What we’re reading (1/19)
“Yellen To Urge Lawmakers To ‘Act Big’ On Relief Spending” (CNN Business). “Janet Yellen, President-elect Joe Biden's nominee for Treasury secretary, is expected to urge lawmakers to "act big" on relief spending during her confirmation hearing Tuesday, underscoring the urgency and scope of the incoming administration's $1.9 trillion stimulus package. ‘Neither the President-elect, nor I, propose this relief package without an appreciation for the country's debt burden,’ Yellen will tell lawmakers, according to written testimony obtained by CNN. ‘But right now, with interest rates at historic lows, the smartest thing we can do is act big.’”
“Here’s What’s Keeping Jamie Dimon Up at Night” (Dealbreaker). “Responding to a question from an analyst, Jamie Dimon expressed concern about the growth of competition from emerging fintech players. Making note of Visa, PayPal, Ant Financial, Tencent, Facebook, Google, Apple and Amazon, Dimon acknowledged there is a long list of talented companies he is “scared ****** of". Exact quote.”
“The Wealthy Are Investing Like A Market Bubble Is Here, Or At Least Near” (CNBC). “If an investor with $1 million or more in the market thinks that a stock bubble is already here — or soon enough one will be coming — what is the correct response? According to a new survey from E-Trade Financial, the answer is to keep investing in stocks, with more emphasis on undervalued sectors of the market.”
“Automakers Forced To Cut Production Amid Global Shortage Of Computer Chips” (NBC News). “The Ford plant in Louisville, Kentucky — along with its 3,900 employees — stands idle this week, after the automaker was forced to temporarily halt production due to shortages of critical microprocessors and other computer chips. Ford isn’t alone. Fiat Chrysler is idling production at a Brampton, Ontario, plant; while Subaru will trim “several thousand” vehicles from its production schedule at plants in the U.S. and Japan due to chip shortages. General Motors, Honda, Renault, Toyota and Volkswagen are also feeling the impact — with others expected to follow.”
“Another Eleventh-Century Medieval Chinese Coin Found In England” (Dr. Caitlin R. Green blog). “The coin in question was issued between 1008 and 1016 during the reign of Emperor Zhenzong of the Northern Song dynasty and was found at Buriton, Hampshire, around 9 miles from the coast. As was the case with the other eleventh-century Chinese coin discussed here previously, the coin doesn't seem to be part of a 'suspicious' grouping of finds or deposited curated collection, and the field that it was recovered from has also produced a handful of medieval- and immediately post-medieval finds.”
