Feb 14, 2019

Steve Scalise: Green New Deal "would cripple our economy"

Photo: Chuck Kennedy for Axios

House Minority Whip Steve Scalise (R-La.) told Axios' Mike Allen at an Axios News Shapers Event on Thursday that he thinks the Democratic Green New Deal proposal "would cripple our economy."

Why it matters: The sweeping policy proposal would target net-zero U.S. greenhouse gas emissions and make massive investments in climate-friendly infrastructure, although there is no specific projected cost on how much the proposal would cost. Senate Majority Leader Mitch McConnell said he is going to get the Senate to vote on the resolution that was unveiled last week.

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Investment pros are selling while mom and pop buy the coronavirus dip

Illustration: Aïda Amer/Axios

As traders around the globe have frantically unloaded positions in recent weeks, so-called mom and pop retail investors have kept level heads and not sold out of stocks.

What they're saying: In fact, "the typical trader is buying equities on the dips," passive investment firm Vanguard notes in a research paper, adding that "older, wealthier traders are moving modestly to fixed income."

Zuckerberg: "Local journalism is incredibly important" to fighting coronavirus

Photo: Sven Hoppe/picture alliance via Getty Images

Mark Zuckerberg, signaling his personal involvement in a new Facebook commitment of $100 million to bolstering local journalism, told me that "very local work" is vital to his big mission of bringing the world closer together.

What he's saying: "Everyone believes that local journalism is incredibly important," Zuckerberg told Axios in a phone interview. "But everyone is connected to their local [outlets]. Figuring out how to make an impact, and support local journalism broadly and at scale, has been a challenge."

Facebook spending $100 million to help news outlets in coronavirus crisis

Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Facebook says it is spending $100 million to support news outlets around the world that have been impacted by the coronavirus, the company said Monday.

Why it matters: Whatever Facebook's motivation, this is a much-needed cash infusion at a critical time for the local news industry.