Wednesday, September 14, 2022

Wake-Up Call: Wall Street Reels After Inflation Report

Stocks suffered their worst losses in more than two years yesterday after a government report showed inflation hanging on at worse-than-expected levels. The Dow Jones Industrial Average dropped 4 percent, a loss of 1,250 points. The Standard & Poor’s Index fell 4.3 percent, its biggest drop since June 2020. Higher inflation increases the chances that the Federal Reserve will continue to increase interest rates. The government report showed that inflation rose by 8.3 percent in August compared to a year before, despite falling gasoline prices. The costs of rent, health care, restaurant meals and durable goods all increased.
NY Post 9/14/22
BIDEN THROWS A PARTY:  President Biden threw an “inflation reduction” party Tuesday — even as inflation hit a worse-than-expected 8.3%, the stock market tumbled and stubbornly high prices for food and housing continue to slam American households. Biden, 79, had singer James Taylor kick off the White House South Lawn bash with his 1970 hit “Fire and Rain” — a song reportedly about suicide and heroin addiction — to belatedly celebrate passage of his Inflation Reduction Act spending bill. But Biden, who hailed the 74-year-old Taylor as “a voice that heals our soul and unites a nation,” failed to mention the market rout sparked by the dismal Labor Department’s Consumer Price Index released earlier Tuesday. The disappointing monthly report showed inflation continued to remain near record-high levels in August – despite a continued demand-driven decline in the cost of gasoline.



➤GRAHAM PROPOSES NATIONAL ABORTION RESTRICTIONS: Republican Senator Lindsey Graham of South Carolina has introduced a bill that would ban abortion after 15 weeks except in cases of rape, incest, and risk to the mother’s life. In effect, the bill would curtail abortion in some states while leaving untouched more restrictive laws in other states. As recently as August, Senator Graham had publicly insisted that the abortion issue should be left up to the states.


➤UKRAINE CONTINUES TO PUSH BACK AT RUSSIAN TROOPS: Ukraine has so far recaptured more than 2,300 square miles of Russian-occupied territory, President Volodymyr Zelenskyy said Monday night. Dozens of towns and villages in eastern and southern Ukraine are back under the nation’s control. Ukraine’s counteroffensive has so far exceeded expectations.

Daily Mail 9/14/22


✞ELIZABETH II LIES IN STATE AT WESTMINSTER ABBEY: The royal hearse is to transport the coffin of Queen Elizabeth II from Buckingham Palace to the 11th century Westminster Hall today (Wednesday), where she will lie in state before Monday’s funeral at Westminster Abbey. Thousands of Londoners crowded the streets yesterday as the procession arrived in London from Scotland, where the queen died on September 8th at the age of 96.


➤PRINCE WILLIAM JUST INHERITED A BILLION DOLLARS: Prince William of Great Britain, now known as the Prince of Wales, has inherited the Duchy of Cornwall, a vast estate that has belonged to the royal family since 1337. His dad King Charles III is said to have greatly expanded the value of the estate, which funds the public, private and charitable activities of the prince of Wales. The estate is said to be worth a billion dollars.

✞KEN STARR DIES AT 76: Ken Starr, the independent counsel who uncovered the White House sex scandal that led to President Bill Clinton’s impeachment for lying under oath and obstructing justice, has died in Houston. More recently, Starr represented President Donald Trump during his first Senate impeachment trial in 2020. Starr was 76.

➤CHILD POVERTY AT RECORD LOW: The rate of child poverty in the U.S. has dropped from 27.9% in 1993 to just 5.2 percent in 2021, according to new census data. An analysis by the organization Child Trends says that contributing factors include plentiful job openings and state minimum wage increases. The child tax credits and stimulus checks sent out to relieve COVID in 2020 and 2021 brought many other families out of poverty, at least temporarily. Those programs have now expired.


➤FIRST NATIVE ALASKAN JOINS CONGRESS: Democrat Mary Peltola was sworn in as a U.S. representative yesterday, becoming the first Native Alaskan member of Congress. She defeated former governor Sarah Palin in a special election to fill an opening left by the death of late Representative Don Young. Peltola will face Palin and other candidates in November for a full term.



👓STUDY: GLASSES MAKE PEOPLE APPEAR LESS INTELLIGENT:  Do glasses make you look smarter? A study from the University of Jordan found that the old stereotype might not actually be true. The study surveyed 517 college-age people who were shown photos of people with and without glasses. Results showed that those without glasses ranked higher in terms of perceived attractiveness, confidence, and intelligence. Researchers hope to use the information to help those who need glasses, but might not want to wear them because of these stereotypes and self-image issues. 64% of adults around the world wear glasses, according to the Vision Council.

🍺STUDY: ALL ALCOHOL RAISES RISK OF 7 CANCER TYPES:  Is it time to give up wine with dinner? A study from the University of Reading has demonstrated that all types of alcohol can raise the risk of seven types of cancers, including mouth, upper throat, breast, and bowel cancer. This could be due to a chemical our bodies produce in order to process alcohol. This chemical, called acetaldehyde, can damage DNA. "While some damage occurs by chance, our findings suggest that drinking alcohol can increase the risk of this damage," professor Ketan Patel said. Other lifestyle habits are associated with increased cancer risk like lack of sleep, processed foods, sugary drinks and smoking are other contributing factors.
 
🏀PHOENIX SUNS AND MERCURY OWNER SUSPENDED: Robert Sarver, owner of the Phoenix Suns and Phoenix Mercury teams, has been suspended for a year and fined $10 million by the NBA after an investigation into allegations of workplace misconduct. The investigation was launched after a report by ESPN’s Baxter Holmes into a history of racially insensitive language, misogynistic behavior and other workplace misconduct by Sarver. More than 50 current and former employees testified to his misconduct during the NBA investigation. An interim governor will be appointed in his absence.

🏈GOOD NEWS FOR T.J. WATT: The Pittsburgh Steelers’ T.J. Watt is out of the game for six weeks, but it could have been worse. He has learned that he won’t have to undergo surgery to fix a torn pectoral muscle suffered in Week One against Cincinnati. That would have been a season-ender.

🏈AND GOOD NEWS FOR THE COWBOYS: The Dallas Cowboys won’t have to put Dak Prescott on injured reserve while his surgically repaired thumb heals because he could return within the next four games. That’s according to Cowboys owner Jerry Jones, who reported the good news on his weekly radio show.

🏌LIV GOLF PUTS UP A $50 MILLION PURSE: LIV Golf will hand out the richest prize in sports history at its season-ending championship next month. Twelve four-man teams will compete for a $50 million pot. The games will be played on October 27th through 30th at Trump National Doral Miami.


🏈SAY ‘HELLO’ TO BROWNIE THE ELF: The Cleveland Browns will have a new midfield logo this season. It’s Brownie the Elf, returning by popular demand. Brownie has been around since the 1940s, but the midfield logo gives him greater prominence. Much greater prominence, in fact. This is one huge elf, and he’s wearing a fierce scowl in the logo. A poll of fans showed him the favorite among several logo designs. 
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