In a single day On The Cash — Introduced by Wells Fargo — GOP senator: It is ‘silly’ to purchase Treasury bonds

Have a nice Monday and welcome to On The Money, Your nightly guide to everything related to your bills, bank account, and bottom line. Subscribe here:

Today’s big deal: Republicans dig deeper into raising the debt ceiling, regardless of the ramifications. We’ll also look at a difficult path in the house for Biden’s massive expense account and the latest inflation information.

But first find out why Angelina Jolie and I was in the same building today.

For The Hill, I’m Sylvan Lane. Write to me or @SylvanLane. You can reach my colleagues in the finance team Naomi Jagoda at or @NJagoda and Aris Folley or @ArisFolley.

McConnell Says GOP “United Against Raising Debt Ceiling”

Senate Democrats are generally expected to pass laws to raise the country’s debt ceiling with a government funding measure to put maximum pressure on Republicans to support raising the credit limit or risking the blame for a government shutdown.

But Senate minority leader Mitch McConnell (R-Ky.) Said Tuesday that Republicans Vote unanimously thwart any government funding bill that would also raise the country’s debt ceiling.

“Republicans agree against raising the debt ceiling,” McConnell said when asked after a GOP conference whether Republicans would vote for a funding gap that extends the federal government’s ability to borrow, which is expected to be exhausted by October.

McConnell stated that Republicans oppose raising the debt ceiling “not because it doesn’t have to be done,” but because it would pave the way for Democrats to pass a $ 3.5 trillion human infrastructure bill that does much of it previous would undo President TrumpDonald TrumpBiden stumbles for Newsom on the eve of the recall: “The nation’s eyes are on California” On The Money: House Democrats cut Biden’s tax hikes Abortion providers warn of “chaos” if the Supreme Court Roe versus Wade. overrides MORETax cut in 2017.

Fact check:

  • Raising or suspending the debt ceiling alone does not permit or prohibit new spending, nor does it increase or decrease the level of national debt.
  • Raising the debt ceiling will only allow the US to issue new government bonds, which it currently cannot, and generate cash to pay for expenditures already approved by Congress.
  • The US has never defaulted on its debt, and experts say any loss of confidence and creditworthiness in the federal government could cause the financial system to collapse.
  • Countries, financial institutions and investors hold trillions of dollars in government bonds, the value of which could fall if the US fails to remain solvent.

“I want every single Republican senator to answer the question, ‘Are you ready to bankrupt the government?'” Asked the Senate majority leader Charles SchumerChuck SchumerSchumer points to debts incurred under Trump to highlight the need for bipartisan action Warner Says “Under” 0.5 Trillion Housing Aid Package Some say he cannot support Biden’s $ 0.5 trillion spending plan MORE (DN.Y.) on Tuesday.

“Leader McConnell, as I said, is playing dangerous political games by not stepping on the stage as he asked us to and we did when Trump was president,” he added.

Even so, other Republicans, including the moderate Sens. Mitt RomneyWillard (Mitt) Mitt RomneyCan Biden make a comeback? What history teaches us (and not) Republican leaders misjudged the January 6 committee New Hampshire Democrat wins GOP seat MORE (Utah) and Rob PortmanRobert (Rob) Jones PortmanTrump administration sales representative supports JD Vance in Ohio Senate race Crypto debate should come back into force GOP hopefuls fight for Trump’s favor in the Ohio Senate race MORE (Ohio), also ruled out a vote on Tuesday for a government funding resolution that also extends the country’s borrowing authority.

And that’s why Senator Rick Scott (R-Fla.) Told reporters today that it did would be “foolish”“To buy government bonds – an asset believed to be almost as safe as cash – amid the stalemate.

“If you buy government bonds today, [you] don’t understand that American taxpayers are unwilling to levy taxes on it, ”said Scott, although surveys have shown solid support for aspects of Biden’s tax plan

“If you are stupid enough to buy this stuff now, you are stupid”

I have more on that Showdown here.


DC Diner is being remodeled with help from nonprofit & Wells Fargo

Sandra Foote, owner of Flip-It LJ Diner, didn’t think her restaurant in Columbia Heights could survive COVID-19.

Wells Fargos Open for Business Fund made a grant to the District Bridges charitable organization, which then helped Sandra meet bills.


The house isn’t an easy walk for Biden, Democrats with a 3.5 ton package

Democrats say getting the $ 3.5 trillion welfare spending plan through the house will be a tough road Nancy PelosiNancy PelosiWashington is increasing security ahead of the September 18 rally How social media is fueling political polarization in the US – what can be done about it The 12:30 report from The Hill – Presented by Facebook – Man with machete, swastika in front of DNC headquarters before the rally on January 6th MORE (D-Calif.) Can only afford three defectors to enforce the measure.

While Senate debate Having received more attention, centrists are also vocally suspicious of the plan in the lower chamber, while progressives are not at all interested in bending.

Some are already pushing privately President BidenJoe BidenBiden stumbles for Newsom on the eve of the recall: “The nation’s eyes are on California” Biden is looking to the climate to sell the economic agenda The family of an American who has been taken hostage by the Taliban is calling on the government to release the peace negotiator for Afghanistan MORE In order to be even more involved in the negotiations on the package with Pelosi, it will be crucial for the signing of the bill to argue that he supports his own agenda. Hanna Trudo from the hill explained here.


How a DC Florist Remodels with PPP Credit

Le Printemps DC flower shop was able to stay open during the pandemic with two Paycheck Protection Program (PPP) loans booked through Wells Fargo.

85% of the PPP loans booked through the bank went to companies with fewer than 10 employees.


Consumer prices rose 0.3 percent in August and 5.3 percent in the past 12 months, according to data released Tuesday by the Labor Department.

Monthly growth in the consumer price index (CPI), a closely watched indicator of inflation, declined for the second straight month after rising 0.5 percent in July. (Economists expected the CPI to grow 0.4 percent last month.)

Annual CPI growth – one of several ways to measure annual inflation – also declined from 5.4 percent in July, the highest since August 2008.

What happened?

  • Airline tickets, used cars and trucks, and auto insurance prices all fell in August after soaring for much of spring and summer.
  • The used car CPI, which accounted for much of the summer’s inflation spike, fell 1.5 percent in August but is still 31.9 percent above the same point in 2020.

I break everything off here.


The House of Representatives Democrats’ plan would impose the biggest tax hikes on high earners: analysis

The House Democrats’ tax proposals would impose the largest tax hikes on households with an income of $ 1 million or more, according to an analysis by the Joint Tax Committee (JCT) released Monday.

The analysis takes into account the Democrats’ proposals to increase taxes for high-income individuals and businesses and to extend the expansion of tax credits for low- and middle-income households.

  • In 2023, households with incomes greater than $ 1 million would see federal taxes increase by 10.6 percent and their average tax rate from 30.2 percent under current law to 37.3 percent.
  • Households with incomes less than $ 200,000 would lower their taxes, the JCT said.

Much of the child tax credit expansion proposed by the Democrats would expire after 2025 – at the same time, the individual tax provisions in the Republican Tax Act of 2017 would expire. Naomi has the details here.

Good to know

Chairman of the Securities and Exchange Commission Gary GenslerGary GenslerOn The Money – The Democratic Tax Divide According to Coinbase, the SEC is investigating its crypto loan product Climate hawks are pushing Biden to replace the Fed chairmanship MORE said Tuesday that the rapid proliferation of cryptocurrencies and related investment products is similar the wild West.”

We still have an eye on:

  • There was a record-breaking number of players on the opening weekend of the 2021 NFL season Place bets online As more and more states legalize sports betting.
  • Job searches are expected to increase in the fall as more schools Resumption of personal learning Amid the ongoing pandemic, Indeed’s Hiring Lab forecast in its latest survey.

That’s it for today. Thanks for reading and check out The Hill’s Finance side for the latest news and coverage. We will see you tomorrow.

Cramer’s Mad Cash Recap: Wells Fargo, Barrick Gold

September was the cruelest month of the year for investors, Jim Cramer reminded his Mad Money viewers on Monday. That is why it is advisable to get ahead of the crowds and start raising funds now.

Last week, Cramer checked in with colleague Larry Williams, who noted that September 17th is historically the high point of the month, followed by market-wide declines. In the meantime, we will likely see a changing line-up of market leaders, few of whom have staying power.

Today we made gains in the oil field with stocks like Occidental Petroleum (OXY) – Get Occidental Petroleum Corporation Report 6.6% up and Devon Energy (DVN) – Get the Devon Energy Corporation report Win 3%. However, Cramer noted that as soon as oil prices get too high, producers turn on the tap to bring prices back down. Confusion is compounded by shutdowns caused by Hurricane Ida, which again weighed on oil, chemicals and manufacturing.

COVID also remains of concern as outbreaks in Vietnam have sent shares in Nike (FROM) – Get the NIKE, Inc. (NKE) report 2.4% lower.

Wells Fargo was one of the few bright spots, said Cramer (WFC) – Get Wells Fargo & Company Report, which ended the day up 3.2% despite an additional $ 250 million fine for its previous indiscretions. Cramer said the fine, while heavy, is less than many investors feared.

We’d love to see more rolling corrections like we’ve seen today, Cramer concluded, which will require investors to dig up cash and buy some gold before September 17th.

Cramer and the AAP team are reviewing everything from revenue to politics to the Federal Reserve. Find out what they are saying to their investment club members and join the fun with a free trial subscription to Action Alerts Plus.

Get more trading strategies and insight into how Cramer and the fellow contributors invest for real money.

Executive decision

In his first “Executive Decision” segment, Cramer spoke to Mark Bristow, President and CEO of gold digger Barrick Gold (GOLD) – Get the Barrick Gold Corporation report.

Bristow said business at Barrick “couldn’t be better” as the company continues to invest in its future while delivering stable cash returns to its shareholders.

After all, mining is a consumptive industry, said Bristow. For every ounce of gold you pull out of the ground, you’ll need to replace additional reserves. Because of this, Barrick has a long history of delivering sustainable, profitable growth.

Even in Nevada, a state long thought to be largely gold, Barrick has discovered new opportunities that Bristow called “huge.” The rewards in Nevada will be fantastic, he said.

When asked whether he would rather invest in gold or bitcoin, Bristow finally said that gold is still the only way to really hedge your risks. Bitcoin depreciates as often as it goes up, he said, leaving gold as the only stable asset reserve.

IPO rules

When it comes to investing in newly minted IPOs, steer clear of obscure companies with sky-high valuations, Cramer told viewers. With the IPO market in full swing again, it’s worth doing your homework. That’s why he took a closer look at three recent travel IPOs.

First was Clear Secure (SHE) , the biometrics company that has gained over seven million members for air travel, sports venues, offices, and other safe places. Cramer said this company may have great technology, but it doesn’t offer investors much clarity about its growth. The company only has an 80 percent retention rate but is valued at 25 times its sales.

Next up was Blade Air Mobility BLDE, the short-haul air and sea service that provides members with quick access to destinations primarily in and around New York City. Blade has seen impressive growth and only trades for five times sales, making it a buy on Cramer’s list.

Finally, Cramer checked out Wheels Up UP, a private jet membership service. Unlike Blade, which is resource efficient, Wheels Up owns many of its aircraft and also has a partnership with Delta Air Lines (FROM) – Get the report from Delta Air Lines, Inc.. Cramer felt that Wheels Up was a buy too.

Executive decision 2

For his second segment, Executive Decision, Cramer spoke to Matthew Prince, Founder, Chairman and CEO of CloudFlare (NETWORK) – Get Cloudflare Inc. Class A Report, the network and cybersecurity provider celebrating the two year anniversary of its IPO. Since then, Cloudflare’s shares have risen 700%.

Prince said Cloudflare is building a better network and continuing on its mission of execution and innovation. The company has developed over 1,000 new products in the past two years, but is “just getting started,” he said.

Cloudflare recently won a lucrative contract with the federal government. Prince said they won this deal because of their unique ability to provide fast, reliable, and secure network services. This enabled the company to achieve a net retention rate of over 100% on a US dollar basis. Every year customers spend more on their services.

Prince also called rival Amazon (AMZN) – Get the, Inc. Review because they charge too much for bandwidth access to their network. He said Amazon did an amazing job lowering prices for customers in almost every other area of ​​cloud computing, but when it comes to bandwidth, they were “hollowing out” their customers.

When finally asked if he would invest in cryptocurrency as digital wallets have become a hacker’s favorite, Prince said that he would definitely be comfortable using these wallets using Cloudflare.

No huddle offensive

In his No Huddle Offense segment, Cramer told viewers that lawsuits are messy, but in the battle between Apple (AAPL) – Get the report from Apple Inc. (AAPL) and Epic Games, the makers of Fortnite, the experts got it wrong.

When the verdict came last week that Apple would be forced to allow app makers to connect to third-party payment systems, it was widely seen as a win for Epic and a loss for Apple. But wait a minute.

Cramer said the real question was whether Apple was a monopoly, and on that issue the judge ruled that it wasn’t. That makes the ruling a huge win for Apple, which can continue to right its customers by offering safe and convenient payments.

The fact that Apple also has to allow links to other payment options is not an issue, Cramer concluded, because the decision that power is not necessarily a monopoly is much more important.

Lightning round

Here’s what Jim Cramer had to say about some of the stocks callers offered during Monday night’s Mad Money Lightning Round:

BorgWarner (BWA) – Get report from BorgWarner Inc.: “Wait two more months, then pull the trigger.”

The Lion Electric Company (LEV) : “This is the best company in this group. I would hold on to it. “

Academy Sport and Outdoor (ASO) : “It has not yet peaked. You are as good as ever.”

Magna International (MGA) – Get report from Magna International Inc.: “Magna is good. I would wait a couple of weeks and then buy more.”

The big 5 (BGFV) – Get the Big 5 Sporting Goods Corporation Report: “Let it come in a little and then buy more. Much of what they have is sold out. “

IronNet (IRNT) : “This is a meme stock, and we’re not meme people on this show.”

Browse Jim Cramer’s “Mad Money” trading recommendations with our exclusive “Mad Money” stock screener.

To watch reruns of Cramer’s video segments, visit Mad Money page on CNBC.

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At the time of publication, Cramer’s Action Alerts PLUS was long WFC.

Sarah Hyland ‘cannot wait’ to marry Wells Adam | Leisure

Sarah Hyland “can’t wait” to marry Wells Adams.

So ready to tie the knot with her fiancé after her wedding was postponed due to the coronavirus pandemic, the ‘Modern Family’ star nodded to her upcoming wedding as she marked his birthday with a cute social media post .

She wrote on Instagram: “It’s love for the birthday of my life !!!! Thank you for always dancing silly, singing out loud, laughing contagiously and loving endlessly. I miss you more than words can say and, if it is possible, I love you even more than that. Since we can’t be together, I want everyone to do a classic @wellsadams shimmy to celebrate you! To Pluto and Back Sugar Balls, can’t wait to finally marry you on the day . (sic) “

It comes after Sarah reveals that she has “put her wedding plans on hold” amid the pandemic.

Speaking of the couple’s plans, she said, “We don’t have any plans at the moment. We’ve put all plans on hold. My whole family is mostly on the east coast so they get kicked out … and just age and mine, of course We want to be as safe as possible for health risks. “

Wells admitted they hadn’t bothered to make plans because of the health crisis.

He stated, “There are no plans. I think the thought was that around this time we would originally think about it, and now that this is happening you know why should we even try to solidify anything when everything is so in.” Is okay. ” in the air?”