That Was The Business Week That Was (5-9 Feb. 2018)


Has there been anything in the news during the past five days worthy of reporting? This business week began on Monday, 5 Feb. with the Wall Street stock market dropping 4.6 percent and closed on Friday, 9 Feb. with reports the United States Government has experienced a second shutdown in as many weeks.

US stocks suffered their worst falls in more than six years on Monday in a sell-off sparked by concerns of higher interest rates. Photo Credit: BBC News.

On Monday, 5 Feb. 2018, it was reported the Wall Street stock market shed as much a 4.6 percent of its value, at close reading 24,345.75. Even though the White House apparently moved to reassure investors saying it was focused on “long Term economic fundamentals,” this is the U.S. stock market’s worst performance in more than six years.

Coming from a White House occupied by an entrepreneur incapable of operating a business without declaring bankruptcy, any reassurances emanating from 1600 Pennsylvania Avenue have all the face value of a Trumpian truth.

If Monday was financial disastrous for Wall Street, Tuesday was equally as devastating for billionaire Steve Wynn. In Wynne’s case, it was arguably deserved.

Tuesday, 6 Feb. 2018 saw the hotel and resorts billionaire resign as CEO of the Wynn Resorts following reports of sexual harassment. There was mention of a $7.5 million settlement with a former worker at his Las Vegas resort.

In 2002, Wynn founded Wynn Resorts. For the past 16 years, Wynn has been the CEO of the multibillion dollar tourism and hospitality corporation. Matt Maddox, president of Wynn Resorts since 2013, has replaced the corporation’s founder as CEO.

Headquartered on the famed Las Vegas Strip, the corporation currently consists of six properties: Wynn Las Vegas, Wynn Macau Resort, Encore at Wynn Las Vegas, Encore at Wynn Macau, Wynn Palace and the Wynn Boston Harbor.

Jared Kushner, John Kelly, and Rob Porter at the White House. Photograph: Nicholas Kamm/AFP/Getty Images

Tuesday was not the only day this week to see a high-profile resignation. The following day, Wednesday, 7 Feb. 2018 saw White House Staff Secretary Rob Porter resign his position. The Porter resignation came after two ex-wives made allegations of physical and emotional abuse.

Interestingly, while this is an American story, the story pertaining to Porter was broken by the British newspaper the Daily Mail.

Even though White House Chief of Staff John Kelly had reportedly defended Porter, the senior White House staffer was apparently “shocked” when Porter presented his resignation.

Guatamalan President Jimmy Morales speaks alongside Prime Minister Benjamin Netanyahu (not pictured) at the Prime Minister’s Office in Jerusalem on November 29, 2016. (Marc Israel Sellem/Pool/Flash90)

Thursday, 8 Feb. 2018 saw United States President Donald J. Trump meet with Guatemalan President Jimmy Morales. In appreciation for supporting his move to recognise Jerusalem as the Israeli capital, Trump thanked Morales.

During their meeting, the two presidents discussed briefly various issues pertaining to the mounting Venezuelan crisis, drug trafficking and the United Nations anti-corruption commission.

The week’s business news ended this week, at least for the purposes of this article, with news the United States Government had run out of funding for the second time in less than a month. Consequently, Americans saw a second shutdown occur.

With Republicans controlling all three branches of the American Federal Government, with this being the second shutdown, it shows Republicans are incapable of governing.

Lacking in governance, they make up for in … in campaigning technique. Republicans are experts at formulating a well-orchestrated campaign. Campaigning is easy. Governing is harder. Republicans should consider leaving governing to the people capable of doing it, Democrats.