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As the shock of Donald Trump’s victory sinks in, pundits and politicians are mulling what it means for the future of the United States and global politics. Understanding why such a divisive, unqualified figure won again is crucial for the Democrats. Did they go too far left and lose the moderate Americans who make up a majority? Or did centrist neoliberalism -- pursued by Democratic presidents since Bill Clinton -- fail to deliver, thus creating a demand for change? To me, the answer is clear: 40 years of neoliberalism have left the US with unprecedented inequality, stagnation in the middle of the income spectrum (and worse for those below), and declining average life expectancy (highlighted by mounting “deaths of despair”). The American Dream is being killed, and although President Joe Biden and Vice President Kamala Harris distanced themselves from neoliberalism with their embrace of industrial policies, as representatives of the mainstream establishment, they remained associated with its legacy. The economics of the moment mattered, but monthly employment and inflation indicators need to be understood in a broader historical context. As the Biden administration stressed on the eve of the election, the economy looks strong, especially compared to others in the G7. But this wasn’t good enough. Americans haven’t forgotten that the Democrats let loose the financial sector (Clinton), then bailed out the banks while homeowners and workers who lost their jobs in the Great Recession carried the cost (Barack Obama). Moreover, it was Clinton who unleashed globalization, tacitly believing in a trickle-down economics that would ultimately benefit everyone. The only real difference between Democrats and Republicans on this score is that Democrats claimed to feel the pain of those who were losing out. The tragedy is that Americans seem to have voted for mere disruption more than anything else. Stalked by economic precarity and the specter of downward social mobility, tens of millions of Americans voted for Trump as a way of “sticking it to the establishment,” and because many seem to believe that he has their back. He doesn’t. Trump’s first term and his 2024 election campaign made it abundantly clear that he has no intention of enacting the types of policies that ordinary Americans need. He favors tax cuts for billionaires and corporations; an end to the Affordable Care Act (Obamacare); and sweeping tariffs, which are effectively a tax on US consumers and businesses. Most likely, the tariffs will be riddled with corrupt exceptions bought by campaign contributions; and in any case, they are sure to provoke retaliatory measures and a loss of American jobs. Trump will also generate massive budget deficits, which will lead to high interest rates and less investment in America’s future. If he and congressional Republicans follow through on repealing the Inflation Reduction Act (which includes provisions to reduce prescription-drug prices) and Obamacare, Americans will find themselves with less access to medical care and higher costs. This is all worse than neoliberalism, which at least purported to promote competitive, undistorted markets. Trumponomics is ersatz capitalism, run for and by the powerful, and according to the principle that money matters above all else. Americans, it seems, have lost trust in their institutions and the belief that government will deliver for them. It is the predictable result of 45 years of Republican (and neoliberal Democratic) campaigning, starting with Ronald Reagan’s famous quip that “the nine most terrifying words in the English language are: ‘I’m from the government, and I’m here to help.’” The culture wars also played a big role in Trump’s victory. His campaign successfully pushed the message that Democrats are obsessed with gender, race, and other social issues at a time when most Americans are just trying to get by. Many voters concluded that Trump would reverse or at least slow the pace of disorienting changes that have challenged long-established social hierarchies and roles. Like nationalists everywhere, Trump blames America’s problems on outside forces, from immigration to “unfair” trade. But while it is true that neither issue has been managed very well, his proposed solutions would be disastrous for the US economy and the world. The extent to which his voters understood this is unclear. Most seem to have been drawn to the political theater. They wanted to send a message of dissatisfaction, and now they have done so. For the Democrats, that message should be clear: abandon neoliberalism and return to your progressive roots in the presidencies of Franklin D. Roosevelt and Lyndon B. Johnson. The party needs to provide a new vision of a society that offers education and opportunity to all; where markets compete to produce better products that enhance living standards, rather than to devise better ways of exploiting workers, customers, and the environment; where we recognize that we have moved on from the industrial age to an economy oriented around services, knowledge, innovation, and care. A new economy needs new rules and new roles for government. There is a big difference between this new vision and the tweaks offered by the Harris campaign (a little more education funding here, and a few dollars to help first-time homebuyers there). Articulating a robust program will not be easy, and implementing it would be harder still. But the future of America depends on it being done. Joseph E. Stiglitz Joseph E. Stiglitz, a professor at Columbia University, is a Nobel laureate in economics. The views expressed here are the writer's own. -- Ed. (Project Syndicate)Higher fuel consumption puts state exchequer in top gear
LINCOLN — Before Tuesday night came to an end, Nebraska’s defense took another roster hit with defensive lineman James Williams planning to enter the transfer portal, according to multiple reports. Williams, a Sophomore, played two seasons for the Huskers after transferring from Iowa Central Community College. He recorded 18 tackles and seven sacks over his career in Lincoln. He finished with 14 tackles and five sacks this past regular season, which ended with Friday’s 13-10 loss at Iowa. Williams played in all 12 of Nebraska’s regular season games in a reserve role. Williams became the third Nebraska player to announce their intentions to enter the portal on Tuesday, and ninth overall since Monday. Princewill Umanmielen, a sophomore linebacker, and true freshman quarterback Daniel Kaelin also made their announcements on Tuesday. Umanmielen spent two years with Nebraska. He tallied 35 tackles, one pass deflection and 1 1/2 sacks during his two seasons. He finished with 13 tackles and 1/2 sack this year. Umanmielen appeared in all 12 games for the Huskers this season in a reserve role. He logged just two snaps in Friday’s 13-10 loss at Iowa to end the regular season. Kaelin, from Bellevue West, did not appear in any games for Nebraska this season. Kaelin was three-star prospect and ranked as the No. 28 quarterback in the 2024 class. He was originally committed to Missouri before ultimately deciding to stay home and attend Nebraska. Other Nebraska players to announce their transfer portal intentions include: linebackers Stefon Thompson and Mikai Gbayor, defensive lineman Jimari Butler and Vincent Jackson, wideout Malachi Coleman and running back Gabe Ervin. NU hires WR coach Nebraska also had some coaching news on Tuesday, expecting to hire Kentucky’s Daikiel Shorts to be the Huskers’ new wide receivers coach, according to multiple reports. Shorts spent one season at Kentucky, where his wideouts accounted for 1,754 receiving yards and 12 touchdowns. Shorts is replacing Garret McGuire as the Huskers’ wideout coach, who will reportedly remain on staff in a different role. McGuire just finished his second season coaching Nebraska’s wide receivers. Shorts and Holgorsen have a previous connection, when he was Holgorsen’s wideouts coach for three seasons at Houston. He also spent two years as director of player development for the Cougars. Shorts had a role in developing Tank Dell, now a NFL wideout for the Houston Texans, who finished in the top-15 in catches (90), receiving yards (1,329) and touchdowns (12) during the 2021 season. In 2022, under Shorts’ watch, Houston true freshman wideout Matthew Golden set the program record with seven touchdowns. Shorts played his college career at West Virginia, where he caught 177 passes for 2,263 yards and 14 touchdowns over four seasons from 2013-16, under Holgorsen. With Shorts' expected hiring, Nebraska still has two coaching vacancies to fill, after defensive coordinator Tony White and defensive line coach Terrance Knighton departed Monday to take the same positions at Florida State.Throughout the last three months, 10 analysts have evaluated ONEOK OKE , offering a diverse set of opinions from bullish to bearish. The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 3 2 5 0 0 Last 30D 0 0 1 0 0 1M Ago 1 0 1 0 0 2M Ago 2 1 2 0 0 3M Ago 0 1 1 0 0 Analysts have recently evaluated ONEOK and provided 12-month price targets. The average target is $105.5, accompanied by a high estimate of $132.00 and a low estimate of $94.00. Surpassing the previous average price target of $94.78, the current average has increased by 11.31%. Investigating Analyst Ratings: An Elaborate Study A comprehensive examination of how financial experts perceive ONEOK is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets. Analyst Analyst Firm Action Taken Rating Current Price Target Prior Price Target Neal Dingmann Truist Securities Raises Hold $107.00 $99.00 Brian Reynolds UBS Raises Buy $132.00 $112.00 Theresa Chen Barclays Raises Equal-Weight $99.00 $94.00 Michael Blum Wells Fargo Raises Overweight $107.00 $100.00 Neal Dingmann Truist Securities Raises Hold $99.00 $83.00 Sunil Sibal Seaport Global Raises Buy $103.00 $91.00 Jean Ann Salisbury B of A Securities Announces Buy $105.00 - Elvira Scotto RBC Capital Raises Sector Perform $98.00 $89.00 Theresa Chen Barclays Raises Equal-Weight $94.00 $82.00 Robert Kad Morgan Stanley Raises Overweight $111.00 $103.00 Key Insights: Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to ONEOK. This information offers a snapshot of how analysts perceive the current state of the company. Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of ONEOK compared to the broader market. Price Targets: Analysts provide insights into price targets, offering estimates for the future value of ONEOK's stock. This comparison reveals trends in analysts' expectations over time. Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of ONEOK's market standing. Stay informed and make data-driven decisions with our Ratings Table. Stay up to date on ONEOK analyst ratings. Discovering ONEOK: A Closer Look Oneok is a diversified midstream service provider specializing in natural gas gathering, processing, storage, and transportation and natural gas liquids transportation and fractionation. It also operates a refined product and crude oil segment connecting producers, refiners, and consumers. Operations are in the midcontinent, Permian, and Rocky Mountain regions. ONEOK: Financial Performance Dissected Market Capitalization: Surpassing industry standards, the company's market capitalization asserts its dominance in terms of size, suggesting a robust market position. Revenue Growth: Over the 3 months period, ONEOK showcased positive performance, achieving a revenue growth rate of 19.91% as of 30 September, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to its peers, the company achieved a growth rate higher than the average among peers in Energy sector. Net Margin: ONEOK's net margin falls below industry averages, indicating challenges in achieving strong profitability. With a net margin of 13.78%, the company may face hurdles in effective cost management. Return on Equity (ROE): ONEOK's ROE is below industry averages, indicating potential challenges in efficiently utilizing equity capital. With an ROE of 4.12%, the company may face hurdles in achieving optimal financial returns. Return on Assets (ROA): The company's ROA is below industry benchmarks, signaling potential difficulties in efficiently utilizing assets. With an ROA of 1.45%, the company may need to address challenges in generating satisfactory returns from its assets. Debt Management: ONEOK's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 1.67 . The Basics of Analyst Ratings Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter. Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts. Breaking: Wall Street's Next Big Mover Benzinga's #1 analyst just identified a stock poised for explosive growth. This under-the-radar company could surge 200%+ as major market shifts unfold. Click here for urgent details . This article was generated by Benzinga's automated content engine and reviewed by an editor. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
PASOK's Androulakis: We are proposing the taxation of excessive bank profitsWall Street adds to stock, rate cut bets after ‘Thanksgiving buffet’ jobs dataVan Nistelrooy’s first game in charge ended with a 3-1 win over West Ham, thanks to goals from Jamie Vardy, Bilal El Khannouss and Patson Daka. The Dutchman, who was out of work for just two weeks following his four-game spell as Manchester United interim boss, only started on Sunday so was happy to end a hectic three days in style. “It has been very busy getting to know everyone, start working together,” he said. “Everybody was involved with that and helping, it was busy, long days, but worth it. I was focused on the game and what the game needed, the subs, the half-time talk, so focused on the moment, so I am going to get myself a little beer and reflect on the last three days.” He endured a dream start as Vardy scored after just 98 seconds with El Khannouss and Daka adding second-half goals. It was by no means one-way traffic, though, as West Ham – who scored a consolation through Niclas Fullkrug at the death – had 30 shots on goal. But Van Nistelrooy saw enough to think he can deliver on his objective of keeping the Foxes in the Premier League. “I am very happy, if you look at the result – and it is about the result – it was a great night, three points, three good goals and also very effective. “Overall the game of course we have seen and how dominant West Ham were at certain stages and what they created, that is a fact and something we have to look at. “Overall, what I expected of the players going forward was togetherness and hunger, energy and spirit in this team that is fighting for every inch. “Eleven players on the pitch who are fighting as a foundation to play the rest of the Premier League. I saw that completely with every single player that started and came on. “That’s the foundation we have to build on, without that it will be impossible to get where we want to go. I am very happy about that.” West Ham’s hierarchy will have seen what impact a managerial change can have as the jury remains out on Julen Lopetegui, with away fans making their feelings clear by chanting “You’re getting sacked in the morning”. Lopetegui expects to keep his job but forthcoming games against his former club Wolves, Bournemouth, Brighton and Southampton could determine the Spaniard’s future. “The only thing that I am worried about is to go to training session tomorrow and stand up the players and prepare the next challenge,” he said. “We have one month of December with a lot of matches and I am sure with this attitude we are going to achieve many more points. “I believe in the players. I am confident that tomorrow we are going to be ready to prepare the next match. “Understanding the question, but at the end of the season maybe we talk in another way. There are a lot of matches and points, a lot of things can happen. “I believe in these players and team, I am sure the position is going to be much better. They are only words but we have to work a lot to achieve this.”