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☆ Harvard is temporarily closing off its historic center to visitors at night, as backlash continues to roil against students blaming Israel for Hamas' attacks
▼ + stars: | 2023-10-13 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Harvard told students in an email that its historic center would be closed to non-ID holders nightly until Monday, the Harvard Crimson reported. Harvard Yard is the oldest part of the university campus and is where most freshman dormitories are housed. The move comes amid an escalating backlash against student groups that cosigned a letter blaming Israel for the Hamas attacks. AdvertisementAdvertisementHarvard is closing off its historic center, Harvard Yard, to visitors at night until Monday, amid an escalating backlash against students who cosigned a letter blaming Israel for the Hamas attacks, the Harvard Crimson reported Thursday, citing an email sent to students. Harvard Yard is a 25-acre green space that is the oldest part of the university campus and is where most freshman dormitories are housed.

Persons: Israel, —, Meredith Weenick, Bill Ackman, Larry Summers, Jason Furman, Boaz Barak, Harvard Hillel Organizations: Harvard, Harvard Crimson, Service, Harvard Yard, Harvard University Police Department Locations: Israel

☆ Former Harvard president Larry Summers thinks Bill Ackman asking for lists of student names is the 'stuff of Joe McCarthy'
▼ + stars: | 2023-10-12 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Bill Ackman wants Harvard to disclose the names of students blaming Israel for Hamas attacks so potential employers can avoid hiring them. Former Harvard president Larry Summers told Bloomberg he thought Ackman was "getting a bit carried away" with his call. Summers told Bloomberg in an interview on Wednesday he thought Ackman was "getting a bit carried away" with his call for the university to release students' names. Many in the groups had no idea there was even going to be a letter," Summers said during the interview. AdvertisementAdvertisementThe former Harvard president echoed some of these sentiments in a post he published on X shortly after the interview.

Persons: Bill Ackman, Israel, Larry Summers, Ackman, Joe McCarthy, —, Ackman's, Summers, McCarthy, Joseph McCarthy, Ted Cruz, Boaz Barak, Harvard Hillel — Organizations: Harvard, Bloomberg, Service, Harvard University, American, Ackman

☆ Names and faces of Harvard students linked to an anti-Israel statement were plastered on mobile billboards and online sites
▼ + stars: | 2023-10-12 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +5 min

New York CNN —A billboard truck drove near Harvard’s campus Wednesday displaying the names and photos of Harvard students whose organizations signed a statement blaming solely Israel for the deadly attacks by Hamas. Some students and their groups have since distanced themselves or withdrawn their endorsements from the statement amid an intense backlash inside and outside of Harvard. A conservative nonprofit said it organized the truck featuring the virtual billboards with students’ names and images under a banner that reads: “Harvard’s Leading Antisemites.” It also published names online. “We will continue to reject the PSC’s statement in the strongest terms — and demand accountability for those who signed it,” the statement added. In the wake of the mounting backlash, at least eight of the original 34 co-signing Harvard student groups had withdrawn their signature from the statement as of Wednesday afternoon, according to the Harvard Crimson student newspaper.

Persons: ”, Israel, “, Hillel, “ Harvard Hillel, Laurence Tribe, McCarthy, Bill Ackman, Larry Summers, Meredith Weenick, ” Weenick, – CNN’s Matt Egan Organizations: New, New York CNN, Harvard, Harvard Palestine Solidarity Groups, CNN, Palestine Solidarity, ” Harvard, Harvard Crimson, Harvard University, Harvard University Police Department Locations: New York, Harvard’s, Israel, Gaza

☆ Larry Summers says some of the Harvard students who signed an anti-Israel letter 'did not understand exactly what they were approving'
▼ + stars: | 2023-10-12 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Larry Summers has addressed the row about Harvard student groups that signed an anti-Israel letter. The letter, signed by 30-plus groups, said the students held Israel responsible for Hamas attacks. AdvertisementAdvertisementLarry Summers, former US treasury secretary and Harvard graduate, said some of the students at the college who signed an anti-Israel letter "did not exactly understand what they were approving." It was authored by Harvard's undergraduate Palestine Solidarity Committee and signed by more than 30 student groups. Several Harvard students have publicly distanced themselves from the letter and said they were unaware their organization had even signed it.

Persons: Larry Summers, —, Summers, Bill Ackman, Danielle Mikaelian, Mohini Tangri, Benjamin Netanyahu Organizations: Harvard, Israel, Service, Palestine Solidarity Committee, Twitter, Harvard University, Palestinian, Hamas, Israel Defense Forces Locations: Israel, Palestine, Gaza

☆ CEOs call on Harvard to name students linked to statement blaming Israel for Hamas attack
▼ + stars: | 2023-10-11 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

The CEO of Pershing Square Capital Management said he wanted to ensure his company and others don’t “inadvertently hire” any students belonging to Harvard groups that signed the letter. Following a backlash to the statement, some of the student groups have since withdrawn their endorsements. Others warn that naming the students whose groups backed the statement could put the students in harms way and did not account for differences of opinion within the student groups. But Harvard President Claudine Gay issued a statement Tuesday saying “no student group – not even 30 student groups – speaks for Harvard University or its leadership.”Harvard student groups’ statementThe controversy comes in response to a joint statement released by a coalition of Harvard student groups following the attacks by Hamas that have killed more than 1,000 Israelis and at least 14 American citizens. Another Harvard student, Danielle Mikaelian, said she resigned from the board of a group that signed the statement on Israel and didn’t have a chance to read it until it was too late.

Persons: Bill Ackman, ” Ackman, don’t “, “, Jonathan Neman, Ackman, Stephen Sullivan, Claudine Gay, –, ”, ” Jake Wurzak, shouldn’t, ” Wurzak, Mohini Tangri, Tangri, Danielle Mikaelian, didn’t, ” Mikaelian, Israel “, Winston, Strawn, “ Winston, Larry Summers, Summers, Bill Clinton, ” Gay, Jonathan Greenblatt, CNN’s Kristina Sgueglia, Sabrina Shulman Organizations: New, New York CNN, Billionaire, Harvard University, Pershing, Capital Management, Harvard, Dovehill Capital Management, Forbes . Harvard University, ” Harvard, Harvard Palestine Solidarity Groups, Harvard Crimson, Harvard Undergraduate Nepali Student Association, Crimson, Harvard Law School, NYU Student Bar Association, NYU, Winston, Defamation League, ADL, Accenture, Adidas, NBA, CNBC Locations: New York, Israel, Gaza

☆ Bill Ackman calls on Harvard to release the names of students in groups holding Israel responsible for Hamas violence — so CEOs don't 'inadvertently hire' them
▼ + stars: | 2023-10-10 | by ( Madeline Berg | ) www.businessinsider.com time to read: +4 min

Bill Ackman is calling on Harvard to release the names of students who are part of groups that signed a letter solely blaming Israel for the crisis in Gaza. The billionaire says he and other CEOs want to know so they don't "inadvertently hire any of their members." The letter has drawn backlash from many Harvard alums, including Ackman, for its staunch position. AdvertisementAdvertisementBillionaire hedge fund manager Bill Ackman has called on Harvard University to release the names of students who are members of organizations that signed a letter saying Israel is "entirely responsible" for the violence unfolding in the region. His request to release students' names has received a mixed response on Twitter — certainly not everyone agreed.

Persons: Bill Ackman, Israel, —, Ackman, Ian Bremmer, Larry Summers, Seth Moulton, Ted Cruz, Hama, Claudine Gay Organizations: Harvard, Service, Harvard University, Eurasia Group, Harvard Palestine Solidarity Groups, Harvard Palestine Solidarity Committee, US, Pershing, Capital Management, Pershing Square Foundation, Center for Jewish, Rights Watch, America, Twitter Locations: Gaza, Israel, Harvard Palestine, Harvard

☆ Opinion | How to Make Russia Really Pay for Invading Ukraine
▼ + stars: | 2023-09-19 | by ( Bret Stephens | ) www.nytimes.com time to read: +1 min

Volodymyr Zelensky will visit Washington this week to give thanks to the United States for its generosity — while asking for $24 billion more, which is what the Biden administration is seeking from Congress in additional military and humanitarian aid to Ukraine. That will bring the total amount of American aid to $135 billion, which so far has been $223 million a day since the war began, according to one calculation. Maybe it’s time to open a new funding source before American largess runs out — this time from Russia. As the former Treasury secretary Larry Summers has put it, “Bank robbers should not expect banks to honor their safe deposit boxes.”So far, the Biden administration has disagreed. “It would not be legal now in the United States for the government to seize” Russia’s assets, Janet Yellen, the Treasury secretary, said in May 2022.

Persons: Volodymyr Zelensky, Biden, Larry Summers, Janet Yellen Organizations: Bank, Economist Locations: Washington, United States, Ukraine, Russia, Russian

☆ Janet Yellen says she's 'feeling very good' about a soft landing, joining Paul Krugman and Larry Summers in cheering on the US economy
▼ + stars: | 2023-09-12 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Treasury Secretary Janet Yellen says she's "feeling very good" about chances of a US soft landing. "I think you'd have to say we're on a path that looks exactly like that," she said, per Bloomberg. Yellen joins Paul Krugman and Larry Summers in suggesting the US will avoid a recession. "I am feeling very good about that prediction," Yellen said on her way home from the G20 summit held in New Delhi, per Bloomberg. "I think you'd have to say we're on a path that looks exactly like that," she said, referring to hopes of a soft landing.

Persons: Janet Yellen, Yellen, Paul Krugman, Larry Summers, It's, Paul Krugman —, —, David Rosenberg, Leon Cooperman, Jeremy Grantham Organizations: Bloomberg, Service, Federal Reserve Locations: Wall, Silicon, New Delhi

☆ The Economy Is in a Pretty Good Place, After All - The New York Times
▼ + stars: | 2023-09-05 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

U.S. economic policy in 2021 was met with a firestorm of criticism from many economists. I’m not talking just about Republican loyalists, who always predict disaster when a Democrat moves into the White House. But the economy has defied that dire prediction. If the policy choices of 2021 did any lasting damage, it’s invisible in the data. So let’s talk about where the economy is now, and ask what, if any, lasting damage the Biden administration’s early policy may have done.

Persons: I’m, Larry Summers, Obama, Biden’s, we’ve, ” Mohamed El Organizations: Republican, Democrat, Democratic, Federal Reserve, Biden

☆ Larry Summers says a soft landing of the economy is possible, but keep an eye on 'labor restiveness'
▼ + stars: | 2023-09-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

August's jobs report brings the US a step closer to a soft landing, Larry Summers said. But the former Treasury Secretary cautioned that union activity could be disruptive. Instead, Summers cited a pressure outside of the jobs report that could still hurt the chances of a soft landing. AdvertisementAdvertisementBesides aggravating price targets, union activity could also fuel strikes and economic disruption over the next month. As an example, the four-month Hollywood strike of writers and actors has so far cost California's economy $5 billion.

Persons: Larry Summers, Summers Organizations: UPS, Service, Bloomberg, Federal Reserve, Hollywood Locations: Wall, Silicon

That means the two-day summit from September 9 will be dominated by the West and its allies. The G20 leaders who will attend include U.S. President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman and Japan's Fumio Kishida. "If the leaders' summit is a flop, New Delhi and especially Modi will have suffered a major diplomatic, and political, setback," Kugelman said. "The positions have hardened since the Bali Summit," a senior Indian government official told Reuters, referring to the 2022 summit held in Indonesia. Lavrov said last week Russia will block the final declaration of the G20 summit unless it reflects Moscow's position on Kyiv and other crises.

Persons: Adnan Abidi, Li Qiang, Xi Jinping, Vladimir Putin's, Joe Biden, Olaf Scholz, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's, Michael Kugelman, Narendra Modi, Modi, Kugelman, Joko Widodo, Justin Trudeau, Sergei Lavrov, Putin, battlelines, Trudeau, Ukraine's Volodymyr Zelenskiy, Zelenskiy, Lavrov, David Boling, N.K, Singh, Larry Summers, Katya Golubkova, Kentaro Sugiyama, Sakura Murakami Organizations: REUTERS, West, South Asia Institute, Wilson Center, Indian, New, Reuters, Bali, Canada's, Russian, Diplomats, Eurasia Group, Thomson Locations: New Delhi, India, DELHI, Ukraine, China, Russia, Saudi, Washington, Bali, Indonesia, Indonesian, CHINA, Brazil, South Africa, Johannesburg, U.S, Tokyo

☆ Opinion | A S.A.D. Story: What Can We Learn from the 1970s?
▼ + stars: | 2023-08-29 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

In my experience, economic pundits all too often suffer from S.A.D. There was a lot of S.A.D. during the early Obama years, with dire pronouncements about the inflationary effects of budget deficits and growth in the money supply. Most famously, Larry Summers, who had gained a lot of credibility by correctly predicting the inflation surge, predicted that disinflation would once again be extremely costly. That second prediction hasn’t aged well; inflation has come way down without any rise in unemployment.

Persons: Obama, Larry Summers, disinflation, Summers

☆ Former Treasury Secretary Larry Summers faces backlash from Jim Bianco, Paul Krugman for inflation 'chart crime'
▼ + stars: | 2023-08-25 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Former Treasury chief Larry Summers got panned for posting a graph suggesting US inflation could be tracing the same path now as in the 1970s. Nobel laureate Paul Krugman said the chart was "problematic on many fronts", adding the 1970s story was different. Market veteran Jim Bianco slammed the post as "chart crime", pointing out scale and calculation inconsistencies. In another post, Summers urged the Federal Reserve to reject suggestions that inflation is "securely under control." "Lots of people beating up on Larry Summers over his chart making recent disinflation look just like the mid-70s disinflation, which reaccelerated.

Persons: Larry Summers, Nobel, Paul Krugman, Jim Bianco, Summers, Bianco Organizations: Treasury, Service, Federal Reserve, Bianco Research Locations: Wall, Silicon

LONDON, Aug 23 (Reuters) - The United States and China may feel some financial detente is wise at this point - even if goading one another plays well domestically. But elements of the once-feared bind of 'mutally-assured financial destruction' (MAFD) still apply. Pulling the rug out from under either - battering U.S. and Chinese demand in effect - seems to make little economic sense at least. America had new markets and investments and a seemingly durable new creditor that kept borrowing rates low and consumption up. Falling China Share of Foreign US Treasury HoldingsChina FX Reserves vs Global ReservesUS Treasury Debt Climbs as Fed Pulls Back'MAFD'But is that where the situation has landed post-pandemic?

Persons: Larry Summers, Summers, Goldman Sachs, Jim O'Neill, O'Neill, Gina Raimondo's, Stephen Jen, Eurizon SLJ, Treasuries, Deepa Babington Organizations: U.S . Treasury Securities, ., Treasury, Foreign US Treasury Holdings China FX, Global Reserves, U.S ., Commerce, U.S, Reuters Graphics Reuters, Reuters, Thomson Locations: United States, China, Washington, Ukraine, Taiwan, Hong Kong, U.S, Beijing, America

☆ As China loses its spot as the top US trade partner and faces a slowing economy, Chinese consumers and business owners are worried: 'I can't see any way to make money in this country'
▼ + stars: | 2023-08-22 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Chinese business owners and consumers told The New York Times they're concerned about the economy. China is dealing with declines in manufacturing and trade as well as record-high youth unemployment. Larry Summers said last week China's economic proespects had been "greatly exaggerated" in the past. Summers said China's economic prospects, previously considered very good, had been "greatly exaggerated," and that he think the US gross domestic product "will exceed China's for another generation." The Times reported consumers and business owners in China were worried because they could not see how the economic downturn would end.

Persons: Larry Summers, proespects, Li Yuan, Richard Li, Summers, Insider's Cork Gaines, Andy Wang, Xi Jinping, Wang Organizations: New York Times, Service, The New York Times, Times, US, Washington Post, Federal Reserve Bank of Dallas Locations: China, Wall, Silicon, Washington, Mexico, Austria

☆ China's economy is hitting a wall after years of optimism, former Treasury Secretary Larry Summers says
▼ + stars: | 2023-08-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

China's economy is finally hitting a wall after years of optimism about the nation's future, Larry Summers said. According to Summers, US GDP is set to exceed China's for another generation. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. China's struggling economy has become a worry factor for investors amid fears that the Asian nation's deepening slowdown could have spillover effects for global markets. US President Joe Biden went as far as to say China's economy could be a "ticking time bomb" as the nation also suffers from sluggish growth and high unemployment.

Persons: Larry Summers, Summers, Joe Biden Organizations: Service, Harvard Locations: Wall, Silicon, Russia, Japan, Washington, United States, Berlin, Cuba, Eastern Europe

☆ The dedollarization drive is facing a confidence crisis as the yuan, ruble and Argentine peso simultaneously plummet, an analyst says
▼ + stars: | 2023-08-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +4 min

Slumps in the ruble, yuan, and Argentine peso underscore how the US dollar is a more reliable currency, an expert told Insider. In the past week alone, the Chinese yuan, Russian ruble, and the Argentine peso plunged, forcing the countries' central banks to take drastic measures to calm markets. The Chinese currency fell Thursday to its weakest level this year amid investor anxiety over the deepening slowdown in the world's second-largest economy. Last month, Russian president Vladimir Putin said more than 80% of his country's trade with China is settled in the yuan and ruble. "The recent decline and volatility in the Chinese Yuan, the Russian Ruble, and to a lesser extent the Argentine Peso, will only add further challenges to the idea of de-dollarization," Zain Vawda, market analyst at DailyFX, said.

Persons: Slumps, Vladimir Putin, Yuan, Zain, Vawda, Paul Krugman, Larry Summers, It's Organizations: Service, Argentine, International Monetary Fund Locations: Argentine, Ukraine, Wall, Silicon, Argentina, Moscow, Beijing, Russian, China

☆ Why you have to walk so far to your gate at the airport
▼ + stars: | 2023-08-19 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

Eduardo Munoz/ReutersTreks at the airport have been getting worse ever since security changes were implemented after the September 11, 2001, attacks. In Newark, Chicago and other cities’ airport terminals, moving walkways have been removed to make room for more shops and restaurants. Some new airport terminals have recently opened without moving walkways. The airport is now building a tunnel to shorten the walk from security to the concourse. So, are people missing flights now because they have to walk so far?

Persons: Chanel, Estée Lauder, Auntie Anne’s, Larry Summers, Eduardo Munoz, ”, Henry Harteveldt, Alexander Thome, Stefani Reynolds, ” Harteveldt, Wilson Rayfield, Gresham Smith, Patrick T, Fallon Organizations: New, New York CNN, Hudson News, Starbucks, Reuters, Atmosphere Research, Airports, Getty, Gresham, Dallas, Los Angeles International Airport, Harbor, Orlando International, International Airport Locations: New York, LaGuardia, Newark , Chicago, AFP, monorails, United States, Dallas Fort Worth, Salt Lake

☆ Ex-Treasury chief Larry Summers says it's still too early to declare victory on inflation
▼ + stars: | 2023-08-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

"If you look at wage inflation, it was faster for the month than for the quarter, faster for the quarter than for the year." The latest labor market numbers, in Summers' view, aren't fully in line with the Federal Reserve's 2% inflation goal. "If you look at wage inflation, it was faster for the month than for the quarter, faster for the quarter than for the year," Summers said. "We still have a tight labor market, a very tight labor market," Summers said. "And with 187,000 jobs created, and population growing 50 to 100,000 a month, we have not just a tight labor market, but a tightening labor market."

Persons: Larry Summers, Summers, aren't Organizations: Service, Bloomberg, Federal Locations: Wall, Silicon

Fitch told the U.S. Treasury about its ultimate decision about 24 hours ahead of the announcement. Fitch's recent talks with the Treasury did not include the actual downgrade decision, Francis said, because it had not yet been made by the agency's ratings committee. On Monday, Fitch's credit committee met, made a decision, and Treasury officials received the Fitch press release of the downgrade. "The timing of the committee was pure coincidence," Francis told Reuters on Friday, noting the date was set weeks ago. Debt ceiling votes have been "acrimonious for decades," one U.S. official complained, referring to a long history of standoffs.

Persons: Dylan Martinez WASHINGTON, Biden, Donald Trump, Harvard's Larry Summers, Jamie Dimon, Fitch, Joe Biden, Richard Francis, Fitch's, Francis, Mark Sobel, Sobel, Alexander Hamilton, David Lawder, Davide Barbuscia, Heather Timmons, Alistair Bell Organizations: Fitch, REUTERS, White House, Reuters, U.S . Treasury, Republicans, Congress, U.S, AAA, Treasury, Social Security, Capitol, Trump, longtime Treasury, Thomson Locations: Canary Wharf, London, Britain, U.S

☆ Jamie Dimon, Larry Summers blast Fitch's shock US downgrade as 'ridiculous' and 'bizarre and inept'
▼ + stars: | 2023-08-03 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

Fitch's downgrade of the US government's credit score on Tuesday has come as a shock to markets. Here's how 8 top voices have reacted, including Jamie Dimon, Warren Buffett and Larry Summers. But the decision of a credit rating agency today, as the economy looks stronger than expected, to downgrade the United States is bizarre and inept," Summers said in a post on X. Fitch rating services down grades US credit rating from AAA to AA+. I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Jamie Dimon, Warren Buffett, Larry Summers, Fitch, Berkshire Hathaway, Treasurys, Buffett, Dimon, Jeenah, Summers, Mohamed El, Erian, Paul Krugman, Krugman, Robert Kiyosaki, Rich Dad, Brace, Janet Yellen, Patrick Semansky, Yellen, Mark Haefele, Haefele Organizations: AAA, Service, Biden, Wall, Berkshire, CNBC, JPMorgan, Allianz, Fitch, AA, Fed, Treasury, AP, UBS Global Wealth Management Locations: Wall, Silicon, U.S, United States, States

☆ CNBC Daily Open: Don’t worry about the Fitch-induced sell-off
▼ + stars: | 2023-08-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on August 02, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. [PRO] Value picks in the S&P 500A common complaint about the S&P 500 now is that it's too expensive. But there are still pockets of value in the index, CNBC Pro's Bob Pisani says.

Persons: Stocks, Larry Summers, Mohamed El, Erian, Jamie Dimon, Dow Jones, Bob Pisani Organizations: New York Stock Exchange, CNBC, U.S, Nasdaq, Mining, Fitch, Global, Former U.S, Allianz, JPMorgan Chase, Labor Department, Qualcomm Locations: New York City

☆ CNBC Daily Open: The Fitch-induced sell-off is nothing to panic over
▼ + stars: | 2023-08-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on August 02, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stocks sell-offAll major U.S. indexes sank Wednesday as investors digested news of the U.S.'s lower credit rating. [PRO] S&P 500(0)Fitch Ratings may have lost confidence in the U.S.'s creditworthiness, but analysts are still bullish on the stock market.

Persons: Stocks, JPMorgan Chase, Jamie Dimon, Larry Summers, Mohamed El, Erian, —, Fitch Organizations: New York Stock Exchange, CNBC, U.S, Nasdaq, Nikkei, Fitch, Global, JPMorgan, Former U.S, Allianz, China New, Qualcomm Locations: New York City, Asia, Pacific, China, U.S, It's

☆ 'Rich Dad Poor Dad' author Robert Kiyosaki warns of a market 'crash landing' after US credit rating gets slashed
▼ + stars: | 2023-08-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Investors should brace for an epic "crash landing" to hit markets and the economy, Robert Kiyosaki said. The "Rich Dad Poor Dad" author pointed to Fitch's move to slash the US credit rating from AAA to AA+. "Brace for crash landing. Kiyosaki has been sounding the alarm for a steep recession and an epic stock market crash for years, calling for the greatest market crash in world history in 2021. Many economists, meanwhile, are warming to the idea that the US will see a soft landing of its economy.

Persons: Robert Kiyosaki, Dad, Kiyosaki, Rich Dad, —, Fitch, " Brace, He's ramped, didn't, DataTrek, Nicholas Colas, Larry Summers, Warren Buffett, Jamie Dimon Organizations: AAA, AA, Service, Fed, Treasury Locations: Wall, Silicon

☆ US investors are searching overseas for opportunities
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Despite the gains in US stocks this year, some investors are looking for opportunities elsewhere. That’s despite what’s been shaping up to be a banner year for the US stock market — at least prior to this week’s US credit rating downgrade (more on that below). But some investors say that cheaper valuations for non-US stocks, compared to their domestic counterparts, are enticing some on Wall Street to look for deals overseas. The S&P 500 index currently trades at about 19.6 times its expected earnings, according to FactSet. That MSCI All Country World ex USA index has risen roughly 9% on a US dollar basis, underperforming the S&P 500.

Persons: Goldman Sachs, That’s, what’s, ”, Adam Turnquist, China’s, Jimmy Lee, bode, Fitch, ” Richard Francis, CNN’s Matt Egan, Francis, “, ” Francis, Janet Yellen, Obama, Jason Furman, Larry Summers, Read, Sam Stovall Organizations: CNN Business, Bell, CNN, Investors, Federal Reserve, LPL, Global, The Wealth Consulting, America, Fitch, Treasury Department, AAA

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