Lawmakers Considering Giving Regular $1,000 Stimulus Checks from Oregon

The Delta variant continues to push up COVID-19 cases across the U.S., and this is having a financial impact on people as well. Thus, people now expect Congress to send more stimulus payments, and this is driving up the support for the coronavirus stimulus check petition that has now gained almost 2.9 million signatures. However, […] The Delta variant continues to push up COVID-19 cases across the U.S., and this is having a financial impact on people as well. Thus, people now expect Congress to send more stimulus payments, and this is driving up the support for the coronavirus stimulus check petition that has now gained almost 2.9 million signatures. However, the growing support for the Change.org petition doesn’t seem to be translating into pressure on Congress to send more stimulus checks. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2021 hedge fund letters, conferences and more Coronavirus Stimulus Check Petition Gaining Support The Change.org petition, which calls on Congress to send recurring stimulus checks, was launched last year by a Denver restaurant owner Stephanie Bonin. Specifically, the petition asks Congress to send "$2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis." As of this writing, the petition has 2,895,698 supporters, and is targeting 3,000,000. Once it reaches its goal of 3 million signatures, it will become one of the top signed Change.org petitions. So far, Congress has sent three stimulus checks since the start of the pandemic. The third round of stimulus checks was approved in March this year. Since then, people have been waiting for more stimulus checks, but lawmakers aren’t supporting such calls. Previously some lawmakers did talk of sending more stimulus checks, but now, the lawmakers seem to be focused on other stimulus measures. In July, Representative Ilhan Omar came up with legislation in support of a federal universal basic income system. The legislation proposed a five-year pilot program, where adults making less than $75,000 would get $1,200 per month, as well as $600 for each eligible dependent. However, Omar’s call for a universal basic income got support from four legislators. These legislators are Jamaal Bowman of New York, Cori Bush of Missouri, Pramila Jayapal of Washington and Dwight Evans of Pennsylvania. Several Lawmakers Support Recurring Payments As Well Previously, it was reported that more than 80 Democrats in Congress support giving more stimulus checks this year. In a letter sent on March 30, twenty-one senators urged President Joe Biden to send a fourth round of stimulus checks. The senators noted that the third stimulus check of $1,400 wouldn’t be enough to support low-income families facing financial hardship because of the pandemic. Separately, more than 50 House Democrats, in a letter, also previously asked Biden to send recurring payments until the pandemic ends. Apart from lawmakers, several economists also came out in support of recurring payments. In an open letter last year, more than 150 economists, including former chair of the Council of Economic Advisers under the Obama administration, Jason Furman, asked Congress to send recurring direct stimulus payments. Despite such support for recurring stimulus checks, including from the general public, Democrats, Senators and economists, the Biden administration doesn’t seem keen on sending more stimulus checks. Instead, the Biden administration is focused on infrastructure bills, none of which include direct payments, and the Child Tax Credit, which does provide direct payments to those with children. Updated on Sep 24, 2021, 9:33 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

How COVID Lockdowns Primed The Current Financial Crisis Authored by Christian Parenti via TheGrayZone.com, The lockdowns and the stimulus required to keep the economy alive helped drive inflation. Then the Fed jacked up interest rates. And all hell broke loose... On Friday March 10th, 2023, Silicon Valley Bank (SVB) died of Covid. Alright, it’s a little more complicated than that, but Covid lockdowns followed by massive government stimulus were a critical – and massively under-acknowledged – factor in propelling the bank’s demise. At the heart of the crisis is the gigantic pile of low-interest debt that was issued during the height of the pandemic. While private-sector pandemic-era debt like corporate bonds also soared, US government debt like Treasury bonds piled up. In a nutshell, during the pandemic the government issued enormous amounts of extremely low interest government debt — about $4.2 trillion of it. But now interest rates, including on government debt, are higher than they have been in 15 years and investors are dumping their old low-interest debt. As they dump, the resale price of the old debt goes down. The more it declines, the more investors want to dump. And thus, a panic is born.  To understand the problem fully, the question of US government debt has to be put into its larger context, which is: the pandemic response as a whole. When news of the Covid virus first broke in December 2019, the 2 Year Treasury bond was being offered at 1.64% interest; the 10 year was at about 1.80%, and the resale value of such bonds on secondary markets was strong. Then, in March 2020, as Covid cases and deaths spiked, the US began to shutter its economy with panicked lockdowns that were supposed to “flatten the curve” or slow the spread of the virus and thus protect the hospitals. But Covid was politicized and the lockdowns were extended.   As the lockdowns dragged on, the US economy began to collapse, shrinking at a record-shattering annualized rate of 31.4% during the second quarter of fiscal year 2020. To avoid total economic devastation, the federal government began massive debt-financed spending. In March 2020, Trump signed into law the $2.2 trillion economic stimulus bill the CARES Act, or Coronavirus Aid, Relief, and Economic Security. Then, in March 2021, Biden signed the American Rescue Plan Act which contained $1.9 trillion more in Covid relief. Finally, in April 2021, another trillion or so of Covid relief arrived in the Consolidated Appropriations Act.  Thanks to these laws, every industry and most people received public money. There was increased and extended unemployment payments, as well as the so-called “stimmy checks” or stimulus payments to everyone earning under $75,000 a year (about half the population). The Paycheck Protection Program spent almost a trillion dollars. The Provider Relief Fund doled out $178 billion to the healthcare system.  All this debt spending kept millions of people in their homes, and helped feed, employ, and care for millions more. The measures allowed hundreds of thousands of businesses to stay afloat even as many thousands of others went under. The impact of the spending on Americans’ well-being was generally positive. For a moment, the US child poverty rate was cut in half, falling to 5.2%.  But the economically destructive lockdowns were not necessary and did not work. Covid fanatics maintain that the lockdowns were unavoidable because the virus is so deadly. That, however, is uninformed. Last year I explained in detail how the Lockdown Left got the Covid crisis wrong. Not a single critic has challenged any of the facts I presented so there is little point in rehashing them all here.  Those who advocated an alternative to ham-fisted lockdowns, like the authors of the Great Barrington Declaration, which called for “focused protection” of vulnerable groups like the elderly, were viciously targeted in a reputation destruction campaign covertly orchestrated by former NIH director Francis Collins and de facto Covid czar Anthony Fauci. Never mind that the document’s authors were three eminently qualified scientists: Sunetra Gupta, professor of Theoretical Epidemiology at Oxford University; Jay Bhattacharya, professor of medicine at Stanford; and Martin Kulldorff, formerly a professor of medicine and biostatistics at Harvard. They were portrayed as far-right cranks who were almost eager to see millions die. But now, they have been vindicated. Ultimately, the federal government spent $4.2 trillion propping up the economy that it was simultaneously choking to death with lockdowns. These two contradictory pressures laid the groundwork for the recent bank failures. Government mandated lockdowns hit the economy like a body blow. Factories closed, small businesses went under, ports and logistic hubs reduced operations, and about 2 million mostly older workers simply resigned. But at the same time, the federal government injected vast amounts of purchasing power into the economy, thus boosting consumption. These two, contradictory government moves imposed almost unbearable pressure on supply chains. As shortages mounted, prices began to surge. Put simply: lockdowns plus stimulus equaled inflation. Consider just one of the most important bottlenecks in the whole economy. During lockdown, many commercial driving license schools were closed. This helped create a shortage of about 80,000 truckers. If trucks do not roll supplies run low and prices go up. At first, the official line on inflation – parroted by the Lockdown Left – maintained that inflation was “transitory.” But it was not. Inflation peaked at 9.1% in June 2022 while wage growth lagged at about 5%. In April 2020 during the worst of the lockdown, the Federal Reserve’s Federal Funds Rate sank to 0.5%. By February 2022, it had only risen to 0.8%.   Meanwhile, inflation was surging. By February 2022, inflation had reached 7.9%. Only then did the Fed, in an effort to tamp down prices, begin raising interest rates at the fastest pace rate in its history. The federal Funds rate was around 4.57% when SVB went under. Perhaps a massive wave of taxation could have soaked up enough liquidity to have helped cool prices, but that was a political impossibility. The more politically palatable response in Washington was for the Federal Reserve to raise interest rates.  Herein lies the problem. During the height of the lockdowns, banks bought up enormous amounts of government debt. As the Wall Street Journal put it: “U.S. banks are suffering the aftereffects of a Covid-era deposit boom that left them awash in cash that they needed to put to work. Domestic deposits at federally insured banks rose 38% from the end of 2019 to the end of 2021, FDIC data show. Over the same period, total loans rose 7%, leaving many institutions with large amounts of cash to deploy in securities as interest rates were near record lows.” Awash in deposits with not enough demand for loans, the banks bought US government securities. Their purchases surged 53% between 2019 and the end of 2021, to a total of $4.58 trillion, according to Fed data reported by the Wall Street Journal. Because so much debt was being issued, it carried super-low interest rates. For example, on July 27, 2020, the 10 Year Treasury was offered at an annual interest rate of only 0.55%. This is fine if you are the borrower of money, but if you are the lender (that is to say, a bank giving the federal government money in exchange for a Treasury bond), it means your income stream will be reduced to a mere trickle. If inflation rises, it essentially disappears.  As the yield on new government debt reached toward 5% and inflation hung stubbornly at around 6.4%, all of that old, low-interest, pandemic-era debt started to look like garbage and banks began unloading it. The more that banks dumped old debt, the less value that debt had on resale markets. The lower its resale value, the more the banks wanted to dump it. SVB lost almost $2 billion selling off Government securities. And when they announced the loss, their stock price plunged by 60%.  At the same time, many of SVB’s clients were withdrawing money. This was in part because rising interest rates made borrowing new money more expensive and thus incentivized the use of savings in day-to-day business operations. Also, higher inflation and higher interest rates made low-earning bank deposits less attractive and compelled depositors to redeploy their surplus capital towards higher-earning investments. So, just as SVB needed cash, deposits were evaporating. By the end of the week of March 10, the four biggest banks in the United States had lost $51 billion because of their panicked dumping of pandemic-era debt. Right after SVB was taken under government control, state regulators closed the New York-based Signature Bank. Before the weekend was over the Federal Reserve announced the creation of a new lending facility that would ensure that “banks have the ability to meet the needs of all their depositors.” Furthermore, the Fed said it was “prepared to address any liquidity pressures that may arise.” It would seem that the federal government is ready to execute another de facto partial nationalization of US banking, just as they did in 2008 via emergency “cash injections” and then the Troubled Assets Relief Program (TARP). In this current crisis, banks can avoid losses on their low-interest debt if they do not sell it before its maturity. For that to happen, the banks need money. The Fed has said it will pour enormous amounts of money into the banks while all of the relevant officials have proclaimed that the banking system will somehow pay for this. All of this will almost certainly mean even more government debt will be issued.  Already, interest payments on the federal debt are one of the largest single items in the US budget – set to reach $400 billion this year. That is almost half as much as the grotesquely overdeveloped military budget. By comparison, federal spending on housing is only $78 billion. Shoring up the banking system is necessary because if it collapses, the whole economy goes with it. At least in the short term, Americans are hostages of the US financial system. But government intervention without any new regulations and taxes upon the financial sector will likely mean more inflation and a bigger financial bubble. By refusing to properly tax the top 1%, the federal government also commits itself to more austerity for the many and more welfare for the rich, because rising government debt means a rising portion of our taxes must go toward interest payments.  This system of crisis-prone, hyper-financialized capitalism seems ever more like a junkie. If it doesn’t get its regular fix of public sector help, it will simply collapse and die.  Even if the federal government can stanch the current crisis, the pandemic debt story is global and very likely to cause trouble for some time to come. As a 2021 report by the World Bank put it: “The debt buildup during the pandemic-induced global recession of 2020 was the largest in several decades. This was true for all types of debt—total, government, and private debt; and advanced-economy and EMDE [emerging market and developing economy] debt; external and domestic debt. In 2020, total global debt reached 263 percent of GDP and global government debt 99 percent of GDP, their highest levels in half a century.”  The US intelligentsia and its media elites are finally beginning to reckon with the impact of misguided and authoritarian lockdowns on student learning and the psychological and physical health of millions. But in all the discussion of the current bank runs, the pivotal role of lockdowns in priming the crisis remains overlooked. Tyler Durden Thu, 03/23/2023 - 23:00.....»»

Massachusetts taxpayers could get some tax relief soon. Gov. Maura Healey and top lawmakers recently talked about sending tax relief from Massachusetts to residents. However, whether or not the tax relief will actually happen depends largely on key metrics, the lawmakers signaled.    Tax Relief From Massachusetts: What Is Gov. Healey Saying? On Monday, Gov. […] Massachusetts taxpayers could get some tax relief soon. Gov. Maura Healey and top lawmakers recently talked about sending tax relief from Massachusetts to residents. However, whether or not the tax relief will actually happen depends largely on key metrics, the lawmakers signaled.    Tax Relief From Massachusetts: What Is Gov. Healey Saying? On Monday, Gov. Healey and top lawmakers hinted that a potential tax rebate from Massachusetts hinges on a key financial metric, which won’t be available until at least the end of January. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2022 hedge fund letters, conferences and more   After her first leadership meeting with House Speaker Ron Mariano and Senate President Karen Spilka, Gov. Healey said that they are closely monitoring the numbers to find out what options are available. “We also know how important it is to make sure that we’re doing everything that we can for residents of the state,” Healey told reporters. During her campaign, Healey promised to pursue progressive tax reform. Even last month, Gov. Healey reaffirmed her commitment to progressive tax relief. “I certainly talked about that on the campaign trail, and it continues to be a priority,” Gov. Healey said. “And I’m certainly looking forward to working in collaboration — and obviously there’s a lot to be done.” Last week, in the governor’s inaugural remarks, Healey called on the Legislature to support tax reform, including giving a $600 child tax credit. Along with offering tax relief from Massachusetts, Gov. Healey, on Monday, also didn’t rule out the possibility of sending one-time stimulus checks of $250 to middle-income residents. Last month, Gov. Healey also signaled that her administration is evaluating the impact of Ballot Question 1, also known as the Millionaire's Tax or Fair Share Amendment. Such a tax is estimated to generate between $1.3 billion and $1.9 billion. The Millionaire’s Tax proposes a 4% tax on income over $1 million, and it would be clubbed with the state’s 5% flat-tax rate on income. Healey had openly supported the ballot question. Tax Relief Depends On This Key Financial Metric House Speaker Ron Mariano, on Monday, said that an upcoming consensus revenue hearing would play a crucial role in gaining support for Gov. Healey’s tax relief plans. Gov. Healey also made similar comments, saying lawmakers need to closely examine the consensus revenue forecast for fiscal 2024. The revenue forecast would assist the administration, and the House and Senate in coming up with their budget recommendations. “We’ve all articulated priorities around the relief we want to provide to residents, and to folks and entities across the state — we’re just going to try to do so,” Healey said. “I know that at the end of the day, it’s going to come down to what we collectively see and what members see as the right way to go for things.” Last week, Senate President Spilka expressed a commitment toward pursuing progressive tax relief. House Speaker Mariano, however, doesn’t seem so excited about tax relief. “I just got sworn in — I haven’t thought about any of that stuff,” Mariano told reporters last Wednesday. "We haven’t formed an agenda.”.....»»

Indiana has been considering sending monetary help to its residents and finally lawmakers approved sending out the tax rebate. Indiana has been considering sending monetary help to their residents, and finally, on Friday, the lawmakers approved sending out the tax rebate. This one-time stimulus check from Indiana will be $200. The final rebate amount is $25 less than what was initially proposed by Gov. Eric Holcomb. $200 Stimulus Check From Indiana: Who Will Get It? On Friday, the Indiana governor signed a relief bill (Senate Bill 2) that authorizes sending $200 in rebate payments to eligible residents. Married couples filing jointly will be eligible to get $400. Lawmakers have set aside $1 billion to send out this one-time stimulus check from Indiana. It is estimated that the rebate will benefit about 4 million taxpayers. There will be no restrictions on who will get the payment, which means the rebate will go to anyone who filed a 2020 or 2021 tax return. Moreover, those who didn’t file a tax return last year will be able to claim the $200 rebate as a future tax credit. As well, those on social security or disability and those who don’t file taxes will be able to apply for the rebate in 2023. Gov. Holcomb first introduced the proposal to send a one-time rebate earlier in June. However, at the time, the governor proposed sending $225 to eligible residents. Some Republican lawmakers objected to the amount, arguing that some of the money should go toward the state’s teacher pension fund or for offering a utility tax holiday. Moreover, state Senate Republicans also expressed concerns that giving out more money could worsen inflation. Finally, the lawmakers agreed on Senate Bill 2 which sends $200 to taxpayers. The proposal was approved by a 37-9 vote during a special legislative session last week. Some Could Get Combined Checks This $200 rebate supplements the $125 automatic tax refund that was approved earlier this year. Most eligible taxpayers would have already received this tax refund, while those still waiting could get the money next week. Initially, a paper shortage delayed the checks by several weeks. Those who haven’t yet gotten the $125 refund and are eligible for the new rebate as well, would receive the two checks combined. This means that individual taxpayers will get $325, while married couples filing jointly will get $650. Sending the two rebates together will result in a savings of more than $1 million toward processing, printing and postage fees, said the Auditor of State’s office. Along with sending a $200 stimulus check from Indiana, Senate Bill 2 also sets aside money for the state’s teacher pension fund. Moreover, the bill caps the state’s gas tax at $0.29 through the end of June 2023, as well as offers a sales tax exemption for children’s diapers. Senate Bill 2 also forms a Families First Fund of $45 million with the objective of offering social services to expecting mothers. “The exemplary teamwork and seriousness of purpose put into each element of SEA 2 is a testament to the elected leaders who helped shape it,” Gov. Holcomb said in a statement. This article originally appeared on ValueWalk Sponsored: Tips for Investing A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit......»»

With no public plans for federal stimulus checks, more than a dozen states instated their own relief programs in the form of direct payments. Man receives a tax refund check from the government.bernie_photo/iStock /Getty Images Plus Residents of more than a dozen states may receive relief in the form of direct payments. State legislatures have been setting up their own stimulus programs in a bid to combat inflation. Some states also provided relief through child payment checks and temporarily suspending grocery and gas taxes. Florida Gov. Ron DeSantis announced Thursday that the state would send nearly 60,000 Florida families a $450-per-child one-time relief check starting this week.The state joins a number of others that are giving residents varying amounts of money in the form of stimulus checks. It's been over a year since the federal government last issued stimulus checks to Americans amid the COVID-19 pandemic.As of July 2021, the Biden administration doesn't appear to have any plans in place regarding any future payments, prompting states to take initiative and set up stimulus relief programs themselves.Here are the states that have instated their own stimulus check programs:CaliforniaCalifornia residents may soon see a stimulus check after Gov. Gavin Newsom signed a $17 billion inflation relief package last month, which also suspended state sales tax on diesel and included financial aid for rent and utility bills.More than half of the state's residents will receive direct payments of up to $1,050, based on a three-tiered eligibility system, and tax filers with at least one dependent will also receive an additional amount of $350, $250, or $200 respectively based on their income.Single tax filers will receive:$350 if they earn less than $75,000 per year$250 if they earn between $75,001 and $125,000 per year$200 if they earn between $125,001 and $250,000 per yearJoint tax filers wil receive:$700 if they earn less than $150,000 per year$500 if they earn between $150,001 and $250,000 per year$400 if they earn between $250,001 and $500,000 per yearColoradoColorado Gov. Jared Polis announced in late June that the state would send a cashback rebate of $750 for single tax filers and $1,500 for joint filers.The governor urged residents to file their taxes by June 30 to receive the direct payment, or file on extension by October 17, 2022, to receive the rebate in January of next year.DelawareIn April, the state created its relief rebate program, sending a one-time direct payment of $300 per adult — or $600 for joint tax filers — in Delaware. Payments were issued in May of this year and will be made throughout the summer to residents who filed 2021 tax returns, per a government notice.FloridaFlorida is issuing a one-time direct payment to assist families impacted by inflation, sending $450 per child to eligible recipients including foster parents, relative and non-relative caregivers, and families receiving funds from the Florida Temporary Assistance for Needy Families program or Guardianship Assistance Program.Florida's Department of Children and Families said they expect about 59,000 families to receive payments.GeorgiaIn May, Georgia's Department of Revenue announced it would begin issuing one-time tax refunds to residents, amounting to $250 for single filers, $500 for joint filers, and $375 for Head of Household filers.HawaiiIn late June, Hawaii Gov. David Ige signed a tax refund into law, providing individual taxpayers who earn less than $100,000 a year or joint filers earning less than $200,000 a payment of $300; and a $100 payment will go to single taxpayers who earn more than $100,000 or joint tax filers who earn more than $200,000.The state's Department of Taxation said it will begin issuing the refunds in the last week of August.IdahoEarlier this year, Gov. Brad Little approved a tax rebate for full-year residents. Residents will receive either $75 per taxpayer and each dependent or 12% of their income tax amount — whichever is greater.IllinoisThe state's Family Relief Plan went into effect on July 1, providing relief by temporarily suspending grocery, gas, and property taxes for Illinois residents.Additionally, individual tax filers who earned less than $200,000 in 2021 will receive a $50 tax rebate, with joint taxpayers making under $400,000 will receive $100. Tax filers will also receive $100 per dependent.IndianaGov. Eric Holcomb announced last December that residents will get a $125 tax refund (and $250 for joint filers) after filing their 2021 taxes. Taxpayers must have filed their 2021 tax return by April 18, 2022 to be eligible, and payments started in May and are expected to continue through the summer.Last month, Holcomb announced plans to distribute a second round of relief checks from the government budget surplus, with payments of about $225, but the plan has yet to be approved by state lawmakers.MaineMore than 850,000 Maine residents are being sent $850 direct relief checks amid pandemic-driven inflation. Eligible recipients include single filers earning less than $100,000, head of household filers earning less than $150,000, and joint filers making less than $200,000.MassachusettsThe state issued a second round of stimulus payments of $500 for more than 300,000 low-income essential workers, following its first set of payments in February.Eligible residents include workers who made at least $13,500 and seen their total income at or below 300% of the federal poverty level.Earlier this month, state lawmakers proposed another set of one-time direct payments of $250 for residents earning at least $38,000 and less than $100,000.New JerseyLast fall, Gov. Phil Murphy announced nearly 1 million families would receive a refund check of up to $500 as part of its Middle Class Tax Rebate program. According to a press release, the state government will begin sending checks in early July and will take about six weeks for all checks to be processed.New MexicoNew Mexico Gov. Michelle Lujan Grisham signed into law in early March approving multiple payments for residents in the state. Depending on income, an eligible single taxpayer may receive a rebate payment of $250 for single filers making under $75,000 and $500 for joint filers making under $150,000, which will be issued in July.A second refundable income tax rebate of $500 for single filers and $1,000 for joint filers, heads of households, and surviving spouses, will also be sent automatically to taxpayers. The second rebate will be sent in two payments — one in June and one in August.New YorkAbout 2.5 million New York homeowners will receive direct property tax rebate credit for 2022. The state sent checks earlier this year, with most payments being sent in June.OregonMore than 230,000 low-income residents in Oregon will receive a $600 one-time payment, the Oregon Department of Revenue announced, funded by the federal pandemic aid provided to states last year. According to a press release, payments were distributed starting in late June.PennsylvaniaLike New York, Pennsylvania state officials set up their own property tax and rent rebate program, allowing eligible recipients up to $650 depending on their income.According to a release, Pennsylvania homeowners will receive a payment of:$650 if they earn less than $8,000$500 if they earn between $8,001 to $15,000$300 if they earn between $15,001 to $18,000$250 if they earn between $18,001 to $35,000Renters in the state will receive:$650 if they earn less than $8,000$500 if they earn between $8,001 and $15,000The state also has pending legislation from earlier this year that would give households with an income of $80,000 and under a one-time payment of $2,000, as proposed by state Gov. Tom Wolf. The plan has since been stalled after facing pushback from Republican legislators in the state.South CarolinaSouth Carolina lawmakers passed legislation approving a $1 billion rebate and income tax rate cuts to aid residents in the state. Residents who paid state income taxes will receive the rebate — about 56% of filers — ranging from $1 to $800, KFMB-TV reported.VirginiaVirginia lawmakers approved a one-time $250 tax rebate to single tax filers — $500 to joint taxpayers — in June, which could likely be issued in late September, according to the Virginia Department of Taxation. Residents can expect to receive their payment by the end of October.Read the original article on Business Insider.....»»

The coronavirus pandemic and now inflation are having an impact on almost all sectors of society. One sector, however, has felt the impact much more than many others, and it is senior citizens. Some New York lawmakers realize this, and thus, have approved stimulus checks for seniors. Specifically, the resolution has been passed by New […] The coronavirus pandemic and now inflation are having an impact on almost all sectors of society. One sector, however, has felt the impact much more than many others, and it is senior citizens. Some New York lawmakers realize this, and thus, have approved stimulus checks for seniors. Specifically, the resolution has been passed by New York’s Onondaga County to give a one-time cash payment of $200 to senior citizens in their county. Senior Household Stimulus Program: what is it? Last week, Onondaga County passed a resolution that provides a one-time cash payment to senior citizens who meet certain eligibility requirements. Onondaga County Executive Ryan McMahon proposed this program, called the Senior Household Stimulus Program, in his 2022 State of the County address. Its primary objective is to financially support senior citizens to help them recover from the COVID-19 pandemic, as well as offset the impact of rising prices. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more “We all know that many of our senior citizens are on fixed incomes and the current rate of inflation is making it increasingly difficult for them to pay the bills and put food on the table…. While these payments will not solve the larger economic headwinds we are all facing, it will provide some temporary relief for those who need it most,” McMahon said while announcing the proposal last month. The resolution, which was put before the county legislature on Tuesday, says the fixed income of senior citizens "amidst the highest rates of inflation since the 1980s," makes them disproportionately harmed in terms of their "ability to maintain a stable and sustainable livelihood within the comfort of their home[.]" The resolution was unanimously approved by the legislature and calls for setting aside $5.5 million from the county's fund balance for giving stimulus checks to seniors. Onondaga County’s balance, or rainy day savings, hit $200 million in December, and the county is expected to post another budget surplus this year. Stimulus Checks For Seniors: Who Will Get Them? To be eligible for the stimulus checks for seniors, residents must be already receiving New York's Enhanced STAR (School Tax Relief) exemption from school property taxes for the 2022-2023 school year. The STAR exemption is for households with income no more than $92,000 and where the property owner’s age is at least 65 years. County officials estimate that 27,500 households would qualify for Enhanced STAR, and thus, will get the stimulus checks. The country will send only one check per household and the stimulus checks are expected to go out in December. Though the program is much-needed relief for seniors, some legislators raised a concern that the money will only go to the seniors who own homes. Thus, they want this stimulus program to go to low-income families as well. 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The Fed and its leader enjoyed a high approval rating as it rescued America from the pandemic. But the tables have turned. Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System testifies before the House Committee on Financial Services June 23, 2022 in Washington, DCWin McNamee/Getty Images Fed Chair Powell's relief actions in 2020 won widespread praise. Now he's catching flak for inflation. Recent rate hikes have been criticized for slowing hiring and risking an economic downturn. With inflation at 41-year highs, Powell will likely endure heavy criticism before the problem is solved. Federal Reserve Chair Jerome Powell was one of the most celebrated policymakers of 2020.Under his leadership, the central bank unleashed a quick and creative response to an unprecedented economic crisis. The Fed cut interest rates to near zero, buoyed financial markets with huge asset purchases, and started rolling out no less than nine emergency lending programs all in the span of a few weeks, and before much of the country had locked down.Democrats and Republicans alike threw their support behind Powell. Claudia Sahm, a former Fed economist, characterized him as "Washington's best-liked man" in a March 2021 profile in The New York Times. New York Magazine deemed Powell "the world's best bureaucrat."Times have since changed. The labor market has quickly rebounded, but inflation now poses the greatest risk to the economic recovery. That problem is the Fed's to solve, and Powell is catching just as much flak today as he was winning acclaim one year ago.It doesn't help that the Fed's popularity had such a long way to fall. The central bank "was able to shine as an independent-within-government agency" during the kind of crisis that required rapid action, Kaleb Nygaard — a senior research associate at the Yale Program on Financial Stability and a former Chicago Fed analyst — told Insider. While Congress was still finalizing its first round of stimulus checks and boosted unemployment benefits, the Fed had already rolled out all the tools in its toolbox and then some."The government actually did pretty well during that first bit in responding to the economic crisis, but the Fed was able to go super fast, which is exactly what you want them to do," Nygaard added.That independence is now acting against the Fed's broad appeal. The Biden administration has punted most of the inflation problem to the central bank, with Brian Deese, director of the National Economic Council, telling Bloomberg TV on June 10 that "the Fed has the tools that it needs, and we are giving them the space that it needs to operate."Chief among those tools are higher interest rates, and the Fed has been using them at a historic pace. Officials raised the Fed's benchmark interest rate by 0.75 percentage points on June 15, marking the largest one-off hike since 1994. By lifting rates, the central bank aims to slow Americans' spending and close the gap between supply and demand.The increases represent the central bank's best bet for cooling inflation, but the same lawmakers that cheered the Fed's emergency measures in 2020 are pushing back."The risk is that the measures you're taking will slow down other parts of the economy without getting us the benefit of lower prices," Sen. Chris Van Hollen of Maryland told Powell.Higher rates also slow economic growth, meaning companies will likely hire at a slower pace and issue smaller raises in the near future. Several Senate Democrats hammered Powell in a Tuesday hearing, arguing the Fed was slowing the labor market's recovery in hopes of cooling inflation. Republicans, meanwhile, pilloried the Fed chair for not raising rates sooner and allowing inflation to reach 41-year highs.Everyday Americans aren't happy with the tradeoff, either. Consumer sentiment sits at its lowest recorded level since the late 1970s as households cite inflation for their growing pessimism. Google searches for "recession" surged to record highs amid fears that the Fed's aggressive hiking plans could slow economic growth to a halt.Labor activists staked out the Federal Reserve building in Washington, DC earlier in June urging policymakers to keep pursuing maximum employment. Rate hikes might slow inflation, they argued, but it will slam the brakes on job creation while the unemployment rate for minorities sits well above that for white Americans."We stand opposed to the Federal Reserve taking any action that throws Black workers under the bus for inflation that we did not cause," Jennifer Wells, deputy director of Black Led Organizing at Community Change, said at the June 14 protest. "We have such a long way to go, and they are in that room making decisions to slow what little we have down."Powell has defended the Fed's decision-making throughout, arguing on Tuesday that officials would've likely started raising rates earlier if they had known that factors like war and rolling lockdowns in China would complicate the problem. He also pointed to the labor market's strength as a sign that the economy is resilient and can withstand higher rates.Until inflation slows, however, the Fed is playing catch-up. The central bank took a gamble early in the pandemic, Nygaard said, allowing inflation to run hotter than usual in pursuit of a faster labor-market recovery. The plan reflected lessons learned from the Great Recession and the sluggish rebound that followed. Policymakers saw the risk of overreacting as less than the risk of under-reacting, but that bet simply didn't work out in the Fed's — and the country's — favor, Nygaard added."They gave it more odds that this would bring employment back without causing inflation ... it just so happened that inflation got out of hand," he said. "They were on the wrong side of the bet, even through it was the right bet to make."Read the original article on Business Insider.....»»

Inflation in the U.S. continues to reach new highs, and this is hurting low-income households more, especially low-income workers. In Oregon, however, workers will get some respite from the increased prices of goods as the state will be sending out stimulus checks to workers this week. More than 200,000 households or individuals will benefit from […] Inflation in the U.S. continues to reach new highs, and this is hurting low-income households more, especially low-income workers. In Oregon, however, workers will get some respite from the increased prices of goods as the state will be sending out stimulus checks to workers this week. More than 200,000 households or individuals will benefit from these Oregon stimulus checks. The stimulus checks will be $600. Oregon Stimulus Checks: Who Will Get Them? In March, Oregon lawmakers approved the stimulus payment for low-income workers. This stimulus program is part of House Bill 4157, which was passed by a comfortable margin in both chambers of the Oregon Legislature. Many Republicans also supported the bill. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more On Wednesday, the Oregon Department of Revenue said it would send about $141.8 million to 236,000 qualifying households. The department will send about $82 million directly into the bank accounts of qualifying individuals, while the remaining will be sent via mail. Further, the authorities said that the qualifying workers would get the Oregon stimulus checks no later than July 31. The Oregon Department of Revenue informed that the stimulus money would be limited to one per household. Also, the Oregon stimulus checks to workers won’t be subject to state or federal income tax. “For purposes of this payment, a household is a single individual, or spouses, domestic partners, or a parent and child under 18 years old who live together, along with other individuals for whom the single individual, spouse, domestic partner, or parent is financially responsible,” the program’s website says. Residents are not required to submit an application to get the stimulus money, rather they will get the payment automatically if they meet the eligibility criteria. The money will go to workers who claimed the Earned Income Tax Credit in 2020. Also, residents must have lived in the state in the last six months of that year to be eligible for the payment. Oregon is using the federal pandemic aid that Congress approved last year to send the stimulus money. Maine Also Sending Stimulus Money In June Apart from Oregon, some residents in Maine are also receiving stimulus money this month. Maine is sending the first round of $850 relief checks this month. The relief checks will go to residents who have filed their 2021 state income tax returns by October 31. It is estimated that about 858,000 residents will receive the stimulus check. To qualify for the Maine relief checks, the resident must not be claimed as a dependent on another's return. Also, the taxpayers should have an income of less than $100,000 (single filers), while the income limit for a head of household is $150,000 and $200,000 for couples filing jointly. For more information on the Oregon stimulus checks to workers, residents can email the Oregon Department of Revenue at onetime.assistancepayment@dor.oregon.gov or call 503-378-4988 or 800-356-4222 (toll-free). Also, residents can visit the One Time Assistance Payment webpage or visit www.oregon.gov/dor. 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The effort to strike a deal with Manchin hasn't gone anywhere in months. Some Democrats in the room with him don't know if he still wants a Democrat-only bill. Sen. Manchin heads to a vote on Capitol Hill in May 2022.Kevin Dietsch/Getty Images Biden's economic agenda is on the ropes with Manchin holding out. The party's effort to strike a deal with the West Virginia Democrat hasn't gone anywhere in months. Time is running out before the focus in Congress turns to midterm campaigning. The chaos-squiggle image of President Joe Biden's economic agenda moving through Congress is starting to resemble a flatline on a hospital heart monitor.Sen. Joe Manchin of West Virginia came out in opposition to the House-approved Build Back Better bill five months ago in a Fox News interview, arguing it would grow the national debt and worsen inflation. Without his support, Democrats can't pass their marquee climate and tax legislation over united GOP resistance in the 50-50 Senate and it has been frozen in amber ever since.Gone are last year's appeals from Senate Majority Leader Chuck Schumer for Democrats to pursue "big, bold" social change on a scale similar to the Great Society or the New Deal with new federal spending on childcare, checks to parents, and education. They shifted their focus from a once-in-a-generation overhaul of the economy to cutting costs for families and providing financial relief from rising prices at the gas pump and grocery store.But even that smaller scope does not seem to have moved the needle with Manchin as spring turns to summer. Now some Democrats are openly fretting they will botch their endeavor to secure elements of Biden's agenda and leave empty-handed with time dwindling before the midterms.They face enormous challenges hanging onto their narrow majorities in both chambers. Inflation is severely denting Biden's approval rating and some polls show Republicans edging out Democrats on the economy."I'm worried that we won't deliver for the American people," Sen. Elizabeth Warren of Massachusetts told Insider, adding "it makes no sense not to have a deal.""It would be professional malpractice for a Democratic majority — albeit a narrow one —  to leave a reconciliation opportunity on the table," Sen. Tim Kaine of Virginia said in an interview. "We ought to get locked in a room until we can have all 50 in agreement."To tackle inflation, Manchin says he is open to a package centered on deficit reduction, cutting prescription drug prices, and stepping up taxes on the super-rich and large corporations. But signs of an imminent breakthrough are scant with talks remaining behind closed doors. He's never publicly endorsed Biden's spending plans.Manchin and Schumer have met twice since late April on efforts to curtail inflation. The pair met recently on Wednesday afternoon, Politico reported. Schumer said they "were making some progress. I'm feeling decent."Senate Majority Leader Chuck Schumer and Sen. Joe ManchinDrew Angerer/Getty ImagesSome in the party like Kaine had floated a Memorial Day deadline to see if a deal could be struck with the Democratic holdout. But Manchin is suggesting Sept. 30 — when the party's ability to approve a bill without GOP votes expires due to the strict rules governing reconciliation — as the final deadline, telling Politico that "I don't know how you put a time limit on that if you can do it right."But there is widespread belief among Democrats that the start of the August recess marks the end of their capacity to pass a slimmer bill with attention turning to campaigning.It's possible other deadlines could force a last-minute Democratic scramble. Enhanced federal subsidies available through the Affordable Care Act are set to expire at the end of the year under the Biden stimulus law. That program bolstered financial assistance for individuals buying their own health insurance through the federal exchange or state marketplace.But experts say Congress must act by summer's end to avoid setting off steep premium hikes that millions of voters would learn about only a week before the November midterms. West Virginia residents would see the biggest premium increases in the nation, per a report from the Families USA advocacy group released this week."That's a headwind, but it's also a tailwind in that this is certainly something Joe Manchin wouldn't want to happen," Rep. Donald Beyer of Virginia, a member of the House Ways and Means panel, told Insider. "Why would he want all these health insurance premiums to go up? So that one might be a piece to get that constructive conversation between the senator and the president."Other priorities are taking up his attention. Manchin has been spearheading an effort to secure a bipartisan energy deal. The bipartisan gang fluctuates in size between 10 to 12 Democrats and Republicans and they have convened four times over the past month. There have been few signs of an emerging agreement with the lawmakers wielding competing priorities on how to pay for it and whether cleaner energy should be a focus."My gut tells me that we might have a shot at a bipartisan bill. We might resolve some of our differences, but not all," Sen. Tom Carper of Delaware, a regular Democratic attendee, told Insider. "At the end of the day, there might have to be a smaller reconciliation bill than would otherwise have been necessary."Sen. Mark Warner of Virginia, another Democratic attendee, simply shrugged when asked if he believed the group's work was meant to replace a Democrat-only spending plan. Others in the room, though, believe Manchin wouldn't be plowing so much time and energy if that wasn't the case. "He's been so clear about reconciliation," GOP Sen. Kevin Cramer of North Dakota told reporters on Monday evening. "I don't know why even his own people seem to not accept no for an answer."Read the original article on Business Insider.....»»

California has helped residents to counter the financial impacts of the COVID-19 pandemic with its Golden State Stimulus program. Now, the state could soon come up with relief checks to help residents offset rising prices. Gov. Gavin Newsom recently proposed a spending package that includes sending California stimulus checks to vehicle owners. The stimulus checks […] California has helped residents to counter the financial impacts of the COVID-19 pandemic with its Golden State Stimulus program. Now, the state could soon come up with relief checks to help residents offset rising prices. Gov. Gavin Newsom recently proposed a spending package that includes sending California stimulus checks to vehicle owners. The stimulus checks will primarily be in the form of tax refunds for vehicle owners and bonuses for healthcare workers. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more California Stimulus Checks To Vehicle Owners On Thursday, Gov. Newsom proposed an $18.1 billion spending package to assist Californians amid rising inflation. Inflation is at its highest rate in 40 years, driven partly by the coronavirus pandemic and Russia's war on Ukraine. The centerpiece of Newsom’s package is the $11.5 billion in tax refunds, and the majority of this will be used to send $400 California stimulus checks to registered vehicle owners. These checks would be capped at two checks per person. “This inflation relief package will help offset the higher costs that Californians are facing right now and provide support to those still recovering from the pandemic,” Gov. Newsom said in a statement. It is expected that the eligible registered vehicle owners could start getting the stimulus checks in September. A point to note is that Newsom’s package doesn’t include a provision to reduce the state's gas tax. Along with sending $400 California stimulus checks, Newsom’s package also sets aside $933 million in bonuses for about 600,000 nurses and other healthcare workers. According to the Department of Finance, healthcare workers will get $1,000 and the state would also match the employer contributions of up to $500. Newsom’s Package: What Else It Includes Newsom’s package sets aside $2.7 billion to support low-income tenants who asked for help before March 31. Also, the package includes $1.4 billion to help residents with past-due utility bills. Newsom has also proposed $700 million in incentive grants to offer three months of free public transportation for communities throughout the state. Also, there is a $304 million provision to make health coverage more affordable for middle-class families. “This extends health insurance premium assistance under Covered California for families of four earning up to $166,500 annually, upwards of 700,000 Californians,” the program’s website says. Gov. Newsom has also proposed a 12-month pause in the sales tax rate for diesel fuel. This proposal would offer about $439 million in relief to the commercial sector and drivers. Initially, Newsom proposed the package in March. The proposal hasn’t changed much since Newsom first proposed it. It is possible that the final version of the package may change a bit as lawmakers still need to approve Newsom’s budget. Legislative leaders don’t support Newsom’s proposal. They have come up with their own proposal that calls for giving $200 to all taxpayers, as well as $200 to each dependent. The money will go to taxpayers with income less than $125,000 ($250,000 for joint filers). 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In December 2020, Sanders pushed for another $1,200 stimulus payment for Americans and was joined in the effort by Hawley, to the surprise of many. Sen Bernie Sanders (I-Vt.).Anna Moneymaker/Getty Images Sanders was initially hesitant to work with Hawley in the push for $1,200 stimulus checks, per a new book. In December 2020, the pair teamed up to aid Americans struggling during the first year of the pandemic. "Bernie decided it was worth working with Hawley if we thought it could make a difference," wrote Ari Rabin-Havt. During the early months of the coronavirus pandemic in 2020, it was apparent to most lawmakers that the economy would require some level of intervention from the federal government.While many politicians, including independent Sen. Bernie Sanders of Vermont and then-Democratic Sen. Kamala Harris of California, pushed for $2,000 monthly checks for the duration of the pandemic, lawmakers settled on a single $1,200 stimulus payment early that year, as well as beefed up unemployment insurance for Americans who had lost their livelihoods because of the coronavirus.In December 2020, when lawmakers sought an agreement for additional aid to Americans, Sanders wanted another $1,200 payment for Americans and was joined in the effort by Republican Sen. Josh Hawley of Missouri — to the surprise of many people, especially in Washington, DC.While Sanders had worked with legislators from across the ideological spectrum during his long congressional career, he didn't know Hawley well and initially had reservations about teaming up with the conservative lawmaker, according to a new book by former deputy campaign manager Ari Rabin-Havt.In the book, "The Fighting Soul: On the Road with Bernie Sanders," Rabin-Havt expressed that Sanders had some misgivings about pairing up with Hawley, but ultimately wanted to help Americans in distress."We found an unlikely ally in Missouri Republican senator Josh Hawley," Rabin-Havt wrote. "Bernie was hesitant at first. He didn't know Hawley well and certainly didn't trust him. And Hawley had ulterior motives, clearly using populist rhetoric and dabbling in populist policy to fuel a future run for president as a more capable version of Donald Trump."He continued: "Ultimately Bernie decided it was worth working with Hawley if we thought it could make a difference for Americans, even as he remained wary of empowering Hawley."Sanders and Hawley eventually went on with their drive to secure additional $1,200 checks for Americans, with the partnership attracting a lot of attention at the time."We pressed ahead, with Hawley and Bernie introducing the legislation and giving floor speeches on the subject. The media could not resist a story about strange bedfellows, so we gave them ample access," Rabin-Havt wrote.He added: "The notion of direct aid received the support of both the president-elect [Joe Biden] and Donald Trump's administration. When Bernie and Hawley began working together, moderates had presented direct payments as a nonstarter. Suddenly, as the relief package made its way through the chamber the week before Christmas, the payments became inevitable."While the second payment amount was reduced to $600 for individuals as a compromise — and signed into law by Trump weeks before he left the White House — Sanders and the newly-empowered Democratic Senate majority went on to move through the $1.9 trillion American Rescue Plan which was signed into law by Biden in March 2021.The legislation included an additional $1,400 stimulus check for Americans — and combined with the $600 checks authorized at the end of 2020 — resulted in a $2,000 payment that Sanders had long advocated for during the pandemic.Read the original article on Business Insider.....»»

Inflation in the U.S. continues to make new highs, thanks primarily to the rising gas prices. Several states, however, have come up with inflation stimulus checks to help residents offset the rising prices. Let’s take a look at the states giving out inflation stimulus checks or working on giving these payments to their residents. States […] Inflation in the U.S. continues to make new highs, thanks primarily to the rising gas prices. Several states, however, have come up with inflation stimulus checks to help residents offset the rising prices. Let’s take a look at the states giving out inflation stimulus checks or working on giving these payments to their residents. States Giving Inflation Stimulus Checks Several states have already passed legislation to give out inflation stimulus checks. Idaho has passed a $350 million bill to give tax rebates to state residents. The tax rebate would go to residents who filed their tax returns for 2020 and 2021 and are full-time Idaho residents. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more Eligible residents would get $75, or 12% of the Idaho state taxes for 2020, whichever is larger. These rebates started going out at the end of March. Georgia is also giving a rebate to residents who filed taxes for both 2021 and 2022. Individual filers would get a tax rebate of $250, head of households will get $375, while married filing jointly will get $500. Georgians who filed their tax return after the legislation was signed would get the rebate through the mail. For those who haven’t yet filed the return, the rebate would be added to their tax refund. Indiana is also giving taxpayers a one-time payment of $125. The state will use the budget surplus to send this payment to those who filed their 2021 taxes. About a million families in New Jersey will also be getting up to $500 in a one-time check. Gov. Phil Murphy approved legislation to send up to $500 to those who filed their tax return using a taxpayer identification number and not a Social Security number. New Mexico signed legislation last month to give a one-time tax rebate of $250 to single filers ($500 for married couples). To be eligible for the one-time payment, the taxpayer’s income must be less than $75,000 (less than $150,000 for married filing jointly). States Planning To Give Stimulus Checks Apart from the states that have already passed legislation, many states are still working on giving inflation stimulus checks. California Gov. Gavin Newsom recently announced a plan to send a direct payment of $400 per vehicle, for a maximum of two vehicles. Once approved, this stimulus payment would start going out in July. In January, Hawaii Gov. David Ige proposed sending $100 to each taxpayer and their dependents. Similarly, Maine Gov. Mills also plans to send $850 to most of their residents. Minnesota Gov. Tim Walz also announced a plan to use the state's budget surplus to give $1,000 income tax rebate checks per couple. New York Gov. Kathy Hochul has also proposed a $1 billion property-tax rebate program, while Virginia lawmakers are working on providing tax relief in the form of a rebate check. As per the reports, Virginia lawmakers plan to send $250 or $300 to each individual, and $500 or $600 to married couples. Updated on Apr 7, 2022, 9:46 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Florida was among the first few states to send out state coronavirus stimulus checks. Now the state is working on sending one more round of stimulus checks, but only to the first responders. Florida Governor Ron DeSantis recently announced sending $1000 stimulus checks to first responders. DeSantis plans to use $100 million from the state’s […] Florida was among the first few states to send out state coronavirus stimulus checks. Now the state is working on sending one more round of stimulus checks, but only to the first responders. Florida Governor Ron DeSantis recently announced sending $1000 stimulus checks to first responders. DeSantis plans to use $100 million from the state’s new budget to fund the stimulus checks to first responders. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more Stimulus Checks To First Responders: Who Will Get It? Governor DeSantis, last week, announced that Florida police and firefighters would get $1,000 bonuses for the second year in a row. DeSantis noted that the objective behind sending the stimulus checks to first responders is to boost the morale and financial assistance of the target group amid rising inflation. “While other states turned their backs on law enforcement and first responders, Florida has continued to support them. These bonuses are a well-deserved recognition to our law enforcement and first responders for all they do for Florida,” Governor DeSantis said in a press release. To qualify for the stimulus payment, one needs to be a sworn law enforcement officer, EMT, firefighter or paramedic for Florida. "Whether it's a sheriff's department and sheriff's deputies, whether it's a municipal police department, fire, paramedics, EMTs, you name it, you're eligible," the Governor said. As of now, it isn’t clear when the first responders would get the stimulus checks. Before these stimulus checks can be sent, the Florida governor needs to formally review and approve the state's budget. DeSantis Has More Stimulus Plans For Law Enforcement The stimulus checks to firefighters would cost more than $100 million and would be funded from the state’s budget. There are, however, reports that these bonuses will at least partially be funded with federal aid. The state budget includes an amount of $3.5 billion that it received from the federal government for coronavirus relief. Moreover, this $3.5 billion includes $30 million set aside by the Legislature for "first responders' recognition payments.” This is why many lawmakers have criticized DeSantis for taking credit for funds that the state got from the American Rescue Plan. DeSantis, on the other hand, takes a jab at the efforts in some parts of the country to reduce police funding, saying the extra spending in the state’s budget helps keep Florida safe. “If you cut police budgets and you turn your back on law enforcement, you're giving the criminals an upper hand,” DeSantis said. “We’re going to make sure we have very well-supported folks.” Along with sending stimulus checks to first responders, DeSantis is also reportedly working on an additional stimulus package for law enforcement. The objective of the stimulus package is to make available a $5,000 bonus to newly hired law enforcement officers, as well as increase the salaries of county sheriffs. 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At a time when several states are working on giving out gas stimulus checks, many people haven’t yet received their third stimulus check. In a report published on Thursday, the U.S. Department of the Treasury revealed that more than 600,000 Americans didn’t get their third stimulus check by last fall. Many Still Didn’t Get A […] At a time when several states are working on giving out gas stimulus checks, many people haven’t yet received their third stimulus check. In a report published on Thursday, the U.S. Department of the Treasury revealed that more than 600,000 Americans didn’t get their third stimulus check by last fall. Many Still Didn’t Get A Third Stimulus Check Congress approved the third round of stimulus checks in March 2021, sending up to $1,400 to each qualified person. As of September 16, 2021, the IRS has issued payments to nearly 167 million people, or about 99.5% of the total. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more However, a report from the U.S. Department of the Treasury noted that 644,705 eligible people haven’t yet received their third stimulus check. These stimulus checks amount to about $1.6 billion. Those who didn’t get the third federal coronavirus stimulus checks primarily include eligible dependents. “These include individuals who have an (individual taxpayer identification number) who did not receive a payment for their eligible dependents with a valid (social security number) and individuals who were eligible based on the IRS’s adjustment of their unemployment income exclusion from taxable income,” the report noted. Further, the agency noted about 294,000 issued stimulus checks haven’t yet been accessed or somehow got delayed. As of now, it is unclear how many people have received the payment since mid-September. Also, the report noted that over 1.2 million checks, totaling about $1.9 billion, were likely issued to the wrong people. These checks were likely issued to ineligible dependents, non-U.S. residents, and duplicate payments to households that changed their tax-filing status. Proposals For Gas Stimulus Checks Meanwhile, several lawmakers are working on giving gas stimulus checks to residents to help them offset the rising gas prices. For instance, Mike Thompson (D-CA), John Larson (D-CT) and Lauren Underwood (D-IL) have come up with a proposal, called the Gas Rebate Act of 2022. Under the proposal, taxpayers living in areas with the average price per gallon over $4, would get a rebate of $100 per month, as well as $100 for each dependent. The payment would go to taxpayers earning less than $75,000 a year, while those making more than $80,000 would get a smaller amount. If the proposal is approved, eligible Americans would get the money every month that the price is over $4 until the end of the year. Another similar proposal comes from Oregon Congressman Peter DeFazio, who has come up with the Stop Gas Price Gouging Tax and Rebate Act. The proposal seeks to impose a windfall profits tax on oil companies. Democratic state lawmakers in California have also come up with a $400 gas rebate proposal for every taxpayer. The proposal plans to use the $9 billion of the state's budget surplus to provide a rebate to residents. 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People have long been calling for a fourth stimulus check, but so far, lawmakers haven’t shown any intentions of doing so. However, now, a House Democrat has called on Congress to pass another COVID-19 relief package, raising chances of a new coronavirus stimulus check next year.  Rep. Jamaal Bowman, a progressive freshman Democrat from New […] People have long been calling for a fourth stimulus check, but so far, lawmakers haven’t shown any intentions of doing so. However, now, a House Democrat has called on Congress to pass another COVID-19 relief package, raising chances of a new coronavirus stimulus check next year.  Rep. Jamaal Bowman, a progressive freshman Democrat from New York, is citing the rising number of COVID-related deaths and the growing threat of Omicron as a reason to approve another stimulus package. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more House Democrat Calls For Another Stimulus Package In a letter to House Democratic leadership, Bowman requested Congress to pass a new COVID-19 relief package. The letter was shared first with CNN. "We now lost 800,000 American lives to COVID 19 — double the number we lost in World War 2. This number is shocking, and cannot continue to climb without another federal intervention," Bowman says in the letter. Further, Bowman notes that the country’s defense budget is $770 billion annually, but “we are not doing enough to defend ourselves against a global pandemic that is killing us directly and indirectly through the mental health crisis it has created." Talking about what the new relief package should include, Bowman says it should focus on addressing how the pandemic is affecting kids and their mental health. He suggests establishing a bereavement fund for children who lost a primary or secondary caregiver directly or indirectly due to the coronavirus pandemic. Further, Bowman also wants the stimulus package to cancel federal student loans, cancel past rent and mortgage payments, reinstate the eviction and foreclosure moratorium, renew funding in education and more. “The pandemic has and will continue to change us for years to come. We need to take action now, and the surest way to do that in Congress is to exercise our power of the purse and direct much-needed funds to our children, families, and communities," he says. Though Bowman makes no mention of giving direct stimulus checks, the provisions he wants the package to include would serve the purpose of stimulus checks. Will There Be A Coronavirus Stimulus Check Next Year? This is not the first time Democrats have called for another stimulus package. When President Biden approved the $1.9 trillion stimulus package in March, many Democrats believed that more government aid is needed to support the recovery of the economy and the people. Last week, the US Secretary of Health and Human Services Xavier Becerra also hinted that his department might need more money. Of the $50 billion that the department got in March for testing, it is left with $10 billion. “Are we going to have more than $10 billion worth of needs and costs on Covid, especially in regards to testing? There's a strong chance we will, depending on, again, where Omicron takes us," Becerra told reporters. As of now, there are no more talks on another COVID-19 relief package or a new coronavirus stimulus check next year. However, if Omicron threatens to get bigger, the calls for more stimulus money will get stronger. 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People have long been calling for more stimulus checks, but these calls have grown louder in the last couple of months as inflation takes a toll on holiday preparations. Thus, millions of people are now demanding a surprise coronavirus stimulus check from President Biden. Q3 2021 hedge fund letters, conferences and more Surprise Coronavirus Stimulus […] People have long been calling for more stimulus checks, but these calls have grown louder in the last couple of months as inflation takes a toll on holiday preparations. Thus, millions of people are now demanding a surprise coronavirus stimulus check from President Biden. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Icahn eBook! Get our entire 10-part series on Carl Icahn and other famous investors in PDF for free! Save it to your desktop, read it on your tablet or print it! Sign up below. NO SPAM EVER (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Surprise Coronavirus Stimulus Check: Is There A Need? Inflation has hit a 31-year high, with prices in October rising by 6.2% compared to the same period last year. Several experts believe that this year’s Thanksgiving was the most expensive due to the record inflation. As per the data from the Bureau of Labor Statistics, the price of a frozen turkey is 20% more than last year. Further, experts at the American Farm Bureau Federation say that a feast for 10 people with turkey and all the trimmings now costs $53.31, in comparison to $46.90 last November. A KPMG survey found that three in four shoppers could change their grocery shopping behavior because of inflation. Many experts, including President Biden, believe federal stimulus checks are a major reason for an increase in inflation. They argue that people now have more money and this is pushing the demand up more than the supply. “The irony is people have more money now because of the first major piece of legislation I passed. You all got checks for $1,400,” Biden recently said during a speech in Baltimore. Along with stimulus checks and the expanded child tax credit, Biden also cites supply chain disruptions as a valid reason for rising inflation. “People are feeling it — they are feeling it,” Biden said, admitting a spike in inflation. “Did you ever think you’d be paying this much for a gallon of gas?” People Demand Money For Christmas Even though stimulus checks are contributing to inflation, people are demanding a surprise coronavirus stimulus check to overcome the impact of inflation. “Mr. Joe America needs stimulus money. Your approval rating would go up instantly. The kids need this money for Christmas,” a Twitter user said. “We thank you for all you’ve done but it’s just not enough. So many families are struggling. Can’t keep up with inflation.” Moreover, a Change.org petition, which calls for giving $2,000 regular stimulus checks, has been signed by almost 3 million people. Many of those who signed the petition say they are signing it in the hopes of getting extra money for Christmas. "I'm signing because I'm on a fixed income [and] as a result of high prices this Thanksgiving is a wash for me," a petition signer said. "Christmas is coming and I will not be blessed to purchase gifts for my family and friends." Despite the calls for surprise stimulus checks, Biden is unlikely to send more money by Christmas. Still, some groups of people may get some stimulus money next month. For instance, the IRS will send out the last installment of the expanded child tax credit before Christmas. Retired workers may also get Social Security checks of around $1,600 in the new year due to the new cost-of-living adjustment. 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"Real freedom is possible only when basic life conditions are guaranteed," says Lee Jae-myung, who wants to provide $420 a month within five years. South Korea's Gyeonggi Province Governor Lee Jae-myung speaks during an interview with Reuters in Seuwon. Reuters Lee Jae-myung, a South Korean presidential candidate, is pushing for universal basic income. The candidate touted a five-year plan to give residents 500,000 won, or $420, each month. Universal basic income is rising in prominence in the US, with some cities implementing similar programs. South Korea could become the first Asian country to implement universal basic income if the Democratic presidential candidate wins the upcoming election.Lee Jae-myung, who won the Democratic Party's primary race this past weekend and once said he aspired to be "a successful Bernie Sanders," touted guaranteed monthly payments, no strings attached, for South Koreans should he win the presidential election. Under his five-year plan, South Koreans would initially receive a 1 million won, or $840, annual payment that would be expanded over the years until residents would get monthly payments of 500,000 won, or $420."Real freedom is possible only when basic life conditions are guaranteed in all areas including income, housing and financing," Lee said during his acceptance speech on Sunday.He added that he will work to "root out unfairness, inequality and corruption" and restore economic equality in the region.The 57-year-old is currently governor of South Korea's most populous Gyeonggi province, which surrounds Seoul, and during the pandemic, all residents in his jurisdiction received regular payments to help them remain financially stable in the midst of COVID-19.But some critics are unsure how plausible implementing a universal basic income would be in South Korea, with some economists telling the Financial Times that guaranteed monthly payments would produce a "steroid effect," but might not help root out economic inequality in the long-term. Still, universal basic income is picking up steam globally. Insider previously reported on the growing number of cities and states in the US implementing versions of guaranteed payment programs, with California recently launching the nation's largest statewide universal basic income program prioritized for pregnant people and those aging out of the foster system.Some lawmakers in the US want it to become a permanent feature of America's economy. After the pandemic spurred Congress to approve three stimulus checks for Americans, some Democrats called to continue those checks well beyond the end of the pandemic, and in late March, amid infrastructure negotiations, 21 Democratic senators urged President Joe Biden in a letter to include recurring direct payments in his infrastructure plan, saying that when checks ran out after the CARES Act, poverty rose.Tesla CEO Elon Musk even joined the conversation, saying during an August presentation that the rise of robots might compromise jobs that humans currently do, necessitating a form of guaranteed income."Essentially, in the future, physical work will be a choice," Musk said during the presentation. "This is why I think long term there will need to be a universal basic income," he added.Read the original article on Business Insider.....»»

Futures Slide On Evergrande, Stagflation, Energy Crisis Fears Stock futures ticked lower on Monday, hurt by weakening sentiment in Asia and Europe amid growing worries about economic stagflation, the global energy crisis and renewed fears about property developer China Evergrande whose stock was halted overnight in Hong Kong, while Tesla shares rose after reporting a record number of electric vehicle deliveries. At 715 a.m. ET, Dow e-minis were down 114 points, or 0.33%, S&P 500 e-minis were down 16.25 points, or 0.37%, and Nasdaq 100 e-minis were down 73.75 points, or 0.5%. “The global chip and energy shortage is getting worse, the inflation is rising, the recovery may be slowing, and that puts central banks between a rock and a hard place,” Ipek Ozkardeskaya, a senior analyst at Swissquote, wrote in a note. “The best they could do is to do nothing, or to tighten their monetary policy to avoid losing control on the economy.” The most notable overnight event was the suspension of trading in shares of debt-laden Evergrande which unsettled markets further about any fallout from its troubles even as media reports said the company would sell a stake in its property management unit for over $5 billion. Wall Street’s main indexes were battered in September, hit by worries about the U.S. debt ceiling, the fate of a massive infrastructure spending bill and the meltdown of heavily indebted China Evergrande Group. On the second trading day of October, investors took a defensive stance, with a cautious approach to riskier assets as a spreading energy crunch meets concerns over the duration of broader rising prices and the tapering of economic stimulus efforts. Investors also kept close watch on rising U.S. Treasury yields after data last week showed increased consumer spending, accelerated factory activity and elevated inflation growth, which could help push the Federal Reserve towards tightening its accommodative monetary policy sooner than expected. Among individual stocks, Merck & Co. extended its gains from Friday on the results of its experimental Covid pill. The stock climbed 2.6% premarket. 3M shares fell 1.5% after J.P. Morgan cut its rating on the industrial conglomerate’s stock to “neutral” from “overweight”.  Here are some of the other notable premarket movers today: Tesla (TSLA  US) shares climb 2.6% higher in U.S. premarket trading after the electric car maker reported record 3Q deliveries that easily beat estimates Amplify Energy (AMPY US) shares plummet 33% in premarket trading after California beaches in northern Orange County were closed and wetlands contaminated by a huge oil spill caused by a broken pipeline off the coast DHT Holdings (DHT US) shares rose as much as 3.7% in Friday extended trading after the company said it bought 1.23m of its own shares Offerpad Solutions (OPAD US) was down 3.1% Friday postmarket after registering shares for potential sale Adverum Biotechnologies (ADVM US) shares rose as much as 23% in Friday extended trading after co. reported new long-term data from the OPTIC clinical trial of ADVM-022 single, in-office intravitreal injection gene therapy Markets also awaited U.S. Joe Biden’s new plan on China trade strategy, with U.S. Trade Representative Katherine Tai set for new talks with Beijing later in the day over its failure to keep promises made in a “Phase 1” trade deal struck with former President Donald Trump. Biden's new plan follows a top-to-bottom review of import tariffs and other measures imposed by the Trump administration; reports also said that USTR will today say that China is not complying with the Phase 1 deal. Europe's Stoxx 600 Index trades flat, erasing earlier losses of as much as 0.6%, helped by gains in health care and basic resources shares. The healthcare sub index rose 0.8% after AstraZeneca’s Enhertu got a breakthrough therapy designation while basic resources sub-index up 0.3% as iron ore rallies. Euro Stoxx 50 is down 0.2% having declined as much as 1% at the open. FTSE MIB lags on the recovery; FTSE 100 trades flat. Autos, banks and travel names are the weakest sectors. Here are some of the biggest European movers today: Adler Group shares jump as much as 18%, briefly erasing the previous week’s declines, after the firm said it’s reviewing strategic options that may result in a sale of assets Wm Morrison declines as much as 3.8% after the offer terms from winning bidder CD&R disappointed investors Sainsbury rises as much as 5.9% and Tesco gains 1.7% on speculation that CD&R’s Morrison deal may drive further interest in Britain’s grocery sector at a time when cash-rich buyout funds are stalking undervalued U.K. companies; also, a report says Tesco will announce a share buyback program this week Plus500 gains as much as 6.1% after the contracts-for-difference trading firm says full-year profit will beat market expectations Bewi rises as much as 9.9% after the owner of 50% of building products company Jackon Holding accepted Bewi’s offer BT slumps as much as 7.8% to a six-month low following a Telegraph report that Sky is closing in on a broadband investment deal with Virgin Media O2, raising worries over competition Azelio falls as much as 22% after newspaper Dagens Industri raised questions about orders for the renewable energy equipment developer Aryzta tumbles as much as 13% after results, halting a four-day winning streak Frasers falls as much as 12%, the most since December. Bank of America cut the owner of the Sports Direct retail chain to underperform from buy Asia stocks also declined, with Hong Kong shares a drag, after debt-ridden China Evergrande Group’s trading was suspended while investors also sold health care-related names and appeared wary heading into the final quarter of 2021. The MSCI Asia Pacific Index slipped as much as 0.8%. Vaccine maker CanSino Biologics and Shanghai Fosun Pharmaceutical Group were the biggest decliners on the measure as Merck & Co. said its experimental Covid-19 antiviral pill cuts the risk of hospitalization and death in half. “Investors will need to take a sell-first ask-later stance given current elevated valuation levels of vaccine stocks,” said Justin Tang, head of Asian research at United First Partners. Also weighing on traders’ minds is the global energy crisis, which has spread to India and is stoking inflation concerns. Speculation about the potential restructuring of China Evergrande Group, which has suspended trading of its Hong Kong shares, is also affecting sentiment at a time liquidity is thinner. The mainland Chinese market is closed through Thursday for Golden Week holidays. Singapore’s benchmark Straits Times Index was among the top-performing gauges in Asia Pacific as the country takes steps toward further reopening. Measures across the cyclicals-heavy Southeast Asian markets also rose, while tech stocks including Alibaba and Meituan took a hit. Asian assets will be sold alongside global peers in the short term, said Tai Hui, chief Asia market strategist at JPMorgan Asset Management. “But we think cyclical sectors, especially exporters, should also perform well for the rest of the year, especially as more Asian economies are seeing a rising level of vaccination,” he added. Japanese equities fell for a sixth-straight day, as investor concerns deepened over contagion from China’s real-estate sector woes on the suspension of trading in shares of Evergrande and its property management unit. Electronics makers were the biggest drag on the Topix, which declined 0.6%, capping its worst losing streak since February 2020. Tokyo Electron and Fanuc were the largest contributors to a 1.1% drop in the Nikkei 225. “It’s possible Evergrande news flow is impacting Japan stocks, the issues surrounding the property firm aren’t resolved,” said Mamoru Shimode, chief strategist at Resona Asset Management. “It’s also important to keep in mind markets overall have been in risk-off mood since the latter half of September.” Travel and retail stocks gained, following U.S. peers higher after promising results for Merck’s experimental Covid-19 pill and amid signs of a pick-up in Japanese department-store sales. Meanwhile, Fumio Kishida was appointed prime minister by parliament Monday, and was set to reveal a new cabinet lineup as he seeks to revive support for his ruling party ahead of a general election that could likely come this month. In rates, Treasuries are near session lows, the 10Y TSY pushing on 1.50% cheaper by ~3.5bp on the day and near middle of last week’s 1.44%-1.565% range in early U.S. session after erasing gains that pushed yields to lowest levels in a week. 5s30s curve at ~111.7bp is steeper by nearly 2bp, probing 50-DMA and approaching last week’s high. Gilts led the selloff during European morning as regional stocks recovered from a weak open. Curve steepens, with long-end yields cheaper by around 4bp vs Friday’s close.  Peripheral spreads widen with long end Italy underperforming. Semi-core spreads tighten at the margin. In FX, Bloomberg dollar index is little changed; NOK, CAD and CHF are the best performers in G-10, JPY lags but trading ranges are narrow. Crude futures hold slightly in the red in choppy trade. The Bloomberg Dollar Spot Index was steady and the greenback traded in tight ranges against its Group-of-10 peers. The euro reversed a modest decline to trade above $1.16, while the pound hovered after touching its highest level in nearly a week during the Asia session. Expected volatility is now at the highest in five months. The currency fell to a year-to-date low last week amid concerns over soaring energy prices, falling business confidence and the end of the government’s furlough scheme. The Aussie dollar was flat and option markets aren’t expecting the RBA’s policy decision Tuesday to be an eventful one for spot. The yen inched lower after earlier touching a one-week high when concern over potential contagion from indebted Chinese developer Evergrande weighed on Japanese stocks. In commodities, WTI is down 0.25% near $75.70, Brent just 0.1% lower near $79.20 ahead of today’s OPEC+ virtual gathering. Spot gold drops ~$10 to test Friday’s low near $1,750/oz. Base metals trade well with LME aluminum and zinc rising over 1% to outperform peers. Bitcoin and cryptos dropped after a burst higher late on Sunday, following the China Evergrande suspension even though i) the news appears to be positive and is in relation to the latest asset sale and ii) China has banned trading in cryptos, so it wasn't exactly clear why any mainlanders would be selling to meet margin calls. On today's calendar, we get August factory orders, and the final August durable goods orders, core capital goods orders. We also get more central bank speakers including Fed's Bullard, BoE’s Ramsden, ECB Vice President de Guindos and ECB’s Makhlouf. Market Snapshot S&P 500 futures down 0.4% to 4,324.25 STOXX Europe 600 little changed at 453.24 MXAP down 0.5% to 194.02 MXAPJ down 0.3% to 629.26 Nikkei down 1.1% to 28,444.89 Topix down 0.6% to 1,973.92 Hang Seng Index down 2.2% to 24,036.37 Shanghai Composite up 0.9% to 3,568.17 Sensex up 1.1% to 59,391.71 Australia S&P/ASX 200 up 1.3% to 7,278.54 Kospi down 1.6% to 3,019.18 Brent Futures little changed at $79.22/bbl Gold spot down 0.5% to $1,752.29 U.S. Dollar Index little changed at 93.96 German 10Y yield rose 1.4 bps to -0.210% Euro up 0.1% to $1.1613 Top Overnight News from Bloomberg China Evergrande Group and its property-services arm were halted in Hong Kong stock trading amid a report that the developer agreed to sell a controlling stake in the unit to raise much- needed cash U.K. Prime Minister Boris Johnson said he won’t fall back on immigration to solve the U.K.’s truck driver shortage, as he presented supply chain troubles that have left supermarket shelves bare and gas stations dry as a “period of adjustment” in the wake of Brexit and the pandemic House Speaker Nancy Pelosi reset the clock on Saturday, giving lawmakers until Halloween to strike a deal on both the bipartisan $550 billion infrastructure deal and a broader, signature package of social spending, health care and tax measures they must pass with only Democratic votes Germany’s Social Democrats under chancellor-in-waiting Olaf Scholz signaled progress in talks with the Greens on forming a coalition government with the Free Democrats, while Angela Merkel’s bloc kept the door ajar for a conservative-led alliance Japan’s Fumio Kishida was appointed prime minister by parliament Monday, and is set to reveal a new cabinet lineup as he seeks to revive support for his ruling party ahead of a general election that could likely come this month. A more detailed look at global markets courtesy of Newsquawk Asian equity markets traded mixed as ongoing Evergrande default concerns clouded over the initial optimism following Friday’s rebound on Wall St where all major indices found some reprieve from last week’s downturn, although the S&P 500 still suffered its worst weekly performance since February and US equity futures also failed to hold on to opening gains with this week’s upcoming risk events adding to the cautiousness including the OPEC+ meeting later today, a bout of Asia-Pac central bank policy decisions from Tuesday and Friday’s NFP job data. The ASX 200 (+1.3%) outperformed, with the index unfazed by the absence of key market participants with mainland China away for Golden Week, South Korea closed due to National Foundation Day, and amid the quasi-holiday conditions in Australia as New South Wales observed Labour Day. Nonetheless, the local benchmark was propped up by the top-weighted financials sector with shares in Australia’s largest bank CBA boosted following a AUD 6.0bln off-market buyback and with reopening stocks, especially those in the travel industry, among the biggest gainers. The Nikkei 225 (-1.1%) wiped out its opening advances despite the lack of significant news catalyst for the reversal which was spearheaded by exporter names, while the focus in Japan turned to PM Kishida’s confirmation in parliament and for details of the new Cabinet members. The Hang Seng (-2.2%) was heavily pressured by losses in health and biotech stocks, while property names also suffered amid the current Evergrande fears after a USD 260mln note from Jumbo Fortune Enterprises matured on Sunday which was guaranteed by China Evergrande Group and its unit Tianji Holding Ltd, while there is no grace period for the payment but five days will be allowed for administrative or technical errors. Furthermore, shares of Evergrande, its property services unit and structured products have all been halted which reports circulating that Hopson Development is to acquire a 51% stake in Evergrande Property Services for HKD 40bln. Finally, 10yr JGBs tracked recent upside in T-notes and with support also from the negative mood in Japanese stocks, as well as the BoJ’s presence in the market for over JPY 1tln of JGBs mostly concentrated in 1yr-5yr maturities. Top Asian News Singapore Eyes More Vaccinated Travel Lanes in Cautious Reopen India Farm Protests Gather Momentum After 4 Demonstrators Killed U.S. Natural Gas Jumps Amid Strong Overseas Demand for Fuel Suzuki Takes Japan Finance Reins as Election, Stimulus Loom Major bourses in Europe have adopted somewhat of a mixed picture (Euro Stoxx 50 Unch; Stoxx 600 -0.2%), following on from the broad-based downbeat cash open seen as Europe picked up the baton from APAC. US equity futures see modest losses across the board but have again drifted off worst levels. Nonetheless, the NQ (-0.5%) remains the slight laggard vs its RTY (-0.1%), ES (-0.2%) and YM (-0.4%) counterparts. Sectors are now mixed with a slight defensive tilt, with Healthcare and Food & Beverages among the top gainers, whilst financials bear the brunt of the yield decline on Friday, with Banks at the foot of the bunch. In terms of individual movers, Morrisons (-3.8%) has accepted CD&R’s takeover offer, which has left Fortress empty-handed but has fanned speculation that the group may look towards Sainsbury’s (+5.9%), Tesco (+1.7%) or Marks & Spencer (+1.5%) as potential targets, with the former being the best suitor, according to reports. Elsewhere BT (-7%) plumbed the depths with some citing reports that Sky is to partner with Virgin Media-O2 in a move set to intensify the challenge to BT’s infrastructure builder Openreach. Top European News U.K.’s Fuel Crisis Has at Least a Week to Run as Army Steps In Adler Group Weighs Asset Sales to Cut Debt After Multiple Bids Amazon Rival Noon to Raise $2 Billion From Backers Including PIF Romanian Billionaire Petrescu Dies in Plane Crash Near Milan In FX, the broader Dollar and index remain caged to a tight range, with the latter within a narrow 93.900-94.104 band after last week printing a new YTD peak at 94.504. The Dollar remains on standby as risk events are abundant this coming week, including deliberations on Capitol Hill and Friday’s NFP. In terms of the developments in Washington, congressional leaders set a new unofficial month-end deadline to pass the infrastructure bill, and USD 3.5tln spending package, and House progressives were reported to offer to reduce spending to save the bill and are willing to compromise on the USD 3.5tln amount with limits but rejected moderate Democrat Senator Manchin’s USD 1.5tln offer. Over to the Fed and a story to keep on the radar - Fed’s Clarida (seen as the nucleus of the Fed) reportedly shifted out of a bond fund into a stock fund last year, which occurred a day prior to Fed Chair Powell issuing a statement of potential policy action due to the pandemic. A spokesperson passed this off as “pre-planned” balancing, but a similar situation led to the early resignation of Kaplan and Rosengren. Elsewhere, USTR Tai is to today unveil the China trade policy following a top-to-bottom review of the Trump admin’s tariffs and other measures. The pre-release noted that the US would begin a process to exempt certain products from tariffs on Chinese imports, with the US also seeking a meeting on Phase 1. That being said, officials noted that all tools remain on the table when asked about further tariffs. Net-net, the release was constructive and, as such, provided tailwinds to the CNH, whereby USD/CNH dipped from 6.4560 to a low of 6.4385. AUD, NZD, CAD - The non-US Dollars somewhat vary with the Loonie attached to price action in the oil complex heading into the OPEC+ meeting later today. The NZD outperforms in the G10 bunch, with the AUD on the other side of the spectrum in what is a busy central bank week for the antipodeans. The AUD/NZD cross will likely take some focus as the RBNZ is poised to hike its OCR, whilst the RBA is seen holding policy steady. AUD/NZD has made its way back towards 1.4050 from its 1.0485 overnight high. NZD/USD meanders around 0.6950 (0.6927-53 range) whilst AUD/USD hovers around the 0.7250 mark (where AUD 1bln of OpEx resides), with the 21 DMA at 0.7295 and the 50 at 0.7311. EUR, GBP - Both European majors trade relatively flat in the European morning, but Brexit rhetoric has ramped up with UK Brexit Minister Frost warning the EU that the UK is prepared to trigger Article 16 unless the EU agrees to replace the Northern Ireland Protocol. There were separate reports that ministers will be given a deadline of the end of next month to decide on whether to suspend the Northern Ireland Brexit deal unilaterally, and senior sources warned that unless the EU was prepared to engage in a “serious negotiation” during the coming weeks, the government would have no choice but to suspend the deal by December. EUR/GBP topped its 100 and 21 DMAs (both at 0.8566) after finding a floor at its 100 DMA (0.8546). EUR/USD is back above 1.1600 (vs 1.1588 base) with EUR 1bln options expiring at the figure. GBP/USD hovers mid-range between 1.3534-77. In commodities, WTI and Brent front-month futures have clambered off worst levels but remain tentative ahead of the OPEC+ confab later today (full preview in the Newsquawk Research Suite). In terms of the long and short of it, markets expect OPEC+ to stick to its plan of raising monthly oil output by +400k BPD; albeit, some look for a larger-than-planned hike. Oil journalists have said this morning that despite the noise surrounding a greater-than-planned hike, ministers expect the current plan to be maintained, although drama in the meeting cannot be omitted. Upside during the European session coincided with headlines suggesting “OPEC+ is seen keeping output policy unchanged”, citing sources, although this was poorly phrased as it incorrectly intimates production being unchanged as opposed to plans for the 400k BPD hike being unchanged. Other things to be aware of aside from OPEC, BioNTech CEO expects the virus to likely mutate and that a new vaccine formulation could be required by the middle of next year, according to the FT, whilst the Gulf of Oman has seen cyclone Shaheen hit the area, although exports are not expected to be impacted yet aside from a delay in loadings. WTI Nov resides just under 76/bbl (75.30-76.20 range) whilst Brent Dec hovers sub USD 79.50/bbl (78.75-79.50/bbl range.) Elsewhere, spot gold and silver have been drifting lower in tandem with the rise in yields seen throughout the morning, with the former briefly dipping under USD 1,750/oz whilst spot silver fell under USD 22.40/oz. Turning to base metals, LME copper posts modest gains and remains north of USD 9,000/t, with some dip-buying being cited. US Event Calendar 10am: Aug. Cap Goods Ship Nondef Ex Air, prior 0.7% 10am: Aug. Cap Goods Orders Nondef Ex Air, prior 0.5% 10am: Aug. -Less Transportation, prior 0.2% 10am: Aug. Factory Orders Ex Trans, est. 0.4%, prior 0.8% 10am: Aug. Factory Orders, est. 1.0%, prior 0.4% 10am: Aug. Durable Goods Orders, est. 1.8%, prior 1.8% 10am: Fed’s Bullard Takes Part in Panel Discussion on the Economy DB's Jim Reid concludes the overnight wrap It’s certainly an odd financial world at the moment. The negatives are obvious and revolve mostly around delta, weaker than expected growth, the energy crisis, ever higher inflation and tighter central bank policy. The positives are that the base effects with numerous lockdowns imposed in Q4 2020 to at least the start of Q3 2021 mean that it won’t be that difficult for growth to still be numerically healthy for a few more quarters. So once the disappointment of growth not being as high as was hoped at this stage fades we should still be left with decent growth. Famous last words but covid should play less and less part in our lives over the year ahead as vaccines and better treatments (eg Merck antiviral pill news on Friday) become more and more widespread. In addition, stimulus and excess savings remain high and financial conditions are still very loose. While regular readers will know I’ve long been beating the drum on higher inflation and will continue to do so, I’m not convinced that growth is rolling over enough for stagflation to be the best description of the outlook for the next 12 months. However I suppose much depends on how you define it. Whilst on the topic of the energy crisis, the world is full of pictures of the UK population queuing for petrol because of a perceived shortage of HGV drivers. We’ll never know if there was actually a shortage that would have threatened fuel supplies as when the story broke 10 days ago panic set in and we had a fuel run (not as shocking as a bank run but formed from the same cloth) as the population desperately tried to refuel. My wife decided to hold out thinking the situation would resolve itself. However by Saturday night we had 10 miles left in the tank and during the day she had passed 6-7 petrol stations with either no fuel or huge queues. As we were putting the kids to bed she announced that she was getting desperate and stressed about it and was going to go out now as she was worried she wouldn’t be able to take the kids to school this week if she didn’t go out to the local area to try to find petrol. I said she was crazy to go at peak time (partly as I didn’t want to put the kids to bed alone - tough on crutches) and urged her to go very early Sunday morning instead. She ignored me and ventured out on what I thought was a suicide mission. 20 minutes later she was back with a full tank! I’ve no idea how and I won’t ask! I apologised! Outside of all the ongoing energy and stagflation chatter, all roads this week point to payrolls Friday as unless there is a marked deterioration across the whole sweep of labour market indicators within the report, this will likely be the catalyst to cement the November taper barring an exogenous or market shock. Investors will also be increasingly focused on the US debt ceiling deadline, whilst Congress simultaneously grapples with the infrastructure bill and the reconciliation package. Elsewhere on the political scene, coalition negotiations in Germany will be important to look out for, as the parties seek to form a government after the election. Before we look ahead, markets have started the week with a risk-off tone, with Asian equities including the Hang Seng (-2.17%), Kospi (-1.62%), the Nikkei (-0.95%) all moving lower while markets in China remain closed. Stocks pared gains on the news that Evergrande’s trading had been suspended in Hong Kong, with a filing from the Hong Kong Stock Exchange saying that this was “pending the release by the Company of an announcement containing inside information about a major transaction.” Meanwhile Bloomberg reported earlier that Evergrande had guaranteed a dollar note worth $260m with an official due date of Oct 3 by Jumbo Fortune Enterprises, making the effective due date today since maturity was on a Sunday. Elsewhere in Asia, NHK reported that Japan’s incoming Prime Minister, Fumio Kishida, planned to hold a general election on October 31, and looking forward, US equity futures are also pointing lower, with those on the S&P 500 down -0.32%. Looking ahead, the US jobs report will be one of the main macro highlights this week, and follows last month’s release that strongly underwhelmed expectations, with nonfarm payrolls growth of just +235k in August being the slowest since January. So another poor release would not be welcome news even if it did reflect labour shortages. In terms of what to expect this time around, our US economists are forecasting a pickup in September, with nonfarm payrolls growing by +400k, and the unemployment rate ticking down to a post-pandemic low of 5.1%. Remember in the weak report last month, yields rose on the day as markets focused on the wage increases rather than the poor headline number. As we said at the time the bond reaction to last month’s report probably helped signal the end of the extreme positive technicals and short positioning in treasuries. Over the summer strong inflation and decent data couldn’t help treasuries sell off, indicating bullet proof technicals but the period around last month’s release seemed to turn the tide the other way a bit. The other important data release this week will be the global services and composite PMIs out tomorrow, which will give an indication of how the economy has fared into the end of Q3. That said, the flash readings we’ve already had have indicated slowing growth momentum across the major economies, so it will be interesting to see where things progress from here. Turning to the US, negotiations in Congress will be in focus as legislators face the debt ceiling deadline this month (expected to be breached around October 18th according to Treasury Secretary Yellen last week), just as the Democrats are also seeking to pass a $550bn bipartisan infrastructure bill and a reconciliation package. On Saturday, Speaker Pelosi seemed to suggest that the new deadline was October 31st for the bipartisan bill which highlights how much difference there still is between the progressives and moderates on the reconciliation package. Will they eventually find a compromise for a lower amount than the original $3.5tn (maybe around $2tn) that makes nether side happy but gets the legislation through? Staying on the political scene, there’ll also be a focus on coalition negotiations in Germany, where exploratory talks have now begun between the parties. The Greens and the liberal FDP will be key to forming a majority in the new Bundestag, with 210 seats between them, as both the centre-left SPD and the conservative CDU/CSU bloc still hope to lead the next coalition. Initial exploratory talks began with the SPD yesterday, and the FDP have also spoken to the CDU/CSU, with the Greens set to follow tomorrow. On the central bank side it’s a quieter week ahead, with the two G20 policy decisions expected from the Reserve Bank of Australia (tomorrow) and the Reserve Bank of India (Friday). In Australia, our economist is expecting no change in policy and a reaffirmation of their dovish policy outlook. And in India, our economist also expects the MPC to keep all key policy rates unchanged, with our base case remaining for a reverse repo rate liftoff starting from December. The day-by-day calendar is at the end as usual. Back to last week, and global equity markets slid for the third week out of the last four as the S&P 500 fell -2.21%, with a +1.15% increase on Friday not stopping the index from having its worst week since the end of February. The losses were primarily led by growth and technology stocks as the NASDAQ declined -3.20% on the week, while cyclicals such as banks (+1.92%) and energy (+5.78%) stocks outperformed. European equities similarly fell back, as the STOXX 600 ended the week -2.24% lower after Friday’s -0.42% loss came prior to a late US rally. Global sovereign bonds sold off for a sixth straight week, though most of that selling came in the first two days as the global risk-off tone caused investors to search for havens. US 10yr Treasury yields still ended the week up +1.1bps, despite Friday’s -2.6bp decline. Bond yields in Europe moved higher as well, with those on 10yr bunds increasing +0.4bps, to trade at their highest levels since early-July. And 10yr yields on French OATs (+1.2bps) and Italians BTPs (+3.1bps) also rose further. UK gilts underperformed them all with yields increasing +7.7bps. The major driver of the move in global yields was rising inflation expectations with US 10yr breakevens increasing +4.5bps, while 10yr bund and breakevens rose +9.3bps to reach their highest level since 2013 and gilt breakevens (+3.5bps) rose to their highest level since 2008 even though they were much higher mid-week. The US September ISM manufacturing survey rose to 61.1 from 59.9 in the prior month even as supply bottlenecks intensified. This along with strong demand readings from businesses and consumers have led to higher prices which are mostly being passed onto consumers. This was seen in the PCE deflator data from Friday which showed prices rose 4.3% (4.2% expected) y/y with the core reading increasing 3.6% (3.5% expected) y/y. The University of Michigan survey showed respondents’ inflation expectations in a year dropped slightly from the initial reading 4.6% (4.7% initial , 4.8% exp), which was in-line with last month. 5-10yr expectations remain elevated at 3.0%. Overall the sentiment reading of 72.8 (71.0 prior) was better than the initial survey but still was the fifth worst reading in a decade, with only last month and the early months of the pandemic having been lower. Separately, Euro-area inflation reached its highest level since September 2008 on Friday as the headline September CPI print registered at 3.4% y/y (3.3% expected) in September, fuelled by the cost of energy and travel. Meanwhile, in Europe the manufacturing PMI readings were largely in-line with the preliminary readings with the Euro Area print sitting at 58.6 (58.7 prior) with Germany (58.4) and France (55.0) both just under their prior readings. Tyler Durden Mon, 10/04/2021 - 07:55.....»»

Another stimulus check may never come, and one reason for this is the lack of consensus among lawmakers. However, going forward, the process to get approval for stimulus checks could get relatively easier. It is possible that President Biden could make future coronavirus stimulus checks automatic, meaning it wouldn’t require voting for approval. Q2 2021 […] Another stimulus check may never come, and one reason for this is the lack of consensus among lawmakers. However, going forward, the process to get approval for stimulus checks could get relatively easier. It is possible that President Biden could make future coronavirus stimulus checks automatic, meaning it wouldn’t require voting for approval. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2021 hedge fund letters, conferences and more Making Coronavirus Stimulus Checks Automatic: What It Means? Congress approved the first stimulus checks last year in March. However, the lawmakers took more than eight months to approve the second stimulus checks. Even for the third round of stimulus checks, the Democrats had to use the reconciliation process to approve the American Rescue Plan. If Democrats hadn’t used that process, it would have been almost impossible to approve the third round of stimulus checks. This is something that many don’t want to happen again, and thus, they are requesting that Biden make stimulus checks dependent on the needs of the country. This means the stimulus checks would kick in automatically if certain economic parameters were to trigger. For instance, stimulus checks would start going out if the unemployment rate drops below a certain limit, and stop once the rate goes above that level. Those in support of the idea argue that such a feature would assure families that they would get continued support to pay their basic bills in case of a pandemic. Who All Supports The Idea Of Automatic Stabilizers? A few months back, 26 Democrats sent a letter to the White House requesting them to make future payments automatic. Since then, many more Congress members have come up in support of this feature, called “automatic stabilizers.” One such letter came from Congressman Andrew Gomez, who stressed the importance of making future payments automatic. “Tying recurring direct cash payments and federal unemployment benefits to the country’s economic conditions not only makes sense, but it also shows the American people that their government is prepared to help them in the event of another economic catastrophe,” Gomez said in the letter. In May, the Economic Security Project talked about automatic stabilizers with 50 staff members from the Senate Finance Committee. Moreover, the organization also had a talk with the Biden administration, and was hoping that the president would include it either in the American Families Plan or the American Jobs Plan. President Biden, however, is yet to address the calls for making future stimulus checks automatic. In fact, Biden hasn’t even talked about giving another stimulus check. Rather, the White House and Democrats are focusing on another kind of stimulus payments, the temporary expansion of the child tax credit. Moreover, the Congressional Budget Office also doesn’t seem to favor the idea of automatic stabilizers. As per the reports, the Congressional Budget Office, which scores legislative proposals depending on how they impact the federal budget, believes that such stabilizer payments would have an enormous cost. Updated on Sep 22, 2021, 9:26 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

TikTok CEO Shou Chew’s testimony gave critics more fuel to insist the app be banned in the U.S. TikTok Chief Executive Shou Chew’s appearance in Congress on Thursday did little to calm the bipartisan fury directed at the viral video-sharing service. If anything, his more than four hours of testimony gave critics more fuel to insist the app be banned in the U.S. “We came here hoping to hear some action that would alleviate our concerns,” said Representative Lisa Blunt Rochester, a Delaware Democrat. “I’ve not been reassured by anything you’ve said so far. I think quite frankly your testimony has raised more questions for me than answers.” Chew faced hostile questioning from members of both parties — who often cut off his attempts to answer — in his appearance before the House Energy and Commerce Committee. The testimony comes as lawmakers and the Biden administration are exploring how to force TikTok’s Chinese parent company, ByteDance Ltd., to sell its shares of the unit or block it in the U.S. [time-brightcove not-tgx=”true”] Chew said TikTok is independent of its Beijing-based owner and the platform’s headquarters are in Singapore and Los Angeles. “The bottom line is this is American data on American soil by an American company overseen by American personnel,” Chew said. He could not unequivocally say that no ByteDance employees have access to that data, saying rather that he’s “seen no evidence” of that happening. Ohio Representative Bob Latta asked Chew “yes or no,” do Chinese employees including engineers have access to U.S. user data? Chew’s response – “this is a complex subject” – drew incredulous chuckles in the room. Chew answered other yes or no questions with incomplete denials. “That’s not how we see it,” he said when asked whether TikTok is a Chinese company. “I’ve seen no evidence,” he said when asked whether ByteDance employees access US user data. When asked by Representative Neal Dunn of Florida whether China can use TikTok to spy on Americans, Chew replied, “no.” When confronted with a Forbes article regarding ByteDance employees accessing the data of U.S. journalists, Chew said “I don’t think that spying is the right way to describe it” — again drawing murmurs of disbelief from the crowd. Chew was repeatedly reminded that he was under oath, echoing the prevailing sentiment on Capitol Hill this week that any statement from TikTok or ByteDance is not to be trusted. Chinese Foreign Ministry spokeswoman Mao Ning said her nation had “never asked and will never ask any company or individual to collect or provide data, information or intelligence data located in other states through means that are in violation of local laws.” The U.S. has not provided evidence that TikTok threatens national security, she said at the regular press briefing in Beijing, and called on the U.S. to “stop suppressing foreign companies.” The hearing took a dark turn when Florida Republican Michael Bilirakis played a compilation of TikTok videos about suicide accompanied by ominous music. Michelle and Dean Nasca, whose 16-year old son died by suicide after using TikTok, were present at the hearing. The couple is suing ByteDance, alleging that TikTok sent their son more than 1,000 videos related to suicide, hopelessness and self-harm. Chew told the lawmakers that TikTok takes the mental health of its users very seriously and refers people asking about suicide or death it to the platform’s safety page. “We aren’t buying it,” Cathy McMorris Rodgers, the committee’s chair and a Washington Republican, said of TikTok’s arguments of why the service is safe. Rodgers said the app’s wide popularity — used by 150 million Americans — is precisely why it poses such a threat. The room was overflowing with TikTokers who credit the app with giving them a voice or growing their small business. But the lawmakers weren’t assuaged, firing rapid-fire questions to Chew. “Congressman, you’re giving me no time to answer the questions, I reject the characterizations,” Chew said after an exchange with Representative Neal Dunn, a Florida Republican. Chew said the TikTok algorithm drives a great experience for many users, citing content about science and books. “Yes, there are some bad actors who come in and post violative content, and it’s our job to remove that,” Chew said. “But the overwhelming experience is a positive one for our community.” The centerpiece of Chew’s offering to quell concerns about Chinese influence — a $1.5 billion investment in U.S.-based data security measures — has already been rejected by U.S. government officials. Chew, in his prepared remarks, said “conversations with the government are ongoing,” and TikTok’s effort to isolate and protect U.S. user data “has continued unabated.” Moody’s released a statement during the hearing about how a ban would impact the share price of other U.S. social media companies. Even the famously secretive Committee on Foreign Investment in the U.S. — which hasn’t even confirmed that it is reviewing TikTok — released a statement with a general warning about data security. Chew compared the steps TikTok is taking — to protect both data security and the safety of young users — to the practices of other big tech companies. He described the measures TikTok takes to verify the age of its users and enforce restrictions for children and teens as industry-leading. “It’s not a fair fight, the algorithms are on one side of the screen and human brains are on the other side of the screen,” Maryland Democrat John Sarbanes said, emphasizing that young brains are still not fully developed and are no match for TikTok’s technology. Florida’s Darren Soto, a Democrat, said “the genie is really out of the bottle” with so many Americans already on TikTok. He extended his concern to other U.S. social media companies and said it’s up to this committee to set stricter rules for the whole industry. Indiana Republican Greg Pence said “This is the 32nd hearing we’ve held about privacy and Big Tech,” pence said, pounding the desk. Pointing his finger at Chew and raising his voice, he asked how much profit TikTok makes from the data collected from his children, grandchildren and neighbors. “I respect and understand your opinion,” Chew said quietly, insisting that most people on TikTok have a positive experience. — With assistance from Philip Glamann......»»