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Trump’s Economic Record Is Divided: Before Covid and After

Trump’s Economic Record Is Divided: Before Covid and After

Donald Trump has presided over two economies during his time in office.

In the first, which lasted until March, the economy reached historic milestones for jobs, income and stock prices. While it’s debatable whether it was the best U.S. economy ever, as the president has said, it was without question good and getting better for millions of Americans.

The second part, which arrived with Covid-19, was historically bad. It sent unemployment to depths unseen in post-Depression records before reversing itself quickly but only partially, leaving the U.S. with an outlook that’s especially hard to forecast.

The two economies will be factors driving the choices voters make in November. The reality for Mr. Trump: Many achievements of his first economy have been wiped out by the second.

The president’s economic record never fully fit the black and white story told by either his ardent fans or his furious foes. His detractors said his tax policies catered to the rich, yet poverty and inequality fell. Minorities were big beneficiaries during his first three years, though they have also been big casualties in the past seven months.

His backers note that the growth rate accelerated as Mr. Trump said it would, but it didn’t speed up as much or in the ways he projected. Blue-collar towns reaped some of the revival his trade policy aimed for, but that revival was far from complete when it was set back by the pandemic.

A lesson that became clear after a health crisis knocked the economy off the rails: One of the best ways to advance broad-based prosperity is to keep an expansion going. Good things tend to happen, especially to those typically left behind, in the late stages of long expansions. The one that ended in March was the longest recorded in U.S. history, an

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Pie Insurance Sees Record Growth and Surpasses $100M in Premium

Pie Insurance Sees Record Growth and Surpasses $100M in Premium

DENVER, Oct. 14, 2020 /PRNewswire/ — Pie Insurance, an insurtech specializing in workers’ comp  insurance for small businesses, today announced it has exceeded $100 million in cumulative written premium and surpassed $100 million in annualized run rate premium. In less than 3.5 years since being founded, Pie Insurance has cemented its spot as the fastest insurtech company to hit these milestones. This monumental growth is evidence that small businesses, and the insurance agents who serve them, are ready to adopt a modern and automated insurance experience.

“Commercial insurance in the United States generates $300 billion in annual premiums. However, the industry operates in an almost entirely analog environment,” commented Dax Craig, Co-Founder and President of Pie Insurance. “Pie leverages technology to modernize the entire insurance experience for small businesses, and our rapid growth is a testament to the huge unmet need in the market.”

Today’s milestones follow Pie’s last funding in May, in which the company raised $127 million and formed its affiliated entity, Pie Carrier Holdings. To date, Pie has raised $188 million to further the company’s mission of transforming small business insurance by automating the entire quote to claim experience—starting with workers’ comp insurance. Pie’s use of advanced analytics enables quotes in 3 minutes and savings of up to 30% for small businesses.

“Reaching $100 million in written premium in such a short time since our founding shows that there is a massive appetite for workers’ comp insurance that is simple, trusted and affordable,” said John Swigart, Co-Founder and CEO of Pie Insurance. “We recognize the numerous challenges that small businesses are currently facing, and we believe finding insurance shouldn’t add to their burden. We’re proud to help small businesses around the country save money and get workers’ comp insurance  quickly so they can focus

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Earnings season is a critical test for a stock market on the road back to a record

Earnings season is a critical test for a stock market on the road back to a record

  • The big banks are the first wave of companies to report third quarter earnings, a critical test as stocks attempt to regain highs.
  • Analysts are watching to see if companies are more forthcoming with guidance, which many abandoned after the virus-related shutdowns.
  • JPMorgan reports Tuesday, and it is the bellwether traders are watching to see if its stock can break higher.



a group of people standing in a room: Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020.


© Provided by CNBC
Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020.

The big banks start off third quarter earnings season, and investors will be most focused on guidance to see if earnings can propel the market back to its highs.

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The S&P 500 closed at 3,534 Monday, about 1.5% from its previous high.

Banking bellwether JPMorgan reports Tuesday morning, as do Citigroup and BlackRock.

Delta Airlines and pharmaceutical maker Johnson and Johnson also report Tuesday. Bank of America, Goldman Sachs, Wells Fargo and PNC release earnings Wednesday.

“The bank stocks haven’t done anything in nine months. If JPMorgan is solid, and traders can’t sell it down, the banks could help take S&P to the highs of the year,” said Scott Redler, partner with T3Live.com. He said technically the market is in good shape, with big tech taking the lead Monday after a rest last week, but a broad group of stock also participated in the rally.

“JP Morgan has critical range resistance at $105 to $107. If it could get above that, it could open the door for a better move in to year end,” said Redler.

Analysts say they are looking for much more in the way of guidance this quarter, after many

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The financial record of Tommy Tuberville, the Alabama Republican Senate hopeful, raises questions about his judgment.

The financial record of Tommy Tuberville, the Alabama Republican Senate hopeful, raises questions about his judgment.

Tommy Tuberville, the Republican candidate for Senate in Alabama, is running in large measure on his experience in college football’s Southeastern Conference, known as the S.E.C., where he coached Auburn University.

But he has had experience with another S.E.C., the Securities and Exchange Commission, and other financial regulators.

A review by The New York Times found that Mr. Tuberville, who leads Senator Doug Jones, a Democrat, in the polls, has a history of involvement with at least three people who were later convicted of financial fraud in what were described as Ponzi schemes. Mr. Tuberville was largely seen as a victim and never charged with a crime.

In two episodes, Mr. Tuberville lost millions of dollars. A third was more minor, when Mr. Tuberville and his wife, Suzanne, bought a home through a company created by a lawyer who was later convicted of running a real estate-related Ponzi scheme.

The Times review included a small charitable foundation created by Mr. Tuberville, finding that its tax records indicated that less than a third of its proceeds went to the veterans’ causes it was set up to advance. The foundation also had bookkeeping issues.

The review raised questions about Mr. Tuberville’s judgment and financial acumen. While he has said on the campaign trail that he hoped to serve on the “banking finance” committee — the Senate has separate, and prestigious, banking and finance committees — he has at times undercut his own qualifications. Regarding an ill-fated hedge fund venture, he once told a reporter, “I’m not smart enough to understand all the numbers.”

In a statement, Mr. Tuberville’s campaign largely deflected financial questions. “Doug Jones, Chuck Schumer, and other liberal, Swamp Democrats are spreading lies in an attempt to smear Coach Tuberville’s career, accomplishments, and charitable service,” the statement said, adding, “Coach

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McDonald’s HQ to sell for about $420 million, a record for Chicago’s Fulton Market district

McDonald’s HQ to sell for about $420 million, a record for Chicago’s Fulton Market district

CHICAGO — Developer Sterling Bay has a deal to sell McDonald’s headquarters building for about $420 million, in what would be the highest-priced property sale of the year and a record price for the booming Fulton Market district.



a truck is parked in front of a building: Developer Sterling Bay has a deal to sell the McDonald's headquarters building for about $420 million.


© Zbigniew Bzdak/Chicago Tribune/TNS
Developer Sterling Bay has a deal to sell the McDonald’s headquarters building for about $420 million.

An obscure investor from the Pittsburgh area, Normandy Properties, has a preliminary deal to buy the 575,000-square-foot office building at 110 N. Carpenter St., according to people familiar with the deal.

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The sale has not been finalized, and it could still fall apart. An exact price could not be determined, but it is believed to be about $420 million. A deal would represent the highest-priced Chicago property sale since COVID-19 all but shut down the downtown economy starting in March.

The sale also would shatter the record for Fulton Market, which in recent years has gone from a meatpacking and food distribution hub to the busiest construction zone in the city. The area just west of the Kennedy Expressway is home to large corporate offices, hotels, residential towers, restaurants and stores.

To date, the highest-priced deal in the area is Sterling Bay’s $257 million sale of 1KFulton, the office building that is Google’s Midwest headquarters, in 2016, according to Cook County property records.

Normandy Properties is buying the McDonald’s building at a time when many investors are worried about the long-term outlook for office buildings, as many employees work from home and some companies look to downsize their space.

But 110 N. Carpenter is seen as a low-risk purchase because the fast-food giant has a lease for nearly the entire building until 2033. McDonald’s leases 490,000 square feet for corporate offices, the Hamburger University training facility and a ground-floor restaurant.

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