What happens to Big Tech could well be a harbinger of things to come for others, such as Berkshire Hathaway – parent company for Clayton Homes, 21st Mortgage Corporation, Vanderbilt Mortgage and Finance, and others in the manufactured housing sectors – Walmart, or other giants that dominate specific sectors of the economy. That will be our featured focus further below.
But first the latest data today, along with alternative information per left-of-center CNBC, each indicate that the economy may be recovering at a faster pace than many may have thought just a few weeks ago.
Recent economic reports have given rise to the notion that the recovery might be faster than expected.
Economists are watching “high-frequency” data closely these days to see how quickly things are turning around.
“The question is whether that momentum is going to be sustained,” said Aneta Markowska, chief financial economist at Jefferies. The data should be viewed in part through the lens of the report yesterday that Federal Reserve Chairman Jerome Powell has committed to moving the economy back as swiftly as possible to full employment.
Powell also encouraged Congress to do more to achieve that same goal.
Right-of-center Fox News said tonight that unemployment applications have declined for 11 straight weeks. That tees up this video from CNBC today.
“My big picture has been more in the slower camp for sure. I think it’s going to be about two years before we get back to pre-Covid levels of activity,” said Aneta Markowska, chief financial economist at Jefferies. “But if you look at retail sales, it looks like the beginning of a ‘V.’ The question is whether that momentum is going to be sustained.”
According to CNBC, Markowska has tracked a range of high-frequency data and compared it with 2019 levels to gauge current performance. Those metrics included foot traffic at consumer discretionary stores, roadway congestion, job postings, employee hours at small businesses, web traffic for job posting sites, domestic flights, and restaurant bookings.
In the big picture, she’s found that activity is back to 51% of the 2019 level, up from the low point of 33% in April. Last week showed substantial increases in flights (35% from 30% the week before) and restaurant bookings (35% vs. 24%). Unemployment web searches are declining, which would be a positive sign for payrolls but job postings at the same time have leveled out. Foot traffic in stores is the closest to normal, at 67%.
That data makes a useful segue to the second part of our report this evening. That would be the insights from a former Facebook vice president, who believes that big tech ‘will’ be broken up. The only debate in his mind is how quickly that will occur. That featured focus will be following our evening left-right headline, quotable quotes, and two of the three market summary recap graphics.
Quotes That Shed Light – American Social, Industry, National Issues…
Headlines from left-of-center CNN Business
- $190 oil sounds crazy
- McKittrick, California, April 29, 2020: There are over 1,100 producing oil wells in the McKittrick oil field, just north of the town of McKittrick on Cal. State Route 33. With the falling price of oil, some pumpjacks that need repair are being left idle.
- But JPMorgan thinks crude could skyrocket, even after the pandemic
- GM closed its Lordstown plant. Now, Ohio wants its $60M tax break back
- Hertz pulls plug on questionable stock sale
- Transatlantic trade fight looms as US blows up talks on taxing big tech
- Exhausted crews stranded because of covid want off cargo ships now
- The economy may be turning, but jobless claims are still in the millions
- Google Chrome users may have been impacted by a massive spying campaign, report says
- Costco, Target and other stores relax coronavirus safety policies
- DoorDash is now valued at nearly $16 billion
- The pandemic won’t fix the climate. This $3 trillion recovery plan could
- Want to help out a black-owned business? Here’s how
- More companies are giving employees the day off to celebrate Juneteenth
- Evictions and foreclosures are on pause for another two months
- Facebook takes down Trump ads ‘for violating our policy against organized hate’
- Ford’s electric Mustang will offer hands-free driving technology
- NEW YORK, NY – NOVEMBER 04: A person passes a McDonald’s restaurant in Times Square following the firing of their CEO, Steve Easterbrook on November 4, 2019 in New York City. Easterbrook stated “This was a mistake” after he engaged in a consensual relationship with an employee that violated company policy.
- McDonald’s is hiring 260,000 people this summer
- THE GROWING POD-IFY EMPIRE
- US media personality Kim Kardashian West attends the WSJ Magazine 2019 Innovator Awards at MOMA on November 6, 2019 in New York City.
- Kim Kardashian West and Spotify strike exclusive podcasting deal
- Spotify is staking its future on podcasts
- Joe Rogan’s podcast is moving to Spotify
- Spotify buys Bill Simmons’ podcast empire
- For Spotify, music might not be the key to success
- BRANDS RESPOND TO RACISM
- Bottles of PepsiCo Inc. Aunt Jemima syrup are displayed for sale at a ShopRite Holdings Ltd. grocery store in Stratford, Connecticut, U.S., on Wednesday, Aug. 3, 2011. PepsiCo Inc. reported growth for the second quarter of 2011 partly due to the acquisition of Wimm-Bill-Dann, the leading dairy and juice company in Russia.
- Aunt Jemima brand, acknowledging its racist past, will be retired
- Cream of Wheat is reviewing its black mascot
- Uncle Ben’s phasing out racial stereotypes in logo
- Nike joins companies making Juneteenth a holiday
- There are now brown and black flesh-toned Band-Aids
Headlines from right-of-center Fox Business
- Facebook removes Trump ads for ‘organized hate’ violation
- Facebook Inc. said on Thursday it took down posts and ads run by the re-election campaign of U.S. President Donald Trump for violating its policy against organized hate.
- Facebook, Google defend Section 230 legal liability protection under pressure from Congress
- US economy recovering from coronavirus lockdowns ‘very rapidly’: Art Laffer
- Nasdaq notches 5th straight gain, Amazon hits record
- Las Vegas Bellagio casino worker tests positive for coronavirus
- Coronavirus has Lori Loughlin ‘scared to death’ of prison: Report
- As we reopen from lockdowns, help retail workers by doing this
- Which countries hold the most US debt?
- LOCKED AND LOADED
- Gun permits surged during coronavirus in liberal-leaning states: Report
- DRIVING THE ECONOMY
- ‘Brutally tough’ insurance rates hammering trucking companies
- NOTHING TO SING ABOUT
- Nashville approves ‘painful’ property tax hike
- GETTING YOUR PROTEIN FIX
- Chicken, beef companies face price fixing probe as they say coronavirus limits supply
- HIDDEN COST
- Why 50% of seniors don’t keep their Social Security benefits
- SHOW OF FORCE
- Artists may not be happy to hear cash-strapped concert giant’s new policies
- HIGH FASHION, HIGH CRIMES
- Amazon, Valentino partner for counterfeit lawsuit
- BARE FACES WON’T FLY
- United Airlines passengers who don’t use face covering could be banned from flights
- STRIKING OUT
- MLB players propose 70-game season in counteroffer to owners
- NO WHEEL DRIVE
- Jeep recalls vehicles to fix problem that can cause sudden power loss
- CHECKING OUT
- REAL ESTATE
- How empty hotels could end up costing states billions
- HIGH TECH DEMAND
- REAL ESTATE
- These cities appear to be leading US housing recovery, new data shows
- LEGEND’S LEGACY
- Kobe Bryant’s widow Vanessa urges Congress to pass helicopter safety bill
- HOSPITALS FULL
- Florida coronavirus hot spot in danger of running out of critical resource
- FRET LINES
- Hundreds of Americans seek unemployment benefits at state capital
- You have less than 2 weeks to benefit from this COVID-19 relief program
- US Open will have fast coronavirus testing on site, USTA’s Lew Sherr says
- Chipotle enables ordering with Facebook Messenger thanks to new bot
- JetBlue adding 30 new routes as summer travel demand increases
- Twitter CEO makes biggest donation this high school has ever received
- These sports titans will face off for charity in series of wild competitions
- McDonald’s to hire 260,000 workers this summer
- FOOD & DRINKS
- Taco Bell responds after worker claimed he was fired over Black Lives Matter face mask
- Fed unveils new tool to detect fraud in payments
- Jean Kennedy Smith, last surviving sibling of JFK, dead at 92
- Another 1.5 million Americans filed for unemployment last week, worse than expected
- Spotify signs podcast deal with DC comics superheroes
- Massive spying on users of Google’s Chrome shows new security weakness
- Senator seeks to remove Big Tech protection, allow users to file lawsuits
- Ted Cruz calls out Google for ‘Orwellian’ moves, leveraging its ‘monopoly’ powers
- Supreme Court rules against Trump administration bid to end DACA program
- FOOD & DRINKS
- Another popular brand scrutinizing logo after racism complaints
- Kroger’s CEO says company still facing ‘uncertainty’ despite stellar sales jump
- Bolton claims Trump said reporters ‘should be executed,’ requested DOJ seek jail time
- Varney: Democrats associate with ‘lawlessness’ in Seattle’s CHOP
- FOOD & DRINKS
- McDonald’s franchisee responds after police officer feared her food was tampered with in viral video
- REAL ESTATE
- SEE INSIDE: Ariana Grande gets big discount on $13.7M Los Angeles home
9 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus –
Where Business, Politics and Investing Can Meet
According to CNBC today, the following.
• Former Facebook executive Chamath Palihapitiya told the CB Insights conference that regulators are going to come down hard on Big Tech in the next 10 years.
• Palihapitiya said Big Tech firms undermine what the regulators want — power.
• He believes regulators will tax companies like Facebook, Google, Apple, and Amazon “to death.”
Former Facebook executive Chamath Palihapitiya told the CB Insights tech conference that he believes that governments will break up the world’s largest technology companies sometime within the next decade.
The former Facebook vice president joined Mark Zuckerberg’s social media firm when it was less than a year old.
“Are they going to get broken up? Yes. Will every single government go after them? Absolutely. State, local, federal … all around the world,” Palihapitiya said, before going on to call out Facebook, Amazon, Google, and Apple. He also mentioned Microsoft, founded by Bill Gates, which he thought would likewise fall into the efforts of regulators.
“First, they’ll get taxed to death, then they’ll get trust-busted,” he told the Financial Times’ Robin Wigglesworth on a video call broadcast during the CB Insights tech conference.
Palihapitiya said he expected it to occur “Over the next 10 years, I don’t know when it’s going to happen, but regulators will get their way.”
“The reason is because these internet companies undermine what regulators want, which is power. And the more you distribute power and information to the edges, the more in the crosshairs you will be. You will not be able to stop what these regulators want to do.”
“These guys will get broken up,” said Palihapitiya. “I don’t think there’s an appetite to allow them to exist the way they are.”
MHProNews Analysis and Commentary
Antitrust is heating up in the states and federal government. MHProNews has reported that trend in recent years. While it has been slow coming, sources say that such cases are complex and take time.
This would likely, in time, come to embrace other giants. Bloomberg reported a few years ago that Berkshire Hathaway’s Warren Buffett expected such an effort. With the latest moves by Walmart and others, it seems hard to imagine – especially in an environment with high unemployment and small businesses falling and under stress that didn’t exist earlier this year, the push for antitrust may have the stars lined up.
That said, one of several things that could derail the move toward antitrust is if big-money backed former VP Joe Biden were to win election in November of 2020.
To learn more about macro-issues impacting manufactured housing, see the related reports, linked below.
Related and Recent Reports:
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our tenth anniversary and is in year 11 of publishing.
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That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.
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