Stock market news today December 5

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People aren’t paying their credit cards and more accounts
are being shut down, and it could be a sign that ‘economic clouds
are darkening’

The economy is robust, unemployment is sitting at 3.7%, its
lowest mark in
nearly half a century, and interest rates,
though moving upward, are still relatively low.

So
why are credit-card delinquencies, application rejections, and
involuntary account closures all on the upswing?

That’s what the Federal
Reserve Bank of New York would like to know.

The Fed
released the results this week of its
“Credit Access Survey” — a quarterly report on US borrowers — and
it surfaced a couple of alarming trends that suggest credit-card
issuers are getting skittish and paring back risk: Both
credit-card rejection rates and involuntary account closures are
on the rise.

Wall Street giant Bloomberg LP could be put up for sale
if owner Mike decides to run for president

Michael Bloomberg, the founder of the eponymous financial data
and news operation,
said he is likely to sell his company if he runs for president,
according to an interview he gave to a local radio station.

Bloomberg said he would either sell the company or put it in a
blind trust, but that at his age, 76, it makes more sense to sell
it, according
to an interview he gave to Radio Iowa.

“I think at my age, if selling it is possible, I would do that,”
Bloomberg said, adding that at the very least he wants to sell
the company before he dies. “At some point, you’re going to die
anyway, so you want to do it before then.”

Internal emails show Mark Zuckerberg saying what’s good
for the world is not necessarily what’s good for
Facebook

Facebook CEO Mark Zuckerberg once privately made a stark
admission: What’s good for the world isn’t necessarily what’s
good for Facebook.

On Wednesday, the UK Parliament
released a trove of confidential internal Facebook emails it
seized from an app developer who had obtained them as part of a
legal battle with the Silicon Valley tech giant. It was an
extraordinary move, with the documents supposed to remain under
seal by order of a California judge. The publication of the
documents has provided an unprecedented window into the inner
workings of Facebook’s executive team and their ruthless approach
to competition.

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