Americans Face Growing Debt Crisis

??14th November 2024 | Dogecoin Surges Following Trump's Gov Efficiency Announcement, US Launches New Missile Base in Northern Poland, Apple Unveils Final Cut Pro 11 with Enhanced AI, Dave Coulier Shares Stage 3 Lymphoma Diagnosis, Trump Taps Rep. Matt Gaetz as Attorney General, Republicans Pick John Thune as Senate Leader for Trump's Second Term, and more!

Business and Economy

?? Tariff Threats Spur U.S. Firms to Seek Lobbyists, Loopholes

U.S. companies are urgently calling lobbyists to secure exemptions from Trump’s proposed tariffs, a 20% import tax, and a harsh 60% on Chinese goods. Economists warn tariffs could drive up consumer costs. Lobbyists report nonstop calls from firms with contingency plans like shifting production. Lobbyist Ron Sorini stated, “Small businesses really can’t do it on their own.”

?? Americans Sink Deeper in Debt

According to the New York Fed, Americans are slipping further behind on debt as total household debt hit a record $17.9 trillion. Credit card delinquencies over 30 days hit 11.1%, the highest since 2012, while the overall delinquency rate rose to 3.5%. Mortgage delinquencies remained low, but younger, lower-income borrowers saw more strain. Economist Donghoon Lee “Elevated delinquency rates reveal stress.”?

?? Dogecoin Surges Following Trump's Gov Efficiency Announcement

Dogecoin saw a nearly 20% increase after President-elect Donald Trump revealed plans to establish the Department of Government Efficiency, dubbed "DOGE," following a significant rally for the memecoin, which has risen by 153% since Election Day. Tesla’s Elon Musk and Vivek Ramaswamy will spearhead the initiative, aimed at cutting regulations and improving government operations. Analysts stated, “Memecoins reflect investor sentiment.”

World

?? US Launches New Missile Base in Northern Poland

The United States opened a missile base in Redzikowo, northern Poland, on Wednesday as part of NATO's Aegis Ashore defense system. While Russia decried the installation as a move to encircle it, Poland reaffirmed its strong security ties with NATO. Polish Foreign Minister Radoslaw Sikorski stated, "This construction demonstrates the geostrategic commitment of the United States."?

?? French Prosecutors Seek 2-Year Prison Sentence for Marine Le Pen

Prosecutors in Paris have sought a 2-year prison sentence and a 5-year ban on Marine Le Pen’s eligibility to run for office, accusing her of misappropriating EU funds meant for parliamentary aides between 2004 and 2016. Le Pen denies the charges, asserting the allegations are politically driven stating, “I understood that well.”

Science and Tech

?? Apple Unveils Final Cut Pro 11 with Enhanced AI

Apple has unveiled Final Cut Pro 11, enhancing its video editing software with AI-driven tools like Magnetic Mask for subject isolation and automatic caption generation. The update also adds spatial video editing for Vision Pro and various workflow improvements. Final Cut Pro 11 is free for existing users and priced at $299 for new users, with additional updates for the iPad version.

?? OpenAI Set to Launch AI Agent in Early 2025

OpenAI plans to launch an autonomous AI agent, code-named “Operator,” in January 2024 as a research preview and developer tool. The agent will autonomously control computers and perform tasks independently, accelerating competition in AI, with Google and Anthropic also developing similar agents. OpenAI CEO Sam Altman hints that agentic systems will drive the next major breakthrough in AI.?

Sports and Entertainment

??? Dave Coulier Shares Stage 3 Lymphoma Diagnosis

Dave Coulier, 65, best known for his role on Full House, revealed he was diagnosed with stage 3 non-Hodgkin lymphoma in October after an upper respiratory infection caused swollen lymph nodes. After confirming aggressive B cell lymphoma, he began chemotherapy. Coulier stated, "I’m going to be strong throughout this, not just for me, but for her."?

?? LeBron James' Triple-Double Powers Lakers to 3rd Straight Win

LeBron James led the Lakers to a 128-123 win over Memphis with 35 points, 12 rebounds, and 14 assists for his third consecutive triple-double. Despite blowing a 15-point lead and Anthony Davis’ foul trouble, James kept the Lakers in the game. Rookie Dalton Knecht added 19 points, and Davis hit key fourth-quarter threes. James stated, "Just being very patient."

?? Chiefs Stars Patrick Mahomes and Travis Kelce Targeted in Back-to-Back Burglaries?

Kansas City Chiefs stars Patrick Mahomes and Travis Kelce were victims of back-to-back burglaries in October. Mahomes' home in Belton, Missouri, was broken into on Oct. 6, while Kelce’s home in Leawood, Kansas, was targeted the next day, with $20,000 stolen. Authorities are looking into the incidents, and a sheriff’s spokesperson stated, "We are actively working to identify the suspects."?

Misc

???? Trump Taps Rep. Matt Gaetz as Attorney General

President-elect Donald Trump has chosen Republican Rep. Matt Gaetz of Florida to serve as attorney general. Gaetz, a loyal Trump ally, plans to address the "weaponization" of the Justice Department and restore confidence in law enforcement. His confirmation will face challenges, especially due to investigations for allegations of sexual misconduct and sex trafficking. Trump stated, "Matt will end Weaponized Government."?

???? Republicans Pick John Thune as Senate Leader for Trump's Second Term

Senate Republicans selected Sen. John Thune of South Dakota as their new leader in the upcoming Congress, following a secret ballot vote on Wednesday. Thune, the current Republican whip, defeated John Cornyn and Rick Scott with 29 votes to 24. Thune replaces Mitch McConnell, who is stepping down after 18 years. Thune stated, "I am extremely honored to have earned the support of my colleagues."

?? Trump Appoints Tulsi Gabbard as DNI Director

President-elect Donald Trump has nominated Tulsi Gabbard, former Democratic congresswoman and Army National Guard veteran, for Director of National Intelligence. Gabbard, who switched to the Republican Party in 2022, has supported Trump's views on military interventions and foreign policy. Trump praised her, stating, “I know Tulsi will bring the fearless spirit that has defined her illustrious career.”

This Day That Year

On November 14th, 1972, just days after Richard Nixon's re-election and amid positive developments in the Vietnam War, the Dow Jones Industrial Average marked a historic milestone by closing above 1,000 for the first time.

Have a great day and see you Tomorrow??