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☆ Goldman Sachs' Rogers to step back from chief of staff role-memo
▼ + stars: | 2023-08-08 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew KellyNEW YORK, Aug 8 (Reuters) - John Rogers, an influential Goldman Sachs (GS.N) executive, will step back from his role as chief of staff next month, according to an internal memo. He will be succeeded by Russell Horwitz, a Goldman veteran who will rejoin the bank after working at Citadel, according to the memo. Goldman Sachs profit dropped 60% in the second quarter, missing estimates, as writedowns in the investment bank's consumer businesses and real estate investments weighed on earnings. Horwitz, who previously worked at Goldman for 16 years, will rejoin Goldman Sachs as a partner and a member of the management committee, reporting to Solomon, the memo said.

Persons: Goldman Sachs, Andrew Kelly NEW, John Rogers, Russell Horwitz, Rogers, Dodd, Frank, David Solomon, John, Goldman, Tom Montag, Horwitz, Solomon, Saeed Azhar, Conor Humphries Organizations: New York Stock Exchange, REUTERS, Andrew Kelly NEW YORK, Goldman, Citadel, Reuters, New York Times, Thomson Locations: New York City , New York, U.S

☆ NASA used an interstellar 'shout' to reconnect with Voyager 2 probe after losing it in a technical screw-up
▼ + stars: | 2023-08-05 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +3 min

NASA's Jet Propulsion Laboratory reconnected with the Voyager 2 space probe after losing it. The agency's Jet Propulsion Laboratory sent an interstellar "shout" more than 12.3 billion miles which got the probe's attention after an error by NASA officials rendered the probe temporarily unreachable. According to the agency, it took the signal 18.5 hours for commands to reach Voyager 2 through the vastness of space. The operation only had a small chance of success, a spokeswoman for the Jet Propulsion Laboratory told The Times. "After two weeks of not hearing anything, we're back to getting unique data from the interstellar medium," said Linda Spilker, a planetary scientist at the Jet Propulsion Laboratory and the lead mission scientist for Voyager 2.

Persons: Suzanne Dodd, Linda Spilker, Dodd Organizations: Jet Propulsion, Service, NASA, Jet Propulsion Laboratory, Space, New York Times, Times Locations: Wall, Silicon, Canberra, Australia, NASA's

☆ NASA Reaches Voyager 2 With a Last-Ditch ‘Shout’ Across the Void
▼ + stars: | 2023-08-04 | by ( Katrina Miller | More About Katrina Miller | ) www.nytimes.com time to read: +1 min

It took an interstellar “shout” across the solar system. But NASA’s Jet Propulsion Laboratory said on Friday that it re-established full communications with Voyager 2, an aging probe exploring the outer edges of the solar system. “After two weeks of not hearing anything, we’re back to getting unique data from the interstellar medium,” said Linda Spilker, a planetary scientist at the Jet Propulsion Laboratory and the lead mission scientist for Voyager 2. On Tuesday morning, officials from the Deep Space Network, a worldwide system of radio dishes NASA uses to communicate with various space probes, detected a carrier signal known as a heartbeat from Voyager 2. Nonetheless, being able to pick up only the heartbeat “was upsetting and worrisome,” said Suzanne Dodd, the project manager for Voyager 2.

Persons: ”, Linda Spilker, Suzanne Dodd Organizations: Propulsion Laboratory, Jet Propulsion Laboratory, Space, NASA

☆ NASA’s ‘shout’ restores communication with Voyager 2
▼ + stars: | 2023-08-04 | by ( Ashley Strickland | ) edition.cnn.com time to read: +3 min

CNN —Using a long-shot “shout” maneuver, the Voyager mission team at NASA has reestablished communication with Voyager 2 after losing contact with the spacecraft, which has been operating for nearly 46 years. Commands sent to Voyager 2 on July 21 accidentally caused the spacecraft’s antenna to point 2 degrees away from Earth. One radio antenna is located at Goldstone near Barstow, California, the second near Madrid, and the third near Canberra, Australia. It’s not the first time that the aging twin probes — Voyager 1 and Voyager 2, both launched in 1977 — have experienced issues. Voyager 1, which is nearly 15 billion miles (24 billion kilometers) from Earth, continues to operate as expected and communicate with the Deep Space Network.

Persons: Suzanne Dodd, Dodd, It’s, —, ” Organizations: CNN, Voyager, NASA, “, Space Network, Jet Propulsion Laboratory, Space Locations: Goldstone, Barstow , California, Madrid, Canberra, Australia, Pasadena , California

☆ NASA hears ‘heartbeat’ of Voyager 2 after losing communication
▼ + stars: | 2023-08-01 | by ( Ashley Strickland | ) edition.cnn.com time to read: +4 min

CNN —The Voyager mission team at NASA has been able to detect a signal from Voyager 2 after losing contact with the spacecraft, which has been operating for nearly 46 years. One radio antenna is located at Goldstone near Barstow, California, the second near Madrid, and the third near Canberra, Australia. “We are now generating a new command to attempt to point the spacecraft antenna toward Earth,” Dodd said. Along the way, both Voyager 1 and 2 have encountered unexpected issues and dropouts, including a seven-month period where Voyager 2 and the Deep Space Network couldn’t communicate in 2020. Meanwhile, Voyager 1, which is nearly 15 billion miles (24 billion kilometers) from Earth, continues to operate as expected and communicate with the Deep Space Network.

Persons: “, ”, Suzanne Dodd, ” Dodd, ” ‘, ’, It’s Organizations: CNN, NASA, Radio Science, Jet Propulsion Laboratory, Space Network, Space Locations: Pasadena , California, Goldstone, Barstow , California, Madrid, Canberra, Australia

The Texas Bankers Association (TBA), American Bankers Association (ABA) and a small Texas bank sued in April, saying the CFPB had no authority to issue the rule because an appeals court found the regulator's funding structure unlawful. U.S. District Court Judge Randy Crane in McAllen, Texas, granted a preliminary injunction blocking the CFPB from enforcing the rule against members of both groups and McAllen-based Rio Bank. Crane blocked the rule pending a ruling by the U.S. Supreme Court on the CFPB's funding structure. The law also required the small business loan rule. 23-00144, U.S. District Court, Southern District of Texas.

Persons: Randy Crane, Crane, Dodd, Frank, Jody Godoy, Nick Zieminski Organizations: Consumer Financial Protection Bureau, Supreme, Texas Bankers Association, American Bankers Association, ABA, U.S, Rio Bank, Circuit, Appeals, Federal Reserve, Congress, U.S . Constitution, Consumer Financial, Court, Southern District of Texas, Thomson Locations: Texas, U.S, McAllen , Texas, McAllen, U.S ., Southern District, New York

☆ 'Oracle of Boston' Seth Klarman's value investing principles have stood the test of time
▼ + stars: | 2023-07-31 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Baupost Group's Seth Klarman, nicknamed "the Oracle of Boston," is revered in value investing circles for his disciplined investment philosophy, maybe because his style has stood the test of time. The billionaire hedge fund manager has been an almost religious follower of Benjamin Graham's investing style, buying out-of-favor and undervalued assets to ensure a margin of safety. Klarman has drawn comparisons to Warren Buffett — Buffett being a student of Graham's at Columbia University — for his patient, disciplined investment style. The 66-year-old Harvard and Cornell grad published his investment book, "Margin of Safety," in 1991. The hedge fund manager posted a mid-single digit decline last year, beating the S & P 500 which fell nearly 20%, the Financial Times reported.

Persons: Baupost, Seth Klarman, Benjamin Graham's, Klarman, Warren Buffett — Buffett, Columbia University —, Benjamin Graham, David Dodd, Klarman hasn't Organizations: Oracle, Boston, Columbia University, Harvard, Cornell grad, CNBC, Financial Times Locations: Baupost

☆ Carl Sagan’s personal master recording of Voyager’s iconic Golden Record goes up for auction
▼ + stars: | 2023-07-26 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

The master recordings of the Voyager Golden Record still have their original boxes. Courtesy Sotheby'sNow, a copy of the master recording for NASA’s Voyager Golden Record — the one kept by the late astronomer Carl Sagan and his wife, producer Ann Druyan — will be for sale at Sotheby’s New York on Thursday. Both Voyager spacecraft carry a copy of the Golden Record. Each record cover was etched with symbols depicting how to locate the sun and instructions on how to play the record. Engineers can be seen securing the cover over the Voyager 1 Golden Record in 1977.

Persons: Carl Sagan, Ann Druyan —, Chuck Berry’s, Johnny B, Goode, Sagan, Frank Drake, Linda Salzman, “, ”, Suzanne Dodd, Dodd, ” Dodd, they’ve Organizations: CNN, NASA’s, Sotheby’s, Columbia Recording, United Nations, Cornell University, NASA, Voyager, JPL, Caltech, Engineers, Jet Propulsion Laboratory, Neptune, Hulton, “ Locations: York, Senegalese, Peruvian, Indian, Pasadena , California

☆ An ex-Goldman Sachs exec reportedly said a cut-throat culture led to long hours and burnout. Goldman said if the employee felt pressure, 'it was self-generated.'
▼ + stars: | 2023-07-17 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

In a statement to Insider, Goldman Sachs called the allegations "completely without merit." In a statement to Insider, Goldman said: "We believe these claims are completely without merit." The high-pressure workplace culture at Goldman Sachs and investment banking in general has been the subject of press coverage and litigation. In 2021, an informal survey that was reportedly sent to Goldman Sachs management from 13 junior bankers describing "inhumane" working conditions at the firm went viral on social media. Last year in the US, Goldman Sachs reportedly settled allegations by a former partner who had alleged a culture of discrimination against women at the firm.

Persons: Goldman Sachs, Ian Dodd, Dodd, Goldman Organizations: Daily Telegraph, Telegraph, Justice, Goldman, Bloomberg Locations: London, COVID

☆ In older adults, a little excess weigh may be OK
▼ + stars: | 2023-07-14 | by ( Judith Graham | Kff Health News | ) edition.cnn.com time to read: +9 min

For years, experts have debated what to advise older adults in this situation. Only 27% to 44% of older adults meet these guidelines, according to various surveys. Epidemiologic research suggests that the ideal body mass index (BMI) might be higher for older adults than younger adults. The study’s conclusion: “The WHO healthy weight range may not be suitable for older adults.” Instead, being overweight may be beneficial for older adults, while being notably thin can be problematic, contributing to the potential for frailty. Indeed, an optimal BMI for older adults may be in the range of 24 to 29, Carl Lavie, a well-known obesity researcher, suggested in a separate study reviewing the evidence surrounding obesity in older adults.

Persons: they’ve, ”, Mitchell Lazar, we’re, John Batsis, Anne Newman, —, Carl Lavie, Lavie, “, ” Lavie, Newman, you’re, Dinesh Edem, Dennis Kerrigan, Katie Dodd Organizations: CNN, US Centers for Disease Control, Institute for Diabetes, University, Pennsylvania’s Perelman, of Medicine, University of North Carolina School of Medicine, Center for Aging, Health, University of Pittsburgh School of Public Health, BMI, World Health Organization, WHO, University of Pittsburgh, University of North, University of Arkansas, Medical Sciences, Henry Ford Health, Kaiser Health, KFF Locations: —, Chapel Hill, New Orleans, University of North Carolina, Michigan

☆ Bank of America increases dividend by 9% after Fed stress test
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 5 (Reuters) - Bank of America (BofA) (BAC.N) said on Wednesday it planned to increase its quarterly common stock dividend to 24 cents per share from 22 cents per share beginning in the third quarter of 2023. BofA, unlike other major U.S. banks, had held back a decision on the dividend last week. Rivals JPMorgan Chase (JPM.N), Citigroup (C.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) hiked their third-quarter dividends on Friday after sailing through the Federal Reserve's stress test. BofA had cited a dialogue with the Fed to understand differing results between the central bank's stress test and the companies' own under the Dodd-Frank Act. Last year, BofA raised its dividend to 22 cents a share, the highest level since the 32 cents paid in 2008 and up from 21 cents in 2021.

Persons: Goldman Sachs, Morgan Stanley, BofA, Dodd, Frank, Jaiveer Singh, Saeed Azhar, Shailesh Kuber, Jamie Freed Organizations: YORK, Bank of America, Rivals JPMorgan Chase, Citigroup, U.S, Thomson Locations: U.S, Wells Fargo, Bengaluru, New York

☆ Bank of America to hold talks with Fed on stress test results
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 3 (Reuters) - Bank of America Corp (BAC.N) on Monday said it had begun a dialogue with the Federal Reserve to understand differing results of the central bank's stress test and the company's own under the Dodd-Frank Act. The results of the Fed's latest annual stress test released last week showed lenders including Bank of America have enough capital to weather a severe economic slump, paving the way for them to issue share buybacks and dividends. Bank of America, the second-biggest U.S. bank, has not made any announcements about its dividend or share repurchase programs since the stress test results were published. Last year Bank of America raised its dividend to 22 cents, the highest level since 2008, from 21 cents in 2021. Reporting by Saeed Azhar; Editing by Lananh Nguyen and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Dodd, Frank, Goldman Sachs, Morgan Stanley, Saeed Azhar, Lananh Nguyen, Jan Harvey Organizations: YORK, Bank of America Corp, Federal Reserve, Bank of America, U.S, Rivals, JPMorgan Chase, Thomson Locations: Wells Fargo

☆ How Sweet It Is, if You’re the Boss
▼ + stars: | 2023-06-30 | by ( Jeff Sommer | ) www.nytimes.com time to read: 1 min

It’s good to be the boss. But you get paid more than everybody else — vastly more, as the latest numbers remind us. What’s more, companies must compare the rich earnings of their leaders with the pay of ordinary workers. For the leaders of corporate America, the sums almost always range from large to hard to believe. Consider that the highest paid chief executive in this year’s report, compiled by the executive compensation research firm Equilar, was Sundar Pichai of Google’s parent, Alphabet.

Persons: Dodd, Frank, What’s, I’ve, Sundar Pichai Locations: America

admissions programs cannot be reconciled with the guarantees of the equal protection clause,” Chief Justice John G. Roberts Jr. wrote for the majority. The court had repeatedly upheld similar admissions programs, most recently in 2016, saying that race could be used as one factor among many in evaluating applicants. The university responded that its admissions policies fostered educational diversity and were lawful under longstanding Supreme Court precedents. Writing for the majority, Justice Anthony M. Kennedy said that courts must give universities substantial but not total leeway in devising their admissions programs. The Texas decision essentially reaffirmed Grutter v. Bollinger, a 2003 decision in which the Supreme Court endorsed holistic admissions programs, saying it was permissible to consider race to achieve educational diversity.

Persons: “, John G, Roberts, ”, Sonia Sotomayor, Edward Blum, Antonin Scalia, Elena Kagan, Justice Anthony M, Kennedy, Ruth Bader Ginsburg, Stephen G, Breyer, Justice Sotomayor, Justice Kennedy, Brett M, Kavanaugh, Ginsburg, Amy Coney Barrett, Justice Breyer, Justice Ketanji Brown Jackson, Justice Jackson, Grutter, Bollinger, Sandra Day O’Connor, Clarence Thomas Organizations: Harvard, University of North, Civil, Asian, Fair, University of Texas Locations: University of North Carolina, North Carolina, Austin, Texas

☆ A Reuters journalist explores his ancestors’ ties to slavery
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +38 min

It took me a few minutes of research to figure out why I was losing track of the descendants of the people George Julian enslaved. If the racial cleansing of Forsyth County was mentioned, I didn’t notice. Still hopeful that I might be able to somehow identify and locate living descendants of the people my family enslaved, I flew to Georgia last November. Her father was also a butler for a wealthy white family, her mother a cook. In 1860, Osby’s ancestors were enslaved and working the fields of Forsyth County.

Persons: Julian, Abijah’s, George Julian, George, ”, Adaline, –, Abijah, Dick, Lott, Aggy, Henry, Lewis, Ellick, Jim, Josiah, Reuben, Woodrow Wilson, Rob Edwards, Black, Oprah Winfrey, Forsyth, “, Cumming, who’d, Abijah Julian, ” Gov, Joseph Mackey Brown, ‘ Dick, I’d, Grandma Horseyfeather, Brice gesturing, ” I’d, Grandma Horseyfeather’s, – I’ve, “ Lott, Abijah Julian’s, Richard Julian, Charlotte Julian, Richard, Charlotte, George Julian’s, She’d, “ I’m, That’s, Martin Luther King, wasn’t, Sophia Dodd, Dodd, Elon Osby, – Dodd, Osby, Bailey, George H, Julian ” –, – “, ” Osby, ” Dodd, Ida Julian ., Ida Julian’s, Ida ., Ida hadn’t, Ida Julian, Bagley, Willie M, Willie Mae Bagley, Willie Mae Butts, Elon Butts Osby, Osby’s, ’, Elon Osby’s, Ida Bagley, William Bagley, Adaline Julian, Richard Julian –, Abijah Julian –, she’d, we’ve, you’ve, ELON, crunched underfoot, could’ve, Abijah John Julian ”, Webster, I’ve, weren’t, “ We’re, – we’re, …, Horseyfeather, gesturing, “ You’re, Tom Lasseter, Corinne Perkins, Wong, Jeremy Schultz, Catherine Tai Design, John Emerson, Blake Morrison Organizations: ., Reuters, ”, Black, Charlotte, Toyota, Atlanta History, Elon, Lockheed, Tiffany, Atlanta Housing Authority, Task Force, Mazda, American Legion, United, Confederacy Locations: Forsyth, Negros, negros, Virginia, . Civil, Georgia, Cumming, U.S, Forsyth ., Dawson, Atlanta, Tulsa , Oklahoma, Jefferson County , Georgia, Forsyth County, Charlotte, Thai, Macedonia, Buckhead, Bagley, America, Fulton County, Fulton, Bagley Park, Iraq, Afghanistan, Osby, England, Juneteenth, Brooks County

☆ Seth Klarman says regular investors make this mistake that ruins their returns
▼ + stars: | 2023-06-27 | by ( John Melloy | ) www.cnbc.com time to read: +2 min

Seth Klarman has some words of advice for regular investors who are following the guidance of Warren Buffett, and others, and are putting their money into stock index funds. In other words, when using index funds, you have to stay in the markets to capture the upside when it comes. The notable value investor also gave one other word of caution on index funds. Many financial advisors recommend steady buying over time when investing in index funds. Klarman is the editor of the recently released seventh edition of Benjamin Graham and David Dodd's investing classic "Security Analysis."

Persons: Seth Klarman, Warren Buffett, Benjamin Graham, David Dodd's Organizations: Baupost, Bank of, Klarman

☆ Seth Klarman says investors face the challenge of an 'everything bubble'
▼ + stars: | 2023-06-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

When billionaire hedge fund manager Seth Klarman looks at the investing world today, he sees asset bubbles pretty much everywhere. Historically low interest rates, even zero rates, have precipitated that bubble." With the investing world now ruled by trendy bubble-like investments such as Bitcoin and meme stocks, Klarman said the need for a sound, practical approach to investing is vital. In a letter to clients at the end of 2022, he accused the U.S. central bank of constructing a "financial fantasyland" of artificially low interest rates and liquidity pumping. In the current environment, investors face challenges relating to economic uncertainty and a central bank holding interest rates high to battle inflation.

Persons: Seth Klarman, we've, Klarman, Benjamin Graham, David Dodd, You've, Warren Buffett — Buffett, Columbia University —, Graham, Dodd Organizations: CNBC, Cornell, Columbia University, Buffett, Liberty, Federal Reserve Locations: Boston, U.S

☆ House Democrats release wave of bank reform bills
▼ + stars: | 2023-06-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — House Democrats on Wednesday will release a slate of reform bills in response to the recent bank failures that triggered the worst crisis for the sector since 2008. "The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank make clear that it is past time for legislation aimed at strengthening the safety and soundness of our banking system and enhancing bank executive accountability," she said. President Joe Biden called for these actions shortly after the FDIC took over SVB and Signature Bank in March. The bill would have prevented SVB bank executives from cashing out after repeated warnings by regulators, according to Democrats. Neither Signature Bank nor SVB had a bank holding company before they collapsed.

Persons: Maxine Waters, Dodd, Frank, Waters, Joe Biden, Nydia Velazquez, Brad Sherman, Juan Vargas, David Scott, Al Green, Sylvia Garcia of, Emanuel Cleaver, Joyce Beatty, Steven Horsford, Rashida, Velazquez, Sherman, Cleaver, Beatty, Frank Act's, SVB, Vargas, Garcia, Tlaib, Banks, Sean Casten, Josh Gottheimer, Ritchie Torres, Wiley Nickel, Stephen Lynch, Brittany Pettersen Organizations: Financial Services, Washington , D.C, WASHINGTON —, Democrats, Financial Services Committee, Treasury Department, Federal Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Banking Committee, Valley Bank, First Republic Bank, FDIC, Democratic, Sylvia Garcia of Texas, Republicans, Sound Banking, Prudential, prudential, Bank, Green, Sherman, Rep, Federal, Office, Federal Reserve, FAIR, Tlaib, Safety, Sherman . Locations: California, Washington ,, New York, Georgia, Missouri, Ohio, Michigan, Green, Horsford, H.R, Silicon, Illinois, New Jersey, North Carolina, Colo

Bad air can be dangerous, especially if you’re breathing it over a lifetime. In East Asia, years of chronic air pollution is one reason that wearing face masks was common well before the coronavirus pandemic. School children there are used to playing inside on bad air days. In South Korea, would-be presidents have made reducing air pollution part of their campaign platforms. In other cases, urban air has improved because of something that no one saw coming.

Persons: it’s, Paiboon, Rajasekhar Balasubramanian, ”, Lee Hyung, “ It’s Organizations: New York State, World Health Organization, National University of Singapore, World Bank, Mexico City Locations: Midwest, United States, Cities, Asia, Africa, America, New, Bangkok, South Asia, East Asia, Seoul, South Korea, China, Beijing, Indonesia, Southeast Asia, Mexico, New Delhi

In Ontario, a layer of haze blanketed parts of Ottawa and Toronto, where Canadian officials warned residents about the poor air quality, as smoke floated over portions of New York State and Vermont. All of New York City was under an air quality alert on Tuesday because of the smoke; by the afternoon, the Manhattan skyline was obscured by hazy skies. In eastern Canada, Quebec was most affected by wildfires as of early Tuesday afternoon, with more than 150 active blazes across the area, according to the fire agency. Weather officials warned that people more sensitive to poor air quality, such as people with lung disease and heart disease, children and older adults, should limit certain activities outdoors. Air quality alerts were also in place in New York City and in multiple counties in upstate New York through midnight.

Persons: Jiménez, Derrick Bryson Taylor, Bill Blair, ” Mr, Blair, Eric Adams Organizations: New York, New, Canadian Interagency Forest Fire, Residents, U.S . National Weather Service, Weather Service, Weather, Twitter, New York State Department of Environmental Locations: United States, Canada, Minnesota, Massachusetts, In Ontario, Ottawa, Toronto, New, New York State, Vermont, New York City, Manhattan, Quebec, Lake Superior, New York, “, Connecticut , Massachusetts

☆ Republicans are staunchly opposed to student-loan forgiveness, but Democrats think it goes 'hand in hand' with creating high-paying jobs
▼ + stars: | 2023-06-03 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Republicans and a few Democrats have voted to overturn Biden's student-loan forgiveness. Democrats defend Biden's student-loan forgiveness as part of a broader workforce development strategy to address the ongoing labor shortage and rebuild the middle class. "Student loan 'forgiveness' will benefit wealthy elites," Rep. Jim Jordan tweeted when Biden announced his student-loan forgiveness plan in August 2022. But Deluzio voted with all but two House Democrats to protect Biden's student-loan forgiveness. "Expansions of student debt forgiveness need to be matched dollar-for-dollar with investments in career & technical education.

Persons: it's, —, Biden's, Biden, he's, Jim Jordan, Joe Biden, Sen, Bill Cassidy, Jamaal Bowman, Bowman, Chris Deluzio, Deluzio, Marie Gluesenkamp Perez, Washington, Pell Grant Organizations: Service, Privacy, House Republicans, Biden's, Real America, Fox, Democratic Rep, York, Pennsylvania, Democrats, Pittsburgh Democrat, Republican, Brookings, New York Times, Institute Locations: Real, Ohio, Georgia, Philadelphia

☆ Several top House Democrats want to get rid of the debt ceiling and economic 'hostage taking'
▼ + stars: | 2023-06-02 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

House Republicans refused to raise the debt ceiling unless Democrats agreed to cut spending. Many progressive and moderate Democrats want to repeal the debt ceiling to prevent more brinkmanship. "For many, many, many years, people recognized that Republicans and Democrats worked together to pass a clean debt ceiling. "We need to pass the bill to eliminate the debt ceiling limit." Raskin reiterated an argument that the 14th Amendment could be used to eliminate the debt ceiling.

Persons: —, Pramila Jayapal, Kevin McCarthy, Joe Biden, shutdowns, we've, Rep, Teresa Leger Fernández, Jamie Raskin, Raskin, Lincoln, Shri Thanedar, Jayapal, Dan Kildee, Kildee, Jeff Jackson of Organizations: Service, House Republicans, Democrats, Senate, Republicans, Congressional Progressive Caucus, Washington State, Republican, US, Democrat, New, Maryland, Democratic, Rep, Michigan, New Democrat Coalition Locations: New Mexico, United States, California, Denmark, Jeff Jackson of North Carolina

☆ Warren Buffett has more in common with quant traders than it seems, elite investor Cliff Asness says
▼ + stars: | 2023-05-31 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett has more in common with quantitative traders than it appears, Cliff Asness says. Buffett looks at companies' profits, risks, valuations, and many other elements of their businesses. "Yet he is very correlated with what quants would call the value factor, the low risk factor, and the profitability factor," Asness continued. Meanwhile, Buffett and other value investors look beyond those ratios to determine if a company is a bargain or not, he said. "That is not the holistic measure of value a guy like Warren Buffett, or any Graham-and-Dodd-style value investor, would look at," Asness said.

Persons: Warren Buffett, Cliff Asness, Buffett, —, David Rubenstein, Asness, It's, Graham, Dodd, quants, Read, Warren Organizations: Service, AQR Capital Management, Berkshire Hathaway, Bloomberg Locations: Berkshire

☆ How the debt ceiling became a game of political chicken that continues to threaten our economy
▼ + stars: | 2023-05-31 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +2 min

Congress originally created the debt ceiling to control military spending. Since the 1990s, Democrats and Republicans have leveraged the risk of a debt default to control the budget. 2023 has seen a debt ceiling standoff between President Joe Biden and Speaker Kevin McCarthy. That economic crisis could arrive as early as June 5, if Congress doesn't raise or suspend the debt ceiling. Congress created the debt ceiling in 1917 to control military spending as the US took on debt to enter World War I.

Persons: Joe Biden, Kevin McCarthy, —, it's Organizations: Republicans, Service, Department of, Treasury Locations: Congress

☆ Janet Yellen isn't 'credible' and the US won't default on its debt on June 1, Republican congressman says
▼ + stars: | 2023-05-25 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +5 min

Congress can't raise the debt ceiling and avoid economic crisis because Republicans want spending cuts. Janet Yellen said Treasury may not be able to delay a default past June 1. To avoid a default, Congress has to raise the debt ceiling, and Republicans won't do it unless Democrats agree to spending cuts. Janet Yellen was wrong on having interest rates too low for far too long. Asked about his alternative date, Donalds said, "Listen, I'm not the Treasury Secretary.

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