<a href="https://www.dailywire.com/topic/goldman-sachs" target="_blank" rel="noopener">Goldman Sachs</a> has reportedly distributed <a href="https://www.dailywire.com/topic/gender-pronouns" target="_blank" rel="noopener">pronoun</a> guides to help staffers become “inclusive” allies even as the <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">financial</a> sector faces a crisis.
The rainbow-colored pamphlet entitled “Bring Your Authentic Self,” which was <a href="https://twitter.com/StanfordReview/status/1645561878192717825?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1645561881934069760%7Ctwgr%5Eb18f7038bf7557cd1eb46ca47f9b52caf09e150f%7Ctwcon%5Es2_&amp;ref_url=https%3A%2F%2Fwww.nationalreview.com%2Fnews%2Fze-zir-goldman-sachs-encourages-employees-to-use-gender-neutral-pronouns%2F" target="_blank" rel="noopener">obtained</a> by campus conservative outlet The Stanford Review and <a href="https://nypost.com/2023/04/13/goldman-sachs-hands-out-pronoun-pamphlets-as-it-fights-sex-harassment-suits/" target="_blank" rel="noopener">confirmed</a> by The New York Post, informs employees at the investment bank that “a gender-neutral or gender-inclusive pronoun is a pronoun that does not associate a gender with the individual who is being discussed.”
Beyond the customary “he, him, his, himself” and “she, her, hers, herself,” staffers were told they could use “they, them, their, themself” or “ze, zir, zir, zirself” as gender-neutral alternatives.
The pamphlet included example sentences using the gender-neutral pronouns, such as “ze went to the store” or “the apple was zirs.” Goldman Sachs recommends using an individual’s name instead of pronouns for another gender-neutral alternative.
Employees were also told to “proactively share your pronouns to foster an environment of respect and awareness,” as well as “practice using gender-neutral pronouns on your own time” and make a “concerted effort” to develop comfort with the phrases.
The promotion of LGBTQ ideology at Goldman Sachs occurs as banks experience significant credit crunches caused by Federal Reserve efforts to increase target interest rates, a phenomenon which devalues long-term government securities and corporate bonds. Silicon Valley Bank and Signature Bank collapsed last month amid a rush from depositors to withdraw their account balances, prompting the Federal Reserve to <a href="https://www.dailywire.com/news/business-moguls-warn-banking-crunch-is-far-from-over" target="_blank" rel="noopener">predict</a> that a mild recession would impact the United States in the second half of this year.
Goldman Sachs has nevertheless issued a number of nods toward the LGBTQ movement in recent years. The company previously recognized “International Day Against Homophobia, Biphobia, Interphobia and Transphobia,” also known as “IDAHOBIT,” to raise <a href="https://www.goldmansachs.com/careers/blog/posts/promoting-lgbtq-inclusivity-today-and-every-day.html" target="_blank" rel="noopener">awareness</a> of purported LGBTQ discrimination and featured a number of stories from employees who claimed homosexual or transgender identity.
The company has also <a href="https://www.goldmansachs.com/careers/blog/posts/reflecting-on-pride-month-2021.html" target="_blank" rel="noopener">hosted</a> various events for “Pride Month,” such as discussions with prominent activists and a month-long “Proudly Resilient Summit” which fundraised for more than three dozen LGBTQ nonprofits. Goldman Sachs CEO David Solomon “shared his perspectives on advancing inclusion and diversity at the firm and within the communities we serve.”
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Staff members interviewed by The New York Post asserted that the gestures toward inclusivity at Goldman Sachs could not overshadow the investment bank’s notoriously competitive culture. “There is no ‘authentic self’ at Goldman Sachs. It’s your Goldman self,” one worker said. “You will be forever judged by what you wear, how you act, how you present yourself and how you play the Goldman game.”
A spokeswoman for Goldman Sachs informed The New York Post that the pamphlets have existed since 2019. She insisted that “Goldman Sachs has a long and strong record of promoting and advancing women at all levels of the bank” despite a pending lawsuit against the firm over discrimination and bias against female employees with respect to pay and promotions.
Other financial behemoths likewise promote diversity, equity, and inclusion efforts: asset management firm Vanguard hosted a training last year asking white men to accept “uncomfortable” criticism about their biases, as shown in <a href="https://www.dailywire.com/news/diversity-training-at-vanguard-tells-white-men-to-accept-uncomfortable-criticism-floats-holding-them-accountable" target="_blank" rel="noopener">footage</a> obtained by The Daily Wire.
Credit Suisse, which was recently acquired by competitor UBS after years of lackluster risk management and the volatile conditions in the banking sector, <a href="https://www.dailywire.com/news/mx-pips-bunce-gender-fluid-executive-at-credit-suisse-pushed-for-lgbtq-visibility-as-bank-imploded" target="_blank" rel="noopener">employs</a> an individual named “Mx. Pips Bunce” as the firm’s head of global markets core engineering integration components. The executive’s LinkedIn <a href="https://www.linkedin.com/in/pips-bunce-4795121/" target="_blank" rel="noopener">account</a> lists “she, her, they” pronouns; half of the profile picture featured on the account shows Bunce in a suit and tie, while the other half shows Bunce wearing makeup, a blonde wig, a red dress, and what appear to be fake breasts.

The Dow Jones Industrials Lost 2.5% Following Poor Economic Reports

Goldman Sachs Distributes Pronoun Guides Amid Banking Crisis: Report

Goldman Sachs Distributes Pronoun Guides

Banks

Economy

Gender Pronouns

Goldman Sachs

U.S.

<a href="https://www.dailywire.com/topic/goldman-sachs" target="_blank" rel="noopener">Goldman Sachs</a> recently informed its clients that it expects home values to tank in four major markets across the U.S. amid worsening economic conditions.
The investment bank predicts that San Jose, California; San Diego, California; Austin, Texas; and Phoenix, Arizona; could see a crash on the level of the 2008 housing crash.
Fox News <a href="https://www.foxbusiness.com/economy/goldman-sachs-says-4-us-cities-will-suffer-2008-crash-home-values" target="_blank" rel="noopener">reported</a> that the market crashes in those cities could be worse than 25%.
&#8220;Our 2023 revised forecast primarily reflects our view that interest rates will remain at elevated levels longer than currently priced in, with 10-year Treasury yields peaking in 2023 Q3,&#8221; Goldman Sachs said in a report. &#8220;As a result, we are raising our forecast for the 30-year fixed mortgage rate to 6.5% for year-end 2023 (representing a 30 bp increase from our prior expectation).&#8221;
&#8220;This [national] decline should be small enough as to avoid broad mortgage credit stress, with a sharp increase in foreclosures nationwide seeming unlikely,&#8221; the report added. &#8220;That said, overheated housing markets in the Southwest and Pacific coast, such as San Jose MSA, Austin MSA, Phoenix MSA, and San Diego MSA will likely grapple with peak-to-trough declines of over 25%, presenting localized risk of higher delinquencies for mortgages originated in 2022 or late 2021.&#8221;
Goldman Sachs said that home prices are also expected to take a small hit in New York City and Chicago. Baltimore and Miami were expected to see small gains.
The report added, &#8220;Assuming the economy remains on the path to a soft landing, avoiding a recession, and the 30-year fixed mortgage rate falls back to 6.15% by year-end 2024, home price growth will likely shift from depreciation to below-trend appreciation in 2024.&#8221;

City

Top Investment Bank Projects 4 U.S. Cities Will Suffer A 2008-Level Crash In Home Value

Housing

Phoenix

Two of the major players in the financial industry warned that the U.S. is on the verge of a recession and that the Federal Reserve might well raise the interest rate from its current 3-3.25% all the way to 4.5-4.75%.
David Solomon, CEO of Goldman Sachs, and Jamie Dimon, the chairman and chief executive of JPMorgan Chase, <a href="https://www.dailymail.co.uk/news/article-11359191/Goldman-Sachs-JPMorgan-CEOs-predict-Fed-raise-rates-4-75-expect-recession.html">spoke</a> on Tuesday at a conference in Saudi Arabia.
“If they don&#8217;t see real changes — labor is still very, very tight, they are obviously just playing with the demand side by tightening — but if they don&#8217;t see real changes in behavior, my guess is they will go further,” Solomon said of the Fed. “And I think generally when you find yourself in an economic scenario like this where inflation is embedded, it is very hard to get out of it without a real economic slowdown. The U.S. is most likely going to have a recession.”
“American consumers, eventually the excess money they have is running out,” Dimon predicted. “That will probably happen sometime mid-year next year, and then we will know more about what is going on with oil and gas prices and that kind of thing, so we will find out. &#8230; there is a lot of stuff on the horizon which is bad, and could — not necessarily, but could — put the United States in a recession.”
In early September Fed Chair Jerome Powell declared, “We’ve got a dual mandate—maximum employment and price stability—and it comes down to: Is nominal income [GDP] targeting the best way to promote that? We don’t think it is; I don’t think it is.”
“The basic idea behind nominal income targeting is that the central bank would establish a target growth rate for nominal income in the economy (as measured by, for example, nominal GDP),” Joshua Hendrickson of George Mason University stated.   “When nominal income is below its target, the central bank would engage in expansionary monetary policy by increasing the money supply.”
“Powell is concerned that estimates of the trend growth of output are ‘highly uncertain’ and that a decline in trend growth would require higher inflation,” James A. Dorn of the Cato Institute <a href="https://www.cato.org/blog/case-nominal-gdp-targeting-reply-fed-chair-powell">explained</a>. “Thus, under a nominal gross domestic product (NGDP) target, he thinks there would be communication issues’ as well as ‘big chances of policy error because we just don’t know any of the starred variables’ (e.g., the equilibrium values of real output, employment, and interest rates).”
Clive Crook of Bloomberg opined, “The Fed can’t control how much growth in NGDP is from higher real output and how much is from higher prices, the quantities it cares about. Using NGDP as an intermediate target to guide monetary policy recognizes this,” Dorn noted.

Jerome Powell

Major Financiers Warn Fed May Spike Interest Rates

Federal Reserve

Interest Rates

JP Morgan

Elon Musk slammed Twitter on Thursday afternoon amid reports that it may block his attempt to buy the company after he offered to purchase the company outright for more than $43 billion.
Twitter&#8217;s board of &#8220;directors are weighing whether to move ahead with the poison pill — formally called a shareholder rights plan — that would limit the ability of a single shareholder, like Mr. Musk, to acquire a critical mass of shares in the open market and force the company into a sale,&#8221; The New York Times <a href="https://www.nytimes.com/live/2022/04/14/business/elon-musk-twitter">reported</a>. The poison pill tactic of warding off unwanted hostile takeovers &#8220;essentially lets the company flood the market with new shares or allow existing shareholders other than the potential acquirer to buy shares at a discount,&#8221; which &#8220;dilutes the bidder’s stake and makes buying shares more expensive.&#8221;
Musk said during an interview on Thursday that he wanted to buy Twitter because his “strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization.”
“I don’t care about the economics at all,” Musk added.
Musk then took to Twitter to conduct a poll, asking if taking the company private at $54.20 per share should be up to the shareholders and not the board, to which 84% of more than 1.3 million respondents answered, &#8220;yes.&#8221;
Musk then responded to a question from Nick Short, Communications Director for the Claremont Institute, who asked on Twitter, &#8220;If the board of directors at @Twitter reject the offer made by @elonmusk , then wouldn’t the board be acting in direct opposition to the financial interests of their shareholders?&#8221;
&#8220;Absolutely,&#8221; Musk responded. &#8220;It would be utterly indefensible not to put this offer to a shareholder vote. They own the company, not the board of directors.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Absolutely. It would be utterly indefensible not to put this offer to a shareholder vote. They own the company, not the board of directors.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1514686582745284651?ref_src=twsrc%5Etfw">April 14, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Musk then responded to a comment from entrepreneur Cameron Winklevoss about Twitter potentially using a poison pill to block Musk from taking over the company.
&#8220;Twitter is considering a poison pill to thwart @elonmusk &#8216;s offer,&#8221; Winklevoss wrote. &#8220;They would rather self-immolate than give up their censorship programs. This shows you how deeply committed they are to Orwellian control of the narratives and global discourse. Scary.&#8221;
&#8220;If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty,&#8221; Musk responded. &#8220;The liability they would thereby assume would be titanic in scale.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty. 
The liability they would thereby assume would be titanic in scale.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1514718700674306052?ref_src=twsrc%5Etfw">April 14, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Musk also posted a screenshot of Goldman Sachs&#8217; Equity Research rating for Twitter, which stated that the company was a &#8220;Sell&#8221; stock as it was falling behind performance forecasts.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
🤔 <a href="https://t.co/PfqYpLiuVd">pic.twitter.com/PfqYpLiuVd</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1514726980909948928?ref_src=twsrc%5Etfw">April 14, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Related:
<ul>
<li><a href="https://www.dailywire.com/news/elon-musk-no-longer-twitters-largest-shareholder-after-another-buyer-ups-its-stake-in-the-company">Elon Musk No Longer Twitter’s Largest Shareholder After Another Buyer Ups Its Stake In The Company</a></li>
<li><a href="https://www.dailywire.com/news/saudi-prince-rejects-elon-musk-offer-to-buy-twitter-musk-grills-him-in-tweet">Saudi Prince Rejects Elon Musk Offer To Buy Twitter; Musk Grills Him In Tweet</a></li>
<li><a href="https://www.dailywire.com/news/breaking-another-buyer-working-on-possible-bid-to-buy-twitter-as-musk-tries-to-take-over-report">Another Buyer Working On ‘Possible Bid’ To Buy Twitter As Musk Tries To Take Over</a></li>
</ul>

In this photo illustration, the official profile of Elon

Musk Blasts Twitter Amid Reports They May Reject His Offer, Posts Goldman Sachs’ Rating For Company

Elon Musk

Social Media

Social Media Bias

Stock Market

Twitter

In a first move for a major Wall Street player, Goldman Sachs <a href="https://www.bloomberg.com/news/articles/2022-03-10/goldman-sachs-to-exit-russia-in-wall-street-s-first-pullout">announced</a> it will be closing its operations in Russia. 
The company reportedly said Thursday, “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” adding, “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”
According to Bloomberg, “While Goldman is exiting Russia, the firm is still trading corporate debt tied to the country without the bank itself making wagers on price movements, a representative said.”
“In our role as market-maker standing between buyers and sellers, we are helping our clients reduce their risk in Russian securities which trade in the secondary market, not seeking to speculate,” Goldman Sachs reportedly said in the statement.
The move might not be a huge financial change for the bank, although the pressure it could put on other banks to follow suit could make an impact. 
According to <a href="https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-09/card/goldman-sachs-exiting-russia-hd7STlME1PSTo4fa68Md">The Wall Street Journal</a>, last month, Goldman Sachs Group “said it had only about $1 billion [in] total exposures to Russia as of the end of the year, with about $650 million in outstanding credits and $415 million in markets. That makes it a relatively small market for the bank, which has $1.46 trillion in assets.”
Citigroup <a href="https://www.bloomberg.com/news/articles/2022-03-09/citi-assessing-its-russia-operations-following-ukraine-invasion">commented</a> on its businesses dealings in Russia on Wednesday.
Edward Skyler, executive vice president of global public affairs, <a href="https://blog.citigroup.com/2022/03/statement-from-edward-skyler-on-citis-operations-in-ukraine-and-russia/">said</a> in a statement, “We are continuing our previously announced efforts to exit our consumer banking business in Russia. As we work toward that exit, we are operating that business on a more limited basis given current circumstances and obligations.”
&#8220;We are also supporting our corporate clients in Russia, including many American and European multi-national corporations who we are helping as they suspend or unwind their business. With the Russian economy in the process of being disconnected from the global financial system as a consequence of the invasion, we continue to assess our operations in the country,” Skyler added.
According to Bloomberg, “The company is continuing its previously announced efforts to exit the consumer business in Russia, Skyler said. The bank has seen efforts to sell that business stall following the Ukraine invasion, with one problem being that potential suitors including Russian firms such as VTB Bank PJSC are now subject to sanctions imposed by the U.S. government.”
Citigroup has also assisted some of its 200 employees in Ukraine look for protection in Poland. It also gave Ukrainian employees advances on wages. “The company is the only U.S. bank with operations in Ukraine, where it’s had a presence for more than two decades,” Bloomberg reported.
“Our top priority remains the safety of our colleagues and their families,” Skyler noted. “We are proud of the members of the Citi family who have kept our bank operating despite the catastrophe unfolding around them.”
JPMorgan Chase &amp; Co., which is the largest U.S. bank in assets, joined Goldman on Thursday.
&#8220;JPMorgan Chase &amp; Co. is actively unwinding its Russia business,&#8221; per <a href="https://www.bloomberg.com/news/articles/2022-03-10/jpmorgan-says-it-s-actively-unwinding-its-russia-business">Bloomberg</a>.
“Current activities are limited, including helping global clients address and close out pre-existing obligations; managing their Russian-related risk; acting as a custodian to our clients; and taking care of our employees,” JPMorgan <a href="https://www.bloomberg.com/news/articles/2022-03-10/jpmorgan-says-it-s-actively-unwinding-its-russia-business">said</a> in a statement.
Companies have also recently announced their withdrawal from Russia over Russian President Vladimir Putin’s war on Ukraine. 
On Tuesday, PepsiCo and Coca-Cola <a href="https://www.dailywire.com/news/pepsico-coca-cola-join-companies-in-suspending-operations-in-russia">joined</a> other companies in announcing they would be suspending business in Russia. McDonald’s also announced it would be temporarily shutting down 850 of its locations in Russia, pointing to “the needless human suffering unfolding in Ukraine.”
Yum Brands announced it would be suspending its development of restaurants and investment in the country. “The KFC owner has more than 1,000 restaurants in Russia that account for roughly 2% of its systemwide sales,” CNBC <a href="https://www.cnbc.com/2022/03/08/mcdonalds-will-temporarily-close-850-restaurants-in-russia-nearly-2-weeks-after-putin-invaded-ukraine.html">noted</a>.   
Starbucks also has around 130 locations throughout Russia and Ukraine that are wholly owned and operated by a licensed partner. On Tuesday, Starbucks CEO Kevin Johnson <a href="https://stories.starbucks.com/press/2022/letter-to-partners-from-kevin-johnson-on-ukraine/">wrote</a> that the company continues “to watch the tragic events unfold and, today, we have decided to suspend all business activity in Russia, including shipment of all Starbucks products.”

25604821-E570-41AD-8F86-B4F4DDA62639_1_201_a

Goldman Sachs To Leave Russia

Russia

Oil prices will hit $100 per barrel in 2022, according to Goldman Sachs.
In a recent note, the investment bank pointed to &#8220;robust fundamentals&#8221; in the oil market and a &#8220;surprisingly large&#8221; oil supply deficit, according to a report from <a href="https://www.cnn.com/2022/01/18/energy/oil-prices/index.html">CNN Business</a>. Nevertheless, Goldman Sachs pointed to a long-term “reluctance to invest in oil during the energy transition.”
Between November 2020 and November 2021, the average cost of gas <a href="https://www.dailywire.com/news/drilling-ceo-price-of-gas-headed-higher-under-biden">increased</a> from $2.01 to $3.40 per gallon in the United States. However, President Joe Biden’s allies have been emphasizing the smallest available signs of momentary cost decreases. 
For instance, the Democratic Congressional Campaign Committee <a href="https://www.dailywire.com/news/democrats-celebrate-gas-prices-declining-by-two-cents-in-two-weeks">shared</a> a graph on Twitter boasting about a two-cent decline in gas prices, while CNN host Don Lemon recently <a href="https://www.dailywire.com/news/don-lemon-praises-slightly-lower-gas-prices-amid-bidens-push-for-better-press">celebrated</a> the fact that gas prices fell by roughly $0.09 from the previous month.
“A big economic relief for millions of Americans who have been dealing with soaring energy prices,” Lemon said on his program. “Cost at the pump, finally easing up. With the national average for a gallon of regular falling to $3.35. The lowest since October. Just look at that.”
At one point, the Biden administration attempted to address high gas prices by <a href="https://www.dailywire.com/news/bidens-tapping-of-petroleum-reserves-will-provide-just-over-2-5-days-worth-of-oil">tapping</a> 50 million barrels of oil from the United States Strategic Petroleum Reserve. According to the United States Energy Information Administration, however, the United States consumed roughly 18 million barrels of petroleum per day in 2020 — meaning that the release only amounted to 2.5 days’ worth of consumption.
Meanwhile, BlackRock chief executive Larry Fink called on policymakers to &#8220;create a green economy that is fair and just” by fostering access to renewable energy sources, as highlighted by CNN Business. He said that any plan only designed to cut the supply of fossil fuels instead of increasing demand for green energy &#8220;will drive up energy prices for those who can least afford it, resulting in greater polarization around climate change and eroding progress.”
Despite BlackRock’s advice, a surprising new <a href="https://www.dailywire.com/news/elon-musk-blasts-californias-bizarre-new-solar-tax-proposal-tells-people-to-complain-to-gavin-newsom">proposal</a> from California — which has a reputation for favoring renewable energy — seeks to increase fees for residential solar energy consumption. The California Public Utilities Commission’s suggested policy would “evolve decarbonization incentive efforts to meet the state’s groundbreaking clean energy goals” by creating a “grid participation charge” of $8 per kilowatt for residential solar panel users. 
Tesla CEO Elon Musk called the move “bizarre” and encouraged people to send complaints to Gov. Gavin Newsom (D-CA) through a website set up by the automaker. Among other actions, Tesla recommended that citizens call Newsom’s office, provide verbal comment at upcoming CPUC meetings, and “tweet at” Newsom using the hashtag “#SaveSolar.”
California is also weighing a constitutional amendment that would <a href="https://www.dailywire.com/news/california-could-double-its-taxes-to-start-massive-new-social-program">start</a> a universal, single-payer healthcare system. The net effect would be to “increase taxes by $12,250 per household, roughly doubling the state’s already high tax collections,” according to the Tax Foundation. The top marginal rate for wages would rise to 18.05% — far higher than the nation’s median top marginal tax rate of 5.3%.

President Biden Delivers Remarks On Bipartisan Infrastructure Bill

Oil Prices Expected To Soar In 2022

Gasoline

Goldman Sachs lowered its 2022 economic growth outlook from 4.2% to 3.8% due to uncertainty surrounding the Omicron variant of COVID-19.
&#8220;While many questions remain unanswered, we now think a moderate downside scenario where the virus spreads more quickly but immunity against severe disease is only slightly weakened is most likely,&#8221; said Goldman Sachs economist Joseph Briggs in an investor’s note, according to <a href="https://www.reuters.com/markets/us/goldman-sachs-cuts-us-gdp-growth-forecast-2022-over-omicron-fears-2021-12-04/">Reuters</a>. Briggs also warned that labor shortages could worsen if employees refuse to work over virus fears; meanwhile, lockdowns in foreign countries could worsen supply chain bottlenecks.
In remarks to Congress, Federal Reserve Chair Jerome Powell likewise <a href="https://www.dailywire.com/news/in-remarks-to-congress-powell-says-omicron-complicates-inflation-forecasts">said</a> that the Omicron variant strain will cause uncertainty about economic growth and inflation in the coming months.
“The recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation,” he explained. “Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions.”
Some American officials have already laid the foundation for additional COVID-19 lockdown measures. For instance, Gov. Kathy Hochul (D-NY) <a href="https://www.dailywire.com/news/ny-gov-hochul-declares-disaster-emergency-as-omicron-coronavirus-variant-takes-focus">signed</a> an executive order declaring a disaster emergency in New York — giving her the power to postpone elective surgeries, among other actions.
“We continue to see warning signs of spikes in COVID this winter, and while the new Omicron variant has yet to be detected in New York State, it’s coming,” she argued. “Through this action, we will also be able to acquire critical supplies more quickly to combat the pandemic.”
During an interview with ABC News anchor George Stephanopoulos, Dr. Anthony Fauci <a href="https://www.dailywire.com/news/prepare-for-the-worst-fauci-says-travel-bans-wont-stop-omicron-too-early-to-say-if-more-lockdowns-are-coming">warned</a> that Americans should “prepare for the worst.”
“We’re seeing these travel bans. Are they going to make any difference?” Stephanopoulos asked.
“You know, it will slow things down, George,” Fauci replied, adding that travel bans are not likely to stop the highly transmissible virus from traveling across borders. “No way that’s going to happen. What you can do is you can delay it enough to get us better prepared. That’s the thing that people need to understand. If you’re going to do the travel ban the way we’ve done now and that we’re implementing right now, utilize the time that you’re buying to fill in the gaps.”
Stephanopoulos asked for Fauci’s advice with respect to travel outside of the United States. 
“Right now people should be prudent,” Fauci replied, noting that any travel during a pandemic posed a risk. “The best way to protect yourself, if you’re going to travel, have to travel, or want to travel, is to get vaccinated and to be prudent when you travel about wearing masks in indoor settings such as if you go to the airport, which is one of the most congregate settings you can imagine. Make sure you wear a mask. Above all vaccination will be the most important way to prevent you from being at such a high risk.”
When asked about the potential return of lockdowns, Fauci said: “I don’t know, George. It’s really too early to say.”

Goldman Sachs Lowers 2022 GDP Growth Projections Due To Omicron Variant

Anthony Fauci

Omicron Variant

An internal Goldman Sachs &#8220;<a href="https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rSEzNw9cve9E/v0">Working Conditions Survey</a>&#8221; is being circulated online as junior bankers claim that they are suffering grueling work hours and abusive treatment at the company.
The results of the survey were reported earlier by Bloomberg News and have raised increased awareness about the workplace environments of some junior talent at aggressive firms. The responses raise more concerns about the culture of the company, especially after a 22-year-old analyst at Goldman Sachs committed suicide in 2015. Survey respondents reported that since taking the job, their mental and physical health has declined 6 points and 6.7 points, respectively, on a scale of 1 to 10.
Analysts say that they have been working an average of 98 hours per week since January and typically sleep an average of 5 hours per night. All of the respondents said that their work hours have negatively impacted their relationships with family and/or friends. 77% said they felt as if they were a victim of workplace abuse and 75% admitted to seeking or considering to seek out therapy, counseling, or additional help for their mental health due to the stress of the job.
Most of the analysts are not satisfied with the firm, their work life, or their personal life — with personal life being the lowest level of satisfaction. Analysts also offered quotes about their personal experiences. One said, “The sleep deprivation, the treatment by senior bankers, the mental and physical stress … I’ve been through foster care and this is arguably worse.&#8221; Another said that their &#8220;body physically hurts all the time and mentally I&#8217;m in a really dark place.&#8221;
In regards to actual work product, 100% of respondents said that they frequently experienced unrealistic deadlines. Some stated that they had experienced swearing or shouting, and some also admitted to being blamed for things without justification.
One added, &#8220;What is not ok to me is 110-120 hours over the course of a week! The math is simple, that leaves 4 hours a day for eating, sleeping, showering, bathroom and general transition time. This is beyond the level of ‘hard-working,’ this Is [sic] inhumane / abuse.”
Another admitted, “There was a point where I was not eating, showering or doing anything else other than working from morning until after midnight.”
Possible solutions at the end of the report include the request for 80 hours of work per week to be the maximum allowed capacity. The analysts also requested that junior bankers not be expected to work after 9pm on a Friday or all day on Saturday without an exception that has been approved in advance, &#8220;as that is the only safe-guarded personal time that we get.&#8221; The request states, &#8220;The Friday night 9pm policy, and Saturday policy need to be respected,&#8221; suggesting that the protocol already put in place to protect employees&#8217; personal time is not honored.
<a href="https://www.cnn.com/2021/03/18/investing/goldman-sachs-analyst-workplace/index.html">CNN</a> reports that the banking firm has said it is listening to the concerns of its workers and developing solutions.
&#8220;We recognize that our people are very busy, because business is strong and volumes are at historic levels,&#8221; the bank said in a statement. &#8220;A year into Covid, people are understandably quite stretched, and that&#8217;s why we are listening to their concerns and taking multiple steps to address them.&#8221;
According to <a href="https://www.reuters.com/article/us-goldman-sachs-analyst-survey/goldman-sachs-analysts-complain-of-long-hours-unrealistic-deadlines-idUSKBN2BA2PI?il=0">Reuters</a>, Goldman Sachs also said that it had hurried the hiring of recent entry-level employees since it realizes that its staff is struggling with the work. However, it added that it takes a certain amount of time in order to assess, hire, and bring on new staff to start working.

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Junior Bankers At Goldman Sachs Claim ‘Inhumane’ Work Conditions, ‘Abuse’ In New Survey

Goldman Sachs announced on Thursday that it is setting a new goal to reach a carbon-emission level of net-zero by the year 2030. The commitment comes after the company moved toward incorporating sustainability into its structures to work with clients last year.
David Solomon, Goldman Sachs Chairman and CEO, released a <a href="https://www.goldmansachs.com/media-relations/press-releases/2021/announcement-04-mar-2021.html">statement</a> on the company&#8217;s position on sustainability and future goals, which reads in part, &#8220;[I]n 2015, we became the first of our peers in the financial-services sector to reach carbon neutrality in our operations and business travel. Today, we are expanding our operational carbon commitment to include our supply chain, targeting net zero carbon emissions by 2030.&#8221;
The firm also formed a new team at the beginning of their climate change initiatives, called the Sustainable Finance Group, to combine sustainability endeavors across the company.
The statement details the progress the company claims it has made in the past, and where it plans to go.
It <a href="https://www.goldmansachs.com/media-relations/press-releases/2021/announcement-04-mar-2021.html">continues</a>:
<blockquote>We’ve made a concerted effort to make public our own progress in cutting our greenhouse-gas emissions. We were the first U.S. bank to disclose under the Sustainability Accounting Standards Board (SASB) standards, and last year, we issued our inaugural Taskforce on Climate-related Financial Disclosure (TCFD) report, which explained how the management and oversight of climate change is integrated into our business.
After hearing from clients that they lack the tools to track their own progress, we’ve redoubled our efforts to better equip them. We’ve joined the OS-Climate Initiative as its founding U.S. bank member. As part of this broad coalition, we, alongside partners including Amazon, Microsoft, Allianz, and the U.N. Net Zero Asset Owner Alliance will work to develop an open-source data commons and net-zero alignment tools that can be used across industries.</blockquote>
Citigroup also announced earlier this week that it is seeking a similar goal — &#8220;to achieve net-zero greenhouse gas emissions from its own operations and the activities of its clients by 2050,&#8221; according to <a href="https://thehill.com/policy/finance/541020-citigroup-sets-goal-to-achieve-net-zero-emissions-by-2050">The Hill</a>.
Citigroup CEO Jane Fraser weighed in on the issue on Monday, writing in a blog post, “Net zero means rethinking our business and helping our clients rethink theirs. For banks, what some don&#8217;t realize is that net zero includes not just our own operations but also our core business impacts — in other words, our financing.&#8221;
Fraser went on, &#8220;As the world&#8217;s most global bank, we are interconnected with many carbon-intensive sectors that continue to help drive global economic development. We are committed to bringing as many clients as we can along with us on this journey and working with them relentlessly to get it right.&#8221;
Other corporations have taken similar measures in recent months. The Daily Wire reported on Coca-Cola’s sustainability efforts last month, including its commitment to <a href="https://www.dailywire.com/news/coca-cola-to-test-out-first-paper-bottle">create a plastic-free bottle</a>.
The Daily Wire reports:
<blockquote>The goal, as reported by BBC, is to make a bottle that is “100% recyclable” and “plastic-free” that is also able to prevent “gas escaping from carbonated drinks.” Another requirement is to make sure that no parts of the container can fall into the liquid, which would change how the drink tastes, and make the beverages “potentially fall foul of health and safety checks.”
Coca-Cola has reportedly set a goal of “producing zero waste by 2030.” This comes after a charity group called “Break Free From Plastic” ranked the company as the top polluter of plastic in the world last year. The group conducted a survey that found “[Coca-Cola’s] drink bottles were the most commonly found item left on beaches, rivers, parks and other litter sites in 51 of the 55 countries that took part in the survey.” This was an increase in Coca-Cola’s numbers from the previous year, when the beverage giant was only the “most frequently littered bottle in 37 out of 51 countries.”</blockquote>
Goldman-Sachs also pointed to the Paris Climate Agreement that President Biden re-entered once he took office, stating that the company has long been a supporter of the deal. It joined the U.N. Principles for Responsible Banking to work in conjunction with the Paris Climate Agreement tasks.

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Goldman Sachs Commits To Reach Net-Zero Carbon Emissions By 2030

Climate Change

Goldman Sachs, the multi-billion dollar American investment banking company, is reportedly considering a plan to move its asset management division out of New York City, and instead operate the division somewhere in the South in order to save money.
Bloomberg News, citing “people with knowledge of the matter,” <a href="https://www.bloomberg.com/news/articles/2020-12-06/goldman-plots-florida-base-for-asset-management-in-a-blow-to-nyc">reports</a> that executives from the company “have been scouting office locations in South Florida, speaking with local officials and exploring tax advantages as they consider creating a base there for its asset management arm.” Dallas, Texas, is reportedly another area under consideration.
The Goldman Sachs asset management division is responsible for $8 billion in annual revenue, and relocating the division would serve as “another potential blow to New York’s stature as the de facto home of the U.S. financial industry,” reports Bloomberg.
“We are executing on the strategy of locating more jobs in high-value locations throughout the U.S., but we have no specific plans to announce at this time,” a spokesperson told Bloomberg News in an emailed statement.
Amidst the coronavirus pandemic and summer unrest, uncertainty has arisen as to whether or not New York City will manage to retain its status as the epitome of American big-city life and as a hub for business and entertainment.
Back in September, Fox Business <a href="https://www.dailywire.com/news/manhattan-apartment-vacancies-surge-to-record-numbers">reported</a> that <a href="https://www.dailywire.com/news/manhattan-apartment-vacancies-surge-to-record-numbers">rental listings had climbed</a> by 14.5% over August 2019, and vacancies had also increased by over 5% in the same time frame.
More from Fox Business:
<blockquote>Landlords enticed new tenants by offering the largest share of concessions on record. Slightly more than 54% of new lease signings received concessions, like a month of free rent or payment of brokers’ fees.
Rental prices were down 7.7% from a year ago, including concessions, with the biggest declines occurring in the lower-priced segment of the market.</blockquote>
James Altucher, a hedge fund manager and comedy club owner, wrote a <a href="https://www.linkedin.com/pulse/nyc-dead-forever-heres-why-james-altucher/?src=aff-lilpar&amp;veh=aff_src.aff-lilpar_c.partners_pkw.10078_plc.Skimbit%20Ltd._pcrid.449670_learning&amp;trk=aff_src.aff-lilpar_c.partners_pkw.10078_plc.Skimbit%20Ltd._pcrid.449670_learning&amp;clickid=TBmVrsXEZxyOTphwUx0Mo3YmUkiQMRXoKQvT3Q0&amp;irgwc=1">viral blog post</a> back in August explaining why he believed the city wouldn’t come back in the same way as it did in the aftermath of the Great Recession.
<blockquote>In 2008, average bandwidth speeds were 3 megabits per second. That&#8217;s not enough for a Zoom meeting with reliable video quality. Now, it&#8217;s over 20 megabits per second. That&#8217;s more than enough for high quality video.
There&#8217;s a before and after. BEFORE: no remote work. AFTER: everyone can remote work.
The difference: bandwidth got faster. And that&#8217;s basically it. People have left New York City and have moved completely into virtual worlds. The Time Life building doesn&#8217;t need to fill up again. Wall Street can now stretch across every street instead of just being one building in Manhattan.</blockquote>
Comedian Jerry Seinfeld didn’t take lightly to the idea that New York City was done for, and wrote an <a href="https://www.nytimes.com/2020/08/24/opinion/jerry-seinfeld-new-york-coronavirus.html">op-ed</a> for The New York Times in response.
<blockquote>Oh, shut up. Imagine being in a real war with this guy by your side.
Listening to him go, “I used to play chess all day. I could meet people. I could start any type of business.” Wipe your tears, wipe your butt and pull it together.
He says he knows people who have left New York for Maine, Vermont, Tennessee, Indiana. I have been to all of these places many, many, many times over many decades. And with all due respect and affection, Are .. You .. Kidding .. Me?!
…
And I have been onstage at your comedy club Stand Up N.Y. quite a few times. It could use a little sprucing up, if you don’t mind my saying. I wouldn’t worry about it. You can do it from Miami.</blockquote>

Goldman Sachs sign

Report: Goldman Sachs Considers Moving Asset Management Division Out Of NYC To Florida

Florida

New York City

Unemployment is expected to soar to 15% during the second quarter of the year, while the U.S. gross domestic product (GDP) is set to plunge by 34% as the coronavirus slams the nation&#8217;s economy, according to a forecast by Goldman Sachs released on Tuesday.
The new forecast, titled “The Sudden Stop: A Deeper Trough, A Bigger Rebound,” was published on Monday and says it is “making further significant adjustments to our GDP and employment estimates. We now forecast real GDP growth of -9 percent in Q1 and -34 percent in Q2 &#8230; (vs. -6 percent and -24 percent previously) and see the unemployment rate rising to 15 percent by midyear (vs. 9 percent previously).&#8221;
The investment bank’s previous report, headlined “A Sudden Stop for the U.S. Economy,” had predicted only a 24%  drop in the GDP for the second quarter (which includes April, May and June). That report predicted the unemployment rate jumping to 9%.
&#8220;This not only means deeper negatives in the very near term but also raises the specter of more adverse second-round effects on income and spending a bit further down the road,&#8221; the Goldman Sachs analysis noted.
The unemployment rate skyrocketed last week, with a record-setting 3.3 million initial jobless claims, nearly five times the highest on record.
But the latest forecast offered a glimmer of hope, predicting a &#8220;V-shape&#8221; recovery in which the plunge will be followed by a spike. &#8220;Our estimates imply that a bit more than half of the near-term output decline is made up by yearend and that real GDP falls 6.2% in 2020 on an annual-average basis (vs. 3.7% in our previous forecast),&#8221; the forecast said.
Goldman Sachs also said the $2.2 trillion economic relief package passed by Congress last week should help alleviate longer-term problems. &#8220;Both monetary and fiscal policy are easing dramatically further, which will tend to contain these second-round effects and add to growth down the road,&#8221; the said.
Meanwhile, James Bullard, president of the St. Louis Fed, said in an  <a href="https://youtu.be/TCc1FKlDQkU?t=45" target="_blank" rel="noopener noreferrer">interview</a> with Bloomberg TV on Monday that things may be even worse.
“If you read the blog carefully, you’ll see that there is a way to bound the unemployment rate – it’s going to be somewhere between 10 percent and, I think, the upper bound is around 42 percent,” he said, according to Epoch Times.
<blockquote>The Fed’s “back-of-the-envelope” calculations use two different models to give optimistic and pessimistic estimates, and show a second-quarter jobless rate ranging from 10.5 percent to 40.6 percent, with 27.3 million jobs lost at the lower bound and 66.8 million in the upper limit.
Fed analysts averaged the two, for a most likely outcome of 47.05 million people losing their jobs in the second quarter.
“Summing to the initial number of unemployed in February, this resulted in a total number of unemployed persons of 52.81 million. Given the assumption of a constant labor force, this resulted in an unemployment rate of 32.1 percent,” Fed economist Miguel Faria-e-Castro wrote.</blockquote>
In 1933, the height of the Great Depression, the unemployment rate hit 24.9%, according to <a href="https://www.thebalance.com/unemployment-rate-by-year-3305506">The Balance</a>. It remained above 20% for the next two years, and remained in the mid- to high-teens until 1940. By 1943, in the middle of World War II, the rate dropped to 1.9%.

Men Waiting Outside Al Capone Soup Kitchen

OUTLOOK: Unemployment To Hit 15% In Q2, GDP To Drop 34%, Goldman Sachs Says

COVID

Unemployment

The investment firm Goldman Sachs conducted a poll of its clients and found nearly universal agreement that President Trump will win reelection in 2020, with 87% of respondents bullish about Trump’s chances. The poll was conducted this week among attendees of its Global Strategy Conference in London. An average of 160 responses were elicited for each question, according to <a href="https://markets.businessinsider.com/news/stocks/goldman-sachs-client-survey-87-percent-expect-trump-win-election-2020-1-1028825739">Business Insider</a>, which noted, “The bank published its results in a research note Thursday.”
Business Insider noted, “Goldman&#8217;s U.S. strategists haven&#8217;t predicted who will win the election but have warned that if one party holds the House and the Senate and Trump&#8217;s 2017 tax cuts are rolled back, corporate earnings per share could drop by 7% next year — a sharp deviation from the strategists&#8217; baseline estimate of a 5% rise.”
Respondents exuded confidence that a recession in the United States would not occur during 2020, with only 5% of them thinking such a situation would eventuate. 35% of respondents said a recession would hit in 2021, with 38% expecting one in 2022. Goldman&#8217;s economists thought there was less than one chance in five that a recession would hit in 2020. Over two-thirds of respondents thought interest rates would not rise this year; only 4% disagreed.
The prognosis for Trump’s reelection has changed significantly in the last nine months; last April, Goldman Sachs economists thought Trump would win but it would be a “close call,” as <a href="https://www.cnbc.com/2019/04/15/goldman-sachs-says-trump-has-a-narrow-advantage-in-2020-election.html">CNBC</a> reported. Goldman Sachs’ chief economist, Jan Hatzius, noted that incumbent presidents usually had a “built-in advantage” of 5 to 6 percentage points in the popular vote, adding, “The advantage of first-term incumbency and the relatively strong economic performance ahead of the presidential election suggest that President Trump is more likely to win a second term than the eventual Democratic candidate is to defeat him.”
CNBC stated that Goldman Sachs cited the gains in wage gains and employment as reasaons Trump would be reelected. Hatzius asserted, “A strong economy should help the president’s reelection chances &#8230; Political scientists have developed a number of election models over the years that rely mainly on economic variables to predict the two-party popular vote.”
CNBC wrote, “Additionally, incumbents finishing the first term for their party have received a greater share of the two-party vote than candidates whose party has already controlled the White House for two or more terms, according to Goldman. This ‘prominent’ historic pattern would give Trump a ‘narrow advantage,’ Hatzius said.”
Hatzius concluded, “We note that if President Trump maintains his -9.6pp net approval rating, combining this approach with our economic forecast suggests that he would win the two-party popular vote by a slim margin.”
<a href="https://www.cnbc.com/2019/04/05/70percent-of-wall-street-thinks-trump-will-be-reelected-in-2020.html">An RBC survey</a> in April found 70% of market insiders believing Trump would win reelection in 2020.
Goldman Sachs has locations in 30 countries; clients have to be business-savvy, it would appear, as Jonathan Jones, former head of recruiting at Goldman Sachs,  <a href="https://www.quora.com/How-much-capital-does-one-need-to-become-a-client-of-Goldman-Sachs">stated</a> in 2018:
<blockquote>Generally speaking, to become a client of Goldman’s private wealth management business requires you to have a minimum of $25 million in investable assets (and ideally rather more). Most of Goldman’s other businesses are focused entirely on institutional clients and are relatively concentrated in terms of the competition (for example, there are only so many firms in the world that are equipped to handle a cross-border merger transaction between two Fortune 100 companies).</blockquote>
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President Trump Departs White House For Florida

Goldman Sachs Poll Finds Nearly Universal Agreement: Trump Will Win Reelection

Donald Trump

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