Wednesday's economy stories


House Intel Committee to release Russian-financed Facebook ads
After meeting with Facebook Chief Operating Officer Sheryl Sandberg today, leaders of the House Intelligence Committee Reps. Mike Conaway (R-TX) and Adam Schiff (D-CA) said they will release the Russian-sponsored ads that ran on Facebook during the 2016 election, per CNBC.
Why it matters: The release of the ads, which members of the Senate Intel Committee have resisted doing, would provide Americans with a clear view of the Russian influence campaign that roiled last year's election.

A year of dirty old men exposed in sex scandals
It's been the year of dirty, old man scandals — from Donald Trump dragging Bill Clinton's accusers to the presidential debates, to Fox News hosts dropping like flies after harassment allegations, to sexism run rampant in Silicon Valley and most recently, Harvey Weinstein.
Why it matters: Many of those who have been accused of sexual harassment have lost their jobs. Donald Trump, who has yet to pay any settlements or admit to sexual assault, became President.
Harvey Weinstein: The film producer has been accused of sexual harassment by at least 16 women, including Angelina Jolie and Gwyneth Paltrow, since last week. Multiple of his former company's assistants or former executives also admitted they knew of the unwanted sexual advances. Roger Ailes: Gretchen Carlson filed a lawsuit against Fox CEO Roger Ailes for sexual harassment last summer, and later Megyn Kelly, as well as 6 other women, claimed Ailes had made unwanted advances toward them in the work place. Ailes resigned from Fox News last summer and passed away earlier this year. Bill O'Reilly: The host of the "O'Reilly Factor" was fired by Fox News in April, 18 days after the New York Times reported that at least 5 women had received large settlements after suing O'Reilly for sexual harassment. Megyn Kelly claimed that part of the reason for her own departure from Fox News was Bill O'Reilly's behavior. Anthony Weiner: The former Democratic representative for New York was sentenced to 21 months of prison for sexting a 15-year-old. Last September, the New Yorker reported that Weiner had been sending explicit texts and photos to other women, and he and his wife filed for divorce shortly after. Back in 2011, Weiner resigned from Congress after he was found to have been sending sexual texts and photos to other women. Bill Cosby: The celebrity's trial for 3 counts of sexual assault ended in mistrial in June, due to two jurors refusing to convict him. Cosby's retrial is set for March 2018. Tim Murphy: Last week, Rep. Tim Murphy resigned after reports that he had encouraged his former mistress to have an abortion, despite his pro-life stance. Justin Caldbeck: The Silicon Valley Venture Capitalist was accused of sexual harassment by at least 5 different women, reported by Axios as well as several other news outlets. He has taken an indefinite leave of absence from his company, Binary Capital.Dave McClure: The Venture Capitalist resigned as a general partner of all funds and entities managed by the investment group 500 Startups, which he founded in 2010 after a history of alleged sexual harassment toward several women came to light. Donald Trump: Trump has been accused of sexual harassment by many women and was caught seemingly confessing to it on the Access Hollywood tape, in which he bragged, "Grab them by the pussy." He went on to win the presidency. Trump has denied the allegations against him, and has not paid settlements to any of his accusers, as far as we know.

Look for the EU to continue its crackdown on U.S. big tech
The European Union, arguing that U.S. tech titans have unfair, and in some cases illegal, advantages over competitors, is cracking down in what it calls evening the playing field and saving local businesses.
Why it matters: Big American tech companies say Europe's tightened regulations and higher taxes, while meant to protect European citizens and their businesses, could isolate the EU and stifle innovation.

The Republican tax plan retreads old, unflattering ground
For generations, the Republican Party has pitched the cure of tax cuts for whatever ails the American economy, and 2017 is no different. In an era of unprecedented disunity within the GOP, the only thing the White House and Congress can seem to agree on is taxes. As President Trump puts it, "Our country and our economy cannot take off like they should unless we dramatically reform America's outdated, complex, and extremely burdensome tax code."
What history says: If tax cuts are what the country needs to generate plentiful jobs and higher wages, it's reasonable to wonder why they didn't have that result when George W. Bush used the same approach in the early 2000s, or in several similar efforts going back to Ronald Reagan. Neither did the cuts arrest troubling trends like expanding income inequality, middling wage growth, and the rising costs of housing, education and health care.

WeWork founder says we've lost community
WeWork, the $20 billion office leasing startup, announced a push into the think-tank space today — a partnership with Steve Jobs biographer Walter Isaacson and the tony Aspen Institute for a series of studies on the future of work and cities.
Like Uber and Airbnb, WeWork has attained an astronomical valuation while changing and defining how many people live and work in cities around the world. With the move into public policy, co-founder Adam Neumann seeks to better understand — and, if he can, influence — what happens next in those cities.

Walmart stock soars on promised e-commerce growth
Walmart stock rose roughly 4.5% on Tuesday morning, following an investor-day presentation in which it estimated that its e-commerce sales would grow by 40% in the fiscal year ending January 2019, while maintaining its current pace of profit growth.
Why it matters: The failure of traditional retailers to shift their businesses from the storefront online, without significantly shrinking profit margins, has crushed the stocks of well-known companies like Foot Locker, Macy's and Target in 2017. But Walmart has emerged as one Amazon competitor that is more gracefully transitioning to a world of e-commerce.

Adults spend 12 hours per day with media
Individuals in the US manage to spend the equivalent of half a day consuming media, according to eMarketer's latest media time spent figures. In total, eMarketer estimates that adults will spend an average of 12 hours, 1 minute per day with major media this year.






