President Trump is set to nominate Herman Cain for the US Federal Reserve Board of Governors.
Herman Cain was a former presidential candidate in 2012. He also served as chairman of the Kansas City Federal Reserve Board. His business background includes being the President/CEO of Godfather Pizza, CEO of National Restaurant Association, and being on boards such as Nabisco, Whirlpool, & Reader’s Digest.
Mr. Cain to be on the Fed Board, would have to pass an extensive background check and Senate confirmation process.-SB
1) The arrest of a top Chinese executive of Huawei, a major Chinese high technology company, caused world markets, including the Dow, to fall. The Dow dropped 777 points before news that the Feds planned to slow down on increasing the interest rate was announced.
2) Research finds that millennials don’t have the money to spend that previous generations had. The assumption has been a shift in spending habits, but with a millennial male making $6,600 dollars less than 1978 men, it appears they just don’t have the disposable income. Working women haven’t made up the difference, opening the question about the future viability of our hyper-consumerism economy.
3) The EPA is expected to rollback back emission standards allowing coal fire powerplants to operate again without having to remove the carbon dioxide from burning coal.
4) 6 DEC 18 Stock market closings:
Dow 24,947.67 down 79.40
Nasdaq 7,188.26 up 29.83
S&P 500 2,695.95 down 4.11
1) America had the fastest expanding GDP by growing 3.5% in the third quarter. The Feds hint that they might hold interest rates at present level, which would further stimulate growth.
2) There are threats of a partial government shutdown next week over funding for the border wall, the shutdown coming one week from this Friday.
3) Google is facing a $4 billion dollar fine for using smart phones to track people without their consent. Last May, Europe passed regulations controlling the use of digital technology with people, which allows them to level such a large fine. The American Congress is considering similar legislation to regulate the digital industry.
4) 28 NOV 18 Stock market closings: Biggest Dow rally in eight months.
Dow 25,366.43 up 617.70
Nasdaq 7,291.59 up 208.89
S&P 500 2,743.79 up 61.62
1) Eighteen states will increase their minimum wage starting in 2019, but eight of these states will have smaller initial increases with automatic increases that adjust the minimum wage to keep pace with price growth.
2) Amazon’s ‘Alexa’ has been reprogram to speak Spanish, so is being released for sale in Mexico as Amazon expands into the Mexican market.
3) The Federal Reserve has held interest rates the same, but signaled that most likely it will be increased this next month.
4) Amazon plans to split it’s new headquarters (HQ2) between two cities, Long Island City in New York and Arlington, Virginia.
5) 8 NOV 18 Stock market closings:
Dow 26,191.22 up 10.92
Nasdaq 7,530.88 down 39.87
S&P 500 2,806.83 down 7.06
New article posted below titled “The Monopoly Game for Millennials”
1) The US government will issue $1.34 Trillion dollars of debt in 2018, the highest since the recession. Debt issuance has jump 146% from 2017, with the 2019 debt issuance anticipated to be $1 Trillion dollars, and excesses of $1 Trillion dollars in the following four years.
2) Analysis say Sears mistake, that has resulted in its financial woes, was spending $6 Billion dollars for stock buy backs. If that cash had been used to revamp stores, reduce Sears debt and for working capital, their financial crisis may have been averted. Sears stock has lost 99% of its value and is now considered worthless.
3) Disney’s first cruise out of New Orleans was sold out in just one hour. Disney is the home port for the cruise ship, and other cruise lines are watching closely considering New Orleans as their port too.
4) 30 OCT 18 Stock price closings:
Dow 24,874.64 up 431.72
Nasdaq 7,161.65 up 111.36
S&P 500 2,682.63 up 41.38
1) There were 7.14 million job openings in August, the highest ever. Job openings out paced unemployment.
2) Federal government closed its 2018 fiscal year with a $779 billion dollar deficit, the highest in 6 years. Some experts warn that the rising US debt could hamper any US fiscal response to a down turn.
3) There are fears of oil pushing to over $100, maybe even going as high as $400 if US does sanction Saudi Arabia.
4) 16 OCT 18 Stock market closings: Markets leap upwards because of news about job openings.
Dow 25,798.42 up 547.87
Nasdaq 7,645.49 up 214.74
S&P 500 2,809.92 up 59.13
1) There were 134,000 jobs added to the US economy in September, the lowest this year. The unemployment rate is down to 3.7%, the lowest in 49 years. The trade war does not seem to be effecting the US economy yet.
2) The global markets took a hit amid reports of China using special spy-chips in servers to facilitate hacking.
3) The stock market suffered a drop because of the dropping of job numbers, coupled with increasing fears of interest rates being raised to forego inflation. Additionally, there is the increase cost in energy.
4) 5 OCT 18 Stock market closings:
Dow 26,447.05 down 180.43
Nasdaq 7,788.45 down 91.06
S&P 500 2,885.57 down 16.04
1) Hurricane Florence fills the news with promises of wide spread destruction of property, resulting in huge financial losses up and down America’s economy.
2) This month is the tenth anniversary of the world wide economic crash of 2008, which came near to a total collapse of credit across the world’s economies. Business ground to a halt without any available credit. On 29 SEP 08 the American stock market fell 777 points in just one day.
3) There are estimates that thousands of homes in the hurricane’s path lack flood insurance and therefore will increased the losses from the storm.
4) 13 SEP 18 Stock market closings:
Dow 26,145.99 up 147.07
Nasdaq 8,013.71 up 59.48
S&P 500 2,904.18 up 15.26
Happy Super Bowl LII Eagles vs. Patriots; Businessman Bassey aka Sammy BE aka Bizman Bass aka Mr, Finance The Deal!!!!!!!!!! (Financier Sammy B) along with co-host James Lymon & on the boards, Magic Jon Don Sterling; discussed everything under the economic, financial and business sun, for the beginning of 2018.
The trio discussed topics ranging from 2018 Davos Business/Economic Summit, to new USA Federal Reserve Chair (Jerome Powell) and his impact on monetary policy, as well discussing more on the drop of cyber currency in recent markets.
This episode is definitely a dooozzzzzzzy.,…… Superbowl LII edition,
Stick around and enjoy this new episode for the start of 2018, episode 20….. Let’s Goooooooooo………….
President Donald J. Trump has chosen Mr. Jerome Powell to head the US Federal Reserve Bank.
Mr. Powell is a member of the Federal Reserve Board, born in Washington DC and educated at Princeton University, with a law degree from Georgetown University.
He is a Republican and has extensive experience working within the Federal Reserve system and in the private sector, in investment banking. He has tended to be more moderate in voting on Federal Reserve monetary policies, and since becoming a Federal Reserve Governor, he has voted on every monetary policy bill that has been accounted for.
Mr. Powell will replace US Fed Chairwoman Janet Yellen in February 2018, when her four year term expires. -SB