Chuck Bends the Knee
The Schumer Surrender Hi, Here’s what our editors are looking at today… | | | Jim Rickards: Democrats Furious After Schumer Folds On GOP Funding Bill Congressional Democrats are in full revolt after Minority Leader Chuck Schumer (D-NY) folded like a wet paper napkin and agreed to vote 'yes' on the House-passed government funding measure that effectively ends the shutdown fight as long as six more Democrats join Schumer and Sen. John Fetterman (D-PA) who's a 'yes' as well. As it stands, the Senate will vote this afternoon to overcome a filibuster of the House's continuing resolution, which funds federal agencies through Sept. 30 at current 2024 levels, but also includes approximately $13 billion in cuts to non-defense programs, and $6 billion in additional military spending. It's unclear what time the vote will occur, as both sides are working to secure an agreement to allow senators to finish before the midnight shutdown deadline and head home for a weeklong recess. Schumer claims he has no choice, saying that a shutdown would be a "gift" to the Trump administration, and "the best distraction he could ask for from his awful agenda." Schumer went on MSNBC to pretend he was outraged (and call Republicans 'bastards.') President Trump nevertheless congratulated Schumer, posting to Truth Social: "Congratulations to Chuck Schumer for doing the right thing — Took “guts” and courage!" ⇒ Read More Here | |
Byron King: Gold Hits All-Time High, Crossing $3,000 on Tariff Fears Gold hit a new all-time high early Friday, breaking $3,000 for the first time ever, as investors search for tariff safe-havens. The yellow metal is up about 10% since President Trump won the election last November, outperforming most other asset classes. In difficult times, investors search for "safe" assets that are likely to retain more of their value, regardless of geopolitical disruptions. So much gold was brought into the U.S. earlier this year, in a bid to front-run tariffs, that it skewed the trade deficit and messed up key calculations of economic growth. The new record for gold comes just a few hours after the biggest U.S. stocks entered correction territory, 10% off their all-time highs set less than a month ago. ⇒ Read More Here | |
Dan Amoss: U.S. Consumer Sentiment Deteriorates Sharply in March U.S. consumer sentiment plunged in March and inflation expectations soared amid worries that President Donald Trump's sweeping tariffs, which have ignited a trade war, would boost prices and undercut the economy. The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index dropped to 57.9 this month from a final reading of 64.7 in February. The index has erased all the gains posted in the aftermath of Trump's election victory in November. Consumers' 12-month inflation expectations jumped to 4.9%, from 4.3% in February. Over the next five years, consumers saw inflation running at 3.9% compared with 3.5% in February. Yesterday Trump threatened Europe with a 200% tariff on wine, cognac and other alcohol. The tariff whiplash and escalation in the trade war has rattled financial markets, sparking a selloff on the stock market, which also contributed to depressing sentiment this month. ⇒ Read More Here We’ll be back on Monday with more of our top articles. Email us here with whatever crosses your mind that you want us to cover. We look forward to hearing from you! Looking forward to your financial future, | | | | | |
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Keep a civil tongue.