E&E Daily: Senate panel votes to ban congressional stock trades.

The Senate Homeland Security and Governmental Affairs Committee approved compromise legislation Wednesday to ban lawmakers from trading stock. The issue has dogged lawmakers for years, and even though Chair Gary Peters (D-Mich.) has been trumpeting a bipartisan deal, lingering concerns made for a contentious markup. The bill would ban lawmakers, the president and the vice president from owning stock and certain other investments. They would have to divest starting in 2027. submitted by /u/Ankle_be [link] [comments]

Most of Us Will Be Poorer Than Our Parents. Here’s Why.

There is an opinion that today’s youth, the Generation Z (born between the late 1990s and the early 2010s), find it harder to become wealthy and succeed in life compared to their grandparents. Personally, I support this view, but I’m not inclined to pity Gen Z because this situation is easily explained. Let’s start with the fact that Generation Z has inflated expectations. There are two reasons for this. First, Gen Z members are more often the only child in the family compared to previous generations, meaning they received more parental attention and, as adults, perceive increased attention to their desires (“the world owes me everything”) as the norm. For example, numerous sociological studies note that more than 70% of employees from Generation Z expect their position and responsibilities to change at least once a year. 32% expect to hold a managerial position within 5 years of graduating (source: https://www.researchgate.net/publication/356346958_Gen_Z_Perceptions_and_Expectations_upon_Entering_the_Workforce). Second, modern media creates the impression among young people that they are born poor. Thirty years ago, people compared their lives to what they saw on TV, which mainly showcased the life of the upper middle class. Today, anyone can go on Instagram and realize how “insignificant” they are. Combined with inflated expectations, this heightens the sense of personal poverty and inadequacy. It might seem that we could end the post here, acknowledging that Gen Z’s high expectations clash with high ideals. But it’s not that simple. Modern youth truly have it tougher because they were born at an unfortunate time. Economic growth in the 21st century is lower than the average growth rates of the 1980s-2000s. Weaker economic growth results in less added value being created, intensifying the struggle for a wealthy life. In recent decades, most developed countries have seen no major redistributions of wealth. In the US, the last major redistribution was in 1933 under President Roosevelt, referring to the gold confiscation. Since interest rates are generally higher than GDP growth rates, assets tend to concentrate. Understandably, assets are usually owned by older people, not the youth, resulting in the wealth of the elderly growing faster than that of the young. Finally, life expectancy is increasing. “Old people” continue to hold key management positions and are doing just fine. This seemingly bleak situation is offset by the fact that today, there are exponentially more opportunities to earn money, become famous, and realize oneself compared to our parents’ generation. All it takes is the desire and perseverance. submitted by /u/FXgram_ [link] [comments]

S&P 500’s Wild Ride: Is the ‘Buffalo Market’ Here to Stay?

The S&P 500’s recent volatility has led experts to describe the current market as a “buffalo market,” with potential for both sluggish periods and growth driven by fundamentals like earnings and investment cycles. Election year volatility is expected, but markets usually strengthen post-election. Investors are advised to avoid holding too much cash despite attractive interest rates, as the Fed is expected to cut rates soon, and market pullbacks may present buying opportunities. Key Points: Market Drop and Recovery: S&P 500 experienced its worst session since 2022. Market recovery began with a sell-off in tech stocks. Current market termed as a “buffalo market” by Bank of America. Market Outlook: Fundamentals like earnings, investment cycles, financial conditions, and AI could sustain the market uptrend. Expect increased volatility around the election, with potential strong market direction post-election. Earnings Focus: Earnings recovery is a critical factor for market performance. Election policies will impact sectors and companies more than political outcomes. Investment Strategy: Higher interest rates provide good returns on cash, but holding too much cash can be risky. Fed is expected to cut rates in September and December. Market pullbacks are seen as buying opportunities for long-term goals. Will you adjust your investment strategy in light of the predicted market volatility? And do you think the ‘Buffalo Market’ will lead to more investment opportunities, or is it too risky? submitted by /u/Aftermebuddy [link] [comments]

During Donald Trump’s speech at the Bitcoin 2024 conference in Nashville BTC dropped by $2,000

https://preview.redd.it/flzqf0e8r4fd1.png?width=1280&format=png&auto=webp&s=a69a11fed4ec2340a170c1013b9c6006e92c7545 Trump promised to fire SEC Chairman Gary Gensler as soon as he becomes president. He also stated that he would not allow the introduction of a digital dollar and would support self-custody of cryptocurrency. Trump declared that the U.S. government would stop selling confiscated bitcoins if he is elected president. He also promised to make them part of the national strategic bitcoin reserve in the U.S. in case of an election victory. Among his unusual statements: the IQ level of Kamala Harris (his opponent in the presidential race) is very low. submitted by /u/XGramatik [link] [comments]

The Central Bank of Russia raised its key rate to 18%. (!)

The Central Bank of Russia recently raised its key interest rate by 200 basis points to 18%, the highest level in over two years. This decision was made to combat accelerated inflation, which has risen to 9.0% as of July 22, 2024, up from 8.6% in June. The bank also revised its inflation forecast for 2024 upwards to 6.5-7.0%. This move indicates the bank’s commitment to tighter monetary policies to stabilize the economy and curb inflation (Devdiscourse) submitted by /u/Ankle_be [link] [comments]

2024 Olimpics is open

What do you think so far of the opening ceremony of the 2024 Olympics? What was your favourite highlight so far? And what part of it do you dislike the most thus far? submitted by /u/Ankle_be [link] [comments]

All celebrity tokens on Solana have plummeted in price and been abandoned within a month

Slorg, X user, analyzed the price dynamics of tokens on the Solana blockchain that were launched or promoted by influencers and celebrities in June—from rappers to athletes. Most of them have dropped in price by more than 90% from their peaks, and the associated accounts have either been deleted or abandoned. https://preview.redd.it/ar6ag1ugxwed1.jpg?width=974&format=pjpg&auto=webp&s=0e7c411f217b728a708afe234b70324dbde90695 Some of the best-performing tokens were DADDY by blogger Andrew Tate and MOTHER by performer Iggy Azalea. Their prices fell “only” 75% from their peaks, and their social media accounts still have posts appearing. submitted by /u/FXgram_ [link] [comments]

Events that are supposed to happen no more than once every hundred years happen constantly

This is because many independent things can go wrong, break, or not work as intended. If, in any given year, we have a 1% chance of a new terrible pandemic, a 1% chance of a global depression, a 1% chance of a catastrophic flood, a 1% chance of a political collapse in a major country, and so on, the chances of something bad happening are quite high. The interconnectedness of our modern world amplifies these probabilities. For instance, a political collapse in a major country can trigger economic instability globally, while a pandemic can strain healthcare systems and economies worldwide simultaneously. These overlapping crises create a domino effect, where one event can set off a chain reaction, leading to multiple, seemingly rare events occurring in rapid succession. Moreover, the rapid pace of technological advancement and environmental changes introduces new variables that can disrupt the status quo. The rise of cyber threats, climate change, and the increasing complexity of global supply chains are additional layers of risk that can cause unexpected and severe disruptions. As our world becomes more interconnected and interdependent, the likelihood of facing multiple “once-in-a-century” events grows. In early 20th century Britain, there was a well-known historian and intellectual named Arnold Toynbee. He wrote an important book called “A Study of History,” somewhat like a Yuval Harari of a century ago. He very aptly said that history is just one damn thing after another. submitted by /u/azramata [link] [comments]

FinTech is eating

linas Beliunas: The BIG news 🗞️ After a three-year journey, London-based FinTech giant Revolut has finally secured a UK banking license from the Prudential Regulation Authority (PRA). This milestone marks a significant step in the company’s evolution and its ability to compete with traditional banks in its home market. Let’s take a quick look at this and see why it matters. More on this 👉 We can remember that founded in 2015, Revolut has rapidly grown to serve 45 million customers globally, with 9 million in the UK alone. The company, which started as an e-money institution offering services like checking accounts and foreign currency exchange, can now expand into traditional banking services such as lending and savings products. The license comes with initial restrictions, a common practice for new banks in the UK. Revolut will thus enter a mobilization phase, allowing it to build out its banking infrastructure before fully launching these new services. This process could take up to a year and means the following: Revolut can hold only £50,000 of total customer deposits. Customers will remain with its Financial Conduct Authority-approved e-money entity until a full UK bank launches. But more importantly, this means that the neobank last valued at $33 billion can now offer overdrafts, loans, and savings products to more than 9 million of their consumers in the United Kingdom. submitted by /u/Ankle_be [link] [comments]