(Bloomberg) -- The House passed a $3 trillion Democratic economic stimulus bill Friday that Republicans and President Donald Trump have already rejected and isn’t likely to trigger bipartisan negotiations any time soon.The measure, passed 208-199, would give cash-strapped states and local governments more than $1 trillion while providing most Americans with a new round of $1,200 checks. House Speaker Nancy Pelosi said it should be the basis of talks with the GOP-controlled Senate and White House, which have called for a “pause” to allow earlier coronavirus recovery spending to work.“A horrible virus has made a vicious attack on the lives and livelihoods of the American people, and indeed on the life of our democracy,” Pelosi said on the House floor before the vote. “It’s always interesting to see how much patience some people have with the pain and suffering of other people.”Pelosi this week has repeatedly invoked Federal Reserve Chairman Jerome...
(Bloomberg Opinion) -- Just as some U.S. states begin to reopen and try to mend the virus-stricken economy, Warren Buffett delivered a harsh reminder that things may be anything but normal for a long time.The crisis has spooked America’s forever optimist so much so that he’s fled the airline industry entirely, and now even certain automobile and banking stocks, according to a regulatory filing Friday detailing Berkshire Hathaway Inc.’s investing moves for the first quarter. This included dumping 84% of Berkshire’s stake in Goldman Sachs Group Inc. and reducing its JPMorgan Chase & Co. position by 3%. Buffett, 89, said proudly just two weeks ago that he thinks “nothing can stop America,” but it’s getting harder to believe him. While Buffett made his about-face on airlines known during Berkshire’s atypically morose shareholder meeting two weekends ago, the near-exit of Goldman was the latest shocker. Shares of the investment bank dipped 2% in late trading and are down more than 25%...
J.C. Penney, reeling from a one-two punch of the department store industry’s struggles and the coronavirus pandemic, filed for Chapter 11 bankruptcy....
