Top Stories From the Breitbart News Desk

[Maganomics Daily]( Top Stories From the Breitbart News Desk Shares of Fannie Mae and Freddie Mac crashed yesterday after Treasury Secretary Steven Mnuchin said he has pretty much ruled out releasing the mortgage giants from government control. This dashed the hopes of investors who had thought the Trump administration could make a last-minute move to allow the companies to exit the conservatorships the feds first imposed in the late summer of 2008. Four years ago, Mnuchin said “privatizing” Fannie and Freddie would be a top priority for the incoming Trump administration, sparking a rally in the shares. But this remained an elusive goal, in large part because Fannie and Freddie still play a pivotal role in the U.S. housing market and there’s no consensus for what should follow when their conservatorships end. In any case, there was very little support outside of a small group of hedge fund managers for handing control and tens of billions of dollars in profits over to the investors. The idea that the parting act of the Trump administration would be to convey a huge windfall to billionaire financiers seems more like a leftwing fantasy of Bad Orange Man rather than an investment thesis. Yet in recent weeks, the stocks rose on this pipe dream. [How To Live Your Best Life]( Now, at long last, it is over. No one expects a Biden administration to rapidly hand the companies over to the hedge funds. Indeed, many of the aggressive housing policies Democrats have planned for the next few years will be easier to carry out if Fannie and Freddie remain wards of the state. So the status quo is likely to last at least another four years. The other big piece of news out of Washington was far less negative for investors. House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, and House Minority Leader Kevin McCarthy reportedly met yesterday to discuss government funding and coronavirus relief. Stocks rallied, with the Dow Jones Industrial Average climbing around 1% and the small-cap Russell 2000 jumping 2.4%. Unless Congress can agree on a spending plan, government funding will lapse Saturday, and millions of jobless folks will lose unemployment benefits the day after Christmas. We’re still skeptical that Congress will pass a big stimulus package, but it may be possible to agree to extend unemployment benefits for a few more months, especially as renewed lockdowns have started throwing more Americans out of work again. – Alex Marlow, Breitbart News Network --------------------------------------------------------------- TOP STORY [image]( [New York Manufacturing Survey Disappoints Again]( The economy of New York state continued to stumble in December as the pandemic surged and new restrictions were placed on businesses in the state with the third-largest economy in the U.S. The Federal Reserve Bank of New York said its Empire State Manufacturing Index’s gauge of general business conditions slid in December to 4.9 from 6.3. Economists had forecast the index to decline to 5.8. Despite the decline in the general conditions index, the score remains in positive territory, an indication that business activity increased slightly in December. [[Click here for more]( Recommended Link [Why this man just took out $5,345 in one-dollar bills]( [image]( It might be the silliest he’s ever felt in his life… This man just walked out of the bank with $5,345 – all in one-dollar bills. You should’ve seen the teller’s face. But there’s a very good reason. This pile of cash represents the biggest mistake investors are making right now. [In this video, he’ll explain everything…]( including how to correct this mistake with just three bills from that pile. [Click here to find out.]( -- IN OTHER STORIES… [Manchin: If We Can’t Agree on Liability Protections and State and Local Funding, We Should Put Them Aside and Pass Other Bill]( On Monday’s PBS NewsHour, Sen. Joe Manchin (D-WV) stated that disagreements over liability protection and funding for state and local governments should not hold up agreement on the next round of coronavirus relief. Manchin said that if Democrats and Republicans can’t agree on those issues, “then that stays by itself” and the $748 billion emergency relief package he backs should be passed. [[Click here for more]( [FTC Demands Business Practices Data from Social Media Masters of the Universe]( The FTC has ordered nine of the largest technology companies in the world to disclose data about their operations and business practices. Amazon, Facebook, Reddit, Snap, Twitter, and Google parent company Alphabet are amongst the companies at the center of the FTC’s investigation. [[Click here for more]( [Report: One-Third of Michigan Restaurants Believe They Will Close in 2021]( About one-third of Michigan restaurants believe they will close for good in 2021, according to a report from the Michigan Restaurant and Lodging Association. 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