Goldman Sachs argues that a large part of the additional fiscal incentives for an economic recovery from COVID-19 will depend on the outcome of the Georgia Senate election on Tuesday.
But also the potential for higher taxes to increase further of government spending.
« If the Democrats manage to win both Senate seats in Georgia, they would win 50 seats, which would allow Vice President-Elect [Kamala] Harris to vote the tie. That would lead to bigger fiscal incentives – we would expect around $ 600 billion more on top of the recently waived $ 900 billion – but likely also means tax hikes to fund additional spending, « said Jan Hatzius, chief economist at Goldman Sachs.
Hatzius adds, « On the latter, we would expect an evenly divided Senate to approve only a fraction of the tax increases proposed by the Biden campaign. »
On Tuesday, Republican Senator Kelly Loeffler will meet to the Democratic challenger Reverend Raphael Warnock. Senator David Purdue – whose term of office has just ended – meets the failed US House of Representatives candidate in Democrat Jon Ossoff. Turnout was strong, as most political observers argue, which has increased the odds in favor of the Democrats wrestling control of the Senate and pushing through a more progressive agenda.
In Hatzius’ view, such an agenda could raise taxes Include companies that candidate Joe Biden hit the table during the presidential election.
Without question, this shift in perceived election results in Georgia helped create a challenging first day of trading in the new year. All three major stock indices fell more than 1.2% on Monday. That was a risk in most areas of the market that were hot in 2020, including emerging startups like QuantumScape and Airbnb.
« Should the Democrats win both seats, we’d expect the S&P 500 for a downward trend in the vicinity of 6% to 10%, « Oppenheimer strategist John Stoltzfus wrote in a statement to customers.
However, some politicians claim that a democratic victory in Georgia is not the end of the world for the herd of market bulls in 2020.
« The new administration will focus on one thing: vaccines, » Brian Gardner, political chief at Stifel in Washington, told Yahoo Finance Live. “In the first six months of the year, all that matters is getting the vaccine out and getting it out effectively and extensively.”
Hey, it takes two to get a market. And maybe much more than a Senate election to derail the ingrained bull thesis about stocks.
Brian Sozzi is editor and moderator at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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The news that Haven, Amazon’s joint health company, will be liquidated next month, came as no surprise to many health professionals / p> Shares were slightly higher Tuesday morning as investors waited for the Georgia Senate runoff results and looked nervously at worsening COVID-19 trends in the US and abroad.
The two runoffs in Georgia, who will determine control of the Senate, have kept President Donald Trump and President-elect Joe Biden on campaign mode at a cost of half a billion dollars. The money matches the stakes: either Democrats Raphael Warnock and Jon Ossoff will sweep and give Democrats both houses of Congress and the Executive, or Republicans will get at least one victory from Senator Kelly Loeffler or David Perdue to force their Senate majority to maintain Biden, to fight the divided government.
The district attorney in Kenosha, Wisconsin, is expected to issue a ruling on the Jacob Blake police shooting case immediately, and the city is preparing for further protests. Mike Graveley will decide whether to bring charges against the officer who shot Mr Blake in the back and left him paralyzed. The National Guard has been mobilized and the city has boarded up the courthouse in anticipation of protests following the announcement.
In a drama-filled event, the House and Senate will meet for a joint session on Wednesday to count and cast votes confirm.
These positions could be announced as early as this week, along with a larger number of national security and foreign policy roles.
Enrique Tarrio, who serves as Latinos for Trump’s chief of staff, has been facing protests arrested in Washington DC to question the 2020 election.
The president hopes Vice President Mike Pence will « come through for us » when Congress meets this week to count the votes of the electoral college.
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Senator Kelly Loeffler’s husband rents an airport hangar to the US Marshal Service for what appears to be a domestic surveillance operation – with a very good profit – in a secret business. The operation was first reported in a nationwide cell phone surveillance campaign The Wall Street Journal in 2014 sparked an outcry from Loeffler’s colleagues in Oregon last year after local media found out that a Marshals Service plane had been on June 13 for hours circled over an anti-racist protest in Portland. Three days later, flight records show the exact plane landed at Fulton County Airport in Atlanta, Georgia, where Marshals Service is renting space from Fulton County Hangar Services, which is part of the vast business empire run by Loeffler’s husband, Jeffrey Sprecher. The federal government renewed its rental relationship with the company in the same month. The hangar at 4165 South Airport Rd. The northwest, which Loeffler identified as one of her husband’s holdings in her first financial disclosure after her Senate nomination last year, is on a scarred service route at Fulton County Airport, on the Martin’s main thoroughfare Luther King Drive. The General Services, which leases space on behalf of other federal agencies, confirmed to The Daily Beast that it has paid nearly $ 250,000 a year to the Fulton County Hangar Services since 2014, when Loeffler was an executive at her husband’s Intercontinental Exchange The New York Stock Exchange also owns the location. The GSA added that it extended the lease for another three years last summer. The details of the deal, however, are embedded in layers of government and corporate cloudiness. Fulton County Hangar Services is a registered federal contractor, but its contracts cannot be viewed in any public database. The System for Award Management, a government search engine used to track D.C.’s business relationships, classifies information about the company as « restricted. » Under pressure from The Daily Beast, the GSA declined to answer which agencies are stationed in the hangar for what purpose, citing the « mission sensitivities of federal tenants in this facility ». The Federal Aviation Administration operated from the hangar until November 2019, but the Daily Marshall Service refused to answer questions about his presence and activities in the hangar, and neither Loeffler, Spokesman, Intercontinental Exchange, nor Fulton County, which the airport and leases from Fulton County includes hangars for private renters – responded to repeated requests for comment. The value of Loeffler’s mansion fell $ 6 million overnight – and no one can explain why public records provide some clues. The Daily Beast found that several small Cessna planes were registered with either Marshals Service or Early Detection Alarm Services, a company that Buzzfeed exposed as the front line for cell phone law enforcement activity in or out of Fulton County in 2017 One such vehicle is the Cessna Caravan newspaper, Wiliamette Week, which was sighted in the sky over troubled Portland last June and angered Sens. Ron Wyden and Jeff Merkley along with several other Oregon Congressmen. The tracking website FlightRadar24.com identified at least eight flights this aircraft with tail number N1789M made to or from the urban airfield in 2020. FlightRadar24.com shows three times how the propeller-driven Cessna makes longer loops around Atlanta or Atlanta – other parts of Georgia are similar to those observed on the west coast, although The Daily Beast was unable to relate these trips to specific local events. Finally, each year Fulton County pays a small tax bill to L3Harris Technologies for personal property in the marshals’ manned hangar. L3Harris, one of the federal government’s largest contractors, makes the Stingray for the Marshals Service and other government agencies. The Stingray gathers information by impersonating a cell phone tower and fooling mobile devices into revealing their whereabouts and other sensitive information that law enforcement officers can use to track their owners. L3Harris did not answer repeated questions about receiving the tax bill or about The contract between the federal government and Fulton County’s Hangar Services included Georgia Gov’s appointment of Loeffler to the Senate seat. Brian Kemp is about six years ahead, and there is no evidence that it played a role in his original trial or in his renewal last year. The Daily Beast found records of aircraft from early detection alarm systems that had flown into Fulton County Airport back in 2009 – when the GSA said it rented the same hangar from a North Carolina-based real estate company – and the FAA records are adding to these agencies’ presence the site until 1990. However, Fulton County Hangar Services is registered with the federal government on her husband’s behalf and with his personal contact information, as well as the address of the lavish house they share in Atlanta. The Daily Beast also failed to find records of a financial agreement direct between Fulton County itself, which appears to own the hangar along with the rest of the airport, and Fulton County Hangar Services, despite documents of the prior agreement with the North Carolina real estate company on whose website is available online records tend to show a lease between the county and a subsidiary of Intercontinental Exchange called ICE 4165 LLC for one and a half acres of land in the airport as of 2016, two years after the start of the contract between GSA and Fulton County Hangar Services. The district’s land lease grants ICE 4165 20 years of use of the space with two automatic extensions of five years for an annual rent of USD 20,597.16 plus a 3 percent increase every half decade. This is roughly 1/12 of what GSA pays Fulton County Hangar Services annually to use 4165 South Airport Northwest. The lease does not show a history of a tendering process, but does indicate the need to « ensure the continuation of rental income for the county ». However, the rate is comparable to what the North Carolina company has paid the county over the past decade. Transparency experts marveled at the weirdness and undetectability of the agreements between Spokesman’s Company, Fulton County, and the federal government. “Strange and mysterious, which is a bad mix! « noted Scott Amey, General Counsel of the Nonprofit Government Oversight Project. » It would be big news if you were involved in invading people’s privacy or civil rights and the Senator is making money from these activities. « » I think Loeffler and the US Marshals Service should answer some questions about the lease and what is going on in this room, « added Amey. Steven Aftergood, director of the government secrecy project at the Federation of American Scientists, suggested the tangle of public-private relationships is similar to the type of « cover » the US has used to conceal covert military and espionage operations. What makes this particular situation unusual is that the arm of the federal government involved is Marshal Service. « This is a security measure that is primarily Used by intelligence services. It’s not something you get into right away with the US Marshals Connection, ”said Aftergood. « It may be that the facility is primarily used to support secret surveillance operations, which could explain the exceptional level of secrecy. » Read more at The Daily Beast. Do you have a tip? Submit it to The Daily Beast here. Get our top stories in your inbox every day. Sign up now! Daily Beast Membership: Beast Inside delves deeper into the stories that matter to you. Find out more.
2020 was an unforgettable year amid the pandemic for many, including Gary Bean, who was able to end the year in his own house to celebrate the holiday season after a weather disaster left him in ruins where his house stood.
In March, a tornado outbreak in central Tennessee triggered a dangerous EF4 tornado that destroyed many homes, including Bean’s home near Cookville, Putnam County.
An EF4 tornado on the Enhanced Fujita Scale is classified according to wind speeds of 166 to 200 mph and can cause large objects, including cars, to be thrown around, according to FEMA. The upgraded Fujita scale goes up to 5 when the wind exceeds 200 mph.
« Tornadoes of this magnitude can cause significant damage and destroy homes, » said AccuWeather meteorologist Brett Rossio.
« While any tornado can be very dangerous, EF3 through EF5 tornadoes are extremely dangerous and can cause great damage, » said Rossio. « Such was the case for the Nashville tornado that happened earlier this year. »
According to Rossio, tornadoes of this extreme are particularly rare. On average, the United States suffered 37.5 EF3-EF5 tornadoes every year from 1991 to 2010, according to data.
Given that there is an average of 1,224 tornadoes per year, only about 3% of tornadoes in the US become strong enough each year to be considered EF3-EF5. « Simply put, tornadoes of this magnitude don’t happen very often, » Rossio said.
Gary Bean’s home was destroyed after an EF4 tornado swept through central Tennessee in March 2020. (AccuWeather / Bill Wadell)
The wind speeds of the tornado that brought Bean home reached 175 miles per hour, killing 25 people and causing over $ 1 billion in damage.
Bean, a retired police officer, and his son had to ride out the deadly tornado while crouching in their basement. It was a life-saving decision when the tornado tore their home to pieces.
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« I couldn’t live in another house without a basement. It saved our lives. There’s no doubt about it, » he told AccuWeathers National Reporter Bill Wadell.
Fortunately for Bean, he doesn’t have to worry that his next home will have a basement. Contractors were able to build his new home on the same foundations as the house that fell to rubble in the tornado, so he could keep the exact basement he’d been hiding in during those lifesaving moments. He was able to move in just before Thanksgiving.
Many people in Putnam County, Tennessee, had to rebuild after an EF4 tornado caused over $ 1 billion in damage in March 2020. (AccuWeather / Bill Wadell)
« It still feels strange because there is still a lot of building going on in the neighborhood, » he said.
Residents of the area experienced a second blow just two days after the tornado when the first case of COVID-19 was confirmed in the state. The pandemic took another toll on families in Putnam County as they began rebuilding.
Many families are still waiting to be rebuilt due to delays related to pandemics, Bean said. « They are waiting for their contractor to get to them, » he said.
Bean told Wadell that he was considering leaving the area after the tornado hit; Now he is proud to say that he stayed and helped others rebuild.
« I’m glad I did now because this is a good neighborhood, » he said. « Seems like almost everyone is demolishing. »
Reporting by Bill Wadell.
Keep checking back on AccuWeather.com and keep up to date on the AccuWeather network of DirecTV, Frontier, and Verizon Fios.
Many health care workers in Wisconsin don’t know when to get the vaccine and the state received fewer doses than others of its size.
Portugal started consultations with other EU countries on Tuesday to find common ground for a new migration policy that led to humanitarian crises and deep political divisions in the bloc over response Has. Portugal, which will hold the rotating EU presidency in the first half of this year, is working on a concept of « flexible, compulsory solidarity » between countries, according to a statement by Portuguese Interior Minister Eduardo Cabrita. The statement said it will set Portugal’s target for a meeting of EU Justice and Home Affairs ministers on January 28th.
A Clemson professor has set up a community outreach panel to let locals know who is at the Woodland Cemetery is buried in unmarked graves.
The Iranian government has accused South Korea of holding more than £ 5 billion of its money hostage in its banks the day after the storm and the capture of a Korean tanker in the Persian Gulf. The tanker, the MT Hankuk Chemi, was seized yesterday and taken to an Iranian port on the pretext that it is causing pollution in the Strait of Hormuz, according to Iranian officials. However, the shipowners have denied this, stating that the tanker was boarded by armed marines from the Islamic Revolutionary Guards Corps (IRGC), suggesting that Tehran intends to use it as a lever in a dispute with Seoul over frozen Iranian assets. Ali Rabiei, a spokesman for the Islamic regime, denied allegations of « hostage diplomacy » for capturing the ship, which was carrying a cargo of 7,200 tons of ethanol from Saudi Arabia to the United Arab Emirates, when it was intercepted by IRGC speedboats and a helicopter off the coast of Oman. « We got used to such accusations … but when there is hostage-taking, it is the Korean government that holds US $ 7 billion (£ 5.15 billion) that we hold hostage for unfounded reasons, » Rabiei said told reporters at a press conference streamed online. Tehran previously accused South Korea of being a « lackey » of the United States and called for the release of the money it owed from oil sales before the Trump administration tightened sanctions on the Islamic Republic. The head of the Iranian central bank has argued that it needs the money to buy coronavirus vaccines and should be exempt from sanctions.
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It may be time to avoid home-based stocks as the COVID-19 vaccine gains acceptance and the world rushes towards herd immunity, says Sean Darby, global equity strategist at Jefferies.
Village Commons at risk of development after a planning flaw left a void in the 1960s, activists have revealed. The Open Spaces Society is committed to protecting 78 shared properties spanning 3,270 acres in Cornwall, Devon, Herefordshire, Hertfordshire, Lancashire and Kent. Activists have made 78 urgent requests to rescue lost commons in England’s seven pioneering areas to ensure the green spaces are not lost forever. When successful, they give the public the right to walk and, in some cases, ride the countryside, and protect it from encroachment and development. Applications are determined by the general registration authorities (district or unit councils) based on the evidence presented by the company. These lost green spaces, many of which were mistakenly banned from common land designation in the 1960s, went unregistered for a period of three years permitted under the Commons Registration Act of 1965. 37 applications have been made to save lost common land in Cornwall. 17 applications in Hertfordshire, 14 in Devon, four in Kent, three in Lancashire and two in Herefordshire. This includes around 436 hectares in Cornwall, 2,751 hectares in Devon, at least 1.2 hectares in Kent, at least 1 hectare in Lancashire and at least 77 hectares in Hertfordshire. Their careful work included reviewing historical records and conducting site visits made difficult by the pandemic before preparing and submitting the application. The closure of the recording offices during the lockdown also meant that their work was severely hampered by the coronavirus rules. Kate Ashbrook, the Society’s general secretary, said, « This has been a race against time, but if we succeed, many commons that were falsely excluded 50 years ago will be put back on the registers for people to enjoy. » The Society led the work of registering commons under the Commons Registration Act of 1965 and has again taken the lead in the exploration and promotion of the lost commons. «
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