25 September 2020

1) Tim Kendall, former Facebook director of monetization, says that Facebook “took a page from Big Tobacco’s play book, working to make our offering addictive at the outset.” The greater the usage of Facebook by people, the greater Facebook’s revenues, so it behooves the company to make its service as addictive at possible, as soon as possible with new people. But this drive to maximize engagements entails building algorithms that facilitate the spread of misinformation, encourages divisive rhetoric thereby laying the groundwork for a mental health crisis. While met to be a device for entertainment, Facebook is in fact tearing people apart with alarming speed and intensity. He fears that American’s are pushing ourselves to the brink of civil war. Presently, Section 230 is a law that makes social media platforms immune to legal liability for the content of users’ posts. But there are growing number of people calling for reforms.
2) California Governor Gavin Newsom has signed an executive order that bans the sale of all but electric and fuel cell cars by 2035. But legal experts say the order is ‘borderline worthless’, that there isn’t anyway to enforce it. The objective is to do away with the internal combustion engine in California by mandating an increasingly larger percentage of new car sales must be zero emissions machines starting with 2% for 1998, 5% by 2001, 10% for 2003 and etcetera. California auto dealers challenged the order in court and got it somewhat diluted. Nevertheless, it’s another step in the race to electrify California’s cars.
3) Half the people who lost their jobs from the pandemic are still unemployed, while 60% who did return to work have taken a cut in pay. As of 12 September, 12.6 million Americans are receiving unemployment benefits, with an unemployment rate at 8.4%. The lower income workers are more likely to still be unemployed. The bottom line, the virus crisis lead to a unprecedented loss of jobs and six months later, America is still a long ways from recovery. The crisis has caused a split in America’s labor force, the higher earners are going one direction while the lower paid ones are going another.
4) Stock market closings for – 24 SEP 20:
Dow 26,815.44 up 52.31
Nasdaq 10,672.27 up 39.28
S&P 500 3,246.59 up 9.67
10 Year Yield: down at 0.67%
Oil: up at $40.28

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