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Cramm for 8/15/19
 
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THE HIGHLIGHTS

The stock market is having a rough day. 

 

THE BACKGROUND. 

Back in 2008, the US faced a recession. Recession: when the economy drops...and drops...and drops...and stays there for a while. After about a year and a half, what was labelled the Great Recession finally ended. Since then, the economy has been steadily rising. And over the past couple of years, the stock market’s hit record highs. Scene, set. 

 

THE HAPPENINGS. 

Yesterday, the stock market suddenly fell 800 points (or about 3%), marking the second-worst drop of 2019. The worst drop...was just last week. Panic button, hit. 

 

THE WHY. 

It’s not exactly clear what led to the drop. As in there’s a lot a lot of potential reasons. First up: the trade war with China. Ever since Prez Trump took office, the idea of a trade war has had investors biting their nails. And as the months go on, the situation with China keeps on escalating. Reassuring. Another potential cause: Macy’s (as in the biz) said ‘um, yeah, we’re not doing so hot’ and declared its quarterly results - which were very very bad. Leading retail stocks...to plummet. Also, this: China, Germany, Japan, and the UK - some of the biggest economies in the world - are all dealing with a slowdown. Not to mention: the yield curve - a graph that has to do with interest rates - inverted. Something that’s known as a big recession indicator. 

 

SO…?

All of a sudden, everybody’s putting their money on a recession. TBD on if it sticks. 


THE ACTION

USA: Recently, six Philadelphia police officers were shot during an hours-long standoff with a gunman. The shooting came while the officers were trying to serve a narcotics warrant. The gunman - who reportedly has an “extensive criminal history” - still hasn’t been detained. Speaking of which, yesterday, at least 58 inmates were injured after a prison riot in Northern California. 8 were hospitalized. The riot started after 200 inmates began fighting, causing authorities to deploy “chemical agents” and weapons. In other news, 13 states just sued the Trump team over its new immigration policy, which denies green cards to migrants who rely on gov programs. This comes after San Francisco and Santa Clara County filed a lawsuit, too. 

 

WORLD: Recently, the Food and Drug Admin said ‘it’s official’ and endorsed a medical treatment that’s apparently very very successful against the most drug-resistant type of tuberculosis. Tuberculosis: a disease that mostly affects the lungs, but can affect other organs too. It’s known as the world’s leading infectious cause of death. Now, it looks like the FDA’s nodding its head to all three drugs required for this “groundbreaking” treatment. Meanwhile, recently, Nepal’s gov intro’d new rules that would cut back on the number of permits given out to people looking to climb Mount Everest. Plus they’d require climbers to prove they have experience. This comes after multiple people died on Mount Everest this past season. 

 

POLITICS: All eyes are on Kashmir. Reminder: last week, India - which has been fighting over Kashmir with Pakistan for years - deployed thousands of troops to the region...and revoked its special status. Meaning Kashmir can no longer make its own laws. Now, it’s being revealed that India is shutting down Kashmir’s internet access. Cue protests. In other news, yesterday, Canada’s prime minister - Justin Trudeau - said ‘sorry not sorry’ and nodded his head to a new watchdog report that said he breached ethics rules by trying to influence a legal case. But refused to apologize - and added that he’d been trying to save jobs. Controversial, eh. Meanwhile, Syrian rebels reportedly just shot down a gov warplane. Stay tuned. 


WHAT TO KNOW

$28 million:” the price of Japan’s version of Air Force One. It’s for sale. For those who like to live a plane and simple life. 


SAY WHAT?

“He wants to be known as the TV Santa Claus” - A man wearing a TV on his head left decades-old TVs on dozens of people’s front yards. No one knows why. Have a holly jolly August. 

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