S&P 500 closes in correction territory as Wall Street woes deepen
The S&P 500 index sank into the revised territory on Thursday, dropping 10% less than a month from its record high. The S&P was closed at a loss of 1.4% and fell above 5,521.52. That level reached the correction threshold about 10% below the latest high of the key index of 6,144.15, the most recent […]
Trump says Democrats would be to blame for shutdown, suggests it could delay tax cuts
President Trump said on Thursday that Democrats will be held responsible if government funds run out this week, suggesting that the closure could delay GOP's efforts to extend the expired tax cuts. “They do the shutdown and in the end, it could lead to very high taxes as we're talking about the shutdown,” Trump told […]
Schumer says he will vote to advance GOP spending bill, lowering threat of shutdown
Senate Democratic leader Chuck Schumer (New York) announced Thursday on the Senators' floor that he plans to vote to advance the six-month government funding bill that passed in the House despite strong opposition from many Democrats who founded the “Slash Fund” for President Trump and Elon Musk. “I'll vote to keep the government open and […]
Congress poised to force $1B cut to local DC budget, surprising many lawmakers
Congress is poised to pass a Trump-approved funding bill this week. DC officials warn that it will lead to a $1 billion cut in the district's local budget. The 99-page GOP draft StopGap funding bill will continue to run the federal government past the Friday night closure deadline at the 2024 level. Its passing is […]
Nearly half of Americans say economy worsening: Poll
Almost half of Americans said the economy is getting worse, according to Thursday. Economist/yougov poll. 48% of respondents said they thought the economy was getting worse, while 19% said it was getting better. The vote took place between March 9th and 11th, including rough stock market days. On Monday, the stock market began its week […]
Senate Banking panel advances stablecoin bill
The Senate Banking Committee on Thursday voted for Advanced Act to develop a regulatory framework for payment stability. The genius act move marks a significant victory for the Trump administration and Republican lawmakers. He turned to this Congress quickly to pass stablecoin and cryptocurrency market structure laws. “For too long, there's no Stablecoins regulatory framework, […]
Democrats push investigation into Trump, Musk White House Tesla event
Senate Democrats are calling for an investigation into President Trump and his adviser Elon Musk's Tesla Pitch this week, claiming this week that a media event promoting Musk-owned automakers is violating federal ethics laws. Democrat Senators Adam Schiff (California), Elizabeth Warren (Massachusetts), Corey Booker (NJ), Richard Blumental (Connecticut) I wrote it in a joint letter […]
Trump calls EU ‘nasty’ while sitting alongside NATO secretary
On Thursday, President Trump called the European Union “trouble” while sitting with NATO Secretary-General Mark Latte. Trump complained about the sudden tariffs on US-made cars in Europe and the European Union's court of judgment in September. “We don't sell cars to Europe, meaning there are virtually no cars. They sell us millions of cars. They […]
Trump threatens Europe with 200 percent tariff on wine, Champagne
On Thursday, President Trump threatened to put heavy tariffs from Europe on wine, champagne and other alcohol if the European Union does not remove tariffs on whiskey. “The European Union, one of the most hostile and abusive tax and customs authorities in the world formed for the sole purpose of using the US, has only […]
Jamie Dimon on Trump tariff policy: 'Uncertainty is not a good thing'
JPMorgan Chase CEO Jamie Dimon has acknowledged that President Trump's tariff policies are causing uncertainty for businesses. This is “not a good thing.” “The average American consumer who wakes up in the morning to work doesn't think they're changing what they're trying to do because they've read about tariffs,” Dimon said. Interview with Semafor on […]