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You can’t believe everything you see on TV. Take, for example, Showtime’s hit series Billions. One plotline this season involves, in what may be a first for television, municipal bonds. As Bloomberg’s resident muni expert Joe Mysak explains, viewers could be excused for thinking that creditors can squeeze broke or defaulting municipalities by seizing buildings, pension fund, police cars or artworks. But in real life, it doesn’t quite work that way.
Or you could look at U.S. President Donald Trump’s TV appearance on Tuesday. Early that morning, the president lashed out in frustration on Twitter, threatening a government shutdown after Congress struck a bipartisan budget deal that mostly ignored his spending priorities. Fast forward to three hours later: “This is what winning looks like,” the president said during a ceremony in the White House Rose Garden, describing the deal as an “under the radar” victory. –Katie Robertson
Trump tries to save face after budget thumping. Trump’s first budget showdown with Congress went so poorly he’s already talking about a government shutdown in September and an end to the Senate’s filibuster rules. The spending legislation that is headed for a House vote as early as Wednesday became the latest flashpoint between the Trump administration and Congress, with Republicans already feeling the heat on their failure so far to repeal Obamacare.
Populism is great for stock returns. Though economists say policies such as cracking down on imports, championing local industries and raising government spending will stifle growth in the long term, data compiled by Bloomberg shows that stock buyers can do quite well for years after a populist comes to office.
United CEO apologizes at hearing on passenger treatment. Lawmakers lambasted airline executives at the first of two congressional hearings called in the wake of a United passenger being dragged off a flight by police. Oscar Munoz repeated apologies for the incident and said the airline has made many policy changes, such as increasing compensation for people who have to give up their seats.
Trump’s trade warrior is the most unpopular economist in the class. Peter Navarro, the president’s favorite numbers guy, is now the head of the White House National Trade Council, but his positions on trade have led many of his fellow economists to regard him as a traitor. He’s far more skeptical of free trade than many of his peers, and he believes buying from China strengthens a potential enemy.
Coal country is back, along with signing bonuses and pay raises. Money is trickling into Appalachia again – at least for now. The upswing is due to a trio of global forces: Chinese production curbs, Trump’s anti-regulatory policies and investor bets that have, in the past year, doubled the market value of publicly traded U.S. coal companies to $15 billion. Miners are now snagging $1,000 signing bonuses, fully paid health insurance and raises again.
These are the best-paying internships in America. Tech companies dominated Glassdoor’s ranking of the most lucrative internships, with the lucky few who land a spot at Facebook pulling in $8,000 a month (that’s twice the average American wage). In addition to generous paychecks, some interns had their lodging, meals, and transportation covered.
Apple can’t ignore Microsoft’s slick new laptop. Microsoft has already cracked the professional and creative markets with inventive tablets and a desktop that turns into a virtual drafting table. Now it’s chasing another category many believe is Apple’s to lose: the $1,000 laptop for everyone. Bloomberg has an exclusive look at the Surface Laptop, which boots up in seconds, has a touch screen, and gets a claimed 14 hours of battery life.