The SEC’s revised 80% rule. Mandating $20 per hour starting pay.
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Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. In this column, JWR also covers hedges, derivatives, and various obscura. This column emphasizes JWR’s “tangibles heavy” investing strategy and contrarian perspective. Today, we look at the SEC’s revised 80% rule. (See the Economy & Finance section.)
Precious Metals:
Price pressure on gold, silver as Fed signals higher for longer.
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As Gold Hit New Record High In Yuan, Chinese Demand Improved In August.
Economy & Finance:
Notice from the SEC: Statement on Updates to the Names Rule. JWR’s Comments: The original 80% Rule just wasn’t good enough for them… So, to be fully compliant the perfect name for a new fund would presumably be: “The Whatever I Feel Like Investing In Today Fund.” But, of course, the fund’s staff would still have to file an annual report with the SEC, proving that vagueness.
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El-Erian Warns of ‘Massive’ Corporate Refinancing Next Year.
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Stocks slide as Fed signals it’s not done hiking rates, Nasdaq falls 1.5%: Live updates – CNBC.
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Al Lewis: 10 Red Flags Warn of a Looming Recession.
Commodities:
At Zero Hedge: Thanks Joe… Gas Prices Have Never Been This High This Time Of Year.
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And from OilPrice News: An Apparently Unstoppable Oil Price Rally.
Taxation and Government:
Reader C.B. sent this item: IRS establishes new pass-through division to tax high earners.
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CNBC: House Republicans release short-term bill to avert government shutdown until Oct. 31. JWR’s Comment: It appears that the RINO GOP leadership has perfected appeasement and spinelessness (while appearing to be the opposition) into an art form.
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Los Angeles Builds Homeless Tent City, At Cost Of $44,000 Per Tent.
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McDonald’s franchisee group says new California fast-food bill will cause ‘devastating financial blow’. JWR’s Comments: Fast food jobs are primarily intended to be training positions, to develop work and interpersonal skills in young people. Mandating $20 per hour starting pay is absurd. Free markets should determine wages and prices. The do-gooder socialist politicians in Sacramento won’t realize that they’ve gone too far until most of the fast-food restaurants in the state have quit the business. Government-imposed wage and price controls — whether they be minimums or maximums — disrupt and inevitably destroy markets.
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Forex & Cryptos:
Dollar rallies, US stocks fall as Fed signals it could hike again in 2023.
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Some news from down in Oz: ‘Safer, faster and convenient’: Macquarie Bank announces plan to phase out cash and cheques by end of 2024.
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Citi Develops New Digital Asset Capabilities for Institutional Clients. JWR’s Comments: Just wait and watch, folks. I can foresee that “Institutional Clients” will morph into All Clients, and voluntary will morph into mandatory.
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Crypto Analyst Predicts More Trouble Ahead For Bitcoin Price, Here’s Why.
Tangibles Investing:
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Over at WND: Half of Americans are priced out of the car market. Here’s why.
Provisos:
SurvivalBlog and its Editors are not paid investment counselors or advisers. Please see our Provisos page for our detailed disclaimers.
News Tips:
Please send your economics and investing news tips to JWR. (Either via e-mail or via our Contact form.) These are often especially relevant because they come from folks who closely watch specific markets. If you spot any news that would be of interest to SurvivalBlog readers, then please send it in. News items from local news outlets that are missed by the news wire services are especially appreciated. Thanks!