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Wildfires expose California’s insurance crisis; Meta and Amazon abandon DEI; and the IRS describes tax season
Heritage economist EJ Antoni analyzes the December jobs report on ‘Making Money’ in California.
Stocks fell after a better-than-expected jobs report, creating new headwinds for the Federal Reserve
-President-elect Trump lashed out at President Biden after aggressive action on energy drilling.
-More Fortune 500 companies are abandoning DEI policies
-The California wildfires exposed massive failures in national insurance and disaster preparedness.
-Within California’s broken insurance regulations
-IRS outlines key dates for 2025 tax season
STOCKS SINK: U.S. stocks closed sharply lower on Friday, with the Dow Jones Industrial Average falling nearly 700 points.…More about the markets here. Bitcoin also had a strong downward trend…LIVE cryptocurrency prices here.
| Heart | Security | Last | Change | Change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 41938.45 | -696.75 | -1.63% |
| SP500 | S&P 500 | 5827.04 | -91.21 | -1.54% |
| Me: COMP | NASDAQ COMPOSITE INDEX | 19161.627517 | -317.25 | -1.63% |
Investors didn’t like the better-than-expected December jobs report. Here’s why…continue reading here.
VIDEO: Why the jobs report is problematic for the Federal Reserve.
NOT SO FAST: President-elect Trump vows to cancel President Biden’s new drilling ban…continue reading here.
VIDEO: Trump talks about American energy independence.
DAYS OF ABANDONMENT: Facebook parent Meta is reducing corporate policies that promote DEI, or diversity, equality and inclusion…continue reading here. Shortly after, Amazon did something similar…continue reading here.
VIDEO: Large American companies are rapidly reversing DEI.
FOREST FIRE CRISIS IN CALIFORNIA
CALIFORNIA CRISIS: Thousands of residents lost everything in this week’s wildfires in and around the Palisades, and many are uninsured. Turns out the state may be to blame for insurers dropping coverage…continue reading here.
VIDEO: Investor Kevin O’Leary criticizes California Governor Newsom as wildfires burn.
LEAVING CALI: These insurers said goodbye to California…continue reading here.
THE MOST COSTLY FIRE IN CALI: California wildfires in January 2025 may become the most expensive in history…continue reading here.
INSURANCE STOCKS SINK
| Heart | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALL | THE ALLSTATE CORP. | 181.02 | -10.79 | -5.63% |
| C.B. | CHUBB LTD. | 257.71 | -8.94 | -3.35% |
| TRV | THE TRAVELERS COS.INC. | 232.43 | -10.34 | -4.26% |
| AIG | AMERICAN INTERNATIONAL GROUP INC. | 70.50 | -0.93 | -1.30% |
| MCY | MERCURY GENERAL CORP. | 48.64 | -12.05 | -19.86% |
TAX TIPS: WHAT TO KNOW
TAX SEASON 2025: The IRS announced key dates for the upcoming tax season…continue reading here.
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