Dow down 800: Stock markets plummet on fear of more lockdowns as global number of Covid-19 cases grows
The Dow Jones Industrial Average dropped over 800 points, or nearly three percent at the opening on Wall Street. The SP 500 and the tech-heavy Nasdaq Composite were also trading down almost three percent at the time of this writing.European equity markets were also under pressure, with Germany’s DAX index and the French CAC 40 nosediving over four percent. The FTSE 100 in London was down over three percent.“The financial markets are still nervous about rising case numbers and the pandemic,” Paul Donovan, chief economist at UBS Global Wealth Management, said, as quoted by the CNN. “The concern is about the impact this may have on fear levels — either amongst consumers or amongst policymakers.” Also on rt.com Germany may see 20,000 new daily Covid-19 cases … [READ MORE...]
Republicans Blast Social Media C.E.O.s While Democrats Deride Hearing
“I don’t know what changes could be made that would satisfy everyone,” said Jeff Kosseff, an assistant professor of cybersecurity law in the United States Naval Academy. “You’re seeing two very, very different worldviews.”Wednesday’s hearing came together after months of protest by President Trump and Republican lawmakers over actions by the tech companies to label, remove and limit the reach of posts. Twitter started labeling posts by Mr. Trump in May for being inaccurate and for glorifying violence. Mr. Trump retaliated that month with an executive order aimed at stripping social media companies of the Section 230 legal shield.His allies in Congress have since piled on, with the Senate Commerce Committee’s Republican leadership threatening to subpoena Mr. Dorsey, Mr. Zuckerberg and Mr. … [READ MORE...]
To Do Politics or Not Do Politics? Tech Start-Ups Are Divided
The start-up culture wars are also evident on Clubhouse, where people join rooms and chat with one another. The app has been a popular place for investors such as Marc Andreessen and other techies to hang out in the pandemic. (Mr. Andreessen’s venture firm, Andreessen Horowitz, has invested in Clubhouse, Coinbase and Soylent.)On Oct. 6, Mr. Andreessen started a Clubhouse room called “Holding Space for Karens,” which describes having empathy for “Karens,” a slang term for a pushy privileged woman. Another group, “Holding Space for Marc Andreeeeeeeeeeeeeeeessen,” soon popped up. There, people discussed their disappointment with the Karen discussion and other instances when, they said, Clubhouse was hostile to people of color.Mr. Andreessen and others later started a Clubhouse room called … [READ MORE...]
Latest News
A Biden Win Could Renew a Democratic Split on Trade
Mr. Biden has papered over other difficult divisions within the Democratic Party by declining to state a position. Mr. Biden has released more extensive plans for expanding Buy American programs and proposed tax penalties for companies that send jobs overseas.But on other policy choices, his campaign has been vague. That includes declining to say whether a Biden White House would keep the tariffs Mr. Trump imposed on $360 billion worth of Chinese goods, whether it would proceed with bans on … [Read More...]
California Tax Revolt Faces a Retreat, 40 Years Later
When Proposition 13 passed, commercial property taxes were almost an afterthought. But since skyscrapers and shopping malls do not change hands as often as homes do, the law has shifted the property tax burden from corporations to homeowners. In 1975, a little under half the property taxes in Los Angeles County were paid by commercial properties. By 2017, commercial properties accounted for just over one-quarter of the property tax roll.“It boggles the mind how ingrained this thing is in our … [Read More...]
Why the Best G.D.P. Report Ever Won’t Mean the Economy Has Healed
It isn’t. The big drop in output in the second quarter means that third-quarter growth is being measured against a smaller base. A simple illustration of the same phenomenon: If you have $100 and lose half, you have $50. If you then manage to increase your money by half, that will bring your holdings to $75, not all the way back to $100.To really evaluate the recovery, it makes sense to focus less on quarter-to-quarter changes and instead look at how the economy compares to the fourth quarter of … [Read More...]
Trump’s Manufacturing Promises Disappoint as Economy Sours
Last month, Mr. Trump invited Steve Burns, the chief executive of Lordstown Motors, to the White House to herald the company’s new electric pickup truck. The visit was intended to celebrate Mr. Trump’s role as a jobs savior. In 2019, he successfully compelled General Motors to sell a plant in Lordstown, Ohio, that it was planning to shutter to Lordstown Motors, an upstart car manufacturer. The plan was meant to avert about 1,600 layoffs. div:not(:first-child) .styln-signup-wrapper { … [Read More...]
Previous news
- Trump’s Biggest Economic Legacy Isn’t About the Numbers
- Labor Department Curbs Announcements of Company Violations
- The Times Project Out of Work in America Examines the Impact of Unemployment
- OSHA Criticized for Lax Regulation of Meatpacking in Pandemic
- Forget Antitrust Laws. To Limit Tech, Some Say a New Regulator Is Needed.
Small Business
To Do Politics or Not Do Politics? Tech Start-Ups Are Divided
The start-up culture wars are also evident on Clubhouse, where people join rooms and chat with one another. The app has been a popular place for investors such as Marc Andreessen and other techies to hang out in the pandemic. (Mr. Andreessen’s venture firm, Andreessen Horowitz, has invested in Clubhouse, Coinbase and Soylent.)On Oct. 6, Mr. Andreessen started a Clubhouse room called “Holding Space … [Read More...]
When Start-Ups Go Into the Garage (or Sometimes the Living Room)
Pumping a supercold liquid through plastic tubes that snake around the hardware — “it looks kind of like bright blue Gatorade,” Mr. Hedges said — the chillers did what they were supposed to do. But they required extra attention, especially since Mr. Hedges and his family had just bought a new dog, and the puppy enjoyed chewing on the tubes.“If the dog had ever bitten through the tube, there would … [Read More...]
Your Money
Social Security Seemed Like a Future Problem. The Virus Changed That.
Even with the tax on high earners, Mr. Biden’s proposal would buy the program only an additional five years of solvency, according to the Urban Institute analysis, though it would soften the benefit cuts that would be necessary if further changes aren’t made.Mr. Biden’s policy advisers, however, said the proposal is something of an opening bid. “The vice president’s financing proposal shows how he … [Read More...]
Why 2020 Is Different for Student Loan Payments
If you don’t get a notice or if you get one indicating a first-payment due date after January, contact your loan servicer to make sure it has up-to-date contact information for you and to confirm the date, Ms. Yu said.Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group, said borrowers could choose a payment option now and revise it later if their financial … [Read More...]