Quick Hitters
The most notable are highlighted in RED
- Illinois is the first state to make it a law that influencers under the age of 16 must have a portion of their profits put into a trust until they are 18. Don't let the teens have their money, but if they want to cut off their genitals then that is A okay.
- According to Bloomberg a quarter of Americans who make over $175K a year describe themselves as "very poor" or "getting by, but things are tight." 🤨
- US Steel is up for sale and they just recieved their highest bid yet.
Esmark, a privately held company offered to buy US Steel for $7.8 billion.
- The Russian Ruble is at its lowest since the start of the War. This has Russia in panic mode.
- Full-time UPS drivers are now going to be apaid $170K/year thanks to the shipping giant reaching a deal that has everyone on indeed looking up UPS job openings. Not sure how all this well net out for the economy but in the short term we can all take a deep breath as a UPS driver strike would have cost billions.
- The S&P and the Nasdaq lost for the second straight week.
- The consumer -price report showed inflation is slowing and that raises the hopes that rate hikes will end.
- 70% of US employees are in hybrid WFH situations. This has caused a commercial real estate crisis. The nation's biggest renter of office space, WeWork is on the verge of bankruptcy, and this could send shockwaves through the economy as a whole. If renters don't pay rent, then landlords can't pay bills,
and we all suffer.
- China is struggling because westerners are spending more on travel and experiences (Not located in China) and less on tech and materials that is made in the CCP territory. China has even dipped into defilation territory. PLUS, China unemployment is high, and Exports
are the lowest since 2020.
- The price of groceries keeps going up but major retailers like Walmart and Target are still doing well since people have just focused their spending away from name brands and big-ticket items to bargain shopping store brands.
- The Taliban is still in control of Afghanistan and the people there are suffering from hunger and as the economy crumbles. The Biden Admin froze $7B in Afghan central bank funds, but no one knows what to do with that money. Give it the struggling Afghan people and you are legitimizing the Taliban as a ruling government. The
history books won't be kind to the US when looking back at the debacle of a withdraw by the Biden Admin.
- ESPN is replacing Barstool as Penn Entertainments sportsbook. Disney is trying to revive ESPN's revenue.
- Weight loss drug producer Novo Nordisk just became the second most valuable company in Europe as people are rushing to buy its trademark weightless drug Ozempic.
- Scary story
HERE about how Tesla's can be a security risk for you once you trade it in or get rid of it. Apparently, that computer on wheels you have been driving around keeps a lot of your data and Tesla does not have a wipe all information function as of yet.
