Today is June 4, and these are the stories I am watching:
1)Congress, regulators target tech. Antitrust enforcers and lawmakers are poised to scrutinize technology companies like Facebook, Amazon, Apple and Google parent Alphabet for potential anticompetitive practices. The moves bring a new regulatory focus to the markets for digital services and new concern for investors. The tech heavy Nasdaq slid into correction territory Monday, hit by investor fears that regulators might take a fresh shot at industry giants. On Tuesday, the tech selloff had spread to Europe.
DML: It’s time for these companies to be held accountable.
2)Mexico weighs tariffs reprisal. Mexico is exploring possible retaliation to the threat of U.S. tariffs on all of its exports but would rather convince the Trump administration that a negotiated solution is in both countries’ best interest, officials said. A high-level Mexican delegation is in Washington this week for meetings with officials.
DML: Trump holds all the cards, and we hold all the migrants. No deal making here. 5% tariffs unless the flow stops.
3)What could knock the economy off course? The U.S. economy reaches a 10-year milestone this summer, but trade wars, ballooning budget deficit and a central bank mistake with interest rates could knock the economy off course. Fed forecasters now expect rate cuts. Economists are projecting that uncertainty created by the administration’s actions on tariffs will prompt the Fed to deliver rate cuts later this year. The forecast comes as Australia becomes the biggest developed economy to lower borrowing costs this year.
DML: I have been warning of this for 6 months. Trump should bail on the useless UK trip and get home sooner than later.
4)Protests expected as Trump meets with May during second day in Britain
President Trump meets with outgoing British Prime Minister Theresa May Tuesday as the two talk with corporate executives from the United States and United Kingdom, before an afternoon news conference on the second day of Trump’s state visit. The leaders’ top priority is a possible bilateral trade deal to take effect once the U.K. leaves the European Union.
DML: I repeat, fire up Air Force One.
5)House Dems set to vote on whether to hold Barr, McGahn in contempt over Mueller report. The Democrat-led House of Representatives is set to vote next week on whether to hold Attorney General William Barr and former White House counsel Don McGahn in contempt of Congress for failing to comply with congressional subpoenas, House Majority Leader Steny Hoyer announced Monday. Republicans repeatedly have countered that federal law protecting secretive grand-jury information would prevent Barr from turning over Special Counsel Robert Mueller’s report. As for McGahn, the White House has instructed its former top lawyer not to testify, saying he is legally immune from being compelled to discuss privileged discussions in the course of his official duties. Democrats have responded that McGahn waived that privilege by agreeing to speak to Mueller.
DML: It must be painful being so stupid. Thank you Lord for not making me a liberal.
6)Judge tosses Democrats’ lawsuit over Trump’s use of emergency funds for border wall. A federal judge appointed by President Trump threw out House Democrats’ lawsuit seeking an injunction against the president’s emergency reallocation of funds for his border wall, saying that the matter is fundamentally a political dispute and that the politicians lack standing to make a legal case. Trump had declared a national emergency this past February over the humanitarian crisis at the southern border, following Congress’ failure to fund his border wall legislatively. House Speaker Nancy Pelosi, D-Calif., and House Democrats then filed suit in April, charging that Trump was “stealing from appropriated funds” by moving $6.7 billion from other projects toward border wall construction.
DML: Want to sign up for our letter to the White House showing support for Trump’s wall and tariffs, then go here:DennisMichaelLynch.com/2020
7)Biden to unveil his climate change plan … but is it ‘woke’ enough?
Warning that “we must take drastic action now to address the climate disaster facing the nation and our world,” former Vice President Joe Biden on Tuesday will unveil a wide-ranging plan to combat climate change and transform America’s economy. Using the Green New Deal as a framework, the clear front-runner right now in the race for the 2020 Democratic presidential nomination will announce he’s “calling for a Clean Energy Revolution to confront this crisis and do what America does best – solve big problems with big ideas.” The price tag for the proposal – named “The Biden Plan for a Clean Energy Revolution & Environmental Justice” – is $1.7 trillion over the next 10 years. But is Biden’s plan green enough for Rep. Alexandria Ocasio-Cortez, D-N.Y., who has questioned his credibility and commitment on climate change issues?
DML: Do you believe in the Easter Bunny, because he believes in Climate Change too.