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Good morning. Raise
your hand if you also Googled “Where is Oral Roberts?” this weekend.
The school became the second #15 seed in NCAA tournament history to
advance to the Sweet 16. The first, if you can remember back to 2013,
was Florida “Dunk City” Gulf Coast.
Oral Roberts is in Tulsa, OK, by the way—we'll save you the new tab.
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NASDAQ
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13,215.24
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+ 2.54%
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S&P
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3,913.10
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+ 4.18%
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DOW
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32,627.97
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+ 6.60%
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GOLD
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1,738.00
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- 8.60%
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10-YR
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1.709%
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+ 79.00 bps
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OIL
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60.87
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+ 25.71%
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*As of market close.
Here's what these numbers mean.
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Covid: Cases are now rising
in 21 states following a loooong decline. Officials are concerned about
states loosening restrictions too early and the circulation of highly
contagious strains, including one that was first found in Brazil called
P1.
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Nation: Vigils were held in cities across the country to remember the victims of the Atlanta shootings and to call out racism against Asian-Americans.
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KAMIL KRZACZYNSKI/AFP via Getty Images
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Today, the city council of Evanston, IL, will vote to begin distributing $400,000 in grants to Black residents. It would be the first instance of a US city issuing reparations for decades of racist government policies.
Who’s eligible? Black
people who lived in Evanston between 1919 and 1969 (or those whose
ancestors did), as well as Black residents who can show they were
subject to housing discrimination by the city government. They’ll
receive up to $25,000 to put toward housing, such as buying or upgrading a home.
- The money will come from a sales tax on recreational marijuana, which was recently legalized in Illinois.
How we got here
Since the Civil War ended in 1865, reparations have been floated as a potential solution
to the racial wealth gap that has resulted from centuries of
discriminatory laws. For instance, in a process known as “redlining,”
banks would deny mortgages to Black people in certain
neighborhoods—preventing them from accumulating wealth by owning a home.
Fast forward to 2019.
Evanston, a Chicago suburb and home to Northwestern University, voted
to create the Reparations Fund to begin making amends for its past
policies that denied wealth to its Black residents, who currently make
up 16% of the total population. The city pledged to give out $10 million
over 10 years.
For some, that’s not close to enough
A group of
Black residents argue that Evanston’s reparations program is more like
Reparations Lite for its narrow focus on housing assistance and cash
payments: "If we're doing reparations, let's do reparations right," said
Alderwoman Cicely Fleming in a statement. "Let's not short-change Black
people on something they've been waiting centuries for."
Proponents
say it’s a good start for grappling with systemic racism, and could
serve as a model for other cities, including neighboring Chicago,
Providence, RI, and Asheville, NC, that are also considering reparations
programs.
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George Rose/Getty Images
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Yesterday, railroad operator Canadian Pacific announced plans to acquire Kansas City Southern for ~$25 billion.
This is a big deal,
not just because it’s a deal that is big (the biggest M&A announced
so far this year), but also because if regulators green-light it, the
new company will have the first US-Mexico-Canada railroad.
- Kansas City Southern’s routes run through Mexico and Texas to...Kansas City.
- Canadian Pacific, which has a network that runs across Canada and some Northern US states, has been eyeing its railroad rival for years as a way to extend its own southern reach.
The deal may
have some trouble with that regulatory green light; Canadian railroads
have historically hit antitrust speed bumps in efforts to buy US
companies.
Zoom out:
The deal is a bet that North American trade will come roaring back as
economies and factories flicker back to life. The USMCA trade agreement
took effect last July and is expected to boost trade among the three
countries.
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Charly Triballeau/Getty Images
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A year into the global pandemic, the coronavirus continues to cause calendar chaos.
The Tokyo Olympics will bar
international spectators from attending the event, which is set to
start on July 23. Typically about 10%–20% of Olympics tickets go to
international fans, and the Tokyo games had already sold 600,000 to
overseas buyers, per the NYT.
March Madness had its first Covid-related forfeit: Saturday’s game between VCU and Oregon in the NCAA tournament was declared a “no-contest” after VCU reported multiple positive Covid-19 tests. Oregon will advance and play Iowa today.
Miami Beach declared a state of emergency and imposed a curfew
in its entertainment district for 72 hours. The reason? Spring breakers
have simply overwhelmed the area. "We've got too many people and too
many looking to act out while there's a pandemic going on,” Mayor Dan
Gelber told USA Today.
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Last week,
you might have heard that the art market went—as they say in business
school—absolutely bonkers, setting a new record of $69.3 million for a
nifty digital artwork. The takeaway? Art investing has hit the
mainstream. But perhaps putting your money in real, tangible art by the blue-chips makes more sense for you.
For one thing, contemporary art has outperformed the S&P by 172% from 2000–2020, according to data from Masterworks.
They were the first platform to let you invest in paintings by the
likes of Basquiat, Kaws, and Haring. But what about returns? They’ve got
that too: They sold their first Banksy work for a cool 32% annualized
return to investors.
With results like that, it’s no wonder there are over 25,000 people on the waitlist. Just use our special link, tell them the Brew sent you, and you’ll be good to go.*
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Francis Scialabba
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Stat: There are more real estate agents
in the US than homes for sale, per the WSJ. The National Association of
Realtors had 1.45 million members in January (up 4.8% annually), while
there were 1.04 million homes for sale (down 26%).
Quote: “There’s
a very strong incentive for us to be very confidential with any
information. If Tesla used cars to spy in China or anywhere, we will get
shut down.”
During a virtual appearance at the China Development Forum, Elon Musk addressed reports
that the Chinese government banned the use of Teslas at its facilities
over fears their cameras could send sensitive information back to the
US. Musk said the company would never do that.
Read: What working from home looks like in nine different countries. (Rest of World)
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Francis Scialabba
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Earnings: GameStop drops its Q1 financials on Tuesday lol.
Inflation: Key
inflation numbers will arrive on Friday in a report known as the Core
PCE price index. Many investors have been worried about higher
prices...but will it finally show up in the data?
DC appearances: The
economic power duo of Fed Chair Jerome Powell and Treasury Secretary
Janet Yellen will talk to Congress on Tuesday and Wednesday about Covid
relief efforts.
Everything else:
- Israel will hold its national elections on Tuesday
- So much college basketball will be played
- Start getting rid of your chametz, because Passover starts Saturday evening
- Earth Hour, when people are encouraged to shut off lights for an hour, is Saturday night
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Saudi Aramco,
Saudi Arabia’s state-owned oil giant, said its net income fell 44% last
year but sees better times ahead and will maintain its $75 billion
annual dividend.
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The Turkish lira plunged as much as 15% after President Recep Tayyip Erdogan replaced the head of the country’s central bank.
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Kent Taylor,
the CEO and founder of restaurant chain Texas Roadhouse, died by
suicide Thursday following a battle with “post-Covid-related symptoms,”
the company said.
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Facebook is working on an Instagram for kids under 13.
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The NCAA
apologized for discrepancies in the weight rooms between the men’s and
women’s basketball tournaments, and upgraded the women’s facilities.
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You mean those aren’t lash extensions?! This
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they’re not extensions. No wonder it has 11,800+ five-star reviews. Get in on the hype with 15% off.*
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GPOAT: The
Final Four of our Greatest Product of All Time bracket is here.
Microsoft Windows, the iPhone, Lego, and Google Search have all rested
up over the weekend and are ready to make a run at the championship
game. Make sure you vote for your favorite starting at 9am ET.
Dive back into the week:
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Which popular food product contains the following ingredient list?
Enriched
Corn Meal, Vegetable Oil, Cheese Seasoning, Canola Oil, Maltodextrin,
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If there’s one thing we know about laptops, it’s that they hate being naked. Get your comp some fresh Morning Brew stickers.
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Cheetos
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March 22
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| FEATURED BIOGRAPHY
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| Yayoi Kusama
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| FEATURED EVENT
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| 1622
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| Murder at Jamestown
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| MORE EVENTS ON THIS DAY
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![]()
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2004: An Israeli missile strike killed Palestinian Islamist leader Sheikh Ahmed Yassin, cofounder (1987) of the militant Palestinian organization Hamas
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Donald Trump’s victory over Hillary Clinton was one of the biggest political upsets in modern history. He accomplished what NOBODY thought was possible, and it seems the left is still trying to get back at Trump for beating them at their own game.
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Democrats and the 'Squad' are now on a crusade to keep Trump's limited edition $1,000 Bill out of
the hands of his loyal supporters!
Trump’s $1,000 Bill is on
track to become the most popular Presidential commerative item in the
history of the United States, and liberals are on a mission to impeach
President Trump.
Our
country now needs real patriots to help President Trump in this fight
against the corrupt democrat party and to show support for the movement
that is to Keeping America Great.
We are giving away a limited
amount of his exclusive $1,000 Presidential Bill's for FREE, but only for a limited time.
These have been flying off the shelves, so act fast. There’s no telling how many are left.
Click here to claim the Donald Trump Presidential $1,000 Bill.
Own a piece of history for yourself, before it’s too late.
God bless,
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| ADVERTISEMENT |
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Trump
Drops HUGE 2024 Clue That Will Have Dems Scrambling
MUST SEE: This American Flag Black Hat is FREE
Today! (sponsor)
Biden’s
DHS Chief Lies To America about the Border And Everyone See’s...
Tucker:
The left hates anyone that has a different opinion
Athletes
protest NCAA ahead of March Madness
Trump Rips Biden’s Border Policy – From National Triumph to National Disaster
Lawyer Shocks Everyone With Infantile Fit; Judge Steps in With Reality Check
IDs for a Vaccine Shot, but Not for Voting?
Journalist Covers Biden’s Border Crisis After Getting ‘Zero Access’ From Joe
Trump
to Launch Social Media Platform in ‘Two or Three Months’
GOP
Rep. Won’t Seek Reelection; Allegedly Unhooked Woman’s Bra
SPECIAL: Buy
These 3 Cryptos to Beat Bitcoin
Libs
Want Breyer to Retire from SCOTUS; Fear Loss of Another Seat
Obama-Era
Officials Join Biden’s White House w/ Multiplied Wealth
March 22nd, 2021
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