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Why do presidents agree to speak to Bob Woodward?

New York (CNN Business)Two of the biggest publishing houses in the US will soon be under one roof.

ViacomCBS (VIACA) announced Wednesday it will sell Simon & Schuster to Penguin Random House, which is a subsidiary of German media giant Bertelsmann, for $2.175 billion in cash. The deal is expected to close next year and subject to regulatory approval.
ViacomCBS, which owns CBS network, CBS All Access, Paramount Pictures, Showtime and MTV, among others, said the sale is part of the company’s efforts to unload non-core assets following the reunion of Viacom and CBS last year. The company sold CNET Media Group earlier this year.

    Simon & Schuster is the third biggest publishing house in the US. This year, it published several Trump tell-all books including Bob Woodward’s “Rage” and Mary Trump’s “Too Much and Never Enough.” It also publishes bestselling authors such as Stephen King and Doris Kearns Goodwin. Penguin Random House, the largest publishing house, just released President Barack Obama’s new memoir, “A Promised Land.”
    When the deal closes, Simon & Schuster will continue to run as a separate publishing unit. Jonathan Karp will remain as president and CEO and Dennis Eulau as chief operating officer and chief financial officer.

      In a memo to staff Wednesday, Karp wrote that Simon & Schuster has had seven owners through its 96-year history.
      “From these transformations we have adjusted to new management, welcomed other companies into our fold, and always emerged stronger, with an enduring commitment to excellence in book publishing. When we join Penguin Random House after closing, we can look forward to benefitting from exciting new relationships and opportunities that will enhance our ability to provide authors with the best possible publication they can receive,” Karp wrote.
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      Economy

      Here’s why drivers should get comprehensive car insurance

      Comprehensive auto insurance can be a good idea for drivers, if drivers understand how this insurance works. (iStock)

      Vehicle owners have a vast array of auto insurance options to consider these days, with comprehensive auto insurance increasingly ranking high on car owners lists. Comprehensive coverage is auto insurance that throws a protective financial blanket over potential “on the road” risks.

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      “Comprehensive car insurance is an optional coverage you can add to your policy to help protect your car from certain physical damage it may encounter,” said Penny Gusner, senior consumer analyst at CarInsurance.com. “If you have financed or leased your vehicle, your financing company will require you to carry it.”

      Visit Credible to examine all your auto insurance options – including comprehensive car insurance.

      What does comprehensive auto insurance cover?

      Comprehensive insurance (also known as “other than collision” insurance) covers a vehicle from events such as theft, fire, striking an animal, vandalism, and damage from natural weather events such as windstorms, flooding, and hail.

      If you're looking for comprehensive coverage for your vehicle, then you're going to want to weigh your options to strike the best deal. Credible can help connect you with an insurance broker, which can compare insurance rates instantly.

      5 reasons you’d want comprehensive auto insurance

      Comprehensive can protect you from damage caused by the following:

      “It also covers glass damage and damages from flying missiles, such as something that flies off of another person's vehicle and damages yours,” Gusner said.

      “Also, If your car is stolen, you make a claim through comprehensive, and whether the car is found or not, comprehensive will pay,” she added. “The insurance will pay for repairs if the car found is with issues, or if the car is not found then your insurer will pay you the value of your vehicle. If a storm comes through and a tree branch falls on your car or if there is hail damage to the roof and hood, this would also be a comprehensive claim.”

      SELLING YOUR CAR? 5 WAYS TO USE THE PROCEEDS

      How comprehensive auto insurance works

      Similar to traditional car insurance, comprehensive car insurance is a policy that drivers can easily purchase from their existing insurance agent or broker.

      Again, Credible can connect you to a broker and help you get covered by comprehensive insurance when you're ready. Just head to their website and see what comprehensive coverage plans are currently available.

      “Comprehensive car insurance is additive, meaning it adds even more insurance coverage on top of your existing auto insurance policy,” said Zach Shefska, founder of Your Auto Advocate, a customer advocacy platform for car buyers and owners. “Claims are traditionally made the same way you would make them if you got into a car accident.”

      Comprehensive auto insurance claims process

      Insurance experts advise car owners not to confuse comprehensive auto insurance with collision insurance. Credible can also help you understand the difference between the two and allow you to compare insurance rates and brokers.
      “Think of collision insurance as insurance that protects a driver from a car accident, and comprehensive insurance as insurance that protects a driver from the unthinkable,” Shefska said. “Most drivers comprehend and understand that there is always a chance you may get into a car accident when you put the key in the ignition—that's simply the reality of driving. However, most drivers do not think about the potential for a hail storm putting dents in the roof of their car, or a deer jumping out of the woods and into your vehicle.”

      “Comprehensive car insurance covers those unexpected events, while collision insurance alone does not,” he said.

      THIS IS THE BEST WAY TO LOWER YOUR CAR INSURANCE COSTS

      Should you opt for comprehensive coverage?

      If you live in an area that is prone to natural disasters (think coastal areas with hurricane risk or a mountainous region with tough driving conditions) then comprehensive car insurance should be on the table.

      “However, not all vehicles should be considered for comprehensive insurance, since it is more expensive,” said Shefska. “If you're considering comprehensive car insurance, I recommend using the rule of thumb that your insurance payment should be no more than your car payment.”

      “If it is higher, odds are you shouldn't be buying comprehensive car insurance, as the vehicle's actual cash value simply isn't high enough to justify it,” he added.

      Visit Credible to explore all your auto insurance options and find the right insurance plan for your unique needs.

      HOW TO GET A FREE CREDIT REPORT

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      Categories
      World News

      Trump questions why Biden forming cabinet as his legal team continues voter-fraud fight

      Fox News Flash top headlines for Nov. 21

      Fox News Flash top headlines are here. Check out what’s clicking on Foxnews.com.

      President Trump took to Twitter on Saturday night to voice frustrations about Joe Biden making Cabinet choices, as Trump's legal team continued to push allegations of election and voter fraud.

      “Why is Joe Biden so quickly forming a Cabinet when my investigators have found hundreds of thousands of fraudulent votes, enough to 'flip' at least four States, which in turn is more than enough to win the Election?” Trump wrote on Twitter.

      Trump's comments came as Wisconsin continued with its recount, and hours after a Pennsylvania federal judge threw out another Trump lawsuit aimed at preventing the certification of that state's election results. 

      The decision by U.S. Middle District Judge Matthew Brann on Saturday was just the latest disappointment for the Trump 2020 Campaign, which was struggling to overturn the results of the Nov. 3 election.

      “Hopefully the Courts and/or Legislatures will have the COURAGE to do what has to be done to maintain the integrity of our Elections, and the United States of America itself,” Trump added.

      But Trump’s legal team has so far been unsuccessful in overturning any state vote counts because it has not proved its claims of “hundreds of thousands of fraudulent votes,” despite repeated accusations from Trump and his personal attorney, Rudy Guiliani.

      Trump takes on Cheney

      Some GOP lawmakers have also been pushing back against the president as well.

      "The President and his lawyers have made claims of criminality and widespread fraud, which they allege could impact election results,” Rep. Liz Cheney, R-Wyo., said in a statement Friday. “If they have genuine evidence of this, they are obligated to present it immediately in court and to the American people."

      "If the President cannot prove these claims or demonstrate that they would change the election result, he should fulfill his oath to preserve, protect and defend the Constitution of the United States by respecting the sanctity of our electoral process,” she added.

      U.S. Rep. Liz Cheney, R-Wyo.

      But in a furious tirade of tweets Saturday night, Trump went after Cheney.

      “Sorry Liz, can’t accept the results of an election with hundreds of thousands of fraudulent votes cast, enough to easily flip the Election,” he said. “You’re just unhappy that I’m bringing the troops back home where they belong!”

      Rep. Ben Sasse, R-Neb., and Sens. Mitt Romney, R-Utah, and Susan Collins, R-Maine, also have voiced their disapproval of Trump’s repeated attempts to overturn the presidential election results through the courts.

      "There is a right way and a wrong way to compile the evidence and mount legal challenges in our courts. The wrong way is to attempt to pressure state election officials," Collins told Politico this week as Trump planned to meet with Michigan legistlators.

      "That undermines the public's faith in our election results without evidence and court rulings to support the allegations."

      U.S. Sen. Pat Toomey, R-Pa., threw his support behind Judge Brann’s decision Saturday, and congratulated Biden and Vice President-elect Kamala Harris for their victory.

      Toomey said he knew Brann, a “longtime conservative Republican … to be a fair and unbiased jurist” and therefore he believed Trump “has exhausted all plausible legal options to challenge the result of the presidential race in Pennsylvania.”

      ‘Obama-appointed judge’

      But Trump’s legal team and senior advisers suggested they thought Brann’s ruling came from bias, noting Brann was an “Obama-appointed judge.” They claimed it actually advanced their strategy to take the fight to the U.S. Supreme Court.

      “Today’s decision turns out to help us in our strategy to get expeditiously to the U.S. Supreme Court,” Trump’s team said in a statement.  “Although we fully disagree with this opinion, we’re thankful to the Obama-appointed judge for making this anticipated decision quickly, rather than simply trying to run out the clock.”

      Pennsylvania, along with Michigan, plans to certify election results Monday, with Biden holding strong popular-vote leads in both states.

      On Saturday, however, Republican National Committee Chairwoman Ronna McDaniel requested a 14-day delay in Michigan so an audit could be conducted to address “anomalies and credible reports of procedural irregularities” in Wayne County, which includes Detroit.

      CLICK HERE TO GET THE FOX NEWS APP

      Georgia certified its votes Friday, in a blow to the Trump campaign, which initially relied on the traditionally red state’s 16 Electoral College votes. It demanded a recount by hand after a tight race.

      Biden was expected to win 306 Electoral College votes with Trump receiving 232, the same margin that Trump won by against Hillary Clinton in 2016.

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      World News

      Dave Ramsey: Why it's not always smart to pay off your house right away

      30-year fixed mortgage rate now at 2.87%

      FOX Business’ Ashley Webster on mortgage rates and homebuyer activity.

      Editor's note: Money expert Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including "The Total Money Makeover." His radio show "The Dave Ramsey Show" is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Each week he answers a question about personal finance in his "Dave Says" column. 

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      Dear Dave,

      My wife and I have two kids and one on the way. We’re debt-free except for our home, and we have our emergency fund in place.

      We’ve also been saving for retirement, with me putting 15% into a 401(k) and her putting 10 percent into her retirement account.

      THIS IS THE QUICKEST WAY TO BUILD WEALTH: DAVE RAMSEY

      On top of all this, we’re putting a little money toward college funds for the kids. We talked the other night, and after that, we started thinking about pulling back from retirement saving and getting the house paid off. What do you think about that?

      Callen

      Dear Callen,

      I teach people to start investing 15% of their household income for retirement after they’ve completed Baby Step 3, which is saving three to six months of expenses for an emergency fund. Baby Step 4 would be both of you putting 15% of your income into retirement, and you’re not quite doing that yet. Saving for college comes next in Baby Step 5.

      WHY EVERY ONE OF YOUR DOLLARS DURING CORONAVIRUS NEEDS A NAME: DAVE RAMSEY

      I don’t teach people to put less than 15% of their income into retirement in order to pay off the house a little earlier.

      It’s tempting when you’ve got the debt-free bug, but it’s not the shortest distance between where you are right now and wealth.

      The average person who follows my plan—the Baby Steps—can pay off their home in about seven years.

      I don’t teach people to put less than 15% of their income into retirement in order to pay off the house a little earlier.

      You’ve got offense and defense to think about, Callen. Defense is getting rid of debt, and the offense is building wealth.

      You don’t want to let your guard down on offense in order to just play defense and get the house paid off. What you’re talking about is a normal reaction for lots of folks in your position, but it’s not what I would recommend right now.

      I love your fire, but follow the Baby Steps as they’re laid out.

      My goal isn’t just helping people get out of debt. It’s to teach people how to become wealthy as a result of being out of debt and encouraging them be outrageously generous along the way!

      —Dave

      Dave Ramsey is a seven-time #1 national best-selling author, personal finance expert, and host of "The Dave Ramsey Show," heard by more than 16 million listeners each week. Since 1992, Dave has helped people regain control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions.

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      Markets

      Why tech stocks are soaring after Election Day

      New York (CNN Business)Oil prices skyrocketed Monday after Pfizer revealed a vaccine breakthrough that could clear some of the black clouds hovering over the energy industry.

      US crude spiked 11% to $41.22 a barrel on relief over Pfizer’s announcement that its coronavirus vaccine is way more effective than even optimists had hoped for. Oil is on track for its best day since early May.
      The better-than-expected vaccine news is especially critical for the oil industry because the pandemic caused an unprecedented collapse in demand for jet fuel and gasoline.

        With Covid-19 infections spiking around the United States and Europe, investors feared new health restrictions that would hurt economic growth and thus demand for oil, which is the lifeblood of the global economy.
        Global stocks are soaring on hopes of a coronavirus vaccine
        “Oil is rallying like a mad thing, joining the dots between a potential vaccine and a rebound in global demand growth,” said Matt Smith, director of commodity research at ClipperData.

        Brent crude, the world benchmark, climbed nearly 9% to $42.80 a barrel.
        Pfizer (PFE) expects to have more than 1 billion doses of its vaccine next year, CEO Albert Bourla told CNN’s Dr. Sanjay Gupta Monday.
        The key is that Pfizer said its vaccine was more than 90% effective in preventing Covid-19. For context, the flu vaccine is just 40% to 60% effective. Some analysts had anticipated a coronavirus vaccine would only be 50% effective.
        “It is a great day for science. It is a great day for humanity when you realize your vaccine has 90% effectiveness. That’s overwhelming,” Bourla told CNBC Monday.

          For the oil industry, a vaccine would be a huge positive. Sweeping lockdowns last spring helped crash oil prices, with US crude going negative for the first time ever. Oil prices only rebounded after OPEC and Russia responded with record-breaking production cuts.
          However, the vaccine developments could remove pressure on a divided Congress to provide aid to the US economy, which is slowing down after a speedy summer recovery.
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          Categories
          Economy

          Why The Federal Reserve Wants to Keep Growing Its Balance Sheet

          The Federal Reserve has released its statement covering the November 4 and November 5 FOMC meeting. While the Fed always maintains that it is promoting its maximum employment and price stability, the Fed has made a policy shift in 2020 that looks to at least verbally be targeting slightly higher inflation. Some in the investing community have deemed this to be yet another tool to prevent deflation.

          Thursday’s statement included a note that economic activity and employment have both continued to recover from the depths earlier this year. Those both remain handily under their record-breaking levels at the start of 2020.

          One aspect that the Fed did target was that lower oil prices have been keeping consumer prices lower in general. There is also an admission that the path of the economy (looking forward) will depend “significantly on the course of the virus.” As long as the COVID-19 pandemic exists, the Fed’s view is that it will weigh on economic activity, employment, and inflation. And beyond the near-term the coronavirus brings considerable risks to the medium-term economic outlook as well.

          The FOMC Statement from November did offer some specifics about its disappointment with inflation. It said:

          With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.

          On top of a pledge to keep interest rates much lower for longer, the FOMC further committed to increasing its holdings of Treasury and Mortgage-Backed Securities over coming months at least at the same pace it has been buying.

          As of the latest report, the Fed’s balance sheet trends showed more than $7.1 trillion in total assets.

          Before treating quotes as promises, it is important to understand that Jerome Powell and hid Fed presidents have left wiggle room for either a better economy or a worse economy. It is also just another effort that includes much more than just the dual-mandate of price stability and full employment. The November FOMC statement said:

          The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

          As the equity markets have been rallying for the fourth straight day, more attention is being given toward the pending outcome or outcomes from the 2020 elections.

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          World News

          Former Democrat Rubin on why he is voting for Trump: 'No feeling of patriotism' on the left anymore

          Dave Rubin on why he voted for Trump: He is ‘last bulwark’ to stop the radical left

          Talk show host Dave Rubin discusses the state of the 2020 presidential race on ‘Fox & Friends.’

          President Trump is the last bastion to stopping the radical left, talk show host Dave Rubin said Thursday as the 2020 presidential election is five days away.

          “As most of your audience knows, I have been a lifelong Democrat. I have voted for Obama twice, I voted for Gore, I voted for John Kerry, this is the first time I ever voted for a Republican president,” the host of "The Dave Rubin Show" told “Fox & Friends.”

          “But, I see Trump, basically, as the last bulwark to stop the radical left,” Rubin said.

          ELECTION 5 DAYS AWAY: TRUMP, BIDEN TO HOLD DUELING RALLIES IN FLORIDA BATTLEGROUND

          Meanwhile, Trump and his Democratic rival Joe Biden are set to hold dueling campaign rallies in Florida — a crucial battleground state vital to winning the White House — with just five days left in the presidential race.  

          The candidates will appear in Tampa hours apart on Thursday, looking to make last-minute appeals and energize Central Florida voters ahead of the Nov. 3 election.  

          It comes as the economy remains a top issue on the minds of voters, and the Commerce Department released GDP data on Thursday showing the U.S. economy grew at a record-shattering pace in the third quarter as businesses reopened from the coronavirus shutdown — something Trump is likely to highlight as Biden attacks him over his handling of the pandemic.

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          Rubin said that though Biden may not be radically left and his positions are “unclear,” the “progressive-left” movement will have influence if he takes office. He also said there is "no feeling of patriotism" on the left anymore.

          “Joe Biden, himself, may not be radically left. It is a little unclear what Joe Biden is and what he stands for at this point, but, what is coming behind him, what the future of the Democratic Party is is this progressive left, this collectivist left, the AOC-Ilhan Omar Democrats, and he is just the guy that they are smuggling it in with,” Rubin said.

          “I think that that is the worst set of ideas. Possibly, it is counter to everything that America is all about. And, on top of that, by the way, this isn’t just a counter vote, I think Donald Trump has actually done a lot of good."

          Fox News' Megan Henney contributed to this report.

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          Categories
          World News

          Why the media are suddenly chattering about Joe Biden’s cabinet

          Fox News Flash top headlines for October 14

          Fox News Flash top headlines are here. Check out what’s clicking on Foxnews.com.

          Presidential candidates are often warned not to measure the drapes, a reminder that first they have to actually win the election before sitting in the Oval Office.

          Maybe the media could use a similar reminder, based on a recent spate of stories.

          The subject is who will serve in President Biden’s Cabinet.

          With less than three weeks before Election Day, journalists want to know, or are suggesting, who would work at the highest levels of the Biden administration.

          The caveat here, of course, is that there may not be a Biden administration. There were a spate of stories in 2016 forecasting the Hillary Cabinet which, well, turned out to be a fantasy.

          FACEBOOK AND TWITTER REDUCING DISTRIBUTION OF NEW YORK POST HUNTER BIDEN STORY

          The media are obsessed with polls, and WashPost/Fox/NBC and other surveys are giving Biden a lead of 10 to 16 points. A bunch of other surveys show the former vice president ahead, by much closer margins, in the crucial battleground states, sometimes just outside the margin of error.

          But I’ve always regarded the Cabinet speculation game as a tell for who most media people believe will be sworn in the following January. Most journalists have clearly convinced themselves, based on polls and a gut feeling that the country must be as sick of President Trump as they are, that Biden will be the one staffing the government.

          Sure, it’s a parlor game, and ultimately harmless. But like stock futures, it reflects a mindset as to where the political market is heading. And lately there’s been no shortage of day trading.

          The latest round began with Axios saying that Andrew Cuomo is in line to be Biden’s attorney general, and that aides “at the National Governors Association, which Cuomo chairs, are looking into contingencies for replacing him,” according to two unnamed sources.

          What’s more, “the governor is being pushed for the job and that Biden would consider him, based on their long friendship.”

          Anyone who knows the New York governor–I first interviewed him more than three decades ago–has a hard time imagining him abandoning the Empire State in the middle of his third term to be a Cabinet member. He’s already done that, as Bill Clinton’s HUD secretary. It might be different if the former state attorney general had moved on from Albany.

          And even Axios notes that Biden would be “under pressure to name a racially and gender-diverse Cabinet.”

          Then CNN followed up, noting Cuomo’s insistence that he has “no interest in going to Washington.” And the story pointed out that CNBC had already floated Elizabeth Warren, now a phone pal of Biden’s, as a “compelling contender for Treasury secretary.” But she’d have to give up her seat in a tightly contested Senate (see what happens when you go too far down these rabbit holes?).

          SUBSCRIBE TO HOWIE'S MEDIA BUZZMETER PODCAST, A RIFF OF THE DAY'S HOTTEST STORIES

          Politico’s Playbook was up next, and while noting that the Biden campaign says it isn’t “preparing anything,” the column has some “very, very informed chatter” (wink wink): 

          Ron Klain, who’s worked for Biden more than once, as chief of staff (that seems a safe bet). Sen. Doug Jones for attorney general (which assumes he loses his Alabama reelection bid). Michele Flournoy for Defense secretary. Several contenders, including Susan Rice, for secretary of State. Pete Buttigieg would be either VA secretary or U.N. ambassador. And on and on.

          And for good measure, the Washington Times reports that a Washington lobbying firm says Biden might name Mitt Romney–to something–as “an olive branch to the GOP establishment.”

          If these stories have any importance, they are a way for potential Cabinet members, allies and interest groups to push for their favorites–and push back against those deemed ideologically unacceptable.

          What about a Trump second-term Cabinet? That’s not getting much media attention.

          But when Newsmax host Greg Kelly asked whether Bill Barr would still be around, the president said: “"I have no comment. Can't comment on that. It's too early," Trump said. "I'm not happy with all of the evidence I have, I can tell you that. I'm not happy.”

          Apparently the Democrats don’t have a monopoly on Cabinet intrigue.

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