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Pelosi Shifts Deadline If Trump Wants Pre-Election Stimulus



Pelosi Shifts Deadline If Trump Wants Pre-Election Stimulus(Bloomberg) — Nancy Pelosi set a Tuesday deadline for more progress with the White House on a fiscal stimulus deal before the Nov. 3 election, while President Donald Trump renewed his offer to go beyond the dollar amounts now on the table.While Pelosi said a pre-election deal remains possible, her team sent conflicting signals after setting a 48-hour deadline for progress on Saturday night.Her spokesman, Drew Hammill, later said the timing of the deadline means by the end of Tuesday, not Monday. At issue is wording “on the design on some of these things” that remain unresolved in the bill, Pelosi said on ABC’s “This Week.”“Are we going with it, or not? And what is the language?” she said. “The 48 only relates to if we want to get it done before the election, which we do.”Trump weighed in after drawing a rebuff by Senate Majority Leader Mitch McConnell last week for saying he’s prepared to go higher then the $1.8 trillion his team had been trying to offer Pelosi. She favors a $2.2 trillion plan.Calling in to a Wisconsin TV station on Saturday, Trump said he could exceed the amounts floated so far and voiced confidence that he “could quickly convince” Republicans to back a “good” deal.“If you said a trillion-eight, if you said 2 trillion, if you said 2 trillion-two — many numbers — I’m willing to go higher than that,” the president told Milwaukee-based WMTJ. “I will take care of that problem in two minutes,” if there’s a deal, he said of GOP senators wary of another large spending package.Pelosi and Treasury Secretary Steven Mnuchin spoke at length Saturday night about efforts to finalize a stimulus package to help the U.S. weather the affects of the coronavirus, especially as signs emerge of rising economic strain for millions of Americans.They spoke for an hour and 15 minutes and agreed to speak again on Monday, Treasury spokeswoman Monica Crowley said on Twitter. Their staffs will keep talks going in the meantime. Hammill wouldn’t comment on any agreement for Mnuchin and Pelosi to talk on Monday.Pelosi singled out proposed provisions on Covid-19 testing and tracing as an area with disputed wording. “But I’m hopeful,” she said.48 HoursHammill cited that topic in his tweet on Saturday and “an array of additional differences as we go provision by provision that must be addressed in a comprehensive manner in the next 48 hours.”Pelosi was asked about McConnell’s opposition to a relief package as large as the $1.8 trillion or more that she and Mnuchin have been discussing.She responded that McConnell said Saturday he would put a bill on the Senate floor that reflects an agreement between the House and the White House if one materializes. That, however, “is among his many statements,” she said on ABC.Pelosi was referring to a statement by McConnell’s office that focused more on his scheduling the days for votes this week in the chamber on a narrower $500 billion relief bill and a separate standalone bill to help small businesses.But he also said: “If Speaker Pelosi ever lets the House reach a bipartisan agreement with the Administration, the Senate would of course consider it. But Americans need help now.”Blame GameBarring a breakthrough in the meantime, the Senate votes will underscore the deep differences after months of talks on another stimulus bill, which that have failed to bridge gaps between the administration, House Democrats and Senate Republicans.“Republicans have tried numerous times to secure bipartisan agreement where possible and get aid out the door while these endless talks continue,” said McConnell. “Next week, Senate Republicans will move to break this logjam.”(Updates with Pelosi spokesman clarifying that Pelosi means a Tuesday deadline in first paragraph, Trump comments in sixth.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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This Platform Uses Analytics to Help You Find the Best Real Estate Investing Opportunities



They say the best investment on Earth is earth, but real estate is a risky business. While it’s undoubtedly a lucrative form of investment, your success isn’t guaranteed unless you play your cards right and study the field with utmost scrutiny.

It pays to have tools that can help you with the process and reap profits, and luckily, there’s one platform that can help you on that front: Mashvisor.

A one-stop site to find traditional or Airbnb properties worth investing in, Mashvisor uses automation to assist you in identifying potential investments within mere minutes. Instead of having you pore over spreadsheets and spend months on tedious research, it leverages technology, real estate data, and analytics to shorten the process to identify the best investment opportunity for you.

Here’s how it works:

Just key in any city of interest, and you’ll immediately receive an overview of the investment opportunities within that area. You’ll get the lowdown on the kind of returns a property will be able to provide, as well as the things you’ll need to do to outperform the rental market. Plus, thanks to the interactive filters available, you’ll also get other pertinent data, including sales history, tax history, market performance, occupancy rates, and many more.

Real estate investing doesn’t have to be tough. For a limited time, you can grab a lifetime subscription to Mashvisor for only $39.99 — 97% off the usual cost of $1,499.


Sponsored content

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Meeting the reskilling challenge



Good morning.

If there is one issue that motivates CEOs at the forefront of the stakeholder capitalism movement, it is training and upskilling. They see the dangerous fissures that exist between the highly educated and the less so—a gap that widened during the pandemic. And they understand that technological change is driving that gap ever wider. While the pandemic, racial injustice and climate change may get more attention from society at large, it’s the reskilling challenge for which CEOs feel most directly responsible.

Deanna Mulligan, who is stepping down as CEO of Guardian Life Insurance at year’s end, is one of those CEOs, and she has put her passion into a new book out next week: Hire Purpose: How Smart Companies Can Close the Skills <em>Gap. I spoke with Mulligan earlier this week, and she told me about her evolution on the issue.

Mulligan joined Guardian in 2008, in the midst of the Great Recession. Guardian “wasn’t wildly impacted by the recession, but I was looking around and seeing so many of my friends losing jobs.” When she became CEO in 2011, she realized a combination of pervasive low interest rates and technological change was going to drive huge disruption for her company and her employees. “I said to myself, I don’t want to be one of those companies that has to turn all these people out on the streets.”

She started a program to teach people in the company’s call centers to write code, teamed with General Assembly to teach actuaries to be data analysts, and developed a program of “train in, train out”—providing two years tuition at a local community college for workers whose jobs were eliminated.

“Companies have an obligation to society to try and do this,” she said. “And it’s less expensive than firing people.” Like a number of her CEO colleagues, she is committed to extending such programs beyond her own employees. “It’s very important that we do this at scale.”

We’ll be talking about this topic more on Monday, at the annual meeting of the Fortune CEO Initiative. Mulligan will be there, along with a great group of CEOs. A partial list: Vas Narasimhan of Novartis, Mark Schneider of Nestle, Aneel Bhusri of Workday, Michelle Gass of Kohl’s, Francesco Starace of Enel, Tiger Tyagarajan of Genpact, Jim Fitterling of Dow, Julie Sweet of Accenture, Enrique Lores of HP, Antonio Neeri of HPE, Kevin Sneader of McKinsey, Joe Ucuzoglu of Deloitte, and Sonia Syngal of Gap. Ford Foundation President Darren Walker also will join, along with two U.S. governors who have been working on the retraining challenge: Maryland’s Larry Hogan and Rhode Island’s Gina Raimondo.

More news below.

Alan Murray

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Debate night was a tamer affair, as are stock markets today



This is the web version of the Bull Sheet, Fortune’s no-BS daily newsletter on the markets. Sign up to receive it in your inbox here.

Happy Friday, Bull Sheeters. There’s still no progress on a stimulus deal, but there’s plenty of economic data, corporate and political news to focus on.

On that note, we’re a mere eleven days to the presidential election. More than 47 million Americans have already voted. That’s a record.

Meanwhile, U.S. futures have been trading sideways all morning. Stock gains have been muted for much of the past two weeks as investors brace for the likeliness there won’t be a stimulus deal before Election Day.

Let’s check in on the action.

Markets update


  • The major Asia indexes were mostly higher in afternoon trading with Japan’s Nikkei up 0.2%.
  • Not long ago Chinese startup Renrenche was a darling, fetching unicorn valuation status and a roster of bluechip investors, including Goldman Sachs. Now it may need to sell its core asset for little more than 1,200 bucks.
  • Goldman Sachs is hoping to finally put the 1MDB bribery scandal behind it after agreeing to pay nearly $3 billion in fines to settle the affair that started a decade ago in Malaysia. The settlement “includes the highest penalty ever under the Foreign Corrupt Practices Act,” Bloomberg reports.


  • The European bourses were flat at the open. And then Germany reported better than expected manufacturing data, lifting the euro and stocks. The Europe Stoxx 600 was up roughly 0.5% two hours into the trading session.
  • Economists now predict the ECB will boost monetary stimulus by a further €500 billion—bringing the total to €1.85 trillion ($2.18 trillion)—as soon as next month to keep the COVID-stricken economy from falling into a deep recession.
  • Daimler shares were up 1.7% in mid-morning trade after the carmaker revised upwards its full-year forecast thanks to solid growth in China.


  • U.S. futures are in the red. That’s after the three major indexes eked out gains yesterday in incredibly volatile trade.
  • In premarket trading, Gilead Sciences shares were up as much as 7% after its remdesivir got FDA approval to treat COVID-19. As Fortune‘s Sy Mukherjee notes, remdesivir is “not a save-all” treatment, but the regulatory approval is significant.
  • Shares in Tesla are flat in pre-market trading after a modest bump yesterday. Investors cheered the latest profit beat, but doubts linger over whether that will be enough to vault the EV maker into the S&P 500.
  • Looking ahead: we get the latest batch of manufacturing data before the bell. Let’s see if it can match today’s rosy German numbers.


  • Gold is up, trading just above $1,910/ounce.
  • The dollar is down.
  • Crude is down. Brent continues to trade just above $42/barrel.


By the numbers


We don’t talk often about Bitcoin and its ilk here on Bull Sheet, if only because there’s so much to say about equities and other asset classes. But cryptocurrencies are on a tear at the moment, and worth talking about today. Yesterday, Bitcoin hit a 16-month high, topping $13,100, after PayPal announced it would let users buy a handful of cryptocurrencies, including Ethereum and Bitcoin. As Fortune‘s Bitcoin specialist Jeff John Roberts notes, “Bitcoin is notoriously volatile (though considerably less so than during its early days), and it is often hard to identify single factors that explain price swings. While this week’s surge was almost certainly spurred in large part by the PayPal news, there may be other tailwinds driving the price up.” One theory is that investors are souring on the gold trade, and hopping on the crypto bull run.


The Dow Jones Industrial Average closed yesterday at 28363.66—that’s a loss of 130.54 points (-0.4%) over the past five trading days. The stimulus rally continues to show signs of running out of gas. The three major exchanges have been trading in a tight range for much of the past two weeks—going sideways.

5 vs. 495

We’ve talked a lot here about the incredible 2020 bull run for the S&P Five, a.k.a., the FAAMG—Facebook, Apple, Amazon, Microsoft, Google—stocks. Their dominance appears locked in for quarters—and perhaps years—to come as they are not just out-growing the pack, they’re also out-investing the pack. According to Goldman Sachs, the cash-rich FAAMG quintet have a sizable edge in Capex and R&D spending, suggesting they’re sinking big sums into longterm bets while the laggards pull back. It also helps that FAAMG stocks are well ahead in plowing cash into buybacks and dividends, helping driving up their stock prices.


Have a nice weekend, everyone. I’ll see you here on Monday. 

Bernhard Warner

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