Biden’s “Down Payment” on Stimulus
Here’s a little levity to start your Friday…
“Regarding the DoorDash IPO, I won’t touch shares of ANY company that has a class of shares with disproportionate voting rights.
“I don’t care if the company holds practical patents on nuclear fusion, a perpetual motion machine AND a method for turning ordinary rocks into gold nuggets!”
Nice… And after our report Wednesday on U.K.’s approval of Pfizer/BioNMed’s vaccine, a contributor writes…
“Have we forgotten the disastrous consequences of Thalidomide over a half century ago?
“I’m not willing to take something that has not been tested for long-term effects. (By long-term I mean more then 3-6 months.) So the U.K.’s approval does nothing to change my opinion on receiving the vaccine.
“I also wouldn’t take a rushed vaccine for a virus that kills such a small percentage of those who get it. I know COVID-19 is bad, and I am in several high-risk groups, but trading one for the other seems rash and stupid.”
We’ll share more of your opinions next week.
Send your opinions to, TheRundownFeedback@SevenFigurePublishing.com.
Your Rundown for Friday, Dec. 4, 2020…
President-elect Biden has endorsed a $908-billion bipartisan stimulus bill that he calls a “down payment” on more extensive pandemic spending.
The bill — backed by a bipartisan cohort including Sen. Mark Warner (D) of Virginia and Sen. Susan Collins (R) of Maine — “would allocate an additional $288 billion for small business aid, an additional $180 billion for unemployment benefits and $160 billion for state and local governments, among other measures,” Financial Times reports.
Notwithstanding, there are points of contention, namely Republicans are hesitant to allocate more money for supplemental federal unemployment or for what they see as “a bailout for poorly-run Democratic cities and states.”
Senate majority leader Mitch McConnell, however, says: “Compromise is within reach. We know where we agree… We need to do this.”
Biden’s take on the bill? He says it’s only a temporary fix, with more stimulus spending needed after he’s inaugurated. Biden also believes the bill is something President Trump is unlikely to back during the lame duck session.
But Treasury Secretary Steve Mnuchin says otherwise: “The president will sign the McConnell proposal he put forward [Tuesday], and we look forward to making progress on that.”
With stimulus spending on ice for six months now, we’ll see if anything comes of this bill. In the name of fiscal conservatism (a four letter word?), we’d prefer indefinite gridlock. Unlikely, we know…
Is the pandemic spending palooza just getting started?
Market Rundown for Friday, Dec. 4, 2020
S&P 500 futures are up 8 points to 3,670.
Oil’s hanging out at $45.90 for a barrel of West Texas Intermediate.
Gold’s in the green: up $4.70 to $1,845.80 per ounce.
Bitcoin’s lost 2.5% to a shade under $19,000.
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Enjoy the weekend! We’ll be back Monday.
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