Why Banks Could See a "Cash Frenzy" on May 1

He called the Lehman Brothers collapse in 2008... the Bitcoin crash in 2018... and the inflation crisis of 2022. Now, he's warning that the 2023 banking crisis is not over yet. Instead, we could see a cash frenzy at banks as soon as March 11. Do NOT buy another stock until you see his newest presentation.

The Next Nvidia?

Youngkin vetoes Virginia bills mandating minimum wage increase, establishing marijuana retail sales

SARAH RANKIN
March 28, 2024

RICHMOND, Va. (AP) -- Republican Virginia Gov. Glenn Youngkin vetoed two top Democratic legislative priorities on Thursday: bills that would have allowed the recreational retail sales of marijuana to begin next year and measures mandating a minimum wage increase.

The development did not come as a surprise. While Youngkin had not explicitly threatened to veto either set of bills, he told reporters he didn't think the minimum wage bill was needed and had repeatedly said he was uninterested in setting up retail marijuana sales.

In 2021, Virginia became the first Southern state to legalize marijuana, adopting a policy change that allowed adults age 21 and up to possess and cultivate the drug. But the state didn't set up retail sales at the time and still hasn't, due to shifts in partisan power and policy differences since then.

Advocates say the disconnect is allowing the illicit market to flourish, while opponents have safety health and safety concerns with further expanding access to the drug. In a statement, Youngkin said he shared those worries.

"States following this path have seen adverse effects on children's and adolescent's health and safety, increased gang activity and violent crime, significant deterioration in mental health, decreased road safety, and significant costs associated with retail marijuana that far exceed tax revenue. It also does not eliminate the illegal black-market sale of cannabis, nor guarantee product safety," he said in a veto statement attached to the bills.

Currently in Virginia, home cultivation and adult sharing of the drug are legal. And patients who receive a written certification from a health care provider can purchase medical cannabis from a dispensary.

Under the bills, the state would have started taking applications on Sept. 1 for cultivating, testing, processing and selling the drug in preparation for the market to open May 1, 2025, with products taxed at a rate of up to 11.625%.

The legislation was supported by a range of industry interests and opposed by religious and socially conservative groups.

Virginia first took on legalization at a time when Democrats were in full control of state government. Elections later that year changed that, with Youngkin winning and Republicans taking control of the House of Delegates for two years, though Democrats are now back in full control of the statehouse.

While there has been some Republican legislative support since the 2021 session for setting up legal recreational sales, bills to do so have failed in 2022 and 2023.

As for the wage legislation, which would have increased the current $12-per-hour minimum wage to $13.50 on Jan. 1, 2025, and then to $15 on Jan. 1, 2026, Youngkin said the bills would "imperil market freedom and economic competitiveness."

The bills would "implement drastic wage mandates, raise costs on families and small businesses, jeopardize jobs, and fail to recognize regional economic differences across Virginia," he said in a news release.

Virginia Democrats began an effort to increase the minimum wage in 2020. They passed legislation that year -- which took effect with a delay due to the coronavirus pandemic -- establishing incremental increases up to $12, with further bumps requiring another Assembly vote.

They and other advocates have argued the legislation would help working families afford basic necessities and keep up with inflation.

Youngkin took action on a total of 107 bills Thursday, according to his office. He signed 100, including measures that his office said would "strengthen law enforcement's ability to prosecute child predators and expand Department of Corrections inmate access to quality health services."

Besides the marijuana and wage bills, he vetoed three others. One would have removed an exemption for farmworkers from the state's minimum wage law.

Another would have required that approximately 315 individuals incarcerated or on community supervision with a felony marijuana conviction receive a sentencing review, according to Youngkin's office.

"Ninety-seven inmates convicted of a violent felony offense, such as first and second-degree murder, kidnapping, and robbery, would be eligible for a reduced sentence under this proposal," he said in his veto statement.

Thursday's final veto came for a bill that dealt with the type of evidence that can be considered in certain workers' compensation claims. The governor said current law provides a "balanced approach" while the proposal would "create a disproportionate imbalance in favor of one party."

The part-time General Assembly adjourned its regular session earlier this month and will meet again in Richmond for a one-day session April 17 to consider Youngkin's proposed amendments to legislation. They could also attempt to override one or more vetoes, a move that requires a 2/3 vote of both chambers, which are only narrowly controlled by Democrats.

The marijuana legislation advanced mostly along party lines, and the minimum wage bills passed strictly on party lines, meaning any override attempt would be almost certain to fail.

Youngkin announced the vetoes a day after the public collapse of one of his top legislative priorities: a deal to bring the NHL's Washington Capitals and NBA's Washington Wizards to Alexandria. The teams' majority owner announced they would instead be staying in D.C.

Continue Reading...

Popular

Despite Microsoft, Google's 'Spectacular Quarters,' Billionaire 'Bond King' Bill Gross Warns Against Tech, Advocates For Value Stocks

Bill Gross, known as the "bond king," advises investors to avoid tech stocks despite strong quarters from Microsoft and Alphabet, recommending value stocks instead, while questioning the appeal of bonds with current yields.

One Coin to Rule Them All... - Ad

Hardly any investors are talking about this coin but I believe that's about to change with some potentially huge news! Get in on the ground floor while it's rock bottom with this new how-to guide, just $3.

Elon Musk Debunks Tucker Carlson's Alien Theory, SCOTUS On Trump's Immunity, North Korea's Military Pledge And More: This Week In Politics

The week was filled with intriguing stories, from Elon Musk's dismissal of alien theories to the U.S. Supreme Court's deliberation on former President Donald Trump's immunity claims.

Donald Trump Could Still Win Even If He Loses In Supreme Court Over Presidential Immunity Claim

Former President Donald Trump could see a strategic victory in his Supreme Court case, even if the court dismisses his claim regarding presidential immunity.

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

Move Over Nvidia: Experts Bullish On Intel's AI Chip, Predict Surge In These Three Global Stocks

Charlie Chan and his team at Morgan Stanley forecast that the total Gaudi shipment volume could hit 300-400k units in 2025, generating $2-3bn revenue for Intel.

Macy's names 2 independent directors as part of agreement with activist investor

NEW YORK (AP) — Macy's said Wednesday it has named two independent directors to its board that were pushed by activist investor Arkhouse Management, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain.

Next President (Not Trump. Not Biden.) - Ad

Do you want to see who I believe will be the next president of the U.S.A? It won't be Biden... And it won't be Trump.

Joe Biden Reverses Stance, Agrees To Debate Ex-President Ahead Of 2024 Rematch: 'Trump Makes Fun Of Me'

President Joe Biden indicated his willingness to debate Donald Trump in the upcoming 2024 general election, reversing his earlier hesitation and responding to Trump's open challenge for a debate under any conditions.

Warren Buffett Is Known For His Simple Lifestyle But Here Are 8 Lavish Things We Know He Owns

Warren Buffett, the billionaire, embraces a modest lifestyle and prefers stashing his cash in the bank. Despite standing among the world's wealthiest, the priciest items he owns could surprise everyone.

Buy This A.I. Stock Before Elon's "A.I. Day" on May 16 - Ad

Luke Lango is now recommending this little-known A.I. stock because it could supply Elon Musk with a critical piece of infrastructure for his new A.I. venture, something Luke is calling "Elon's A.I. 2.0". Once Elon reveals it on May 16, you may have missed the biggest gains.

More cows are being tested and tracked for bird flu. Here's what that means

U.S. health and agriculture officials are and tracking of bird flu in dairy cows in an urgent effort to understand — and stop — the growing outbreak.

Bitcoin Gained 164% in 2023 but Crypto Millionaire Abandoned It for This - Ad

A certain crypto genius and millionaire has been praising Bitcoin since it was trading for $61. Even though it gained 164% last year, he's now recommending a different cryptocurrency. In fact, he's betting his own money on and buying it like crazy.

Elon Musk Overtakes Mark Zuckerberg As World's Third-Richest Amid Stock Market Shake-Up

The CEO of Tesla Inc, Elon Musk, has moved ahead of Meta CEO Mark Zuckerberg to claim the title of the world's third-richest billionaire, following a resurgence in Tesla's stock value.

NY AG Letitia James Seeks To Void Trump's $175M Bond In Civil Fraud Case

The New York Attorney General Letitia James' office has moved to invalidate the $175 million bond secured by former President Donald Trump.

One Crypto Can Change Your Financial Life - Ad

The catch is you won't be able to become a millionaire by buying Bitcoin today. There are five little-known coins I've discovered that I believe will skyrocket over the course of the next few months.

Delta Flight Returns To Atlanta After Takeoff: Boeing 757 'Yawing Aggressively'

Delta Air Lines flight from Atlanta to Ft. Lauderdale diverted back to Atlanta due to Boeing 757 yawing aggressively.

RTX Soars Above Estimates in Q1, Reiterates FY24 Outlook

RTX Corporation (NYSE: RTX) reported 12% increase in Q1 FY24 net sales to $19.3 billion, beating consensus. Collins Aerospace and Pratt & Whitney drove the growth.

"Safe" Investors Who Don't Get Out of Cash NOW Could Lose Everything Over the Next Six Months - Ad

The next six months are going to be some of the most precarious times to invest in the history of the United States. Because for the first time, your money is at risk of being completely wiped out, even when you think it is safest. This bubble is on a schedule and to get out before your portfolio becomes shark bait, you need to...

Elon Musk Says SpaceX To Solve In-Space Refueling For Starship By Next Year: 'Necessary To Make Life Multiplanetary'

SpaceX CEO Elon Musk on Friday said that the company is working on solving the refueling of its two-stage launch vehicle Starship in space by the end of next year and advancing technologies that would eventually allow for people on Mars.

Jeff Bezos' Next Trillion Dollar Bet (shocking) - Ad

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

Alphabet CEO Sundar Pichai Lauds 'Progress' Despite Controversies Surrounding Google Gemini: Developer And Enterprise Customers Use It For 'Wide Range Of Things'

Alphabet Inc. CEO Sundar Pichai expressed satisfaction with the development of the company's Gemini AI, highlighting its significant performance improvements and its acceptance among developers and enterprise customers, despite facing controversies over its accuracy and image generation capabilities.

Walmart CEO Doug McMillon Earns 976 Times More Than Median Employee Last Fiscal Year

Walmart Inc CEO Doug McMillon was paid 976 times a median associate in the world's largest retail company over the last fiscal year.

The Man Who Bought Bitcoin at $5 Reveals His Next Tiny Crypto Gem for 2024 - Ad

Early Bitcoin Millionaire Charlie Shrem just revealed his five little-known crypto coins that he believes could create generational wealth over the next 12 months. What's more, some of these tiny cryptos he's discovered trade for less than $1!

Cathie Wood's Ark Invest Sells $20M+ Coinbase Shares As Bitcoin Trades Over $70K, Buys Palantir, Sells Nvidia Stock

On Thursday, Cathie Wood’s Ark Invest made significant trades involving Coinbase Global, Inc. (NASDAQ:COIN), Palantir Technologies Inc. (NYSE:PLTR), and Nvidia Corp.

How to design a volunteering program in your workplace

More workplaces are bolstering their volunteer programs, especially as employee demands grow for socially responsible employers and engagement. Nearly three in five companies surveyed by the Association of Corporate Citizenship Professionals reported last year.

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In - Ad

If you currently own NVIDIA (NVDA)... Or were thinking of buying it in the weeks ahead... I urge you to review my recent interview before you move your money. There's a BETTER AI stock to buy than NVDA right now, especially in the coming $7 trillion A.I. boom.

Southwest Airlines is considering changes to its quirky boarding and seating practices

DALLAS (AP) — Southwest Airlines is studying changes to its quirky boarding and seating policies as it searches for ways to .

Elizabeth Warren Says Trump Had Only 2 Accomplishments As President: 'Huge Difference Between' Biden, Trump

Elizabeth Warren thinks Donald Trump only accomplished two things when he was president and neither is highlighted as a positive by the senator.

Jeff Bezos Just Humiliated Elon Musk - Ad

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

Top 3 Financial Stocks That Are Ticking Portfolio Bombs

As of April 11, 2024, three stocks in the financial sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

Kentucky governor announces lottery to award initial round of medical cannabis business licenses

FRANKFORT, Ky. (AP) — Kentucky will use a lottery system to award an initial round of licenses to businesses competing to participate in the state's startup medical cannabis program, Gov. Andy Beshear announced Thursday.

"America's No. 1 Retirement Stock" (Name Inside) - Ad

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

Germany's Scholz calls for fair competition and warns against dumping during China visit

BEIJING (AP) — German Chancellor Olaf Scholz called for fair competition in trade relations with China while warning about dumping and overproduction as he spoke to students in Shanghai on Monday.

EXCLUSIVE: How The Bitcoin Halving Could Transform The Market

The clock is ticking down to the next monumental event in the cryptocurrency world: the Bitcoin halving.

America's Final Republican President - Ad

Louis Navellier believes Donald J. Trump could go down as America's last Republican president. But NOT for the reasons you may think... If he's right, the soul of this country will change forever...

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service