It's the economy, stupid! (Finance-related news)

[6souls]

Are they not going to acknowledge that the unemployment number was wrong?

Sent from my SM-N960U using Tapatalk

Did some reading up on that. Unemployment 3% higher for May & 5% higher for April.

[archibaldcrane]

Did some reading up on that. Unemployment 3% higher for May & 5% higher for April.

I don't believe there's been official revisions to the topline rate.

[6souls]

https://www.marketwatch.com/story/do...ver-2020-06-22

US futures drop 400 points after Trump's trade adviser Peter Navarro told Fox News that the China trade deal was over. He later attempted to walk that statement back.

[6souls]

[archibaldcrane]

https://twitter.com/politico/status/...015120897?s=19

[6souls]

https://variety.com/2020/digital/new...cy-1234689869/

Chuck E. Cheese has filed for Chapter 11 bankruptcy.

[6souls]

https://gizmodo.com/apple-recloses-1...ovi-1844176758

Apple is closing it's stores in the states that have seen recent Covid spikes.

[Koul]

[6souls]

https://www.instagram.com/p/CCCPWHzp...=1fwm58qiteycn

The US government has furloughed 13.4k immigration staff beginning in August.

[synistar]

I guess my cousin's petition to immigrate is going to take longer to process.

Also of note, the notice sent via mail that the case file is open has this little bit at the end.

[archibaldcrane]

https://twitter.com/gabriel_zucman/s...757183488?s=19

[6souls]

https://gizmodo.com/instacart-sues-s...wor-1844235986

Instacart is suing Seattle for the city requiring hazard pay for essential employees.

Mayor Jenny Durkan last Friday signed in local ordinance 119799, the seemingly unimpeachable purpose of which was to impose “premium pay” for gig workers delivering groceries during the ongoing pandemic.

Under 119799, these workers are entitled to an additional $2.50 for their first stop, and another $1.25 for every subsequent stop on each and every order.

Instacart and the WFIA, however, argue that the new ordinance is “unlawful” and “invalid,” pointing to a prior ballot initiative, I-1634, which barred any “local governmental entity” from imposing taxes or fees on groceries. Crucial to the wording of the initiative, those fees and fines barred not just the “manufacture” or “sale” of food items but their “transportation” as well.

Within the text of the lawsuit itself, Instacart and WFIA also claim the ordinance violates “the Fifth and Fourteenth Amendments of United States Constitution under the Takings and Equal Protection Clauses” and “an unconstitutional taking of private property without just compensation.”

[Zealot]

Another huge jobs number, 4.8 million new jobs even as we have another million new unemployment claims.

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[Salodin]

Let's wait and see how unemployment gets adjusted upwards like it has the past 2 months

Sent from my SM-G975U using Tapatalk

[TummieGaruda]

Isn't the job report basically up to June 12th before stuff got shut down yet again? Going to be interesting to see what the number are next round.

[6souls]

https://www.hollywoodreporter.com/ne...c-loan-1301971

Kanye's Yeezy brand received more than $2M from the small business loan program.

Yeezy, an LLC formed by the musician and clothing designer, received a loan between $2 million and $5 million, according to the SBA. The company disclosed that it saved 160 jobs because of the program meant to help businesses struggling during the novel coronavirus pandemic.

[Jaybar]

So it worked as intended? Or should we be mad cuz that brand is trash?

[6souls]

All of this news is coming out because the Treasury Department released the names of everyone who received more than $150k in loans.

https://www.thedailybeast.com/trumps...cal-elite/body

Three businesses linked to the Kushner family and two media outlets linked to the Trump campaign received loans. The school Barron Trump is currently attending also received a loan.

St. Andrew’s Episcopal School, where Barron Trump is a student, got between $2 million and $5 million.

Records show $350,000 to $1 million went to Observer Holdings LLC, the parent entity of Observer Media—the publishing company formerly owned by White House Senior Adviser Jared Kushner. Kushner resigned from the news organization before decamping to Washington, D.C. in 2017, but it has remained in the family: Joseph Meyer, wedded to Kushner’s sister, Nicole, lists it among the holdings of his Observer Capital investment firm. The federal assistance preserved 41 jobs, according to the SBA.

The Observer was not the only Kushner family business to take advantage of the PPP program. Two of the family's New Jersey hotels also cashed in. The SBA materials show that $1 million to $2 million in assistance went to Princeton Forrestal LLC—revealed in Security and Exchange Commission records to be 40 percent owned by the former developer's mother, brother, and sister. Esplanade Livingston LLC, which owns the land on which the company's Westminster Hotel sits, received another $350,000 to $1 million. Mortgage documents filed in Essex County, New Jersey show that Esplanade Livingston LLC is controlled by C.K. Livingston LLC, a company that bears the initials of Jared Kushner's father Charles—and which the former disclosed in 2017 as a source of personal income from the hotel.

Conservative online media outlet founded by Trump confidante and Fox News host Tucker Carlson, the Daily Caller, received as much as $1 million. Carlson sold his stake in the company on June 10. And Newsmax, the conservative TV network and website owned by another presidential confidante, Christopher Ruddy, got a loan worth $2 million to $5 million.

[6souls]

https://apnews.com/f2c79abd6acb08843b13f8a5be877b7c

More data.

Businesses owned by politicians also borrowed from the program, including a minor league baseball team owned by the family of the governor of Ohio. A large franchisee of Wendy’s, Taco Bell and Pizza Hut restaurants, whose CEO is a major donor to President Donald Trump, received loans totaling $15 to $30 million.

Other recipients included Kanye West’s clothing and sneaker brand Yeezy, Ice Cube’s professional basketball league, Planned Parenthood clinics in more than two dozen states, the nonprofit arm of the anti-tax group headed by Grover Norquist, Americans for Tax Reform, as well as Rosenblatt Securities, one of the biggest names on the floor of the New York Stock Exchange.

Among the Trump-linked churches that received PPP loans was First Baptist Dallas, the Texas megachurch where senior pastor and White House ally Robert Jeffress hosted Vice President Mike Pence for a pre-July 4 service. Jeffress’ church reported retaining nearly 300 jobs with its loan of between $2 million and $5 million.

Some major supporters of Trump also benefited. Muy Brands Inc., a San Antonio, Texas-based franchisee with more than 750 Wendy’s, Taco Bell and Pizza Hut restaurants, received between $15 million and $30 million between three entities. Muy Brands CEO James Bodenstedt is a major donor to the president. He has given $300,000 to the Trump Victory PAC since the start of this year, according to federal campaign finance records.

Media companies, including Newsday and American Media, former owner of the National Enquirer, got loans of up to $5 million.

The number of businesses that received over $150k made up only 15% of the 5M companies that received loans from the program. The Trump admin is refusing to share the data on who received less than $150k.

[Mythe_Seraph]

Pelosis and Bidens also made the list. Considering that one excerpt alone cites Trump like 5x it’s probably refreshing to see someone on the other side of the aisle mentioned as well.