When asked on Wednesday about fears regarding the stock market in light of recent developments with GameStop’s shares, White House press secretary Jen Psaki responded by saying: “We have the first female treasury secretary.”
In the course of more than a week—in an incredibly complex situation—the stock price of the declining video game vendor GameStop soared by as much as 770%. In short, after some influential users in a Reddit community dedicated to the stock market called r/WallStreetBets encouraged many other users into purchasing GameStop stock through equity and calls, which dramatically drove up its stock price, as explained by TIME.
“Is the White House concerned about the stock market activity we’re seeing around GameStop and now with some other stocks as well?” a reporter asked Psaki. “Have there been any conversations with the [Securities and Exchange Commission] about how to proceed?”
“Well, I’m also happy to repeat that we have the first female treasury secretary and a team that’s surrounding her and often questions about markets,” Psaki responded. “We’ll send [you] to them. But our team is, of course, our economic team, including Secretary [Janet] Yellen and others, are monitoring the situation.”
On Monday, the U.S. Senate confirmed Janet Yellen to the role of treasury secretary.
Psaki went on to say that the GameStop situation is “a good reminder, though, that the stock market isn’t the only measure of the health of our economy. It doesn’t reflect how working- and middle-class families are doing.”
In response to the situation, TD Ameritrade on Wednesday restricted trading for the company and has sent fears down the spines of some on Wall Street.
“In the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in $GME, $AMC and other securities,” a spokeswoman for TD Ameritrade told the website Market Watch. “We made these decisions out of an abundance of caution amid unprecedented market conditions and other factors.”
You can follow Douglas Braff on Twitter @Douglas_P_Braff.
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No help at our border, but Biden announces $5 billion going to bike paths, wider sidewalks
In the world of Democrat delusion, they think $5 billion is necessary, at this point in time, to make bike paths and widen side walks. You cannot make this up. They have approved $40 billion in aide to Ukraine in a heartbeat under President Biden, while having rejected former President Trump’s request for a mere $5 billion to secure our border.
The news also comes as fentanyl and the drug overdoses are the number one cause of death in the U.S. There’s also an increase in human smuggling and extortion to pay to cross the border. But no; let’s make some bike paths and widen sidewalks. That is an immediate emergency.
Transportation Secretary Pete Buttigieg announced Monday that money will be used over five years under his department’s new “Safe Streets & Roads for All” program. The $5 billion ini federals funds will be used “to slow down cars chia more speed cameras, carve out bike paths and wider sidewalks and urging commuters to public transit” reports Daily Mail.
“The aim will be to provide a direct infusion of federal cash to communities that pledge to promote safety for the multiple users of a roadway, particularly pedestrians and bicyclists.” The announcement also coincides with the six-month anniversary of President Biden’s infrastructure legislation, and the beginning of the 2022 “infrastructure week.”
The desire to fix roads is a noble one, as “road traffic injuries also are the leading cause of death among young people aged 5-29. Young adults aged 15-4 account for more than half of all road deaths” reports Daily Mail, which adds:
Still, much of the federal roadmap relies on cooperation from cities and states, and it could take months if not years to fully implement with discernible results – too late to soothe 2022 midterm voters unsettled by this and other pandemic-related ills, such as rising crime.
The latest U.S. guidance Monday invites cities and localities to sketch out safety plans in their applications for the federal grants, which are to be awarded late this year.
It cites examples of good projects as those that promise to transform a high-crash roadway, such as by adding rumble strips to slow cars or installing speed cameras, which the department says could provide more equitable enforcement than police traffic stops; flashing beacons for pedestrian crosswalks; new ‘safe routes’ via sidewalks or other protected pathways to school or public transit in underserved communities; and other ‘quick build’ roadway changes designed with community input.
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