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“US home price plunge is ‘just beginning’ as housing market rapidly cools: economist” A substantial plunge in US home prices is likely “just beginning” as decades-high mortgage rates cause a downturn in the housing market, a prominent economist cautioned Friday. The warning from Pantheon Macroeconomics chief economist Ian Shepherdson followed more dismal data that showed…
The Hill’s Morning Report — Biden, GOP fish for votes with economic bait President Biden on Thursday sharpened his warnings to voters: If Republicans are in charge in Congress, GOP “trickle-down” economic policies will raise costs for American families and “make inflation worse.” “When I took office, the economy was in ruins,” he said during…
Musk officially closes Twitter deal: reports Elon Musk officially owns Twitter after closing the deal by a court-imposed Friday deadline, according to multiple outlets, ending a six-month journey over his controversial $44 billion acquisition. CNBC first reported Thursday evening that Musk had taken control of Twitter and the company’s CEO Parag Agrawal and chief financial officer…
Why the GDP rebound isn’t soothing recession concerns U.S. economic growth rebounded sharply during the third quarter, according to data released by the Commerce Department on Thursday, rising at an annualized rate of 2.6 percent and proving that the U.S. has avoided a recession thus far. But beneath a strong headline number were several warning…
Progressives’ Ukraine letter darkens Jayapal leadership prospects An ill-timed push by a group of House progressives for a diplomatic agreement with Russia may have dashed the leadership prospects of the caucus’s chairwoman, Rep. Pramila Jayapal (D-Wash.). The move by members of the Congressional Progressive Caucus has infuriated Democrats and blunted the image of unity on Ukraine…
“‘So little of it has kicked in’” Former Democratic US senator and comedian Al Franken slammed his own party for doing little to reduce inflation despite passing its signature Inflation Reduction Act. “The unfortunately named Inflation Reduction Act — unfortunately, mainly because so little of it has kicked in and we are not seeing inflation…
“Thirty years later, voters are still telling us it’s about the economy stupid!” It was 30 years ago that Bill Clinton’s presidential campaign manager James Carville got so tired of answering the question “What is this election about?” that he placed a sign on his desk: “It’s the ECONOMY, Stupid!” Truer words were seldom spoken. …
“MSNBC’s Ali Velshi claims ‘great inflation myth’ is GOP tactic to slam Biden” MSNBC anchor Ali Velshi argued that Republicans have created a “great inflation myth” to falsely paint President Biden and other Democrats as responsible for decades-high inflation ahead of critical midterm elections. Velshi made the point during an interview with Democratic Rep. Brenda…
“Britain’s economic down to ‘negative’ amid political turmoil: Moody’s” The chaos within the British government in the wake of the sudden resignation of former Prime Minister Liz Truss has dealt a blow to the nation’s economic prospects. Moody’s, the internationally respected investor rating agency, downgraded the UK’s economic outlook to “negative” from “stable” on Friday….
“Is Joe trying to destroy US, Britain’s ‘political wasteland’ and other commentary” Economist: Is Joe Trying To Destroy US? President Biden’s policies might not add up to some intentional “Dr. Evil-type plot” to replace “free-market capitalism” with “big-government socialism,” but if he and his team are trying to “burn down the village in order to…