News from elsewhere…
*FCC ALLOWING CONGLOMERATE TO REACH PAI IN THE SKY
The Trump administration has ushered in deregulation that is “carefully aligned” with media giant Sinclair “business objectives,” according to The New York Times. Ajit Pai, the FCC chair, enthusiastically met with company CEO David Smith just days after Trump’s inauguration. Pai’s first act was to relax regulations on revenue sharing among TV stations–something Smith had discussed with the incoming FCC head. Pai also relaxed restrictions on the number of stations one broadcaster can own. The ruling preceded a $3.9 billion bid by Sinclair to acquire Tribune Media.
*RECENT PATTERN OF U.S. AGGRESSION EMERGING
Just as ally South Korea called for the US to rule out military action against North Korea, Colombia is calling on Washington to reject intervetion in Venezuela. Colombian President Juan Manuel Santos today told Mike Pence: “the possibility of a military intervention shouldn’t even be considered, neither in Colombia nor in Latin America.” Pence is in Cartagena meeting with Colombian officials.
*EXCHANGE TRADED FUNDS FUELING BUBBLE?
Money being thrown at investment vehicles tied to an index could be fueling a stock market bubble, The Financial Times reported. “Investors have ploughed $391bn into ETFs in the first seven months of 2017, already surpassing last year’s record annual inflow of $390bn, according to ETFGI, a London-based consultancy,” the paper noted. The ETF market has grown by $2.8 trillion since the mortgage market meltdown–a period that has not yet experienced a downturn. “It is not clear where ETFs and index mutual funds will find buyers for their holdings if they have to sell in a crunch,” one financial manager told FT.
*TODAY, IN GARBAGE CAN HISTORY
In 1862, Confederate forces launched an invasion of Kentucky.
