It won’t be a surprise if one or more video cameras in the upcoming debate will peek to see if billionaire and former New York City Mayor Mike Bloomberg is standing on a box on stage or not. President Donald J. Trump has planted that image of 5’4” “Mini Mike” standing on a box, due to his height. Height in no laughing matter, or at least it isn’t for many of those of us who are not tall. But our featured focus tonight isn’t on soapboxes as much as it is on relevant commentary on plans being released by the Bloomberg campaign. Check that out in that section of our report tonight, further below our headline bullets and other standard fare.
Periodic readers of this business-nightly feature should note there are new tweaks to some of the standard portions of our evening market/investing report. Read carefully as some changes of the ‘standard text’ that follows before our left-right headlines and also in other features near the end of tonight’s reports.
Every evening our headlines that follow provide snapshots from two major media outlets on each side of the left-right news spectrum that reflect topics that influence or move investor sentiment. In moments on this business evening report, you can get ‘insights-at-a-glance.’
This report also sets the broader context for manufactured housing markets, in keeping with our mantra, “News through the lens of manufactured homes and factory-built housing” ©.
We begin with headlines left-of-center CNN followed by right-of-center Fox Business. We share closing tickers and other related data courtesy of Yahoo Finance, and more. 5 to 10 minutes reading this MHProNews market report every business night could save you 30 minutes to an hour of similar reading or fact-gathering elsewhere.
Perhaps more important, you will get insights about the industry from experts that care, but also dare to challenge the routine narrative that arguably keeps manufactured housing underperforming during an affordable housing crisis.
Headlines from left-of-center CNN Business
- Virgin Galactic soars
- Shares in Richard Branson’s company have skyrocketed more than 200% already this year
- HSBC plans to cut 35,000 jobs as profit drops 33%
- Kickstarter workers vote to unionize in milestone moment for tech
- Colorado sold a record $1.75 billion of cannabis last year
- Trump pardons junk bond king Michael Milken
- Mike Bloomberg might not be Wall Street’s BFF after all
- China is destroying cash to contain the coronavirus
- Walmart’s holiday season ‘wasn’t as good as expected’
- Investors think Blue Apron is toast
- These apps are changing the way we talk about money
- Kenan Thompson will host the White House Correspondents’ Dinner with special guest Hasan Minhaj
- Behind that teenage TikTok star, there’s probably a very confused parent
- Why investors shouldn’t freak out just yet about coronavirus
- Bill Gates bought an electric Porsche. Elon Musk isn’t impressed
- GM is killing off an iconic 160-year-old brand
- Dairy farmers agree to buy ‘substantial’ part of Dean Foods
- Americans aren’t drinking milk like they used to
- How the dairy industry plans to save milk
- Another major milk producers files for bankruptcy
- America’s largest milk producer files for bankruptcy
- RETAIL APOCALYPSE
- Pier 1 files for bankruptcy and will try to find a buyer
- Macy’s just dealt a big blow to the struggling mall
- Macy’s will close 125 stores in the next three years
- Forever 21 enters deal to sell for $81 million
- Papyrus, another mall staple, is closing all its stores
Headlines from right-of-center Fox Business
- Bloomberg prepared to sell media empire for billions on 2020 win
- Billionaire businessman and former New York City Mayor Michael Bloomberg – who is among the 2020 contenders – is prepared to divest his company if he wins the White House.
- Bloomberg in video: Black, Latino men ‘don’t know how to behave in workplace’
- Bloomberg rolls out pricey proposal for tuition-free college, debt forgiveness
- Nike’s new CEO shuffles execs with new CFO, COO
- Macy’s cut to junk as turnaround plan sparks concerns
- Why Nike’s self-lacing shoes aren’t selling as quickly as last year’s model
- Michael Milken responds to Trump’s pardon: Read statement here
- Trump commutes Blagojevich sentence, pardons former NYPD Commissioner Kerik
- Trump pardons former San Francisco 49ers owner, NFL greats cheer
- EXCLUSIVE: American who survived Ebola talks coronavirus, US quarantine facility
- Coronavirus kills hospital director despite ‘all-out’ efforts to save him
- Here’s where your money goes if you don’t have a will
- Astros ticket holder sues team for raising prices amid cheating scheme
- Jeff Bezos reportedly pays $90M for second Los Angeles property
- Warren Buffett’s top 5 biggest stock picks for 2020
- Oracle employees protest Trump fundraiser hosted by CEO
- Sue your robocallers, phone scammers with this new app
- These strategies will help you find cheap flights
- IRS sues Facebook for $9 billion, says company offshored profits to Ireland
- America’s top 10 highest-paying jobs are all in the same field
- Surprising reason why Chick-fil-A keeps stores closed on Sunday
- NASCAR stars apologize after devastating Daytona 500 crash
- Noted economist: Why the economy is much better under Trump than Obama
- Here’s how much truck drivers get paid
- Could Joe Burrow snub the Bengals after NFL Draft?
- ‘I DO HAVE LEVERAGE’
- Could Joe Burrow snub the Bengals after NFL Draft?
- Meghan and Harry banned by Queen from using ‘Sussex Royal’ branding
- How malls are turning to an unusual source to fight the retail apocalypse
- Nissan shareholder proposes $13M bounty for Ghosn’s return to Japan
- Who are the richest MLB team owners
- The reason older generations are happier than millennials
- Court reverses trooper firing over lost headgear
- Where does Jeff Bezos live?
- Calculate your net worth with these 3 easy steps
- Reddit’s Alexis Ohanian banks on pet wellness industry boon
- Kickstarter employees become first at tech company to fully unionize
- Disney World’s ‘Cinderella Castle’ getting even more magical
- Jet-setting fashionista will personally shop for you
- How companies can make their customers more loyal
- Facebook ordered to unblock Israeli spy group workers tied to cyber attacks
- Wendy’s savagely trolls Burger King french fries sandwich
- Huawei accuses U.S. of overlooking HSBC misconduct with Iran
- Warriors television ratings plunged amid NBA viewership downturn: Report
- Wendy’s to pay $400K to resolve child labor law allegations
- Steve Madden slams rival CEO for design-copying allegations in expletive-laced rant
- Bloomberg has barbs at the ready for his first 2020 debate
- Elton John cancels shows after dramatic mid-performance breakdown
- Johnson & Johnson working with US government to find coronavirus treatment
- DNA kits may share personal data after death
- New York’s taxes are driving out thousands, but Millennials keep moving in
- Weinstein’s legal team barred from giving media interviews after controversial op-ed
- US clergy members say their jobs are stressful: ‘We need help, too’
- What is ‘phishing?’
- SpaceX, partners, promise space tourism for civilians is right around the corner
- MIT to caption online videos after discrimination lawsuit
- SEE IT: Kobe, Gigi Bryant-inspired Lamborghini rolls on the market for hefty price
10 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus – Where Business, Politics and Investing Can Meet
It goes without saying that since there are no perfect people, there are no perfect candidates either. So the standard to measure any candidate of any political belief ought to be their track record, consistency, and the potential effects of their stated policies.
Per Lauren Hirsch at CNBC:
- Presidential candidate Mike Bloomberg on Tuesday rolled out his plan to rein in Wall Street.
- Bloomberg’s plan would bolster many of the reforms either put in place or strengthened as part of the 2010 Dodd-Frank Act in response to the Great Recession, a financial crisis that some blamed on Wall Street banks.
- His proposals include toughening the Volcker rule, merging Fannie Mae and Freddie Mac, and strengthening the Consumer Financial Protection Bureau.
The headline comment from James Pethokoukis of the American Enterprise Institute comes from the discussion in the video above. Bloomberg’s proposed Wall Street taxes would put ‘sand in gears of the financial markets’ said that AEI policy analyst. But he thinks there are even more harmful aspects to the plan that the former mayor of New York City announced.
The billionaire made a fortune on Wall Street and investing overseas in China, but the Washington Post pushed back on that saying only 1 percent of Bloomberg revenue flows from that communist nation.
Policy will be front and center tomorrow night in Las Vegas during the 2020 Democratic debates. But don’t be surprised if his spending – which is now at least $400 million in advertising for his campaign, according to Kantar Media – comes up too. Several Democratic rivals have already said that Bloomberg is trying to ‘buy the election’ on the Democratic side.
Bloomberg was mayor of New York from 2002 to 2013. That covers the period before, during and into the aftermath of the financial crisis. During that period, he pushed railed against proposals to tighten banking oversight. He said they were “shortsighted” and would “provide major advantages” to foreign competitors.
But now as presidential candidate, Bloomberg appears to be moving to the left of his own prior positions. In a statement Tuesday, “The financial system isn’t working the way it should for most Americans.”
Here are the priorities in Bloomberg’s Wall Street plan, according to a campaign press release:
- Strengthen reforms put in place following the Great Recession to regulate banks and protect consumers, including the Volcker Rule and Consumer Financial Protection Bureau.
- Restore funding to the Office of Financial Research that monitors bank riskiness.
- Enable the Department of Justice to put individuals in jail for “infractions.”
- Introduce a 0.1% financial transaction tax.
- Bloomberg would “restore and strengthen” the Consumer Financial Protection Bureau to protect consumers,” after the agency has been weakened under President Donald Trump’s administration.
Note that these points should be considered in the light of how regulations are a barrier that tends to protect larger businesses while harming smaller ones. Recall how Carol Roth aptly expressed it.
Community banks tended to vanish and the number opening in the aftermath of Dodd-Frank, as but one example of Roth’s point.
Candidates, including Senator Bernie Sanders have said jail time should be considered for CEOs. Sanders previously said he would use the powers granted the government under the federal anti-monopoly or antitrust law, such as the Sherman Antitrust Act, to prosecute executives. Lawyers, though, have debated the extent of the government’s ability to do so under the act.
Speaking of memes, the video below with some tweets and examples sheds light on that emerging part of the campaign
To those that say that Bloomberg has ‘qualified’ for the debate tomorrow night, a more accurate description – say several Democratic candidates – is that the Democratic National Committee (DNC) has changed the rules to accommodate the billionaire.
In the lead-up to his debate debut, Bloomberg also rolled out an education plan and criminal justice reform, noted CNBC.
- His education plan proposes making two-year public college tuition-free for all and debt-free for the lowest-income students.
- His criminal justice proposal “would end era of mass incarceration” and commits $22.5 billion to reducing the prison population by 50% by 2030.
- Bloomberg’s controversial “stop and frisk” police strategy has come under renewed spotlight amid his rise in the polls.
- Bloomberg also said he would introduce a 0.1% transaction tax to “raise revenue needed to address wealth inequality.” That tax comes on top of other taxes on the wealthy he has proposed as part of his $5 trillion tax plan.
Democrats have the right to pick whomever they want as their candidate. But in terms of policy analysis, some of the statements and claims made by Bloomberg and his campaign are unlikely to be enacted and if they were would not have the effect that is claimed. Razzle dazzle and head fakes are not just something that occurs in manufactured housing, as politically and economically astute professionals know. It is easy to say something which doesn’t come to pass or has a different impact than what was claimed. A case in point is the harmful impact Dodd-Frank has had on smaller financial institutions; it was the opposite of making too big to fail a thing of the past. More regulations led to consolidations and closures.
It is actual outcomes that matter, not empty promises. On a humorous note, waiting for a meme, former President Barack Obama has paid President Donald J. Trump quite a compliment yesterday. He did so by claiming the effects of the Trump economy for himself. Unfortunately for the 44th president, there are too many video clips of him saying that manufacturing isn’t coming back and that candidate Trump didn’t have a magic wand to make that or better trade deals happen.
History, facts and objectivity are necessary in an era of spin and agenda-driven claims.
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).
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