What we’re reading (9/25)
“Harvard’s Chetty Finds Economic Carnage In Wealthiest ZIP Codes” (Bloomberg). “By late June the gap had widened further, even though many businesses had reopened. In fact, the segment of Americans who are paid best had recovered almost all the jobs lost since the start of the pandemic. ‘The recession has essentially ended for high-income individuals,’ Chetty told Biden and Harris. Meanwhile, the bottom half of American workers represented almost 80% of the jobs still missing.”
“The Airlines Run Out Of Bailout Money In Six Days. Here’s What Happens Next: CNBC After Hours” (CNBC). The airlines’ bailout money is running out. Surprise! They want more.
“‘A Million Random Digits’ Was a Number-Cruncher’s Bible. Now One Has Exposed Flaws in the Disorder.” (Wall Street Journal). “For 65 years, Rand Corp.’s reference book “A Million Random Digits with 100,000 Normal Deviates” has enjoyed a reputation as the go-to source for random numbers. Until, on a random whim, Gary Briggs came along and ruined it all.”
“‘I Think It Sent The Right Message’ — Goldman Sachs CEO David Solomon Spent Every Day In The Office At Height Of Pandemic” (MarketWatch). “Goldman Sachs Chief Executive David Solomon said he spent every day in the office at the height of the coronavirus pandemic. ‘It wasn’t a decision, like I woke up one day and said, I’m going to be in the office every day during the pandemic,’ Solomon told The Boardroom: Out of Office podcast. ‘We were in the office and… even though we were sending people home — I just felt more comfortable — and I also think it sent the right message that the captain was kind of hands on the wheel of the ship,’ he said.”
“Publicly Traded Firms Paid Dividends, Bought Their Own Stock After Receiving PPP Loans to Pay Employees” (Washington Post). “Some publicly traded companies that received taxpayer-backed small business loans to pay their employees during the early weeks of the pandemic paid out millions to Wall Street investors in dividends and share buybacks, publicly available financial disclosures reviewed by The Washington Post show.”
