In the current economic circumstances, there are some pretty large numbers being thrown around by both governments and the financial media.
The U.S. budget deficit this year, for example, is projected to hit $3.8 trillion, which would be more than double the previous record set during the financial crisis ($1.41 trillion in FY2009). Meanwhile, the Fed has announced “open-ended” asset-buying programs to support the economy, which will add even more to its current $7 trillion balance sheet.
People recovering from COVID-19 may suffer significant brain function impacts, with the worst cases of the infection linked to mental decline equivalent to the brain aging by 10 years, researchers warned on Tuesday.
A non-peer-reviewed study of more than 84,000 people, led by Adam Hampshire, a doctor at Imperial College London, found that in some severe cases, coronavirus infection is linked to substantial cognitive deficits for months.
Many Americans are clinging to the idea that if Joe Biden wins the presidential election, calm can return to a nation riven by protests and rattled by President Donald Trump’s authoritarian rhetoric.
Not so fast, caution two academics who claim they have devised a measure of political instability that shows that the nation will still be a powder keg that is waiting to blow, even if a Biden landslide means that Trump has little choice but to step aside.
The former vice president has proposed to use a Democratic sweep to raise the top tax rate on capital gains and dividend income to 43% from 24%. Goldman estimates America’s wealthiest households are sitting on about $1 trillion of unrealized gains.
“History shows stock prices fall, equity allocations decline, and momentum underperforms ahead of increases in the capital gains rate,” wrote a team led by David Kostin, chief U.S. equity strategist at Goldman Sachs. “Any potential selling will be short-lived and reversed in subsequent quarters.”
The health-care industry is grappling with a slow-paced recovery from the early days of the coronavirus pandemic, as many people continue to avoid doctors’ offices and a new surge in infections spreads across the U.S.
For drugmakers, the pandemic has squeezed demand for everything from childhood vaccines to smoking-cessation drugs and diabetes treatments. When the virus took root in the U.S. this spring, many doctors and patients put off routine and elective care, leading to fewer prescriptions for a range of medicines. Sales also slumped for drugs used to treat cancer or in surgeries.
Inspire Brands Inc. hasn’t been around for long, but it’s already making its mark on the restaurant industry.
Adding to a string of acquisitions, the private equity-backed company is poised to sign the sector’s second-largest deal ever as it plans a blockbuster takeover of Dunkin’ Brands Group Inc. The potential purchase could be valued at almost $12 billion including debt, trailing only the $12.1 billion merger of Burger King and Tim Hortons in 2014, according to data compiled by Bloomberg.
LOS ANGELES (AP) — Crews tried to beat back two out-of-control wildfires in Southern California on Tuesday that have kept tens of thousands of people out of their homes even as another round of dangerous fire weather raises the risk for flames erupting across the state.
Fierce winds that drove twin fires through brushy hills near cities in Orange County a day earlier were expected to pick back up, although not to the earlier extremes, according to the National Weather Service.
Years from now, when we savor wines from the 2020 vintage, what will we remember of the history captured in those bottles? A pandemic, to be sure. Social distancing, face coverings as political fashion statements in a weirdly contentious election season. The wines may carry memories of lost friends and loved ones, perhaps with a taste of PTSD on the finish.
Those wines will have been shaped by weather as tumultuous as our year has been. A mild winter led to devastating spring frosts. A hyperactive hurricane season brought heavy rains just before harvest in the eastern United States, while record-setting summer heat fueled extreme wildfires at harvest in the West.
Over four years in office, the Trump administration has dismantled major climate policies and rolled back many more rules governing clean air, water, wildlife and toxic chemicals.
While other administrations have emphasized cutting regulations, calling them burdensome to industries like coal, oil and gas, the scope of actions under Mr. Trump is “fundamentally different,” said Hana V. Vizcarra, a staff attorney at Harvard Law School’s Environmental and Energy Law Program.
Gold & Silver
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