November 19 2024

1. Severing of Baltic Sea undersea cable likely sabotage
2. DOJ Will Push For Partial Google Break-Up
3. US Main Street economy update
4. 2.3 Million Americans in Federal Civilian Jobs
5. Trump Transition Diary
November 19, 1863: President Lincoln delivers Gettysburg Address

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1. Severing of Baltic Sea undersea cable likely sabotage

Damage caused to a pair of undersea communications cables in the Baltic Sea is likely to have been an act of sabotage, Germany’s defence minister has said. Boris Pistorius said it was unclear who was responsible for what he described as a “hybrid” warfare tactic after the severing of two fibre optic cables within 24 hours — one between Germany and Finland and another between Sweden and Lithuania. But he added: “No one believes that these cables were cut accidentally . . . Therefore we have to state, without knowing specifically who it came from, that it is a ‘hybrid’ action. And we also have to assume, without knowing it yet, that it is sabotage.”  

Editors note: total speculation on my part but I would bet this was the Russians in response to the US authorizing deep strikes within Russia with US supplied equipment. All countries affected are members of NATO and Putin said authorizing deep strikes would be a declaration of war by NATO on Russia.

Article Source: FT

2. DOJ Will Push For Partial Google Break-Up

Top Justice Department antitrust officials have decided to ask a judge to force Alphabet Inc.’s Google to sell off its Chrome browser in what would be a historic crackdown on one of the world’s biggest tech companies. The department will ask the judge, who ruled in August that Google illegally monopolized the search market, to require measures related to artificial intelligence and its Android smartphone operating system, according to people familiar with the plans. Antitrust officials, along with states that have joined the case, also plan to recommend Wednesday that federal judge Amit Mehta impose data licensing requirements, said the people, who asked not to be named discussing a confidential matter.

Article Source: Bloomberg

3. US Main Street economy update

A. Walmart beats earnings estimates

Walmart said U.S. sales rose during the most recent quarter as shoppers bought more groceries, home goods and toys, a sign that spending is off to a steady start at the start of the holiday shopping season. The retail behemoth also raised its sales and profit estimates for the year. 

B. Delinquencies on auto loans rising  

Delinquencies on auto loans have been creeping up since the economy began reopening after the pandemic, hitting 3.8% in June. That was the highest level since 2010, according to data from the Federal Reserve, which measures payments that are at least 30 days past due.   

C. Big Cities Take Up Fight Against Algorithm-Based Rents  

Cities and states are moving to crack down on rental software firm RealPage amid allegations that its algorithmic rent-pricing systems illegally coordinate rent prices. San Francisco and Philadelphia have passed laws restricting the use of nonpublic data in rent-setting software, and similar laws are being considered in other cities and states. Lawmakers say the new regulations aim to correct an imbalance between tenants and large landlords armed with data and algorithms.

Article Source: WSJ

4. 2.3 Million Americans in Federal Civilian Jobs

There are 2.3 million Americans working for the federal government in civilian jobs, a tally that has steadily climbed as control of the White House has shifted between parties and presidents.  They constitute less than 2% of the total U.S. workforce. They work as everything from nurses in Veterans Affairs hospitals and park rangers in Yellowstone to guards in federal prisons and the 19 employees of the Nuclear Waste Technical Review Board. About 80% of them work outside of the Washington, D.C., region.

Article Source: WSJ

5. Trump Transition Diary

Trump Administration roles 

Sean Duffy offered Transportation Secretary 

A. Trump Plans to Use the Military to Assist in Mass Deportations  

President-elect Donald J. Trump confirmed on Monday that he intended to declare a national emergency and use the U.S. military in some form to assist in his plans for mass deportations of undocumented immigrants. 

B. Biden Team Races to Deliver Chip Grants Before Trump Takes Over  

U.S. officials are racing to deliver billions of dollars of promised manufacturing grants to Intel and others to complete a significant portion of a favored program of President Biden before he leaves office. The Commerce Department has provisionally awarded most of the $39 billion of grant money allocated under 2022’s Chips Act to re-energize U.S. chip production. But nearly $30 billion of that is tied up in complex government negotiations, leaving those deals in limbo as a new administration prepares to take over. The Commerce Department is aiming to finalize as many of them as possible in the next two months ahead of the incoming Trump administration, according to people familiar with the matter. Government and company officials say the legally binding, finalized awards would be impossible to pull back absent an act of Congress.

Article Source: NYT, @realDonaldTrump, WSJ

November 19, 1863: President Lincoln delivers Gettysburg Address

Sources

1. https://on.ft.com/3AQMSsz

2. https://www.bloomberg.com/news/articles/2024-11-18/doj-will-push-google-to-sell-off-chrome-to-break-search-monopoly

3. A
B https://www.wsj.com/finance/investing/wall-street-is-bullish-on-car-loans-despite-rising-delinquencies-5f0f1ec4?st=xE3JMe&reflink=article_copyURL_share
C https://www.wsj.com/real-estate/big-cities-take-up-fight-against-algorithm-based-rents-e55f3aa1?st=ym4cXU&reflink=article_copyURL_share

4. https://www.wsj.com/economy/jobs/2-3-million-jobs-the-federal-workforce-in-charts-6b490ad3?mod=hp_lead_pos10

5. A https://www.nytimes.com/2024/11/18/us/politics/trump-military-mass-deportation.html?smid=nytcore-ios-share&referringSource=articleShare
B https://www.wsj.com/politics/policy/biden-team-races-to-deliver-chip-grants-before-trump-takes-over-d52fe67a?st=rMAeWr&reflink=article_copyURL_share