Authored by Charles Hugh Smith via OfTwoMinds blog,
But weirdly, and irrationally, bubbles pop anyway.
At long last, the moment you ve been hoping for has arrived: you re pitching your screenplay to a producer. Your agent is cautious but you re confident nobody else has concocted a story as outlandish as yours. Your agent gives you the nod and you re off and running:
Writer: Two guys start a cryptocurrency as a joke to parody the crypto craze, and they name it KittyCoin. It goes nowhere but then the greatest speculative bubble of all time takes off, it s the dot-com and housing bubble times 100 but in everything, and within a couple months the entire economy is dependent on this bubble, and the bubble is dependent on KittyCoin, which has shot up 15,000 percent in a few weeks. A celebrity CEO who s been promoting KittyCoin is invited to host a failing TV variety show, and now the whole economy depends on KittyCoin soaring even higher.
Will U S Steel remain committed to growth in the Pittsburgh region? bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Dow hits record high as materials, energy stocks jump
By Medha Singh and Sruthi Shankar
Reuters
(Reuters) - The Dow Jones Industrial Average hit a record high on Monday on hopes that interest rates would remain lower for longer, while the S&P 500 was subdued as a slide in technology shares offset a surge in commodity-linked energy and material stocks.
Copper miner Freeport-McMoran, aluminum producer Alcoa and steelmaker United States Steel Corp gained between 2.7% and 5.8% as copper prices touched a record high and aluminum scaled a new peak. [MET/L]
The materials sector added 1.3% to hit an all-time high, while the energy index jumped to a more than one-year peak after a cyber attack on top U.S. pipeline operator Colonial Pipeline shuttered a fuel network that transports nearly half of the East Coast s supplies, lifting oil prices. [O/R]
State Senate Majority Leader Kim Ward argues the Biden administration is partially to blame for the loss of the project, which she says will cost dozens of jobs.
Pennsylvania State Senate Majority Leader Kim Ward argued on Fox & Friends on Thursday that Scranton native Joe Biden and his administration are partially responsible for the cancelation of a $1.5 billion steel project, which would cost at least 1,000 blue collar jobs because of their focus on only green energy.
Late last month, Pittsburgh-based United States Steel Corp. said that it is canceling the project to bring a state-of-the-art improvement to its Mon Valley Works operations in western Pennsylvania, citing the fact that the landscape has changed in the two years since the company announced its intentions.
MARC LEVY
Associated Press
HARRISBURG, Pa. â Pittsburgh-based United States Steel Corp. said Friday that it is canceling a $1.5 billion project to bring a state-of-the-art improvement to its Mon Valley Works operations in western Pennsylvania, saying the world has changed in the two years since it announced its intentions.
Project permits initially stalled by the pandemic never came through, U.S. Steel has added capacity elsewhere, and now it must shift its focus to its goal of eliminating greenhouse gas emissions from its facilities by 2050, it said.
U.S. Steel revealed the news in an earnings call Friday morning and in an âopen letterâ on social media, putting an end to what would have been one of the largest industrial investments in Pennsylvania.