#18 Daily Financial News Round Up - Nov 18,2021
What news caught my attention?
Traditional private investors outbid ConstitutionDAO, a group of cryptocurrency investors to win the auction of a rare, first-edition U.S. Constitution. It was sold for $43.2 million. The cryptocurrency investors pooled more than $40 million, but still fell short.
The real cost of Biden's Bills is at least $4.6 trillion. The House bill will cost $2 to $3 trillion more than what the CBO estimates. The Democrats are masking the actual costs. The CBO estimates that annual deficits will increase at $1 trillion on average through 2030. These estimates do not include the spending of both the infrastructure bill and the House bill. If we consider these two bills' spending, the deficits will increase at an alarming rate. Once the spending kicks in, taxing the rich will not be enough to cover the expected costs. Then, the only option remaining for the Democrats will be to increase the taxes on the Middle class.
SEC is proposing new rules in the wake of the GameStop episode. The proposed rule will require the securities-lending data to be reported within 15 minutes of lending. Data on the loans will also be made public. This proposed rule intends to increase transparency in the stock-loan market.
My Takeaways:
The art market is not ready for it to be revolutionized by the cryptofolk. ConstitutionDAO is a decentralized autonomous organization formed to buy the Constitution to give ownership of the Constitution to the people. 17,437 participants with a median donation size of $206.26.
More transparency is coming for the stock-loan market. Public data is a finance researcher’s dream.