Betsy DeVos, the education secretary teachers, and Congress love to hate proved she’s worthy of the scorn she receives. Despite a court order from Federal Judge Sallie Kim, DeVos still demanded payment from former Corinthian Colleges students. The judge ruled those students are officially off the financial hook created by out-of-control for-profit colleges. For-profit colleges help make the student loan debt in the U.S. hit an all-time high.
Judge Kim threw a contempt of court in Betsy’s lap, plus the government will have to pay $100,000 to a fund set up to reduce student loan debt. DeVos is one of the original Trump cabinet members. Congress didn’t want to approve her nomination, but Mike Pence cast the vote that gave her the green light to create chaos in the public school system.
Mike Pence tried out his new commanding presidential personality when he told China all he wants to do is get a fair deal if he takes over when the Trumpster gets fitted for an orange jumpsuit. Pence also let China know he wants Chinese importers to buy $40 or $50 billion worth of farm products as soon as possible. The Chinese told Pence they’ll buy $20 billion soon, but Trump has to clarify a couple of phase one trade points before he tries to squeeze a deal out of President Xi in Chile.
Elizabeth Warren told the press the Federal Reserve keeps injecting cash into the repo market in order to keep the interest rate in that market down. Warren thinks Jerome Powell will have to answer questions about all those cash injections, and why the Feds keep buying so many Treasury notes. Jerome Powell keeps telling the press the U.S. economy is in great shape. But Wall Street economists think the economy will tank in 2020 unless Trump gets out of the tariff-screwing business.
Goldman Sachs expects the Feds to cut rates at the October meeting. Investors believe Powell will announce a 25 basis point rate cut. And then he will say this cut is the last one in 2019 unless Trump makes more global economic blunders.
Jeff Bezos dropped to number two on the world’s wealthiest list when Amazon’s stock took a 6.6 percent nosedive after a disappointing earnings report. Jeff owns more than 57,000 shares of Amazon. That means Bill Gates took over as the richest human on the planet.
Dil Bole Oberoi
