Push to have Powell reappointed as Fed chair
Jerome Powell’s term as chair of the US Federal Reserve could be summed up as follows: Never in economic history has so much been given so fast to so few.
The trillions of dollars pumped into the financial system by the Fed since March 2020 have sent the stock market to record highs, boosting the wealth of multi-billionaires such as Elon Musk and Jeff Bezos to stratospheric heights, as well as lifting the wealth of a host of lesser lights.
Chairman of the Federal Reserve Jerome Powell (AP Photo/Susan Walsh)
Given this record, it is hardly surprising that voices are being raised in political, media and financial circles calling on President Joe Biden to re-appoint Powell when his four-year term expires in February next year.
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Defunct Wholesaler Fights Renewed DQ Bid In Suboxone Case
Law360 (May 4, 2021, 8:08 PM EDT) Rochester Drug Co-Operative Inc. has urged a Pennsylvania federal judge to once again reject arguments that the company s ongoing bankruptcy meant that it could not continue serving as class representative in a massive antitrust suit accusing drugmaker Indivior PLC of scheming to maintain its monopoly on the opioid addiction treatment Suboxone.
After U.S. District Judge Mitchell Goldberg denied a motion from Indivior in January aimed at disqualifying RDC based on its ongoing Chapter 11 proceedings, the drugmaker renewed its bid in mid-April as it pointed out that the company had liquidated its assets and assigned its claims in the antitrust litigation.
Redditors declaration of war on hedge funds might be ugly, but it won t break the system, pros say
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January 29, 2021, 4:22 PM·3 min read
A wild week on Wall Street ended in much the way it had begun, with day traders pouring money into a handful of troubled stocks as the broader market churned with volatility over vaccine worries, corporate earnings and short-sellers scrambling to regain their footing.
Retail investors many newly minted, their exposure to the market facilitated by apps like Robinhood and their education limited to the raucous hive mind of Reddit message boards continued to inflate the price of GameStop and other companies pegged by short-sellers for failure, such as AMC Entertainment and Bed Bath & Beyond.
Yet stocks rallied to record highs again on Thursday, with the Nasdaq closing above 13,000 for the first time. On Wednesday, when Trump supporters stormed the Capitol, the Dow Jones Industrial Average jumped more than 437 points, or 1.4%, a record close.
The market also ended 2020 at an all-time high, despite a pandemic that has seen more than 340,000 Americans die and millions lose their jobs. People look at the stock market and they shake their heads and they ask themselves, how can the stock market go higher when Main Street is doing so badly? said Mitchell Goldberg, president of ClientFirst Strategy Melville, New York.