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9 Months After Gaylord Tornado Businesses are Still Rebuilding

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A tornado hit Gaylord 9 months ago damaging many homes and businesses. “Storms were coming in sirens were going off we all took cover” recalls one Gaylord resident.

Bill Teichman was out of town when the tornado hit 9 months ago but rushed back home to assess the damage. He tells us he saw “some quick pictures and decided to come into town to look for the damage.” He rents out an apartment in Gaylord and says the property “had 2 by 4s through the side of this building, broken windows and then debris all over the place.”

He worked hard to clean up the property quickly but a business next door remains destroyed causing tenants to complain about the view. “It took them probably a week to get this area cleaned up. But they still haven’t done anything with this building” says Teichman. With many businesses in Gaylord rebuilding and reopening, he hopes the property owners fix up their building too. He says “the city needs to do something. The property owners need to do something to get it cleaned up. Everybody in Gaylord is working to try to get the town back together again and we’ve got this sitting here.”

So much work has been done within these 9 months and many in the community continue to restore these homes and business. He tells us “most businesses are almost reopened. Some of the ones that are still damaged need to come down.” He knows Gaylord is a strong community and that everyone coming together to restore the community these last few months made a big difference. 

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Jim Cramer Thanks SEC Chairman for Standing up to ‘Crypto Bullies’ Seeking Spot Bitcoin ETF Approval – Regulation Bitcoin News

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The host of Mad Money, Jim Cramer, has thanked Securities and Exchange Commission (SEC) Chairman Gary Gensler for standing up to the “crypto bullies” who want the regulator to approve a spot bitcoin exchange-traded fund (ETF). Cramer has repeatedly warned about the SEC cracking down on uncompliant crypto firms, urging investors to get out of the asset class now.

Jim Cramer Praises SEC Chairman Gary Gensler

The host of CNBC’s Mad Money show, Jim Cramer, has thanked the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for not approving a spot bitcoin exchange-traded fund (ETF). Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

The Mad Money host tweeted Friday:

Thank you, SEC Chief Gary Gensler for standing up to the crypto bullies who wanted an ETF. They could have been blown to kingdom come by Genesis Global, now filing for bankruptcy.

Crypto lender Genesis Global Capital LLC is part of a subsidiary of venture capital firm Digital Currency Group (DCG). Genesis filed for bankruptcy following an SEC lawsuit alleging that the company and crypto exchange Gemini offered and sold unregistered securities to retail investors through the Gemini Earn crypto asset lending program.

Another DCG subsidiary is digital asset manager Grayscale Investments, which has been trying to convert its flagship Bitcoin Trust (GBTC) into a spot bitcoin ETF. However, the securities watchdog has not approved the company’s filing. In June last year, Grayscale filed a lawsuit against the SEC challenging the regulator’s decision to reject its bitcoin ETF application.

In addition, Bloomberg reported earlier this month that the U.S. Department of Justice (DOJ)’s Eastern District of New York and the SEC are investigating internal transfers between Genesis and DCG.

Many People Disagree With Cramer

Many bitcoin proponents on Twitter disagreed with the Mad Money host. Lawyer John Deaton wrote: “So anyone who favored a spot BTC ETF is a bully? Cramer believes people were protected by Gary Gensler NOT granting a spot ETF, even though BTC futures and short ETFs exist. These companies didn’t get in trouble because of bitcoin.” ETF Store President Nate Geraci opined:

I would argue exact opposite… SEC failing to approve spot ETF led to rise of GBTC arbitrage trade (where large accredited investors took advantage of retail). Meaningful portion of Genesis solvency issues stem from lending to 3AC, etc to execute that arbitrage trade (which blew up).

Cramer has repeatedly warned about the SEC doing a “roundup” of uncompliant crypto firms, advising investors to get out of crypto now. “I wouldn’t touch crypto in a million years,” the Mad Money host stressed. He often cited John Reed Stark, SEC’s former head of internet enforcement, who recently said a “regulatory onslaught is just beginning.” Following the SEC lawsuit against Gemini and Genesis, Cramer tweeted: “Here comes the crackdown: Genesis and Gemini are first. We have had a fabulous short squeeze run. Ka-ching. Ka-ching.”

SEC Slammed for Enforcement-Centric Approach

While Cramer appreciated Gensler and the SEC, many people have criticized the SEC chairman for focusing on enforcement and not taking action to prevent the FTX catastrophe after several meetings with former FTX CEO Sam Bankman-Fried (SBF).

Congressman Tom Emmer (R-MN) commented on Twitter last week after the SEC announced charges against Gemini and Genesis: “Gary Gensler is once again late to the game, ‘protecting’ no one. Quite clear that his political ‘regulation through enforcement’ strategy hurts everyday Americans.” In a follow-up tweet, the lawmaker wrote:

Gary Gensler, when can we expect proactive guidance instead of leaving the industry to interpret the rules of the road through your after-the-fact enforcement actions?

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What do you think about Jim Cramer thanking SEC Chairman Gary Gensler? 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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ICICI Bank net profit up 34% to Rs 8,312 cr

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Private sector lender ICICI Bank on Saturday reported a 34.2 per cent rise in its standalone profit after tax (PAT) at Rs 8,312 crore in the quarter ended December 2022 compared to Rs 6,194 crore in the year-ago quarter.

Net interest income (NII) rose by 34.6 per cent to Rs 16,465 crore from Rs 12,236 crore in Q3 of FY2022.

The net interest margin (NIM) improved to 4.65 per cent in the reporting quarter from 3.96 per cent in the year-ago period.

The gross non-performing assets (NPA) ratio declined to 3.07 per cent from 4.13 per cent in the same period of the previous fiscal. Net NPAs stood at 0.55 per cent compared to 0.85 per cent at December 31, 2021.

There were net additions of Rs 1,119 crore to gross NPAs in Q3 FY23. Recoveries and upgrades of NPAs, excluding write-offs and sale, stood at Rs 4,604 crore in Q3 FY2023. The gross NPAs written-off were Rs 1,162 crore.

The provisioning coverage ratio on NPAs was 82 per cent at December 31, 2022. Its total capital adequacy ratio was 18.33 per cent and tier-1 capital adequacy at 17.58 per cent.

Total advances increased by 19.7 per cent to Rs 9,74,047 crore and deposits rose by 10.3 per cent year-on-year to Rs 11,22,049 crore at December 31, 2022.

In the third quarter of the fiscal, retail advances expanded by 23.4 per cent, business banking grew 37.9 per cent and wholesale grew 18.2 per cent.

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Financial news getting worse for Canadians – In Your Service

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Photo: Contributed

Kelowna-Lake Country MP Tracy Gray

As your representative (in Parliament) for Kelowna-Lake Country, it’s important to me to hear the day-to-day concerns of residents so I can bring them to Ottawa.

I do this by meeting with residents and organizations, attending local events, activities and celebrations, and by dropping in on small businesses.

I’ve heard that with the ringing in of the new year, many people are feeling anxious about 2023. It’s easy to understand why, with many significant organizations providing less than favourable forecasts for the year.

The Office of the Superintendent of Bankruptcy found both business and personal insolvencies are on the rise, with business insolvencies in Canada 58.3% higher in November 2022 than in November 2021. It was reported insolvency experts have seen the same trend in the Okanagan.

The Bank of Canada increased interest rates a record seven times in 2022. That, of course, hit families with mortgages and the timeline of when it will be felt hardest will depend on individuals personal situations.

Small businesses, still carrying extra debt from the pandemic, are now also running against the rise in interest rates as well as continued increases in other costs due to inflation. The Canadian Federation of Independent business (CFIB) reported the average small business took on $150,000 in new debt during the pandemic and many do not have sales back to pre-pandemic levels.

People have also been hit with higher food, fuel, home heating and housing costs, making it hard to pay for these basic necessities. Department of Natural Resources research found more than one in five Canadians indicated heating costs as a significant financial burden.

A Toronto-based food bank, Second Harvest, polled more than 1,300 Canadian charities on their outlooks for 2023 where they predicted a 60% increase in food bank usage.

An increase of that size would come on top of what our own Central Okanagan Food Bank reported was a 30% increase in use in 2022. The Mississauga Food Bank CEO said people have come in there asking about accessing Medical Assistance in Dying (MAID) – not because of illness, but because they couldn’t afford to live. It’s heartbreaking to hear this feeling of hopelessness in Canada.

Recent opinion research in Maru Public Opinion’s monthly household outlook index found more than one in four Canadians felt their financial position deteriorated in the last month. Canada’s record-high inflation continues to squeeze budgets and paycheques.

While federal ministers continue to argue inflation is not home-grown in any way, the last two governors of the Bank of Canada, Tiff Macklem and Mark Carney, both said the government’s increased spending over the past few years contributed to Canada’s inflation rate.

Former finance minister, Bill Morneau, recently revealed that when he presented the prime minister with a pandemic spending plan crafted by the experts at the Department of Finance, he found his proposal ignored in favour of far larger spending targets.

“Calculations and recommendations from the Ministry of Finance were basically disregarded in favour of winning a popularity contest,” said Morneau.

We now know the cost of that popularity contest with the independent Auditor General of Canada reporting billions in taxpayer-funded pandemic relief went to ineligible recipients, including for large profitable corporations.

I’ll press the government to rein in its discretionary spending and focus on delivering core government services that Canadians expect and deserve.

I’ll also advocate for much-needed tax relief on gas, groceries, heating and paycheques. People are struggling and looking for hope and I’ll stand up on these important issues.

If you need assistance with programs or have any thoughts to share, feel free to reach out, at 250-470-5075 or at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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Big Tech needs to pay news publishers for content: Govt

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BIG TECH content aggregators should give a “fair share of revenues” to digital platforms of print news publishers and there was a need to address the “disproportionate imbalance” in this dynamic, the Government said Friday.

In his message read out at the inaugural session of a day-long conclave organised by the Digital News Publishers Association (DNPA), Information and Broadcasting Secretary Apurva Chandra linked this to the “future of journalism.”

Speaking from Bengaluru, Rajeev Chandrasekhar, Minister of State, Ministry of Electronics & Information Technology, also underlined this imperative.

Flagging the strained financial health of not just the digital news industry but the parent print news industry as well, post-Covid, Chandra said. “For the growth of the news industry, it is important that digital news platforms of all these publishers, who are the creators of original content, get a fair share of revenues from the Big Tech platforms which act as aggregators of content created by others.”

The Digital News Publishers Association (DNPA) is an umbrella organisation of 17 leading news publishers of the country, including The Indian Express.

Chandra said it is clear that if the traditional news industry continues to be negatively impacted, “the future of journalism, our fourth pillar, is also hit. Thus, this is a question of journalism and credible content as well.”

Underlining that it was not easy to keep pace with the changes in the field of technology, Chandra said questions have emerged on issues that impact governance of a big democracy, the changing dynamics of the news publishing industry, their businesses and social lives of citizens.

The DNPA members have adequate systems of checks and balances to ensure correct and factual news flow, and are “good examples of our stated policy of self-regulation”, he said. However, as India grows digitally, challenges have emerged in the sector where such systems of checks and balances are not in place, he said.

Australia, Canada, France and the EU have taken initiatives, through their legislatures and strengthening of their competition commissions, to ensure a fair split of revenue between the creators of news content and the aggregators, Chandra said. Saying that he hoped the conclave would lead to meaningful suggestions in the Indian context, he said the government would do whatever is in the best interest of all.

Speaking at the conclave, Paul Fletcher, Australia’s Member of Parliament who was its Minister of Communications when it passed the landmark News Media Bargaining Code, elaborated on how Canberra dealt with the pushback from Google and Facebook when the draft of the code was first shared with them.

“There was a bit of turbulence along the way. Google, at one point, threatened to withdraw Google Search services in Australia. In response to that, the PM (then Prime Minister Scott Morrison) and I met with the global experts of Microsoft, who said they will be interested in expanding Bing (Microsoft’s search engine) in Australia. We didn’t hear much more of the threat (from Google),” he said.

Facebook also shut down pages of vital community services like the Australian police, ambulances and the Red Cross, a move that turned out to be a public relations mistake for the tech major, he said.

“In the face of that, we held firm and there was a strong political leadership from Josh Frydenberg (former Treasurer of Australia) and the legislation passed Parliament. I am pleased to say that both Google and Facebook have since negotiated commercial deals with news media businesses,” he said.

In an interview to The Indian Express Friday, Fletcher had said: “…Google and Facebook were very successful in attracting eyeballs, monetising that and generating digital advertising revenue. But as part of doing that, they were using content generated and paid for by news media businesses. As a consequence the revenues that support journalism were being eroded, which was reducing the amount of journalism and that was creating a negative feedback loop.”

Referring to Fletcher’s remarks, Chandrasekhar said: “His thinking is not very different from how we are approaching this issue, and we hope to, in the Digital India Act, address this issue of disproportionate control and the imbalance in the dynamics between content creation and content creators’ monetisation requirements – and the power that adtech companies and adtech platforms hold today.”

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Crypto lender Genesis Trading files for bankruptcy protection

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Barry Silbert, Founder and CEO, Digital Currency Group

David A. Grogan | CNBC

Crypto lender Genesis filed for Chapter 11 bankruptcy protection late Thursday night in Manhattan federal court, the latest casualty in the industry contagion caused by the collapse of FTX and a crippling blow to a business once at the heart of Barry Silbert’s Digital Currency Group.

The company listed over 100,000 creditors in a “mega” bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents.

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Three separate petitions were filed for Genesis’ holding companies. In a statement, the company noted that the companies were only involved in Genesis’ crypto lending business. The company’s derivatives and spot trading business will continue unhindered, as will Genesis Global Trading.

“We look forward to advancing our dialogue with DCG and our creditors’ advisors as we seek to implement a path to maximize value and provide the best opportunity for our business to emerge well-positioned for the future,” Genesis interim CEO Derar Islim said in a statement.

The filing follows months of speculation over whether Genesis would enter bankruptcy protection, and just days after the Securities and Exchange Commission filed suit against Genesis and its onetime partner, Gemini, over the unregistered offering and sale of securities.

Genesis listed a $765.9 million loan payable from Gemini in Thursday’s bankruptcy filing. Other sizeable claims included a $78 million loan payable from Donut, a high-yield, decentralized platform, and a VanEck fund, with a $53.1 million loan payable.

Gemini co-founder Cameron Winklevoss initially responded to the news on Twitter, writing that Silbert and DCG “continue to refuse to offer creditors a fair deal.”

“We have been preparing to take direct legal action against Barry, DCG, and others,” he continued.

“Sunlight is the best disinfectant,” Winklevoss concluded.

Genesis is in negotiations with creditors represented by law firms Kirkland & Ellis and Proskauer Rose, sources familiar with the matter told CNBC. The bankruptcy puts Genesis alongside other fallen crypto exchanges including BlockFi, FTX, Celsius, and Voyager.

FTX’s collapse in November put a freeze on the market and led customers across the crypto landscape to seek withdrawals. The Wall Street Journal reported that, following FTX’s meltdown, Genesis had sought an emergency bailout of $1 billion, but found no interested parties. Parent company DCG, which owes creditors a mounting debt of more than $3 billion, suspended dividends this week, CoinDesk reported.

The crypto contagion

Genesis provided loans to crypto hedge funds and over-the-counter firms, but a series of bad bets made last year severely damaged the lender and forced it to halt withdrawals on Nov. 16.

The New York-based firm had extended crypto loans to Three Arrows Capital (3AC) and Alameda Research, the hedge fund started by Sam Bankman-Fried and closely linked to his FTX exchange.

3AC filed for bankruptcy in July in the midst of the “crypto winter.” Genesis had loaned over $2.3 billion worth of assets to 3AC, according to court filings. 3AC creditors have been fighting in court to recover even a sliver of the billions of dollars that the hedge fund once controlled.

Meanwhile, Alameda was integral to FTX’s eventual demise. Bankman-Fried has repeatedly denied knowledge of fraudulent activity within his web of companies, but remains unable to provide a substantial explanation for the multibillion-dollar hole. He was arrested in December, and is released on a $250 million bond ahead of his trial, which is set to begin in October.

Genesis had a $2.5 billion exposure to Alameda, though that position was closed out in August. After FTX’s bankruptcy in November, Genesis said that about $175 million worth of Genesis assets were “locked” on FTX’s platform.

Genesis’ financial spiral has exposed Silbert’s broader DCG empire. The parent company was forced to take over Genesis’ $1 billion liability stemming from 3AC’s collapse. In a later letter to investors, Silbert disclosed an additional $575 million loan from Genesis to DCG for undisclosed investing purposes.

DCG pioneered publicly traded trusts, allowing investors to hold bitcoin and other currencies in their portfolio without direct exposure. Grayscale Bitcoin Trust’s discount to net asset value widened significantly last year as confidence in the conglomerate waned.

This is a developing story. Please check back for updates.

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ASX holds firm, Super Retail loses ground over alleged $1m staff underpayments

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The Commonwealth Bank’s head of Australian economics, Gareth Aird, has just sent out his outlook for the year ahead, and it makes for sombre reading.

Gareth Aird is CBA’s head of Australian economics(ABC News: Gareth Aird)

He believes Australia will escape a headline recession — just, with growth of just 1.1 per cent for the year to December ’23— but will fall into a per capita recession this year, where population growth exceeds economic growth.

However, Aird believes it wouldn’t take much to tip Australia into a technical recession of two quarters of economic contraction:

“Our economic forecasts are conditional on one final 25-basis-point increase in the cash rate in the first quarter of 2023 for a peak this cycle of 3.35%.

“We believe a higher terminal cash rate is inconsistent with a soft landing. We have 50 basis points of rate cuts in our profile for the fourth quarter of 2023.”

CBA bases that forecast on an expectation that inflation peaked at 7.7 per cent in the last quarter of last year (ABS data will be out on this next Wednesday) and will fall to 3.4 per cent by late this year.

The bank’s economists expect unemployment to end the year at 4.25 per cent, with ABS figures out yesterday hinting that the jobs market has probably already peaked.

CBA, Australia’s biggest mortgage lender, also still believes home prices will fall 15 per cent peak-to-trough, with the market bottoming between July and September this year.

That would mean Australia is only about halfway through its biggest housing downturn on modern records.

Aird once again highlighted the lag between the RBA’s most aggressive rate rises in modern history and when they hit consumer bank balances and spending:

“A dichotomy in the economic data began to open up in late 2022. Backward looking labour market data remained robust. And prices and wages data continued to strengthen. But forward looking data, which includes housing lending, building approvals, the PMIs, home prices and consumer and business sentiment deteriorated.

“Consumer spending, which is a coincident indicator, remained elevated over the festive period in nominal terms. But we anticipate growth in the volume of spending over recent months has been modest. A further softening will occur in 2023.

Consumer sentiment has fallen sharply, but spending still remains high(CBA)

“The RBA has focussed a lot on the resilience in consumer spending. And that is understandable given demand for goods and services determines price outcomes (i.e. inflation). But official data on spending to date has only partially captured the impact of rate hikes.

“It takes time for rate hikes to impact home borrower cash flow and by extension spending decisions. And far more borrowers than usual are on fixed rate mortgages, which blunts the initial impact of rate rises.

“But fixed rate home borrowers in Australia are not insulated from rate hikes indefinitely. They are generally on short dated fixed rate mortgages and half of these loans will expire this year.

The expiry dates for CBA's fixed mortgagesCBA fixed rate mortgage expiry(CBA)

“As such, a significant amount of tightening lays ahead irrespective of how much higher the RBA takes the cash rate.”

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Where Can You Find Financial News

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When it comes to finding South Korean financial news, there are a few different avenues you can explore. You can find news through traditional media outlets, such as newspapers and television stations. With the advent of the internet, there are online sources for financial news than ever before. With so many options available, how do you know where to look? Below is a list of some of the best places to find financial news.

Searching the Internet for Financial News Websites

With just the slightest bit of online research, finding financial news has never been easier. Searching the internet for financial news websites can provide access to key information and up-to-date stories related to the markets, businesses around the world, and various investment opportunities.

Not only do many of these websites offer real-time updates, but also provide readers with in-depth analysis and commentary from a variety of market experts. Whether you’re an individual investor or a business seeking to thrive in today’s economy, having access to quality financial news is essential.

Checking the Business Section of Your Local Newspaper

Staying informed on current financial news can have a big impact when making important economic decisions. A great resource for this information is checking the business section of your local newspaper. You can find valuable insights on key events that could help determine stock prices, provide insight into the state of the economy.

It can also reveal helpful details about new laws and regulations. Whether you are investing or simply trying to form an educated opinion, staying up to date with financial news can give you the peace-of-mind to make informed decisions.

Listening to Business News Radio Programs

Listening to business news radio programs can be a great way to stay informed about current events in the business world. It’s an easy way for business owners or entrepreneurs to keep up with industry trends, economic predictions and other important topics. Business radio programs often feature interviews with key people in the field, providing tips and insights into successful strategies.

With these broadcasts, you can get a better sense of what is happening in the economy on a daily basis, which is critical information for any business owner or entrepreneur who wants to remain competitive. By staying informed through commercial news radio shows, you’ll stay one step ahead of the competition.

Watching Business News Television Shows

Watching business news television shows can be a great resource for staying informed on the latest economic and financial news. Some networks offer around-the-clock coverage of national and international markets and provide in-depth analysis to help put current trends into perspective. You can watch shows with well known anchors and expert panelists, as well as obtain valuable insight from smaller market commentators.

In addition, interviews with top executives give viewers unique perspectives from thought leaders in banking, finance, technology, and private industry. Watching business news television shows is an excellent way to stay informed on the daily changes occurring in the world of finance.

Conclusion

Being up to date with the latest financial news is crucial if you want to make sound investment decisions. There are a number of ways you can stay on top of the latest economic developments, including checking the business section of your local newspaper, listening to business news radio programs, watching business news television shows, and searching the internet for financial news websites.

By regularly consuming financial news from a variety of sources, you can gain a well-rounded understanding of what’s happening in the markets and make informed investment choices that will help you reach your financial goals. We hope that this article has helped you and given you a clear idea of where you can find South Korean financial news.

Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Where Can You Find Financial News

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Amazon kicks off round of job cuts affecting 18,000 people

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Amazon.com Inc. has started its biggest-ever round of jobs cuts — a culling that will ultimately affect 18,000 workers around the globe. Amazon began notifying employees by email early Wednesday, Doug Herrington, the company’s worldwide retail chief, said in a memo. He said the company aimed to communicate with all laid-off workers in the US, Canada and Costa Rica by the end of the day. Notifications in China will be sent after the Chinese New Year, and in other regions the company must consult with employee representatives before finalizing layoffs.

The world’s largest e-commerce company is grappling with slowing online sales growth and bracing for a possible recession that could affect the spending power of its customers. Microsoft Corp. announced it was cutting 10,000 jobs Wednesday, becoming the latest in a long line of tech companies to trim its ranks.

Herrington said Amazon’s cuts were part of an effort to lower costs “so we can continue investing in the wide selection, low prices and fast shipping that our customers love.” He said the company would “continue investing meaningfully” in growth areas including groceries, Amazon’s business-to-business sales program, services for third-party sellers and healthcare.

The eliminations started last year and initially fell hardest on Amazon’s Devices and Services group, which builds the Alexa digital assistant and Echo smart speakers. The latest round will mostly affect the retail division and human resources.

While the cuts represent only about 1% of the total workforce, which includes hundreds of thousands of hourly warehouse and delivery personnel, they amount to about 6% of Amazon’s 350,000 corporate employees around the globe.

Amazon shares rose about 1% to $97.14 at 11:14 a.m. in New York.

The Seattle-based company spent much of last year adjusting to a sharp slowdown in e-commerce growth as shoppers returned to pre-pandemic habits. Amazon delayed warehouse openings and halted hiring in its retail group. It broadened the freeze to the company’s corporate staff and then began making cuts.

Amazon is among several large tech companies that are trimming their ranks, including Cisco Systems Inc., Intel Corp., Meta Platforms Inc., Qualcomm Inc. and Salesforce Inc.

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Relief checks live updates: debt ceiling, social security payments, Davos World Economic Forum

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Debt ceiling: what’s it all about?

Across this week we’re going to be discussing aspects related to the US debt ceiling so, in case you’re not au fait with the term, here’s a little summary.

The debt ceiling is a legislative limit on the amount of national debt that the United States government is authorized to borrow. It is, effectively, intended to ensure that the government does not spend more than it can afford, but it has been a source of political controversy in recent years as lawmakers debate whether or not to raise the limit.

The debt ceiling does not limit the amount of money the government can spend, but rather the amount it can borrow to finance that spending. The United States Congress has the power to raise or lower the debt ceiling, and it has been raised many times in the past.

You could say it’s like a credit card limit for the government. Just like you have a limit on how much money you can borrow on your credit card, the government also has a limit on how much money it can borrow. Sometimes they raise it because the government needs to borrow more money to pay for things like schools, roads, and the military. It has caused some problems in the past when Congress doesn’t agree — yeah, that happens quite a bit — on whether or not to raise it.

Since the modern debt ceiling was first established in 1917, Congress has raised the limit more than 100 times. The frequency of increases has varied over time, with some periods seeing multiple increases in a single year and others going several years without any change.

A government shutdown or defaults on debt payments are what we all want to avoid.

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