The Kellington Times
The Securities And Exchange Commission May Look Into Possible Market Manipulation Made By Reddit Day Traders Instead Of The Short-Selling Hedge Funds
According to the Wall Street Journal, the Securities and Exchange Commission is looking into the young, goofy, fun-loving, scrappy and foul-mouthed novice investors on the Wallstreetbets subreddit of Reddit. There is the feel of an institutional knee-jerk reaction to accept activities from established Wall Street professionals, while shining a harsh light on new—mostly naive—entrants into the financial community.
With all of the drama going on lately, I know what you’re thinking— “I hope the billionaires are okay!” Well, you don’t have to worry. The billionaire class is doing just fine and dandy. In fact, U.S. billionaires have made $1.1 trillion during the pandemic. This is about 40% more money than before the outbreak started last March, according to the Institute for Policy Studies and Americans for Tax Fairness. Meanwhile, most everyone else is desperately trying to hang on by their fingernails.
Mayor Francis Suarez is hyping the fact that Miami will offer a business-friendly environment and be responsive to the needs of the incoming tech companies. Suarez, to demonstrate his sincerity, promises to hire the city’s first technology officer to provide “concierge services” to the companies once based in Miami. This is part of the strategy to show that they want to help companies, while California doesn’t show them the love and attention—except when it comes to raising taxes.
The United States Department of Labor reported Thursday that jobless claims for the prior week totaled 847,000. The number, while lower than previous weeks, is still at a stubborn historic high. Claims filed last week were lower—by 67,000—compared to the prior week. To put things into perspective, before the Covid-19 pandemic, jobless claims were never over 700,000.
Although this pandemic has been dark and dreadful, there is always a little sunlight, if you look hard enough. One of the unintended—yet positive—consequences of Covid-19 is that it is forcing people to reevaluate their jobs, careers and lives. Use this time wisely, find your personal Ikigai and live your best life.
Hanson Robotics, the company behind Sophia, plans to mass produce robots this year to help people during the pandemic. David Hanson, founder and chief executive of his eponymous company, said, “The world of Covid-19 is going to need more and more automation to keep people safe.” In light of Sophia “being so human-like,” Hanson claims, “That can be so useful during these times where people are terribly lonely and socially isolated.”
The loss of work or fear of losing your job wreaks havoc on a person’s psyche. According to CBS News, “Rampant unemployment, isolation and an uncertain future could lead to 75,000 deaths from drug or alcohol abuse and suicide, new research suggests.” This is known as "deaths of despair" and is “tied to multiple factors, like unemployment, fear and dread and isolation.” The numbers of deaths could grow even higher. CBS points to a study that claims “a very slow recovery combined with the greatest impact of unemployment could result in more than 150,000 deaths of despair.”
President Joe Biden warned the climate crisis presents an “existential threat” to the world. In an executive order, to fight back against this challenge, Biden called for the “halting fossil fuel activity on public lands and directing the U.S. government to start a full-frontal effort to lower planet-heating emissions.”
Multibillionaire Leon Black, the cofounder and head of private equity giant, Apollo Global Management, is stepping down after over 30-years at his company. This decision comes on the heels of an outside law firm review of Black’s relationship with the controversial, convicted sex offender and now-dead Jeffrey Epstein.
