...
    If President Trump fails to win reelection, he will be the first president in modern times to do so while polling favorably on the economy. Despite the economic havoc wreaked by the pandemic, Trump has usually bested former Vice President Joe Biden when it comes to polling on the economy, according to Gallup. And while the latest RealClearPolitics polling average shows the president’s lead narrowing on this issue, he still holds a nearly 2% lead over his Democratic presidential contender. For presidents who lost reelection in the modern era, they did so with unfavorable ratings on the economy. Republican President George H.W. Bush was the latest commander-in-chief to lose his reelection bid. In 1992, he lost to then Arkansas Gov. Bill Clinton, a Democrat. Clinton’s famous phrase, “It’s the economy stupid,” hurt Bush’s standing on this issue. In fact, Bush's job approval rating was closely tied...
    CNBC's "College Voices 2020" is a series written by CNBC fall interns from universities across the country about coming of age, getting their college education and launching their careers during these extraordinary times. Colette Ngo is a senior at Chapman University. Young voters are fired up and research shows they will be a decisive factor in the 2020 election. And, they clearly have a lot at stake: They are entering the workforce during one of the most brutal economies since the Great Depression. "In the next president, we need a leader who will recalibrate the ethical and moral compass of this nation, as well as work to repair the damaged relationships both domestic and abroad while representing the country and the diversity that makes up this country, properly on the global stage," said Jaden Cody, a Morehouse College student and director of "Get on the Bus," an initiative he said...
    California Prop 14 may change lives of sick kids, keep taxpayer funding of stem cell therapy research The Best Ramen in Every State I Can't Believe This Social Security Bonus Was So Easy Ad Microsoft Americans Are Obsessed With New Blanket That Puts You To Sleep In Minutes Ad Microsoft 23 New Gadgets That Will Sell Out Before the Holidays Ad Microsoft Full screen 1/23 SLIDES © Darwin Brandis / iStock.com The American economy has always been cyclical, going from boom to bust and back again. However, 2020 has seen an entire economic cycle in a...
    New York (CNN Business)Stocks spiked Monday — and with one day to go until the election, investors seem to be betting on a Joe Biden win and a blue wave that could lead to more economic stimulus for consumers and businesses. But the optimism may be overdone. Any deal that happens isn't likely to be finalized until after the inauguration next January. In other words, too late for anyone counting on extra cash tor shopping during the holidays. "I'm skeptical that anything can get done in a lame-duck session," said Kevin Grogan, managing director of the investment committee at Buckingham Wealth Partners. What a Biden victory could mean for energy, health care and tech stocksThe lack of any new stimulus in the fourth quarter could derail the nascent economic rebound as well, making it tougher for consumers and small businesses around the holidays. The economy grew at a record annualized...
    Robert Reich November 2, 2020 11:36AM (UTC) This originally appeared on Robert Reich's blog. Whatever happens to the economy – jobs, wages, the hardships so many are facing – the stock market seems to be in a world of its own. Why? The primary answer is simple. Stock values roughly reflect profits, especially anticipated profits. When profits are expected to rise, stock prices trend upward.  : But that only raises a deeper question: How can profits be trending upward when jobs and wages are doing so badly? Because of a disconnect in the American economy that began way before the pandemic – about 30 years ago.  Before the 1980s, the main driver of profits and the stock market was economic growth. When the economy grew, profits and the stock market rose in tandem. It was a virtuous cycle: Demand for goods and services generated more jobs and higher wages, which in turn...
    Prior to the government’s release of its first estimate of economic growth (GDP) for the third quarter, the consensus was that it was going to be a doozie–and for a change, a Jill Schlesinger  good one, which would be a welcome relief from the first half of the year. The COVID-19 shut down caused second quarter output to plunge at a 31.4% annualized pace (9% on the quarter), which followed a 5% drop (1.3% for the quarter) in the first quarter. Related Articles Jill On Money: The virtual holiday shopping season has begun Jill On Money: The 2020 election and the economy Jill On Money: What do October surprise and jobs report mean for recovery? Jill On Money: College aid amid a pandemic The sudden stop in national output caused the U.S. economy to enter a recession in February, according to...
    I’m a third-generation Republican officeholder and proud of it. I served in the U.S. Congress for five terms; I was elected vice chairwoman of the Republican Conference; and I delivered the keynote address at the 1996 Republican National Convention. And I’m here to tell you why I’m voting for Joe Biden.  The COVID-19 pandemic has killed over 222,000 Americans, infected over 8 million fellow citizens, and decimated our economy. Yet, President Trump continues to deny the seriousness of COVID-19. He knowingly and willfully lied to us at the beginning of this crisis, and he continues to do so now as he claims we are “rounding the corner.” He has no plan to effectively contain the virus. He dismisses our public health experts and scientists as “idiots.” And even after hosting a super spreader event at the White House, he tells us we shouldn’t let it control our lives. DR. MARC SIEGEL: BIDEN'S CORONAVIRUS PLAN –...
    SAN FRANCISCO (CBS SF) — Whether it’s Democratic Presidential candidate Joe Biden playing the popular song “Despacito” at a rally or President Donald Trump posing with Goya Bean products, these simple attempts at appealing to Latinx voters don’t work. The powerful voting bloc needs more. “Why do white people come out to vote in large numbers? Because they get talked to all the time, ” said Christian Arana, policy director at Latino Community Foundation. “They get sent the mailers, they get the TV ads, they come to their town halls, they have a conversation with them that doesn’t happen enough with Latinos. And that needs to change.” Latinos are expected to be the largest minority voting bloc this November and could help determine the outcome of the presidential race. So what do Bay Area Latinx voters care most about? The common misperception is immigration. But recent polls shows while...
    Latina Equal Pay Day was this week, and if it’s not bad enough that it took this long for Latinas to be paid as much as white men made in 2019, the coronavirus pandemic is dumping additional bad news on them. Women are dropping out of the workforce in large numbers, but Latinas are dropping out in larger numbers than white or Black women—nearly three times and more than four times the rate, respectively. Then there are Latina domestic workers, who have been crushed by the COVID-19 economy, losing work and in many cases not being eligible for government assistance. The pandemic is hitting hardest where people were already struggling—with higher infection and death rates among Latino and Black people, and with the economic impact also falling disproportionately on people who are already discriminated against and underpaid and unprotected. ● According to the Ohio Supreme Court, it isn’t an invasion of privacy when a company...
    “We have done an incredible job environmentally,” President Trump said in the last presidential debate, believe it or not. That was a bit like Genghis Khan saying, “We’ve done really good work in Eurasia.” As we slog toward the finish line in the most high-stakes, nerve-rattling presidential election in my lifetime, the pandemic and its impact on the economy are exactly where they should be on the list of issues that will decide the outcome — at or near the top. But I’m certain — or hopeful, I should say — that whoever prevails, we’ll get past the virus at some point, and the economy will one day hum again. When that happens, though, the planet will still be warming at an alarming rate. And if President Trump is reelected, we can be quite sure he will do more irreversible damage to the natural environment and to climate change...
    CLAIM: Joe Biden promised: “I’m not going to shut down the country. I’m not going to shut down the economy. I’m going to shut down the virus.” VERDICT: MOSTLY FALSE. Biden said earlier he would shut down the economy if “the scientists” said so. Biden tweeted Friday: Im not going to shut down the country. Im not going to shut down the economy. Im going to shut down the virus. — Joe Biden (@JoeBiden) October 30, 2020 The former vice president has been at great pains to live down a comment he made in August in an interview with ABC News. As Breitbart News reported, Biden said: “I would shut it down; I would listen to the scientists,” Biden replied when asked by ABC’s World News Tonight anchor David Muir if he would shut down the country if experts proposed the measure. “I will be prepared to do whatever it takes to save lives because...
    Joggers pass the Marriner S. Eccles Federal Reserve building in Washington, D.C., on Tuesday, Aug. 18, 2020.Erin Scott | Bloomberg | Getty Images With inflation still elusive and a host of questions surrounding an economy that just set a single-quarter record for growth, the Federal Reserve faces a choice of whether to wait for conditions to unfold further, or act now to provide some extra help. Most market participants expect the Federal Open Market Committee to sit on its hands when it holds its policy meeting Tuesday and Wednesday. However, officials are expected to discuss the policy options open to them at this point, and with so much uncertainty surrounding the current situation it wouldn't be that big of a surprise to see them make some kind of move. "I just don't see the benefits of waiting until December," said Aneta Markowska, chief financial economist at Jefferies. "A lot...
    U.S. records more than 90,000 Covid-19 cases in one day for the first time 6 Fast-Food Chains Offering Free and Cheap Food Deals Right Now I Can't Believe This Social Security Bonus Was So Easy Ad Microsoft Full screen 1/5 SLIDES © PeopleImages / Getty Images At the start of the pandemic, the Federal Reserve lowered interest rates near zero in an emergency cut to help the drowning economy. Many Americans who weren’t able to take advantage of this in March may be able to now — especially since the Fed has made the move semi-permanent. In a bid to spur job growth and inflation — yes, the goal is higher inflation — interest rates will remain near zero for years to come. Persistently low inflation has slowed down the consumer economy and contributed to wage...
    Liverpool – West Ham: How to watch, start time, odds, prediction Otherworldly photos that make Earth look like another planet Premarket stocks: Big Tech is strengthening its hold on the US economy America's tech companies are strengthening their hold on the economy during the coronavirus crisis — though for investors, some results look better than others. © Drew Angerer/Getty Images NEW YORK, NY - JUNE 3: The Google logo adorns the outside of their NYC office Google Building 8510 at 85 10th Ave on June 3, 2019 in New York City. Shares of Google parent company Alphabet were down over six percent on Monday, following news reports that the U.S. Department of Justice is preparing to launch an anti-trust investigation aimed at Google. (Photo by Drew Angerer/Getty Images) What's happening: Apple, Amazon, Facebook and Alphabet all reported impressive results on Thursday for the July to September period. Their...
    President Trump has framed his case for reelection on the fact that unemployment hit a 50-year low on his watch before the pandemic. He argues that it was his policies that lowered joblessness and that he will do it again in a second term. Democrats, though, argue that Trump benefited from the conditions set by President Obama. At stake in the argument is Trump's first-term legacy as well as the presidency. There's no question that the Trump years proved better for employment than mainstream economists expected. The nonpartisan Congressional Budget Office, for example, in 2016, projected that job creation would slow and that the unemployment rate would settle at about 4.9%. Instead, it fell to 3.5% in 2019. The difference between the forecast and reality is approximately 6 million more jobs. Trump’s economists attribute the low unemployment rate to the administration's actions on monetary policy, deregulation, and...
    London (CNN Business)America's tech companies are strengthening their hold on the economy during the coronavirus crisis — though for investors, some results look better than others.What's happening: Apple (AAPL), Amazon (AMZN), Facebook (FB) and Alphabet (GOOGL) all reported impressive results on Thursday for the July to September period. Their ability to generate tens of billions of dollars in revenue during a pandemic has made these companies the envy of Wall Street, which predicts Big Tech will continue to benefit from changes to daily life caused by Covid-19.Expectations are so high for these companies, however, that their stocks are extremely sensitive. Shares of Apple are down 4% in premarket trading, while Facebook and Amazon are off about 1%. Google's stock is rallying 7%. Breaking it down: Apple: The iPhone maker reported nearly $65 billion in revenue for the quarter, up 1% from the same period last year and $1 billion ahead...
    A bookseller stands at the doorstep of his shop in Bordeaux on October 29, 2020, as a new Covid-19 lockdown comes into effect at midnight.PHILIPPE LOPEZ | AFP | Getty Images LONDON — The French economy bounced back in the third quarter as it profited from a summer period with few social restrictions. However, the focus is now on the final quarter of the year after the two largest economies in the euro area announced nationwide lockdowns. France's gross domestic product grew by 18.2% between July and September, the country's statistics office, Insee, said in a preliminary reading. France's GDP had contracted by 13.7% during the second quarter, which included the first full month (April) of nationwide lockdown in the wake of the coronavirus pandemic. "The massive increase in French GDP in the third quarter is of no comfort to French policymakers or households, who are now contending with a...
    As pandemic raged and thousands died, government regulators cleared most nursing homes of infection-control violations This Beloved Coffee Chain Just Closed 687 Locations For Good Do you know these lucrative Social Security secrets? Ad Microsoft Incredible Blanket Puts Humans In A Deep Sleep, Melting Stress Away Ad Microsoft The 23 Hottest Gadgets of 2020 Ad Microsoft ...
    Do you trust FDA on COVID-19 vaccines? States and a Black medical group form review boards for second opinion Economy grew at record 33.1% pace in Q3 as more businesses reopened after COVID. But growth could slow. America just posted a record GDP growth rate. Now brace for the slowdown The pandemic crashed the American economy into a $2 trillion hole. A sizzling summer rebound got the economy about two-thirds of the way back. Now comes the hard part. © David Paul Morris/Bloomberg/Getty Images A customer gets a haircut from a stylist wearing a protective mask at a barber shop in San Francisco, California, U.S., on Tuesday, Sept. 15, 2020. Thousands of San Francisco businesses were allowed to reopen Monday following a nearly six-month shuttering, according to the San Francisco Chronicle. Photographer: David Paul Morris/Bloomberg via Getty Images There's much to celebrate about Thursday's GDP report, which showed the...
    President Trump is the last bastion to stopping the radical left, talk show host Dave Rubin said Thursday as the 2020 presidential election is five days away. “As most of your audience knows, I have been a lifelong Democrat. I have voted for Obama twice, I voted for Gore, I voted for John Kerry, this is the first time I ever voted for a Republican president,” the host of "The Dave Rubin Show" told “Fox & Friends.” “But, I see Trump, basically, as the last bulwark to stop the radical left,” Rubin said. ELECTION 5 DAYS AWAY: TRUMP, BIDEN TO HOLD DUELING RALLIES IN FLORIDA BATTLEGROUND Meanwhile, Trump and his Democratic rival Joe Biden are set to hold dueling campaign rallies in Florida — a crucial battleground state vital to winning the White House — with just five days left in the presidential race.   The candidates will appear in Tampa hours apart on Thursday, looking to make last-minute appeals and energize Central Florida voters ahead of...
    NBA 2K21 greatly expands WNBA content after league ratings rise in 2020 25 Holiday Gifts Your Wife Really Wants GDP report: US economy grew a record 33.1% annual rate last quarter but the pandemic remains an enormous threat The US economy in the summer recovered much of the historically enormous ground it lost in the spring, expanding at the fastest rate on record in the third quarter, the Commerce Department reported Thursday. © Mario Tama/Getty Images Still, the recovery remains incomplete. The economic crisis that Covid-19 brought on is far from over, and the pandemic threatens to plunge the American economy into turmoil again as infection numbers continue to rise rapidly across the country. Load Error The third quarter, however, was one for the record books. Gross domestic product — the broadest measure of economic activity — grew at an annualized and seasonally adjusted rate of 33.1% between...
    The United States economy posted a record-breaking rebound in the third quarter and has gone a long way toward recovering from the devastation reaped by the coronavirus-related shutdowns, according to new data released by the Commerce Department. From July through September, the U.S. gross domestic product grew by 7.4%, which equals an annualized rate of 33.1%, the Bureau of Economic Analysis announced in a news release on Thursday. It's the largest quarterly GDP gain ever recorded. Image Source: U.S. Bureau of Economic Analysis The news, which comes just five days before the election, could provide a boost to President Donald Trump's re-election chances. The president will undoubtedly tout the new numbers as evidence that he has successfully led the country through difficult economic times. Though economists largely expected the GDP to rebound at an unprecedented rate in the third quarter, Bloomberg News noted that the increase still managed...
    New York (CNN Business)The US government just published an eye-popping report: Gross domestic product, the broadest measure of the country's economic growth, grew at a stunning 33.1% annual rate in the third quarter.President Donald Trump was quick to celebrate: "GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!!" he wrote on Twitter. "So glad this great GDP number came out before November 3rd." But is the economy really the "biggest and best"? Here are the facts:1. Historic gains follow record-breaking lossesIt's true that third-quarter growth was the fastest on record in data going back to 1947. (See the full data set here.) But celebrating that number is like telling only half the story.Read MoreIt's impossible to ignore what happened immediately leading up to those gains: The US economy declined at a 31.4% annual rate — the deepest...
    Quarterly growth in real (inflation-adjusted) gross domestic product for the past 10 years. The Bureau of Economic Analysis reported Thursday that growth in real (that is, seasonally and inflation-adjusted) gross domestic product was 8.275% in the third quarter compared with the previous quarter. That’s 33.1% on an annualized basis, the highest level since modern record-keeping began 73 years ago. From now until the final day of the election on Tuesday, Donald Trump and his remaining minions no doubt will boast about the “boom,” asserting that the economy has regained all that was lost in the devastating second quarter when GDP plummeted 31.4% on an annualized basis. But basic arithmetic shows we regained all. More about that in a moment. Expect Trump’s usual mindless patter: he’ll call this the greatest recovery ever and nobody could have done it but him, perhaps even poaching one of his own favorite lines from the pandemic—we’re turning the corner. Nonsense, obviously, as known all too well by anyone who has seen their unemployment benefits...
    The U.S. economy grew at a record annualized rate of 33.1% between July and September clawing back much of the ground it had lost during the coronavirus-fueled shutdown earlier in the year, the Commerce Department said Thursday. Increased consumer spending, private investment and exports drove the increase, which was partly offset by falling government spending as stimulus funds dried up and states slashed their budgets. The rebound puts the nation's gross domestic product — the total value of all the goods and products the economy produces — at $21.16 trillion for the three months ending in September. That's below its level at the end of last year. Get Breaking News Delivered to Your Inbox "[W]hile it's appropriate to be pleased that growth rebounded strongly in the third quarter, it can't obscure the fact that large parts of the economy are still reeling from the Covid hit," Ian Shepherdson, chief...
    The Azalea Amateur will still offer a Masters tune-up, but also a place for top collegians to play United to offer free coronavirus testing on select Newark-to-London flights GDP report: The US economy probably grew at record speed in the third quarter. But the crisis isnt over The US economy started bouncing back from the pandemic lockdowns over the summer months. That much is certain. But just how big this rebound was — and how far we still remain from the pre-pandemic normal — won't be known until Thursday, when we'll get our first look at America's third-quarter report card. © Mario Tama/Getty Images Just five days before the presidential election, the Bureau of Economic Analysis will report US gross domestic product — the broadest measure of economic activity. Load Error Economists polled by Refinitiv expect the economy expanded about 7%, when adjusted for seasonal particularities, between...
    It is conventional wisdom to note that next week's presidential election will hinge largely on the state of the nation's economy. In reality, the outcome will turn more on local economic conditions — the places, after all, where Americans go to work, run businesses and spend money — in a handful of states that President Donald Trump and his Democratic challenger, Joe Biden, are desperate to win. Three of those states — Ohio, Georgia and Arizona, viewed as toss-ups by the CBS Battleground Tracker — reveal major differences in how quickly different parts of the country are rebounding. Although those states together have regained more than 1 million jobs since the broader economy bottomed out in April, some areas continue to struggle while others are proving resilient. A total of 45 electoral votes are at stake between the three states. As Jim Baird, chief investment officer at Plante Moran Financial Advisors in Portage,...
    Winners and losers after Texas Eerie photos of shipwrecks around the world Sharp third-quarter growth will show the economy regaining ground, but its still in a hole Third quarter growth is expected to have bounced back at a 32% pace, after the second quarter's deep slump. But economist said the economy is coming off a smaller base, and it is still in a hole. Economists say the lack of stimulus from Congress means growth could be challenged heading into the end of the year. © Provided by CNBC A Regal Cinemas movie theater stands at night on 42nd Street in New York, U.S., on Tuesday, Oct. 6, 2020. Third quarter GDP is expected to grow at a sharp double digit pace, but the economy is still behind where it was earlier in the year and may be challenged by a lack of fiscal stimulus.  Load Error ...
    New York (CNN Business)The US economy started bouncing back from the pandemic lockdowns over the summer months. That much is certain. But just how big this rebound was — and how far we still remain from the pre-pandemic normal — won't be known until Thursday, when we'll get our first look at America's third-quarter report card.Just five days before the presidential election, the Bureau of Economic Analysis will report US gross domestic product — the broadest measure of economic activity. These 10 charts show how the economy performed under Trump versus prior presidentsPresident Donald Trump inherited a strong economy, and it continued to grow at a healthy rate during his first three years in office. Then the Covid-19 pandemic changed everything.Economists polled by Refinitiv expect the economy expanded about 7%, when adjusted for seasonal particularities, between July and September compared to the prior three months. That would be a sharp...
    A Regal Cinemas movie theater stands at night on 42nd Street in New York, U.S., on Tuesday, Oct. 6, 2020.Amir Hamja | Bloomberg | Getty Images Third quarter GDP is expected to grow at a sharp double digit pace, but the economy is still behind where it was earlier in the year and may be challenged by a lack of fiscal stimulus.  Economists expect GDP increased by 32% in the third quarter, after a stunning contraction of 31.4% in the second quarter, when the economy shutdown, according to Dow Jones. The report on gross domestic product is expected at 8:30 a.m. ET Thursday. "We will have recovered about 2/3 of the GDP we lost in the recession," said Mark Zandi, chief economist at Moody's Analytics. Zandi expects growth of an above consensus 35% for the third quarter. "I think most of that growth came at the end of the second...
    To get a real sense for how this election is going, you need to ignore the national polls in establishment media that have Joe Biden poised for a decisive victory. Look, instead, at the enthusiasm on the ground for Donald Trump and the economic optimism he represents. Try driving from Manhattan through the crucial battleground state of Pennsylvania to Weirton, W. Va., and talk to voters who have driven from three states to join a grassroots “Trump Train” car rally. It only takes about seven hours, but the journey takes you from the capital of Trump Derangement Syndrome to a place where people proudly dress head to toe in clothing with the president’s face ­emblazoned on it. Weirton, over the border from western Pennsylvania, and Steubenville, across the river in Ohio, are ground zero of the deindustrialization of America. Rusting factories on the banks of the Ohio River give the place...
    NEW YORK (WABC) -- Every day until the election, Eyewitness News will have a special election edition of "The Countdown" to get you caught up with all of the day's political and campaign news.You can watch it online, on the ABC7NY app or on our Connected TV apps for Fire, Roku, Apple TV and Android TV. Click here to learn more.Wednesday, Oct. 28Final days to campaignJoe Biden is focusing on COVID-19 in the final days of the election campaign, while President Donald Trump is anxious to talk about just about anything else.Biden said Wednesday he is "not running on the false promises of being able to end this pandemic by flipping a switch" but will prioritize science if elected. He said Trump's handling of the pandemic is an "insult" to its victims.Meanwhile, Trump continued using the campaign's last few days to keep up a whirlwind schedule focusing on economic growth...
    USDA issued billions in subsidies this year. Black farmers are still waiting for their share. Chain restaurants closing locations this year How Does the Trump Economy Compare to Obama’s? A Look Back at 4 Key Data Points When you ask Americans about the most important issues facing our country during an election cycle, you will almost certainly hear about “the economy.” © Getty Images How-good-is-trump-economy In fact, a recent report from Pew Research found that about three-quarters of all registered voters said the economy was a “very important” issue for them. A majority of voters on each side of the aisle — 66% of likely Biden voters and 84% of Trump supporters — named the economy as one of their top concerns. Touting economic achievements is nothing new for politicians, but President Donald Trump makes it no secret he believes his administration’s greatest contribution has been bringing in more...
    Democratic U.S. presidential nominee and former Vice President Joe Biden speaks during a campaign stop in Warm Springs, Georgia, U.S., October 27, 2020.Brian Snyder | Reuters As some market participants think they have a better handle on who is going to win the presidential race, that's actually thrown another level of uncertainty into stocks. National polling shows former Vice President Joe Biden holding about a 7-point lead over President Donald Trump, an advantage that has stayed fairly consistent through October. At the same time, prediction markets are giving Biden about a 63% chance of winning, a number that also has held during the month. The possibility of a Biden win complicates something markets have placed a high priority on, namely getting a stimulus bill through Congress sooner rather than later. If Trump does lose, he would have less incentive to push a big spending package through during the lame-duck period....
    New York (CNN Business)For months, Wall Street was sleepwalking towards what every health expert said would be a terrible fall and winter. Now, a harsh reality is setting in. Coronavirus infections are surging in the United States and much worse in Europe. Investors are suddenly spooked. The Dow plunged roughly 800 points, or 3%, Wednesday. That leaves the index down more than 1,600 points on the week.The big fear is how much worse the pandemic will get -- and whether government restrictions to fight the spread will derail the fragile economic recovery. Those concerns are magnified by the risk of post-election chaos and Washington's failure to reach a deal on a stimulus package. That means the economy is entering this precarious period without a safety net."Coronavirus is coming back with a vengeance. And that's leading to a sell-first, ask-questions-later mentality," said Ryan Detrick, chief market strategist at LPL Financial. How...
    It’s more than half a year into the coronavirus pandemic and Amalia Hernandez de Ramirez hasn’t been sleeping well. “ ‘Sometimes I wake up in the middle of the night thinking about this and it’s hard to go back to sleep, how I’m going to make it through.’ ” — Amalia Hernandez de Ramirez “Sometimes I wake up in the middle of the night thinking about this and it’s hard to go back to sleep, how I’m going to make it through,” she told MarketWatch through a Spanish-language interpreter. “It really wears me down.” What’s keeping the 57-year-old Albuquerque, N.M. woman awake are worries about partially paid bills, whether she can buy all the groceries she needs, and the new reality of her biweekly paycheck, which shrank from $1,500 before the pandemic to $800. In a grim way, she’s lucky. That’s because Hernandez de Ramirez...
    VIDEO5:0205:02What industrials earnings can tell us about the health of the sector and economyTrading Nation A rush of industrials earnings this week is shining some light on the health of the U.S. economy. Caterpillar reported a drop in third-quarter profit on weaker equipment demand, and 3M delivered an earnings beat on strength in its safety and health-care segments. Stanley Black & Decker, meanwhile, brought in a mixed quarter – topping profit estimates but falling short on revenue. "There is a pretty clear takeaway," Rob Wertheimer, founding partner and lead research analyst for the global machinery industry at Melius Research, told CNBC's "Trading Nation" on Tuesday. "What we're seeing is effectively a V-shaped recovery coming back with the shorter cycle products coming back first and consumer and health-care exposed products as well." That divide was highlighted in 3M's report, where its safety and industrial unit, which includes adhesives and tapes, saw...
    New York (CNN Business)The fragile economic recovery is losing steam. The pandemic is getting worse again. The risk of post-election chaos has never been higher. And yet lawmakers in Washington won't agree to a fiscal rescue package that is so obviously needed.Both sides of the aisle are betting they'll avoid the wrath of voters, despite this historic failure. The livelihoods of countless Americans will be worse off because of this political roll of the dice. "Politicians in both parties are tempting fate by not agreeing to another round of fiscal aid," said Joe Brusuelas, chief economist at RSM International. "This is more about politics than economics or finance. That's the unfortunate reality of the matter, because real lives do hang in the balance."Without federal aid, more small businesses will close. Those on unemployment will struggle to get by without enhanced benefits. Renters could face eviction. Families won't receive another round...
    VIDEO6:0306:03Three 'E's dominate the markets this week — earnings, the economy and the electionTrading Nation The market is focusing this week on the letter 'E' – earnings, elections and the economy. Nearly 170 S&P 500 companies have earnings out this week, including from mega-cap names Apple, Amazon and Alphabet this Thursday. Third-quarter GDP out also on Thursday could add color to how the economy has rebounded from the second-quarter shutdowns. And, finally, the event all investors are watching, the U.S. presidential election, is in a week. Jonathan Golub, chief U.S. equity strategist at Credit Suisse, is laying out what to watch for each market-moving event. On earnings, Golub said the reports that have come in have blown expectations out of the water. "If you're looking at it from an earnings growth perspective, the earnings are down about 18%-20% versus where they were a year ago. However, if you look at...
    Los Angeles: Sports fans of LA teams may be contributing to spike in Covid-19 cases, says health official McDonalds franchisees are more optimistic than theyve been in years, as analysts predict 20% of independent restaurants will close across America GDP report: Heres the 2020 third quarter economy preview The US economy started bouncing back from the pandemic lockdowns over the summer months. That much is certain. But just how big this rebound was — and how far we still remain from the pre-pandemic normal — won't be known until Thursday, when we'll get our first look at America's third-quarter report card. © Noam Galai/Getty Images Just five days before the presidential election, the Bureau of Economic Analysis will report US gross domestic product — the broadest measure of economic activity. Load Error Economists polled by Refinitiv expect the economy expanded about 7%, when adjusted for seasonal particularities,...
    Submit your letter to the editor via this form. Read more Letters to the Editor. Vote yes on Orinda’s Measure R for fire safety We, 45-year Contra Costa County residents, urge dollar support for fire safety. Measure R — on the November ballot in Orinda — funds $48 million for fire safety and other city services. Without Measure R, additional funding for fire safety is not available to Orinda, a financially prudent city with limited revenues. In 2015, California experienced 8,283 wildfires, burning 880,895 acres; in 2020, 8,685 fires, 4.1 million acres burned (4% of California territory). Wildfires can’t happen here, nearby? Oct. 20 was the anniversary of the nearby Oakland Hills fire in 1991, which destroyed more than 3,800 homes and claimed 25 lives. Insurance companies understand. From 2018 to 2021, our fire insurance premiums increased an average of 15% each and every year. Measure R will add 50...
    Fatal police shooting sparks protest in Philadelphia A New Website Tracks Broken McFlurry Machines, Because Weve All Been Heartbroken Before A lack of common travel protocols could cost the world trillions of dollars, Dubai Airports CEO says Countries still have not agreed on quarantine, testing and travel protocols. This could cost the global economy trillions of dollars, according to Paul Griffiths of Dubai Airports. He also said governments were not focused on the economic and social benefits of managing the virus in a practical way. Countries have not yet come to a consensus on how to safely restart travel amid the coronavirus crisis, and this could cost the global economy trillions of dollars, according to the chief executive of Dubai Airports. Load Error "We don't have an agreed testing procedure for a reliable, accurate and scalable test, and that needs to happen," Paul Griffiths told...
    (CNN)The Trump administration has announced its unconditional surrender to the Covid-19 pandemic."We are not going to control the pandemic. We are going to control the fact that we get vaccines, therapeutics and other mitigation areas," White House chief of staff Mark Meadows told CNN's Jake Tapper on "State of the Union" on Sunday. Jeffrey D. SachsDonald Trump has surrendered without ever joining the battle. I have no doubt he will be remembered as the greatest presidential failure in American history.Trump's sister, Maryanne Trump Barry, has said he has no principles and only wants to appeal to his base. Yet his lack of principles is perhaps not the main reason for his surrender today. His remarkable and seemingly boundless stupidity is more likely the main cause.As Bob Woodward's tapes made perfectly clear, Trump actually knew the extreme dangers of an epidemic that has so far claimed 230,000 US deaths ― a...
    The outcome of next week’s US election will have a profound effect on markets, economies and the world order. It is unlikely that voter choices and their impact will produce different outcomes. If the referendum is correct and the election creates a “blue wave” that controls both the House and the Senate for Democrats, it will return to the very ordinary president and in some respects the United States, perhaps the most progressive Franklin D. The agenda of any American president after Roosevelt. If Trump and Republicans retain control of the Senate, the future is unclear – there is no second-published Republican platform – but it seems reasonable to consider more. The bureaucracy and more government are possible through the continuation of “America First” isolation and protectionist foreign and trade policies and the militant stance on China, greater control of the domestic economy, higher tax cuts, reopening of the economy...
    Sonali Kolhatkar October 25, 2020 8:29PM (UTC) This article was produced by Economy for All, a project of the Independent Media Institute. The U.S. government's Bureau of Labor Statistics finds that childcare workers in the nation have a median salary of just over $24,000 a year—below the poverty line for a family of four. The segment of our nation's workforce that attends to the basic needs of our children is shockingly underpaid, and now during the coronavirus pandemic, left even farther behind as childcare centers are forced to downsize or close. At the same time, billionaires have minted money during our time of national crisis. The fortunes of the wealthiest have increased by a quarter over the past several months, proving once more that the economy is rigged to benefit the already-rich. It is no coincidence that an industry dominated by women, particularly women of color (40 percent of childcare workers are women of color—twice...
    By Julie Gordon OTTAWA (Reuters) - Chef Emily Wells was unsure what to expect as she opened the doors of her seasonal restaurant in rural Prince Edward Island the same day Canada's four Atlantic provinces bubbled together, allowing travel between them while keeping their borders restricted to everyone else. The result was far better than she could have imagined. "It was a remarkable summer, I was floored by it," Wells said. "The bubble made all the difference. It certainly worked for us." The border restrictions along with tough public health measures helped the east coast provinces, which have a combined population of 2.4 million, tamp down COVID-19 early on and largely keep the virus at bay even as the rest of the country entered a second wave of infections. That success came at a cost. More than 171,000 jobs were lost, exports plunged and the region's C$5 billion ($3.8 billion)...
    Hong Kong (CNN Business)US President Donald Trump started a trade war with China to fix what he's repeatedly blasted as an unfair relationship between the world's two largest economies.But as the president makes his case for a second term ahead of November's election, he doesn't have much to show for a bruising trade battle that has been a cornerstone of his foreign policy.Trump vowed to cut the US trade deficit, but instead it's reached historic highs. He wanted China to buy more American products, but that hasn't happened as much as Washington would like. And he's made almost no progress on big structural issues that American companies care most about. Americas trade deficit climbs to the highest level in 14 yearsDespite Trump's pledge to narrow America's trade deficit by slapping heavy tariffs on Chinese goods, the gap by which imports exceeded exports in August widened to more than $67...
    Sen. Kamala Harris (D-CA) appeared to forget what city she was campaigning in Saturday, asking someone nearby if she was in Cleveland before addressing a group of supporters. “Are we in Cleveland?” Harris asked an individual nearby before addressing the group. “Hey Cleveland! It’s Kamala!” she continued, waving to supporters: A hot mic caught Kamala Harris asking staff "are we in Cleveland?" before she spoke. pic.twitter.com/Fni0u5Xwgc — Trump War Room – Text TRUMP to 88022 (@TrumpWarRoom) October 24, 2020 Harris delivered a speech at the Tri-C Cleveland campus in the crucial battleground state on Saturday, encouraging Democrats to rally together and cast their votes early. According to 19 News, the campaign extended an invitation to “about” 75 guests. “The people will make the decision because the power is indeed with the people,” Harris said told supporters. “We were out and engaged with people who are early voting and people are...
    The Wall Street Journal offers some sage advice today: For investors worried about how the stock market will fare in the event of a divided government or a sweep by either party in next month’s elections, history offers an important lesson. Stocks tend to go up regardless of which party controls Washington. This is true. But it’s incomplete, since you might wonder how much the stock market goes up under Democratic and Republican presidents. I’ve got you covered, with the two-term presidencies labeled: This, of course, is just one of many mysteries of the business community: In general they support Republicans even though Democrats tend to turn in better economic performance. It’s true, however, that Democrats also tend to favor stronger corporate regulation than Republicans, and this produces an interesting exercise in revealed preference: Corporate CEOs are apparently more concerned about regulation than they are about their shareholders. There’s...
    President Donald Trump and Democrat Joe Biden will hit the campaign trail with just 11 days left before Election Day after surprising the country by pulling off a relatively civil second and final presidential debate.  Both men returned to Washington, D.C. and Wilmington, Delaware, respectively, at around 1 a.m. Friday, only to turn around and start campaigning again.   Trump will hold back-to-back rallies in the must-win state of Florida on Friday, while Biden will stay local and deliver remarks on COVID-19 and the economy from Wilmington.  President Donald Trump (right) and first lady Melania Trump (left) board Air Force One after Thursday night's debate in Nashville. He'll head back south Friday and hold back-to-back rallies in Florida  Joe Biden (left), with his wife Jill Biden (right), arrived back in Delaware around 1 a.m. Friday morning following the final presidential debate. He'll give a campaign address Friday afternoon from Wilmington...
    Jason Lee | Reuters BEIJING — China's foreign exchange regulator told businesses Friday to prepare for more volatility in the yuan. The Chinese currency, also known as the renminbi, strengthened roughly 1% this week against the U.S. dollar to levels not seen since July 2018. Less than five months ago, the yuan was at its weakest against the greenback since early 2008. Although that is based on a midpoint set by the central bank, the People's Bank of China, Beijing has been allowing markets to play a greater role in the exchange rate. One-year implied volatility of the yuan has climbed to 5%, versus less than 2% for previous years, indicating a basis of "increased flexibility" in the exchange rate, State Administration of Foreign Exchange spokeswoman Wang Chunying told reporters on Friday. "In face of exchange rate fluctuations, businesses should strengthen their risk prevention awareness," Wang said, according to a CNBC...
    Lesley Stahl falsely claimed in her “60 Minutes” interview with President Trump that unemployment claims were rising. “This time you have kind of double-migraine. You have unemployment claims going up and you have covid cases going up. I mean, it’s like the gods have suddenly decided to conspire against you,” Stahl said. In fact, unemployment claims were falling. While first-time claims for unemployment were initially reported as rising last week, continuing claims fell by more. While continuing claims are reported with a week’s lag, what was really happening in the economy was that more people were coming off unemployment than going on to it. What’s more, that rise in initial claims turned out to be illusory. This week the Department of Labor revised last week’s figure to show a small decline in claims, although that revision came out after the “60 Minutes” interview. Stahl could not have known that the...
    For the latest story in our “Voice of the Voter” series, KDKA’s Chris Hoffman heads to Armstrong County to talk to voters about what issues they think matter most. ARMSTRONG COUNTY (KDKA) — As we approach Election Day, we are traveling through communities in our area to get the voice of the voters. Here is what we heard in Armstrong County. “I worry about our county,” Rose Freeman said. Armstrong County may be smaller, but it has some of the same big issues mentioned across the country. “Protect yourself and protect your family,” Muried Pepling told KDKA. “We’re small and we need employment,” Freeman said. “Taking care of the virus and get the economy back, Rick Swartz said. We took this ballot of issues from the Pew Research Center, who listed them as top issues in this election. It contained familiar issues like the economy, healthcare, and abortion, but also...
    New York is considering replacing its 14-day mandatory quarantine with rapid testing because the current restrictions are 'hurting the economy'.  Governor Andrew Cuomo told reporters Wednesday that enforcing the current restrictions is problematic, according to WAMC. Cuomo also acknowledged that the quarantine period stops people traveling to the state for work. He said of a switch to testing: 'There's new testing technology, there are rapid tests, is there a better, smarter way to handle a quarantine? None of this has been done before, so we're figuring it out as it goes.' At present, states are added to the quarantine list if they hit a threshold of averaging 10 or more new cases per day per 100,000 residents over a seven-day period. States can also land on the quarantine list if 10% of tests came up positive on average over the past week. But despite surging cases in New Jersey, Pennsylvania and Connecticut Cuomo...
    VIDEO4:5304:53Markets vs. polls: PNC's top strategist on how each is telegraphing the 2020 electionTrading Nation With less than two weeks until Election Day, polls show Democrat Joe Biden is leading President Donald Trump, but the surveys may not be the best predictor, according to Amanda Agati, chief investment strategist at PNC. "I have to say there's no perfect predictor when it comes to election outcomes, but we do look at a number of different indicators to try and get some idea and gauge what the outcome might actually look like," Agati told CNBC's "Trading Nation" on Wednesday. "We know the polling is notoriously unreliable so I'm just going to throw that one right out of the equation for now, but we are obviously watching that to see how that evolves over the next couple of weeks." Instead, Agati is looking to a different metric — the betting markets. Biden's...
    US politics, as is often the case, is driving markets at the moment as President Donald Trump and former Vice President Joe Biden go head to head for the White House. The outcome this particular race is less important economically than another stateside political wrangle though. A fiscal stimulus package somewhere in the order of $2trillion is imminent, whoever wins at the ballot box. This could put fuel in the rockets of the US economy as it recovers from the pandemic next year, and drag the rest of the world with it. The outcome the race between Donald Trump and Joe Biden is being overshadowed by the prospect of a vast fiscal stimulus package Whether the argument on its exact size and scope is settled just before or soon after the 3 November election won't really matter.  Either way it will be key in how the US and by...
    Nurse Kathe Olmstead prepares a shot that is part of a possible COVID-19 vaccine, developed by the National Institutes of Health and Moderna Inc., in Binghamton, N.Y.Hans Pennink | AP Is a vaccine the real risk to the market?  Stocks are within 1% to 2% of their historic highs because of the belief that: 1) stimulus of some form is coming, 2) the election will not devolve into chaos, and 3) an effective vaccine will be available in early 2021. Five vaccines — from Moderna, AstraZeneca, Pfizer, Johnson & Johnson, and Novavax — are in or beginning Phase 3 trials. The Food and Drug Administration has set a bar of at least 50% efficacy for a vaccine.  But UBS's Art Cashin believes the market may be far too complacent in believing that a highly effective vaccine is imminent. "The market action now is not about earnings, it's about the vaccine...
    How the Dodgers acquired Justin Turner, Max Muncy for nothing and turned them into stars Gifts for 3-Year-Olds Theyll Love to Unwrap This Year Do you know these lucrative Social Security secrets? Ad Microsoft Incredible Blanket Puts Humans In A Deep Sleep, Melting Stress Away Ad Microsoft The 23 Hottest Gadgets of 2020 Ad Microsoft Full screen 1/30 SLIDES © Malochka Mikalai / Shutterstock.com The U.S. is slogging through one of the toughest periods of its existence. The pandemic has brought whole...
    With less than two weeks left before the 2020 presidential election, former White House deputy chief of staff Karl Rove said it would be more “effective” for the Trump campaign to focus on the economy as opposed to the Hunter Biden “scandal.” Rove made the statement on “America’s Newsroom” on Wednesday shortly after Trump 2020 Campaign National Press Secretary Hogan Gidley appeared on the program and explained the campaign strategy to focus on Hunter Biden and his international business dealings to attack Democratic presidential nominee Joe Biden.   “The president isn't talking about Hunter Biden. What he is talking about is Joe Biden and what these emails now reveal is that Joe Biden is flatout corrupt,” Gidley said referencing the Hunter Biden emails reportedly revealing his foreign business dealings, including contacts in Ukraine and China. “This was one of the big problems with Hillary Clinton back in 2016,” Gidley continued. “The American people knew about Clinton cash.” VideoHost Trace Gallagher noted that President...
    Reuters October 21, 2020 0 Comments President Donald Trump campaigned in the crucial battleground state of Pennsylvania on Tuesday, telling supporters he needed a second term in the White House to ensure a successful recovery from the novel coronavirus pandemic and its economic fallout. At an airport rally in Erie in the northwest corner of the state, Trump said Pennsylvania could put him over the top in the Nov. 3 election and warned that Democratic rival Joe Biden would decimate the state’s energy and manufacturing jobs. “This is an election between the Trump super recovery, which is happening right now, and a Biden depression,” Trump told cheering supporters, who as at most of his rallies were packed shoulder to shoulder, with many not wearing masks. “If you want open schools, an open economy and a safe, healthy, thriving country, vote for me,” he said. Trump’s handling of the coronavirus...
    How galling it is to see China bouncing back from the global pandemic that it unleashed. While the rest of the world wrestles with fear, mistrust, unemployment, recession, stagnation, non-Covid health catastrophes, countless blighted lives and a ‘second wave’ of the virus, China is set to enter 2021 stronger than it was in January 2020. That was the month when Chinese complacency, deceit and the ruthless diktat of the Communist Party allowed coronavirus to get its first foothold among humankind. The numbers are stark, on both the medical and economic fronts. How galling it is to see China bouncing back from the global pandemic that it unleashed. Pictured: Chinese soldiers wearing face masks stand guard as tourists visit section of the Great Wall at Badaling China, with a population of 1.4 billion, now records around a dozen Covid cases daily. During the annual ‘Golden Week’ holiday at the start of...
    For the latest story in our “Voice of the Voter” series, KDKA’s Lisa Washington heads to Fayette County to talk to voters about what issues they think matter most. UNIONTOWN, Pa. (KDKA) — Mark C’s is one of the most popular diners in Uniontown, Fayette County. Regulars stop by for coffee and the breakfast specials. Inside, both Republicans and Democrats can be found, all socially distanced. “Sticking with Trump,” Perryopolis resident Larry Kirchner said. “I think he’s done a good job with the economy, and I’d hate to see it go backwards.” “I think the president we have now is prejudice,” Uniontown resident Darneise Sykes said. “Because of the way he acts, being around us, and he’s not for us.” In 2016, President Donald Trump received 64% of the votes in Fayette County, compared to 33% for Hillary Clinton. Jason Hardy, a registered Republican and father of two, says he...
    U.S. President Donald Trump gestures as he attends a campaign rally at Prescott Regional Airport, in Arizona, October 19, 2020.Carlos Barria | Reuters Next week, the U.S. will get economic news like it has never seen before, reflecting growth that had seemed impossible, as it is likely that GDP will have risen by about 30% or more. In the middle of a pandemic. In the middle of a recession. In the middle of 12.5 million unemployed people. While the incongruity of skyrocketing growth and extreme hardship will be impossible to ignore, it will come at an opportune time for President Donald Trump. The GDP release comes Oct. 29, just five days before the presidential election. How seriously the country, and its voters, takes the news could influence what happens as the ballots are counted. "Even though it's totally meaningless, this is going to give Trump a little lift," said Steve...
    China's super-wealthy have earned a record $1.5trillion during the last year despite the global economic collapse caused by the pandemic that began in Wuhan.  One analyst said that 'the world has never seen this much wealth created in just one year' after China added 257 members to its billionaires' club and online shopping firms saw a surge in business because of virus-related lockdowns.  China's wealthiest man, Jack Ma, saw his wealth rise by 45 per cent to $58.8billion after his e-commerce business Alibaba emerged as one of the winners of the crisis.   Healthcare entrepreneurs also moved up the list on the back of the pandemic, with Jiang Rensheng, founder of vaccine-maker Zhifei, tripling his value to $19.9billion.  China's economic resurgence - with 4.9 per cent GDP growth announced in the latest figures on Monday - comes amid a slump in other wealthy nations which has allowed Chinese firms to seize...
    Based on its latest national poll, the New York Times writes that nothing short of a "calamitous misstep" by Joe Biden could boost Donald Trump's electoral fortunes now. Of course, it's also perfectly clear that Trump is simply too self-absorbed to save himself because that would involve actually giving a damn about voters. Voters seem to have gotten the message loud and clear based on the results of the Times/Siena poll released Tuesday. Not only are the two candidates now neck-and-neck on who voters prefer to handle the economy—once a singular bright spot for Trump—they also prefer Biden on every other single issue of peak importance to them.  Contribute now to take back the White House! Overall, the poll gives Biden a 9-point lead among likely voters nationally, 50%-41%, but the strength of Biden's position is built upon the issues voters care about.  Likely voter preferences on the issues...
    The nation's 644 billionaires have enjoyed a staggering rise in wealth since the pandemic shuttered the economy in March, with the group gaining almost $1 trillion in total net worth, according to a new analysis. The spike in wealth coincides with what some economists are calling a K-shaped recovery, with the rich regaining their footing while poorer Americans struggle with lost wages and jobs. The wealth of the nation's billionaires rose to $3.88 trillion as of October 13, a jump of $931 billion from March, the analysis found. Total wealth for U.S. billionaires is also almost twice the $2.1 trillion in wealth held by the bottom half of the U.S. population, or about 165 million people, they added.  A CBSN special looks at the state of the economy as a second round of federal stimulus checks hangs in the balance. Download the CBS News app to stream "A Nation in Need:...
    Madi Portes knows she won't have a job after November 1. She's just waiting for the phone call from headquarters to tell her it's official. Portes is one of more than 8,000 part-time workers at Walt Disney World who learned last month their jobs would be cut. The entertainment company is laying off 28,000 theme park workers nationwide as it faces reduced traffic for the foreseeable future. Disney "was supposed to be my last stop," Portes said. Now, "Anytime I see a 407 number I won't pick up, I get so scared because I know I'm going to start crying," she said, referring to the area code in Orlando, Florida.  A CBSN special looks at the state of the economy as a second round of federal stimulus checks hangs in the balance. Download the CBS News app to stream "A Nation in Need: A Stimulus Check List" on CBSN...
    Republican views of the economy have soured sharply over the past six months – even more than those of Democrats, a new survey from online job site Indeed finds. The firm surveyed more than 4,000 adults aged 18 and over in late September, comparing the results to a survey of 2,000 adults in late February and early March just as the coronavirus pandemic began hitting the country. All respondents were classified according to the party they identify with or, in the case of independents or others, the party they lean toward.[ READ: Will Trump Ride the Markets to Victory? ]The share of Republicans saying economic conditions were excellent or good fell from 77% in March to 46% in September, a drop that far eclipsed the 42% to 24% decline among Democrats. That is despite the pandemic having so far been worse for Democrats and blue states than it has been for...
    Billionaire Microsoft founder and climate activist Bill Gates said Monday that large-scale economic shutdowns are "nowhere near sufficient" to curtail climate change. Rather, we need "to get rid of emissions from all the different sectors." What are the details?Gates made the remarks during a keynote address for the National Academy of Medicine's 2020 annual meeting, which this year was titled, "Confronting Urgent Threats to Human Health & Society: COVID-19 and Climate Change." "The change in behavior, like driving less or flying less, is helpful but nowhere near sufficient — 2020 is a great example of this," Gates said. "We've cut down carbon emission with these drastic changes in the economy, but the reduction in emissions is actually quite modest." He noted that this year, even with the implementation of large-scale economic shutdowns in many places around the world due to the coronavirus pandemic, the global emissions rate was only...