1) Experts question if proposals to tax the billionaires, the so call wealth taxes, really work in practice? Lawyers and advisers to the wealthy say the tax would never collect the amounts claimed by proponents, simply because a yearly determination of assets isn’t easy and straight forward. There are just too many strategies that can be used to shelter assets, including moving them off shore. Attempts to tax the wealthy in other nations have been far from successful, the Great Brain Drain of Britain is a prime example. The rich simply move somewhere else.
2) While U.S. retail sales rebounded in October, consumers cut back on purchases of big ticket household items and clothing. This could temper expectations for a strong holiday shopping season. Still, compared to October of last year, retail sales are up 3.1%. Consumer spending accounts for more than two-thirds of the economy.
3) NextEra Energy Inc., the world’s first utility with capitalization of $100 billion dollars plus, owes its success to clean power business. Two decades ago this Florida utility plowed some of its extra cash into a wind farm in Oregon. Then NextEra made loans to wind-farm developers, and when some ran into financial troubles, NextEra forgave debts in exchange for majority stakes in the farms. Without any master plan for renewables, NextEra grew in the industry to become the largest.
4) Stock market closings for – 15 NOV 19:
Dow 28,004.89 up 222.93
Nasdaq 8,540.83 up 61.81
S&P 500 3,120.46 up 23.83
10 Year Yield: up at 1.83%
Oil: up at $57.93