John Carney
John Carney
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Flight to Suburbs: Homebuilder Sentiment Soars to Pre-Pandemic Heights

Flight to Suburbs: Homebuilder Sentiment Soars to Pre-Pandemic Heights

Homebuilder sentiment is soaring as Americans rethink their housing in the aftermath of urban looting and rioting, police defunding campaigns, surging shootings, and months of being shut inside due to the coronavirus pandemic.The National Association of Home Builders/Wells Fargo Housing Market Index jumped 14 points to 72 in July, leaping over the 60 score economists had forecast.That matches the index’s level for March, before the lockdowns and social distancing hit the U.S. economy. Scores above 50 are considered positive sentiment. Scores below suggest that builders consider conditions...

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John Carney
Jul 16
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Boeing Executive Resigns Over 1987 Op-Ed Opposing Women in Combat

Boeing Executive Resigns Over 1987 Op-Ed Opposing Women in Combat

The head of communications at Boeing has resigned his post after an employee complained about a 33-year-old article he wrote arguing against putting women in combat roles in the military.Niel Golightly penned the op-ed when he was a 29-year-old lieutenant in the U.S. Navy. It appeared in a magazine published by the U.S. Naval Institute, an outfit which describes itself as “an independent forum for those who dare to read, think, speak, and write to advance the professional, literary, and scientific understanding of sea power and other issues critical to global security.“At issue is not...

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John Carney
Jul 4
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Biden Says He Will Reverse Trump's Tax Cuts

Biden Says He Will Reverse Trump's Tax Cuts

Joe Biden told Wall Street donors to his campaign that he planned to reverse most of President Donald Trump’s tax cuts.“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Biden said during a fundraising conference call, Fox Business Network . “And a lot of you may not like that but I’m going to close loopholes like capital gains and stepped-up basis.”The former vice president said he would raise the corporate tax rate from 21 percent to 28 percent, which he estimated would raise taxes by $1.3 trillion over the next decade, FBN reported.Biden said the tax cuts were...

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John Carney
Jul 1
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Coronavirus Shutdowns Devastated Jobs, Except Wall Street and the Feds

Coronavirus Shutdowns Devastated Jobs, Except Wall Street and the Feds

Toward the end of the longest economic expansion in the history of the United States, workers were finally starting to gain enough of a foothold to see real benefits from economic growth. Unemployment was at a record low, long-stagnant wages were moving up while inflation was low, consumer confidence was sky-high, and more workers felt confident enough about the economy to quit their jobs in pursuit of better work.The coronavirus pandemic, social distancing, and government-ordered shutdowns brought an end to all of that. The economy entered a recession in March, the National Bureau of...

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John Carney
Jun 10
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Unemployment Falls to 13.3% and Economy Adds 2.5 Million Jobs

Unemployment Falls to 13.3% and Economy Adds 2.5 Million Jobs

The unemployment rate fell to 13.3 percent and payrolls unexpectedly rose by 2.5 million workers as the easing of restrictions on business activity and government aid led to new hiring in May.The U.S. unemployment rate fell below last month’s record-high 14.7 percent, which was the highest on record in data going back to 1948. Economists estimate that the unemployment rate reached 25 percent during the Great Depression, although that predated the scientific economy-wide record keeping the government now deploys.The job gains mark a sudden turnaround from a month earlier, when the economy...

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John Carney
Jun 5
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Donald Trump Does Not Owe Millions to Bank of China

Donald Trump Does Not Owe Millions to Bank of China

Donald Trump does not owe the Bank of China tens of millions of dollars.On Friday, Politico incorrectly that President Trump was tens of millions of dollars in debt to the state-controlled Chinese Bank. The story also incorrectly referred to “the historic precedent of a developer-turned president paying back millions to a bank controlled by a foreign government.”The story went on to claim that Trump’s alleged “financial dealings” with the Chinese bank “complicates one of Trump’s emerging campaign attacks against Biden: that the former vice president would be a gift to the Communist country...

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John Carney
Apr 25
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A Warning For The U.S. in China's Sharp Contraction

A Warning For The U.S. in China's Sharp Contraction

China’s economy lurched into a deep contraction in the first three months of the year as much of the country was shut down by the coronavirus.In a stark warning for the rest of the world, the economy did not bounce back as strongly as predicted once the lockdowns were lifted.The recent figures suggest that far from a V-shaped crash and recovery, China faces a drawn-out struggle to revive an economy that suffered its biggest contraction since possibly the mid-1960s after millions of people were told to stay home to fight the coronavirus.The world’s second-largest economy shrank by 6.8...

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John Carney
Apr 18
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