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Category: Economy

Jeff Bezos Lashes Out at Joe Biden and The Democrats

Years after he avoided responding to attacks from politicians on all sides, the second richest man in the world has decided to fight back. As a challenger determined to bring down the defending champion, Bezos has chosen to be on the offensive. It is he who will dictate the fight by engulfing himself in any opening that his opponent will give him. His tactic is clear: takes a page out of Elon Musk’s book.

In two days, in two successive attacks, Bezos accuses the Biden administration of “misdirection.” Interestingly, the mogul’s attacks come as CEOs grapple with the impact of their policy interventions following the Florida governor’s decision to sanction Disney for taking a stand against the “Don’t Say Gay” bill in the state.

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Buy The Dip, Or Wait For Max Pain? Analysts Debate Whether Bitcoin Price Has Bottomed

It has been a rough week for the cryptocurrency market, primarily because of the Terra ecosystem collapse and its knock-on effect on Bitcoin (BTC), Ethereum (ETH) and altcoin prices, plus the panic selling that took place after stablecoins lost their peg to the U.S. dollar.

The bearish headwinds for the crypto market have been building since late 2021 as the U.S. dollar gained strength and the United States Federal Reserve hinted that it would raise interest rates throughout the year.

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Elon Musk Sends Twitter Stock Into Frenzy After Saying Deal For Site ‘Temporarily On Hold’

Elon Musk sent Twitter’s stock on a rollercoaster ride early Friday as he claimed that his $44 billion deal to take over the site was “temporarily on hold” — then insisted hours later that he was “still committed” to the buyout. 

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” the Tesla CEO said in an early Friday tweet at 5:44 a.m. 

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Federal Judge Dismisses Lawsuit Against Florida’s Dissolution Of Disney’s Reedy Creek District

A federal judge has tossed the first challenge to Florida’s law dissolving Disney’s Reedy Creek special district.

The lawsuit filed  on behalf of residents of Orange and Osceola counties argued that the dissolution would result in increased taxation for residents forced to bear maintenance costs formerly handled by the Walt Disney World theme park.  The judge dismissed the case on two grounds.

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US Producer Price Index – A Measurement of Inflation – Reaches 11% in April

The Bureau of Labor Statistics (BLS) came out with its report on inflation this morning and it shows the Producer Price Index stands at 11%.

The Labor Department said Thursday that its producer price index — which measures inflation before it reaches consumers — climbed 0.5% in April from March. That is a slowdown from the previous month, however, when it jumped 1.6%.

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Why Is Biggest Baby Formula Plant In US STILL Shut Down After Three Months?

The biggest baby formula supplier in the U.S. has denied its Michigan plant is responsible for the deaths of two children despite the FDA closing it down.

An Abbott spokesperson told DailyMail.com Tuesday that ‘thorough investigation’ by the U.S. Food and Drug Administration (FDA) and Abbott revealed ‘infant formula produced at our Sturgis facility is not the likely source of infection in the reported cases and that there was not an outbreak caused by products from the facility’.

However, despite the findings of the investigation, the plant remains shuttered nearly three months later, fueling the nationwide baby formula shortage.

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Stock Market Today – 5/11: Stocks Slump Lower as April Inflation Data Disappoints; Crypto in Focus as TerraUSD Plummets

U.S. stocks ended firmly lower Wednesday, sharply reversing earlier gains, after April inflation data showed a stubborn stickiness in core consumer price pressures, offsetting the impact of an easing in the headline reading, as investors searched for relief from the market’s ongoing weakness.

“Inflation appears to be entrenched within many areas of the economy and regardless if we have witnessed inflation peak, a persistently slow grind lower will be more problematic for the Fed to simultaneously cool inflation without tipping the economy into recession.”

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Algorithms Being Used to Determine If The State Should Take Kids From Their Parents

We’ve seen situations in which people were banned from social media platforms for completely benign posts that are entirely apolitical and non-offensive. Because the algorithm lacks all nuance and discretion, its often irreversible decisions lay waste to entirely innocent actors. It is for this reason that the algorithms used or being considered by child welfare agencies across the country should send chills down your spine.

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Fed Hikes Rate at Fastest Pace in 22 Years, Will Start Shrinking Balance Sheet

In a widely anticipated move, the Federal Reserve raised the official U.S. interest rate by half a percentage point, while saying it will reduce the size of its balance sheet by $47.5 billion a month for three months and going up to $95 billion a month starting in September, according to a statement Wednesday from the Federal Open Market Committee.

The moves come as inflation surges to its highest in four decades, a dynamic that’s being closely tracked by bitcoin (BTC) traders, because the largest cryptocurrency is seen by many as a hedge against rising consumer prices.

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