Biden's Record Jobs Boom Power Swing State of Georgia
==========
Georgia's economy is booming under Joe Biden's presidency. Since 2021, Georgia has experienced an 11.9% increase in manufacturing payrolls, the highest in three decades. The state's rate of employment gains is superior to that of Biden's predecessor, Donald Trump. Georgia's labor market is outperforming the rest of the nation, a trend that has not been seen in previous presidencies. This economic success could have implications for the swing state's political landscape.
#JoeBiden #Georgia #JobMarket #Economy
The Bank Run of 2023 Could Easily Happen Again
==========
Regulators have yet to address the system’s vulnerability to sudden depositor withdrawals. The demise of Silicon Valley Bank in March 2023 exposed weaknesses in the banking system. Depositors pulled their money faster than assumed by liquidity coverage ratio requirements. The Federal Reserve couldn't provide sufficient emergency loans due to insufficient collateral. Uninsured depositors had reason to run as they couldn't be sure of government bailouts. Regulators have focused on increasing loss-absorbing capital at large US financial institutions.
Don’t Normalize Trump’s Threats of Violence
==========
Donald Trump posted a video on social media featuring an image of President Joe Biden hogtied and held hostage in the back of a pickup truck. The article argues against normalizing Trump's behavior, stating that his constant appeals to malice and division are an assault on the foundations of a civil society. The author, Timothy L. O'Brien, emphasizes that Trump's behavior should not be dismissed as mere tomfoolery, as it is more juvenile and vicious than that of an average former president.
https://www.bloomberg.com/opinion/articles/2024-04-01/don-t-normalize-trump-s-threats-of-violence
Capital One Has an Uphill Task With Regulators on Discover Deal
==========
Capital One's agreement to buy Discover Financial Services raises concerns about regulatory approval. Investors question the deal's likelihood of passing regulatory hurdles. Capital One's CEO, Richard Fairbank, believes they are well positioned for approval but cannot discuss conversations with regulators.
Japanese Lawmaker Says US Steel Deal Would Help Counter China Risks
==========
Akira Amari, a senior Japanese ruling party lawmaker, believes that Nippon Steel Corp.'s acquisition of United States Steel Corp. would strengthen economic security ties between the US and Japan and help counter China's dominance in steel-making. The $14.1 billion deal is seen as a win-win for both companies and economies. President Biden has previously expressed opposition to the merger.
#UsSteel #NipponSteel #China #EconomicSecurity #Merger
Asian Stocks Set to Gain as Fed Awaits More Data: Markets Wrap
==========
Equity markets in Asia are expected to open higher as the Federal Reserve reiterates that it is in no rush to cut interest rates and will await more evidence of inflation control. Japanese futures contracts for the Nikkei 225 index point higher, while trading is closed in Australia and Hong Kong due to holidays.
#AsianStocks #FederalReserve #InterestRates #Inflation #Nikkei225
The Dollar Is More Armored Division Than Currency
==========
The dollar continues to dominate despite predictions of a tough year. Its supremacy is not solely due to interest rates. The greenback has consistently outperformed other currencies, reminding the world of the US's essential economic force. Even events that were expected to cause a pullback, such as Japan's decision to end negative interest rates, have had little impact. The Federal Reserve's projected rate cuts are unlikely to diminish the dollar's strength. This year was expected to see a decline in the dollar, but a key index of its support is off to a strong start.
Japan Faces Risks From US, China Economies, Banking Head Says
==========
Japan's economy is at risk from price pressures from its two largest trading partners, according to Akihiro Fukutome, chairman of the Japanese Bankers Association. He identifies deflation as the threat from China and sees inflation picking up if Trump returns to office and implements his policies.
#Japan #Us #China #Economy #Banking
We Can’t Bear to Think About Sudan and Haiti, So We Don’t
==========
Media and governments in the West pay far less attention to the suffering in Sudan than in Ukraine or Gaza. The primary reason is not racism. The scale and nature of the suffering in Sudan, like the origins and logic of the conflicts causing it, exceed comprehension. One year into the most recent outbreak of warfare, genocidal killing and famine have returned. The United Nations reports mass graves, gang rapes, people at risk of starvation, and almost 10 million displaced within the country. 1.8 million have fled to neighboring states such as Chad and South Sudan.
#Sudan #Haiti #Conflict #Genocide #Famine #Displacement
AI May Turn the Economy Into a Disaster Movie
==========
AI may have both positive and negative impacts on the economy. The article discusses the potential consequences of sentient computers and AI technology. The author questions whether AI will make people rich and lazy or lead to disaster. The article mentions the date of publication as March 31, 2024. The author of the article is Tobin Harshaw, a senior editor and columnist at Bloomberg Opinion. The article reflects on AI nightmares depicted in movies and asks readers about their favorite AI nightmare. The article is available on the Bloomberg website.
In Baltimore, Biden Can Show How to Build Back Faster
==========
Transportation Secretary Pete Buttigieg is working on rebuilding Baltimore's Francis Scott Key Bridge, but the process is expected to be slow due to the slow pace of construction in the US. The article suggests that President Joe Biden, with his political skills, could help expedite the process and overcome the red tape that often hinders infrastructure projects.
#Baltimore #Infrastructure #Reconstruction #JoeBiden #PeteButtigieg
Wall Street Week Votes: Presidential Effect on the Economy
==========
CEOs in the Business Roundtable have a positive outlook on the economy for the next six months based on economic fundamentals. The president can substantially affect the economy through tax code renegotiation, potential trade deals, and the regulatory environment. Business CEOs welcomed the tax cuts passed in 2017 and want to maintain a competitive tax environment. The business community is concerned about overspending and wants sensible ways to control spending. Increased tariffs, especially on Chinese products, would be highly disruptive and damage the US's prosperity and future competitiveness. The business community is disappointed with the current regulatory environment and believes government policy is undermining free enterprise. The Biden administration's regulatory approach, particularly from the Securities Exchange Commission, is a concern. The Trump administration would be preferable in terms of regulation. CEOs want improvements in regulation and antitrust policy. Joshua Bolten, Business Roundtable CEO, discusses what CEOs want from the next president.
Bullish Stocks Narrative Seen Intact After U.S. Inflation Data
==========
The Wall Street consensus that has lifted stocks to records in the first quarter remains intact despite a cooldown in the Federal Reserve's preferred gauge of underlying inflation last month. The core personal consumption expenditures price index rose 0.3% from the prior month, slowing from January's strong reading. The data suggests that while inflation has cooled, it remains higher than the Federal Reserve would like, limiting the scope for interest rate cuts this year. Fed Chair Jerome Powell said the data is what he was expecting and that it's more along the lines of what they want to see. The benchmark S&P 500 has broken its record 22 times this year, boosting US equity values by $4 trillion. Concerns arise over the mismatch between spending and income, as higher spending boosts the economy short-term but is unsustainable in the long run.
#Stocks #Inflation #FederalReserve #InterestRates #Economy
Powell Says Latest Inflation Data ‘In Line With Expectations’
==========
Federal Reserve Chair Powell reiterated that the US central bank isn’t in any rush to cut interest rates. He stated, 'We don’t need to be in a hurry to cut,' during an event at the San Francisco Fed. The latest inflation data is in line with expectations, and Powell believes that inflation will continue to ease on a 'sometimes bumpy' path.
#FederalReserve #InterestRates #Inflation
Stop Applying My Recession Rule to Individual States
==========
Claudia Sahm, founder of Sahm Consulting and creator of the Sahm rule, argues against applying her recession indicator to individual states. Rising unemployment rates in states like California, New York, and New Jersey may seem dire, but they actually reflect economic strength. The Sahm rule states that if the three-month average of the unemployment rate is half a percentage point or more above its low in the prior 12 months, the economy is in a recession. Some economists worry that the rising unemployment rate in several states indicates a recession is coming or already here. However, applying the Sahm rule to these states would suggest that 20 of them should be in a recession, which is not the case. These states account for over 40% of the US labor force, including California, which alone has 11%.
#Recession #Unemployment #EconomicIndicators
Elon Musk's SpaceX Sees Starlink Black Market Trade Grow Worldwide
==========
The article discusses the growth of the black market trade of SpaceX's Starlink satellite internet service worldwide. It highlights the increasing demand for affordable and reliable internet access in remote areas and the challenges faced by SpaceX in meeting this demand. The article mentions that the black market trade involves the unauthorized sale of Starlink kits and services, which are in high demand due to their superior performance compared to traditional satellite internet. It also mentions that the black market trade is driven by the limited availability of Starlink in certain regions and the long waiting list for official subscriptions. The article provides examples of countries where the black market trade is thriving, such as India, where the high cost of official subscriptions has led to a significant demand for unauthorized Starlink services. It also mentions that SpaceX is taking measures to combat the black market trade, including cracking down on unauthorized resellers and expanding its official coverage. The article concludes by highlighting the potential impact of the black market trade on SpaceX's business model and the need for regulatory measures to address the issue.
In US Antitrust War, Bet on Brandeis Not Bork
==========
The article discusses the current antitrust war in the US and the clash between two legal giants, Louis Brandeis and Robert Bork. The Department of Justice has added Apple Inc. to the list of tech giants under scrutiny, joining Alphabet Inc. The European Union is also investigating Apple, Alphabet, and Meta Platforms. The debate revolves around the definition of monopoly in an information-based economy. Louis Brandeis, known as 'the people's lawyer,' had a significant influence on Woodrow Wilson and Franklin Delano Roosevelt. Robert Bork, a conservative Republican, was denied a seat on the Supreme Court in 1987. The clash between Brandeis and Bork represents a clash of legal minds from the 20th century.
#Antitrust #Us #DepartmentOfJustice #AppleInc #AlphabetInc #MetaPlatforms #EuropeanUnion #LouisBrandeis #RobertBork #Monopoly #InformationbasedEconomy #SupremeCourt
https://www.bloomberg.com/opinion/articles/2024-03-27/in-us-antitrust-war-bet-on-brandeis-not-bork
Germany Is Europe’s Sick Man, But Others Are Coughing
==========
Germany is experiencing economic contraction and is expected to deliver little to no growth for the year. The industrial powerhouse has been affected by subdued demand and a deglobalizing world. Other economies in the euro zone, such as the Netherlands, Ireland, and France, are also facing challenges. Trade-dependent countries like the Netherlands and Ireland are stalling, while France is experiencing meager growth despite a deficit. Anemic investment and productivity growth are tempering optimism that a recession can be avoided.
#Germany #Europe #Economy #EconomicGrowth #IndustrialPowerhouse #Demand #Deglobalization #Netherlands #Ireland #France #Recession #Investment #ProductivityGrowth
Andrew Left, Banned for Evergrande Warning, Now Wants an Apology
==========
Andrew Left, a prominent short-seller, is demanding an apology after being banned from Hong Kong's financial markets for five years. Left had issued a warning about the troubled Chinese property developer Evergrande in 2012, which turned out to be accurate. He believes the ban was unjust and politically motivated. Left is known for his research firm Citron Research, which publishes reports on companies it believes are overvalued or engaged in fraudulent activities. Left's ban is seen as a blow to the reputation of Hong Kong's financial markets and raises concerns about freedom of speech and the ability of short-sellers to operate in the region.
Tim Cook's Love for China Helps Xi Fight Fears of Economic Slump
==========
The article discusses how Tim Cook's affinity for China is helping President Xi Jinping combat concerns of an economic downturn. Cook's close relationship with China has allowed Apple to navigate the country's complex regulatory environment and maintain a strong presence in the market. This has made Cook a valuable ally for Xi, who is facing pressure to stabilize the economy amid trade tensions with the United States. Cook's support for China has also drawn criticism, with some accusing Apple of prioritizing profits over human rights. The article highlights the importance of Cook's role in China and the potential impact on both Apple and the Chinese economy.