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(Lucas Jackson/Reuters) Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: The Big Board and China, vaccine distribution, Elon Musk, California, and a very expensive tweet, 0 percent mortgages (for 20 years), and fractional trading. To sign up for the Capital Note, follow this link. With power, unsurprisingly, draining away from a Trump administration just weeks away from its conclusion, it’s not particularly surprising to read that the New York Stock Exchange is signaling that it is ready to getting back to doing business as usual with the ...

Senator Pat Toomey (R., Pa.) during a hearing on Capitol Hill in Washington, D.C., December 10, 2020 (Alex Wong/Reuters) Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: Relief at last (plus added waste), the wisdom (or not) of lockdowns, bubble watch, chicken sandwich mania, and an antitrust refresher. Relief, the States, and Restraining the Fed So, a “stimulus” package has finally been passed, although it is better understood (and justified) as a relief package, even if it contains some extras typical of what comes slouc...

The Capital Letter: Week of December 14 Andrew Stuttaford © Jonathan Ernst/Reuters So, as I write (12:31 p.m.), it’s still wait and see when it comes to a stimulus package. Stocks slipped from record highs on Friday as lawmakers rushed to bridge differences on additional coronavirus stimulus measures. The Dow Jones Industrial Average fell about 150 points, while the S&P 500 dipped 0.4%. The Nasdaq Composite traded 0.1% lower. All three indexes touched new intraday highs in morning trading after closing at records in the previous session. Leaders on Capitol Hill said they a...

(Stringer/Reuters) Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: foreign investment in China, a massive cyberattack, the boost to small banks from PPP, and a new critique of economic theory. Foreign Investors Pile into China Early in the COVID-19 pandemic, the developed world seemed ready to wean itself off Chinese exports. The Chinese Communist Party’s obfuscation of the outbreak accentuated the risk of doing business with authoritarian governments, and massive supply-chain disruptions suggested that the global economy had grown too de...

The Capital Letter: Week of December 7 Andrew Stuttaford © Carlo Allegri/Reuters The NASDAQ market site displays an AirBnb sign featuring CEO Brian Chesky on their billboard on the day of the company's IPO in Times Square in New York City, December 10, 2020. Yes, U.S. markets have been a little weaker in the last few days, and as I write (11:55 a.m.), are down again this morning, but signs of a bubble aren’t too difficult to find. There is, for example, the continuing demand for “blank-check” companies or, less euphemistically, SPACs (special purpose acquisition compa...