Tag Archives: economics

‘Home Economics’ Co-Creator “Hopeful” For New Network Home After Series’ ABC Cancellation – Deadline

  1. ‘Home Economics’ Co-Creator “Hopeful” For New Network Home After Series’ ABC Cancellation Deadline
  2. ABC fans beg for more episodes of canceled sitcom as show creator still ‘hopeful’ another network will res… The US Sun
  3. After Topher Grace’s Home Economics Was Canceled, The Co-Creator Shared A Message (Of Hope) With The Fans CinemaBlend
  4. Home Economics Season 4: Cancelled, Not Renewed at ABC TVLine
  5. Home Economics Co-Creator Hopeful Cancelled ABC Series Will Find New Home ComicBook.com
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Is Tony-Winning ‘Leopoldstadt’ The Last Of A Dying Breed? “I Don’t Know When There’ll Be A Play Like This Again” Due To Broadway Economics, Producer Sonia Friedman Says – Deadline

  1. Is Tony-Winning ‘Leopoldstadt’ The Last Of A Dying Breed? “I Don’t Know When There’ll Be A Play Like This Again” Due To Broadway Economics, Producer Sonia Friedman Says Deadline
  2. ‘Leopoldstadt’ and ‘Parade’ win Tony awards, bringing antisemitism center stage The Times of Israel
  3. ‘Leopoldstadt’ and ‘Parade’ Take Tony Awards, Making Antisemitism a Theme of the Night The New York Times
  4. Suzan-Lori Parks’ Topdog/Underdog Wins 2023 Tony Award for Best Revival of a Play Playbill
  5. Tony Awards: Meet the nominees, Brandon Uranowitz CBS New York
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Lula Proposes to Revitalize South America Union USAN; Reinforces Need of Shifting Away From US Dollar – Economics Bitcoin News – Bitcoin News

  1. Lula Proposes to Revitalize South America Union USAN; Reinforces Need of Shifting Away From US Dollar – Economics Bitcoin News Bitcoin News
  2. Lula cosies up to Nicolás Maduro, Venezuela’s autocrat The Economist
  3. New era opening between Brazil & Venezuela as Lula calls out US sanctions on Venezuela | WION WION
  4. Summit of South American leaders faces divisions on Venezuela: ‘The human rights situation is not a narrative construction’ EL PAÍS USA
  5. Brazil’s Lula wants to mediate in Venezuela, Ukraine. But he’s siding with the oppressors | Opinion Miami Herald
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China Makes Advances in Ditching the US Dollar for Settlements — Inks Deal With Brazil and Completes First Yuan LNG Purchase – Economics Bitcoin News – Bitcoin News

  1. China Makes Advances in Ditching the US Dollar for Settlements — Inks Deal With Brazil and Completes First Yuan LNG Purchase – Economics Bitcoin News Bitcoin News
  2. Brazil, China ditch U.S. dollar for trade in favor of their own currencies TVP World
  3. Brazil, China aim to deepen agriculture, finance and trade cooperation CGTN
  4. China, Brazil to trade in local currencies – Chinadaily.com.cn China Daily
  5. Brazil & China Sign Agreement To Drop US Dollar And Use RMB Yuan – Real In Bilateral Trade Silk Road Briefing
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Bank of America Is Preparing for Possible US Debt Default, Says CEO Brian Moynihan – Economics Bitcoin News – Bitcoin News

  1. Bank of America Is Preparing for Possible US Debt Default, Says CEO Brian Moynihan – Economics Bitcoin News Bitcoin News
  2. Fed Official Warns U.S. Debt Default Would Be ‘Catastrophe’ As Bank Of America Gears Up For The Worst Forbes
  3. ‘Hope is not a strategy’: Bank of America’s CEO warns corporate America must prepare for the worst around debt ceiling Fortune
  4. On The Money — How a federal debt default could affect you The Hill
  5. Gold market sees little reaction as Bank of America warns that it is preparing for a possible government default Kitco NEWS
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Market Trajectories Hinge on Decision – Economics Bitcoin News

Equities, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting, which is 11 days away. On Friday, Federal Reserve governor Christopher Waller said that he favors a quarter-point benchmark rate increase at the next FOMC meeting. Analysts believe that current market trajectories will be dependent on the outcome of the next Fed meeting.

Markets Still on Edge Ahead of Fed Meeting Despite Equities, Cryptocurrencies, and Precious Metals Rallying in 2023

On Saturday, Jan. 21, 2023, at 2:45 p.m. Eastern Time, the global cryptocurrency market capitalization was up 5.87% over the previous day and hovering around $1.06 trillion in value. The leading crypto asset, bitcoin (BTC), had climbed 11.63% higher against the U.S. dollar in the past seven days. The second-leading digital currency in terms of market valuation, ethereum (ETH), had risen 8.33% that week against the greenback. The increase in value of these two crypto assets has also increased the U.S. dollar value of the thousands of digital currencies below BTC and ETH.

BTC/USD on Jan. 21, 2023, at 4:24 p.m. ET. By 4:24 p.m. on Saturday, the global crypto market cap was down to $1.05 trillion, according to market data, with BTC trading at $23,133 per coin.

The day prior, on Friday, Jan. 20, equity markets closed the day in the green. The top four benchmark stocks (S&P 500, Dow Jones, Nasdaq, and Russell 2000) ended the day between 1% and 2.66% higher against the U.S. dollar. The Nasdaq Composite was the highest, rising 2.66%, the S&P 500 rose by 1.89%, the Russell 2000 index (RUT) jumped 1.69% higher, and the Dow increased by 1% on Friday. U.S. equities have posted their second consecutive week of gains so far this year. The small-cap stock market index RUT has risen 7.1% this year, with small-cap shares leading the equities race in 2023.

Closing percentage rises of the top four benchmark indexes on Friday, Jan. 20, 2023.

Precious metals have done well too with a troy ounce of gold trading for $1,927.30 per unit and silver trading for $24.01 per ounce. Like cryptocurrencies and stocks, precious metals have rallied in 2023, erasing the losses that took place in Dec. 2022. Gold enthusiast Peter Schiff believes the price of the precious yellow metal will grow higher this year. “Gold is now trading above $1,934, its highest price since April of 2022,” Schiff tweeted on Jan. 19. “Gold stocks, however, still haven’t even taken out last week’s high. In fact, gold stocks need to rise 30% from here just to get back to where they were trading in April of 2022. This sale may not last long,” he added.

New York Spot Price for gold, silver, platinum, palladium, and rhodium as of Friday, Jan. 20, 2023.

Speaking with Kitco News, OANDA senior market analyst Edward Moya detailed that gold prices will remain indifferent until the Federal Reserve’s February 2023 meeting. “It’s going to be choppy,” Moya said. “I’m neutral on gold until the Fed’s meeting on February 1. Major resistance is at $2,000. But I would be surprised if we move above $1,950. We’re likely to consolidate here until the Fed meeting,” the market analyst added. Market analysts and macroeconomic experts have no idea what the Fed will do at the FOMC meeting. Some believe an aggressive tightening schedule will continue, while others expect the Fed to ease up and pivot with a ‘soft landing.’

The Biden administration and White House economist Heather Boushey told Reuters that current leaders do not expect a recession. “The steps have been taken and it looks like we’re in a very good position to have that soft landing that everyone’s talking about,” Boushey insisted. On Friday, Federal Reserve Governor Christopher Waller told reporters at a Council on Foreign Relations conference in New York that he favors a smaller rate hike than the previous seven. So far, the Fed has implemented seven rate hikes in 2022, two of which were half-point rises and five were three-quarter-point increases. Waller can envision a quarter-point increase at the next FOMC meeting next month.

“I currently favor a 25-basis point increase at the FOMC’s next meeting at the end of this month,” Waller told the press. “Beyond that, we still have a considerable way to go toward our 2 percent inflation goal, and I expect to support continued tightening of monetary policy,” the Fed governor added.

It’s quite likely that all three major markets (precious metals, cryptocurrencies, and stocks) will react in some way or another after the Fed’s next decision. Many believe the next FOMC meeting decision will be entirely dependent on inflation gauges. U.S. President Joe Biden has been tweeting about the U.S. economy during the course of the weekend as he believes the country is on the road to recovery. “Annual inflation has fallen for six straight months and gas is down $1.70 from its peak,” Biden tweeted on Saturday morning at 10:25 a.m. Eastern Time. “We’re successfully moving from economic recovery to stable growth,” Biden added.

Tags in this story
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What do you think the outcome of the next FOMC meeting will be and how do you believe it will affect the current market trajectories for equities, precious metals, and cryptocurrencies? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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Recession Will Be Greatly Amplified if the Fed Raises Rates Next Week – Economics Bitcoin News

Billionaire Elon Musk, the CEO of Tesla and Spacex, has warned that the recession will be “greatly amplified” if the Federal Reserve raises interest rates again next week. He added that things will “probably start looking better” in the second quarter of 2024.

Tesla CEO Elon Musk on Recession and Fed’s Rate Hikes

Tesla CEO and Twitter chief Elon Musk has reiterated his warning about a recession in the U.S. He tweeted Friday that if the Federal Reserve raises interest rates again next week, the “recession will be greatly amplified.”

Musk was further asked on Twitter how long he thinks the recession will last. The Tesla boss replied:

Just a rough guess, but things probably start looking better in Q2 2024.

This was not the first time Musk warned about the consequences of the Fed hiking interest rates. At the end of November, the billionaire said the trend was concerning. He urged the Federal Reserve to cut interest rates immediately, stating that the U.S. central bank is “massively amplifying the probability of a severe recession.”

He agreed with Ark Invest CEO Cathie Wood that the Fed’s actions could lead to a 1929-like Great Depression.

Federal Reserve Chair Jerome Powell has signaled a 50-basis-point rate hike in December following four consecutive 75-basis-point hikes. “It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,” Powell said. Fed officials will announce their decision on Wednesday after a two-day Federal Open Market Committee (FOMC) meeting.

According to gold bug Peter Schiff, “The risk is not the Fed causing a recession by unnecessarily tightening too much as it thinks a strong economy will prevent inflation from falling.” He explained in a tweet last week: “The risk is the current recession gets worse, causing the Fed to pivot too soon, as it mistakenly believes inflation will decline.”

Some people are expecting a mild recession in 2023, including analysts at Citi Group. The impending recession “won’t be that deep, but it will be meaningful,” said David Bailin, chief investment officer and head of Citi Global Wealth Investments. Some, however, expect a severe recession, including veteran investor Jim Rogers.

Do you agree with Elon Musk? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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Emerson sells part of business, says it would consider leaving St. Louis

FERGUSON — Emerson announced it is selling another piece of its business and that its company headquarters could move from its longtime home in the St. Louis region. 

Emerson said it plans to sell a majority stake in its Climate Technologies business to private equity funds managed by Blackstone, a New York-based investment firm. Climate Technologies will be structured as a joint venture between Emerson and Blackstone.

As part of the transaction, Emerson will sell ownership of its Ferguson campus to the new joint venture, and enter a three-year lease on the headquarters, where about 1,300 employees work. The company would have the option to extend the lease two years.

During that time, CFO Frank Dellaquila said during a call with investors Monday morning, the company will undertake “a comprehensive assessment of potential headquarter locations.” A company spokesperson said Emerson is evaluating potential headquarters “both inside and outside the St. Louis area,” and the decision “will be made based on the best strategic interest of the company.”

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Jason Hall, CEO of Greater St. Louis, said he spoke with Emerson President and CEO Lal Karsanbhai Monday morning, and made the case for Emerson to stay in the region.

“But we compete in a global market for talent and investment,” Hall said in a statement. “All of us in St. Louis must work together with urgency to capitalize proactively on our strengths and roll up our sleeves to address our challenges. Our future depends upon it.”

Karsanbhai called Monday’s announcement a “critical milestone” in the company’s efforts to become a pure-play business fully focused on its automation brands. 

In the past year the company has jettisoned two businesses from the commercial and residential solutions side: InSinkErator, the garbage disposal brand, and Therm-O-Disc, a maker of parts and sensors for temperature control systems.

Karsanbhai led the company’s automation solutions segment before he became chief executive in February of 2021, succeeding longtime CEO David Farr.

Jeff Windau, an industrials analyst with Edward Jones, said he viewed the Climate Technologies sale as a win for investors. It’s a move toward higher growth and profitability, he said, though with a narrower portfolio there may be more volatility in the stock price.

The Climate Technologies business manufactures HVAC and refrigeration compression products. Its brands include Copeland, Vilter, Dixell, White-Rodgers and Sensi. It brought in $5 billion in revenues during the 2022 fiscal year and employs about 18,000 people.

The deal values Climate Technologies at $14 billion. The sale is expected to close in the first half of 2023. Emerson will receive cash proceeds of $9.5 billion and retain a non-controlling ownership interest.

The proceeds from the deal will be used to invest in growth and acquisition. Pressed by an analyst for more detail during Monday’s conference call, Karsanbhai responded: “I know you want me to start listing names of companies. I can’t do that.” But, he added, “Clearly we’re looking for sizeable opportunities in large markets.”

Emerson reported quarterly earnings on Monday. Revenues were $5.4 billion for the quarter that ended on Sept. 30, up from $4.9 billion during the same quarter last year. Net earnings were $740 million, up from $670 million during the same quarter last year.

Taxing question: Missouri’s Legislature is considering a reduction in the state’s income tax rate. David Nicklaus thinks the cut will help the state’s economy, but Jim Gallagher argues that Missouri should first spend money to shore up basic public services.


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Tulsa couple mourning suspected murder-suicide of son, daughter-in-law and six grandchildren in BA

“I think the stress was what got them,” a family member said. 


There was nothing out of the ordinary about the request Danny Nelson received in a phone call from his 34-year-old son, Brian, on Thursday.

Would you babysit at 3 o’clock?

Danny and his wife, Marilyn, frequently pitched in to watch their grandchildren. But Marilyn, 74, has health issues that keep her close to home, and there were six grandchildren to wrangle now — including a 1-year-old and 2-year-old.

Danny asked if the children could come over to their grandparents’ south Tulsa apartment instead, so he wouldn’t have to take on all six kids alone in their Broken Arrow home.

“OK,” Danny said Brian told him, “but we’ll bring them over at 5.”

“Five came and went. Then it was 6. I texted them — no responses,” Danny said. “I turned on the 6 o’clock news, and they said there had been a fire near Hickory and Galveston in Broken Arrow. That’s where my son lives.”

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Danny said he wasn’t worried — but he still felt compelled to go.

“I’ve had almost psychic feelings before, and dreams,” he said, explaining why he hopped in his car and made the 5-mile drive east.

When he pushed past the crime scene tape, he came upon a scene too horrifying even for a parent’s worst nightmares.

Broken Arrow Police said six children were found dead in a back bedroom of a 980-square-foot home that was on fire at 425 S. Hickory Ave.

But not from smoke or burns.

Two adults, whose bodies were found near the front of the house, are law enforcement’s prime suspects — meaning they could have been killing their children in the same time frame Danny was originally asked to come there to babysit.

Police have not released any more details or the identities.

But in their South Tulsa apartment home on Friday, the Nelsons told the Tulsa World in their first in-depth interview that their son Brian Nelson, 34, daughter-in-law Brittney Nelson, 32, and six grandchildren — Brian II, age 13, granddaughter Brantley, 9, grandsons Vegeta, 7, Ragnar, 5, and Kurgan, 2, and granddaughter Britannica, 1, are the deceased family.

“All night last night, I kept saying: `It’s not real! It’s not real! It’s not real!’ And I couldn’t stop. But today, I know it’s real — too real,” said Marilyn,” her voice catching in her throat. “I never dreamed this would happen.”

Financial strain and a head injury

A federal bankruptcy court listing in Tulsa reveals that Brian and Brittney Nelson had a crushing amount of debt.

The chapter 7 bankruptcy petition they filed on Dec. 31, 2020, reveals they had $8,803 in assets versus nearly $138,000 in liabilities, the vast majority — $127,081 — in unpaid student loans.

Both indicated they were unemployed at the time and their only income was from SNAP benefits, some limited government utility payment assistance and rental assistance from the Oklahoma Housing Authority.

Brian Nelson reported he grossed $4,510 in income in the previous year of 2019, while Brittney reported no income.

Among what little personal property they had to their names were nine firearms — five pistols valued altogether at $1,600, one .22-caliber rifle worth $100 and two shotguns worth $150.

Marilyn said Brian always had a pistol in his pocket, but “he had a permit,” she noted.

The Nelsons said they knew their son and daughter-in-law were struggling under the weight of growing financial pressures compounded by the births of their fifth and sixth children in very short order. And in the last year or so, they were more distanced from Danny and Marilyn.

But they helped the young family with utility bills as often as they could and readily babysat, noting Brittney had suffered from gallstones and more recently, seizures, so she often needed to go to doctor’s appointments.

Where did Brian say they were going on Thursday, when he had asked Danny to come over and babysit?

A doctor’s appointment for Brittney.

“I think the stress was what got to them — trying to figure out how to make it from one month, to one month, to one month,” Danny said of Thursday’s tragedy.

Then Marilyn interjected: “Then every time one of those headaches came around, he just would lose it because it was so excruciating.”

Danny and Marilyn agree their son was forever changed after sustaining a severe concussion in a workplace accident years ago at a large retail chain.

Neither could recall exactly how many years ago, maybe Brian was in his early to mid-20s when he was working an overnight shift, stocking the dairy refrigerators.

“One night when he got there, the guy who had just gotten off work before him had spilled something and did not mop the floor and Brian fell, and he hit his head really hard. The doctor said that it was a very rare concussion and told Brian that either it would go away or it would stay — and it stayed,” Marilyn said, her voice straining. “The headaches were horrible, and he never knew when he was going to get them.”

Danny shook his head, saying he wanted Brian to be able to continue with medical treatment for his head injury, but a lawyer told him to do so indefinitely was impossible so he accepted a settlement. He and Marilyn both said Brian never laughed as easily or seemed as happy afterward, and he had “episodes” related to the pain he experienced.

Of her daughter-in-law Brittney, Marilyn said was clearly stressed from caring for six children, including home-schooling.

“She basically went along with my son Brian, but she usually was OK,” she said.

Brian and Brittney

Brittney’s mother “had issues,” her in-laws said, and died early in her childhood. Her father wasn’t around, so Brittney had to live with relatives she claimed had been “mean” to her.

She and Brian met when they were both students at Tulsa’s East Central High School and quickly formed a bond so ironclad that Brian, who was a grade ahead of her, figured out a way to remain in high school for a fifth year so they could graduate together.

Were Danny and Marilyn ever aware of any violence in the younger Nelsons’ home?

Both gave an emphatic “No,” but then Marilyn recalled, “Well, the first couple years of marriage, when they just had a baby and they were very young, they struggled. They were just out of high school.”

Public records indicate Brian and Brittney married in November 2008 and their first birth announcement, for son Brian II, appeared in the Tulsa World just four months later.

Rather than holding down a job for very long, their son had devoted a lot of time to college over his adult life, taking courses at both Tulsa Community College and Oklahoma State University, possibly as recent as this semester, the Nelsons said.

“He was very intelligent,” Marilyn said. “Maybe too much so for his own good.”

Brittney also had some college classes under her belt but never worked outside the home.

Memories of the innocents

Marilyn got weepy and Danny’s eyes welled with tears as they talked, but they said they wanted the world to know their grandchildren were beautiful, happy, normal children.

And they adored and loved them.

Their tears were interrupted by broad smiles and laughter as they picked up framed photographs from a shelf in their living room and got out their cellphones, with their wall-to-wall grandbaby photos, and recounted each child’s personality or a funny anecdote.

Brian II was the only child to ever attend school. He went to kindergarten and one semester of first grade at a Broken Arrow elementary school but, “His father didn’t get along with what they were teaching,” Danny said.

“They wanted boys to dance like girls. That was the final thing,” Marilyn recalled.

Brian and Brittney opted for home-schooling from then on.

The two oldest children, Brian II and Brantley, doted on their younger siblings, Danny and Marilyn said.

They swiped through their cellphone images to show off videos of Brian II toy sword fighting in the backyard with Ragnar, who Danny and Marilyn said was the rough-and-tumble one of the bunch, and of their son Brian in a snowball fight with Brian II and Ragnar.

Brantley, they said, was the artist in the family, and Marilyn proudly showed off their refrigerator papered with Brantley’s many drawings of all manner of bears — her grandmother’s favorite. And she was over-the-moon happy to finally have a baby sister.

“She had really long eyelashes, and she knew how to bat them at you,” Danny said of baby Britannica, who was 19 months old.

The three youngest boys, they said, had rather unusual names thanks to their father’s favorite entertainment programs. “Vegeta the Prince” as he was known in the Nelson family, was named after a character in the Japanese anime television series Dragon Ball Z, while they were told Ragnar and Kurgan were named after Viking characters from something or other.

“My son has a weird sense of coming up with names,” Danny said.

Vegeta the Prince, they said, kept everyone on their toes. He was the only mechanically inclined grandchild, so he loved to watch YouTube repair videos with Danny, who prefers to figure out how to fix things around the house himself.

“I’d give him tools for his birthday instead of presents, and he liked that,” Danny said, beaming.

Both grandparents laughed hard at a picture of Vegeta from this summer, when he had gotten ahold of a pair of clippers and shaved a stripe of hair off the top of his head, from front to back.

“He asked if he could try the clippers on me and I said, `No, I’ve seen the way you give haircuts,’” Danny recalled, laughing.

Then their memories turned to their own son, because he had done something similar in kindergarten.

“He had cut clumps of hair off with scissors here and there. He wore a hat to school but apparently took it off,” Danny said. “They asked me, `Did you do that to him?’ and I said, `No, he did it to himself!’”

Never dreamed this could happen

Hindsight sometimes brings clarity, but it’s far too early for the Nelsons to have any of that.

What Danny hopes the public takes away from the senselessness that just wiped out an entire family of eight is to not put off seeking help for yourself or your loved ones.

“A lot of people say well, we’ll check into it tomorrow, tomorrow, tomorrow — and sometimes, tomorrow don’t ever come,” he said.

Marilyn said one memory of her son, in particular, keeps replaying in her mind.

When Brian was first attending Tulsa Community College after high school, he aspired to be an actor in plays and maybe even movies one day.

“He did a play in this big theater, and we were there to see it. In it, he played a soldier and of course, he was in an Army outfit or whatever, and he had a scene where he had broken down,” she said. “When the play was over with, people were swarming up to him telling him how great an actor he was.

“I asked my son, ‘How were you able to pull that off and it was so real?’ He said, ‘Mom, it’s those damn headaches.’”

Marilyn started to cry again just then.

“I want people to know that at one time he had all his brain together,” she said. “I just don’t understand why they did what they did. I just don’t understand why he ended up in that situation. I talk to God all the time — and I just don’t understand.”

Staff writer Curtis Killman contributed to this story.

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Tesla CEO Elon Musk Says Recession Could Last Until Spring 2024 – Economics Bitcoin News

Tesla and Spacex CEO Elon Musk expects a global recession to last until the spring of 2024. Musk added that his two companies are in good positions but many others are not. “Recessions do have a silver lining in that companies that shouldn’t exist stop existing,” the Tesla boss said.

Elon Musk on Global Recession

Tesla CEO Elon Musk shared his thoughts about a global recession in a Twitter thread Friday. The thread was started by Dogecoin co-creator Billy Markus who tweeted: “Coronavirus numbers are actually pretty low. I guess all we have to worry about now is the impending global recession and nuclear apocalypse.” Musk commented: “It sure would be nice to have one year without a horrible global event.”

Another Twitter user chimed in, asking Musk: “How long do you think the recession will last?” The Tesla boss replied: “Just guessing, but probably until spring of ’24.”

The same Twitter user followed up with the question: “How much worse do you think it will get? Like a little worse or a ton worse?” Musk replied:

Varies a lot. Tesla & Spacex are in good positions, but many other companies are not. Recessions do have a silver lining in that companies that shouldn’t exist stop existing.

During Tesla’s third-quarter earnings call on Wednesday, Musk said that “China is experiencing a recession of sorts” and “Europe has a recession of sorts driven by energy.” Meanwhile, “North America’s in pretty good health, although the Fed is raising interest rates more than they should, but I think they’ll eventually realize that and bring them down again,” he noted.

In August, Musk said that inflation has peaked but we will have a recession for 18 months.

Many people expect the U.S. economy to dip into recession. A recent survey shows that 98% of chief executives are preparing for a U.S. recession while 99% are preparing for a recession in the EU.

Goldman Sachs CEO David Solomon said this week that there is a good chance of a U.S. recession. JP Morgan Chase CEO Jamie Dimon recently warned that a recession could hit the U.S. economy in six months.

Renowned investor Jim Rogers believes that the recession will be the worst in his lifetime. Gold bug and economist Peter Schiff cautioned that the Federal Reserve’s action could lead to market crashes, massive financial crisis, and a severe recession.

Do you agree with Tesla CEO Elon Musk about a global recession? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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