State Lawmakers Try to Crack Down on ‘Ghost Jobs’

SPEAKER_1 (0:00)

This message is presented by KPMG Private. We bring together audit and assurance, tax and advisory services designed specifically for private companies. With experienced professionals, advanced technology and the reach of a global network, we support progress at the pace your business demands.

Alex Ossola (0:18)

President Trump's latest attempt at lowering beef prices is getting pushback from the cattle industry.

Plus, job seekers are tired of applying to ghost jobs. Some state lawmakers are trying to do something about it. And Bitcoin just had its best week in two years. Is the crypto winter over?

Vicky Ge Huang (0:36)

It's almost like the investors are trying to get ahead of that eventual Wall Street rush of money into the crypto space.

Alex Ossola (0:45)

It's Friday, August 21st. I'm Alex Ossola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.

We start today's show in Washington, where the Supreme Court said that President Trump can keep building his White House ballroom for now. The Supreme Court's interim measure has no expiration date and it gives the justices more time to consider a lower court's order. That court said work should stop. The president says the 90,000 square foot project is needed for national security. Construction has been nearly around the clock and the government says that the new complex is about two-thirds complete already. A longer-term decision from the Supreme Court could come at any time.

President Trump is making more moves to ease high prices on beef. He said on social media today that for the next 90 days, the US will allow up to 300,000 metric tons of ground beef to be imported without triggering higher tariff rates. He added that it comes with a commitment that this beef will be sold at 25% below current market prices. It's Trump's latest attempt to show Americans that his administration is taking steps to tame food inflation. And record high beef prices have been among the most stubborn sources of it for more than a year. But American cattle and rancher groups have pushed back against importing beef, saying it'll make it harder to rebuild the US cattle herd. The White House says Trump will sign an executive order within the next two weeks on the import plan. And we're exclusively reporting that about a dozen high-ranking officials were let go at Fannie Mae this week. Fannie backs major portions of the mortgage market. As news of the departures of the government mortgage giant spread today, there were worries about risks to Fannie's ability to provide stability to prices and activity in the industry. The Federal Housing Finance Agency oversees Fannie. The head of the FHFA, Bill Poulty, said on social media this afternoon that technology is providing opportunities to remove unnecessary processes and personnel. Spokespeople for the FHFA and Fannie Mae didn't respond to a request for comment.

In Markets today, bond yields held near their highest levels in over a decade, despite the efforts of Treasury Secretary Scott Besson to contain borrowing costs. The three major indexes also rose, with the Dow leading the games. It closed up 1%.

For the week, though, the market benchmarks all closed in the red.

Meanwhile, Bitcoin just had its best week in more than two years. It ended up 22% after peaking earlier today, just under $80,000. Other major cryptocurrencies are also seeing a boost. One reason why? Vicky Ge Huang, who covers cryptocurrencies for the journal, says that the announcement that the government would buy back billions of dollars worth of bonds has made some investors think that lower Treasury yields are coming. That means lower returns on their investments, and that's pushed them to look for other investments that could give them higher returns.

Vicky Ge Huang (3:44)

It's driven investors toward higher yielding, more speculative investments such as Bitcoin and gold. We've seen more than one billion of inflows into Bitcoin ETFs.

Alex Ossola (3:58)

Another factor contributing to Bitcoin surge. On Wednesday, President Trump, who has made a lot of money from his crypto ventures, met with industry executives at the White House and pushed for crypto legislation.

Vicky Ge Huang (4:09)

President Trump, he urged Congress to pass the Clarity Act, which is this bill that would be the first comprehensive regulatory framework for all digital assets. So people are rushing into Bitcoin now, because if the Clarity Act were to be passed and signed into law, that would encourage a lot of Wall Street firms like banks and asset managers to get into the digital asset space, either by launching their own products or offering their own services to clients. And that just means more money will pour into the digital asset space, driving up the prices of Bitcoin and other tokens. So it's almost like the investors are trying to get ahead of that eventual Wall Street rush of money into the crypto space.