Budget Cuts… to the Bone
More of your opinions on government budget cuts:
“This is practical and has a better chance of passing: Require all senators and representatives to spend 50% of their time back home in their state and 50% in D.C. so they would stay closer to their constituents!”
Another reader agrees with most recommendations with one caveat…
“These are all good ideas to cure the enormous spending except we need a strong military now more than ever.
“Let’s start with term limits, dump paid lobbyists and cut congressional pensions.”
Another readers wants to cut Congressional salaries — or per diems? — to the bone:
“Representatives should receive $6/day and senators receive $7/day stipends every day they are in session doing their jobs; no benefits.
“That way we would know who is more interested in serving his country and who just wants to stuff his pockets.”
Well, that’s one way to limit terms.
Your Rundown for Friday, Sept. 20, 2019:
The U.S. startup WeWork, that’s made its mark on the office-sharing industry, had to make an eleventh-hour decision this week to postpone its IPO.
And while SoftBank valued the company at $47 billion in January, the company’s since come back to earth (and reality) with a more modest valuation of $10-12 billion.
(How does that even work? $37 billion just disappears? Shows you how banks seem to be pulling figures out of thin air when valuing IPOs, values that certainly aren’t based on simple accounting.
And is it a conflict of interest when the bank that values the company, in this case SoftBank, is also one of WeWorks’ largest investors? Hmm.)
Come to find out, WeWork must IPO before the end of the year in order to receive a $6 billion bailout — strike that… loan — that’s being put up by 13 different banks, including JPM, Goldman Sachs, Citigroup and more. The usual suspects.
The IPO is actually written into the contract. “The assumption was that the equity values would have to come at a certain floor, in the 20s, otherwise it wouldn’t make sense… ” a source tells Reuters.
So WeWork is soldiering forward, preparing to IPO in October after *crossing their fingers* strong third-quarter performance.
Market Rundown for Fri. September 20, 2019
S&P 500 futures are up 9 points to 3,016.
Oil is up 46 cents to $58.59 for a barrel of WTI.
Gold is up $3.00 to $1,509.20 per ounce.
Bitcoin’s down $96.50 to $10,183.42.
Have a great weekend and we’ll catch up Monday. In the meantime, check out Saturday’s best-of issue…
For the Rundown,