华尔街日报-2019-3-7.pdf

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1、* THURSDAY, MARCH 7, 2019 VOL. CCLXXIII NO. 54 WSJ.com HHHH $4.00DJIA 25673.46 g 133.17 0.5% NASDAQ 7505.92 g 0.9% STOXX600 375.48 g 0.04% 10-YR.TREAS. 9/32, yield 2.692% OIL $56.22 g $0.34 GOLD $1,284.90 $2.90 EURO $1.1309 YEN 111.77FacebookPivots toPrivateSharingService will offerencrypted messagi

2、ngand communicationsthat disappearBY PAUL KIERNANAND JOSH ZUMBRUNWASHINGTONHouseDemocratic leaders put onhold a vote to denounce anti-Semitism as divisions grewwithin the party over the re-sponse to a freshman law-makers repeated criticism ofU.S. policy toward Israel, thelatest issue to roil the par

3、tysince it gained a majority inNovembers elections.At issue were commentsfrom Rep. Ilhan Omar (D.,Minn.), who last week spoke ofpeople who “push for alle-giance to a foreign country,”which many listeners viewedas referring to Israel. In aclosed-door meeting of Demo-crats on Wednesday, somelawmakers

4、defended Ms.Omar, one of two Muslimwomen in Congress, and ob-jected to party leadershipmoving to vote on an anti-Semitism resolution that wasan implicit rebuke of her com-ments.A draft of the resolution byHouse Speaker Nancy Pelosi(D., Calif.) and other top Dem-ocrats, reviewed by The WallStreet Jou

5、rnal, didnt nameMs. Omar, but condemned “themyth of dual loyalty, includingallegations that Jews shouldbe suspected of being disloyalneighbors or citizens.”Rep. Jahana Hayes of Con-necticut was among the Demo-cratic lawmakers who said inthe meeting that they objectedto finding out about the reso-lut

6、ion from news reports. Anaide in the room said mem-bers also were concernedabout how quickly leadershipmoved to set the vote andnoted that Ms. Omar has facedanti-Muslim animus since ar-riving in Congress andshouldnt be singled out.Others called WednesdayPleaseturntopageA4After 108 Days Behind Bars,

7、Ex-Nissan Chairman Ghosn Is FreedTAKAAKIIWABU/BLOOMBERGNEWSOUT ON BAIL: Former Nissan Motor Co. Chairman Carlos Ghosn, shown after leaving his lawyers office Wednesday, was freed from aTokyo jail where he had been detained since Nov. 19. Released on bail, he vowed to fight the allegations of financi

8、al misconduct. B1Marie Kondo Craze IsntSparking Joy for Thrift StoresiiiTidying Up trend is burying donationcenters with junky goods nobody wantsOn a recent gray day, AnnCurtis loaded up the back of herstation wagon with bric-a-brac,eager to reclaim her house afterthe youngest ofher three daugh-ters

9、 left for col-lege. “Im smittenwith the Kondobug,” she said, re-ferring to the de-cluttering guruMarie Kondo. “Imdesperate to get inthe loft, the shed,the garage and sort, sort, sort.”Included in her haul: familygames that hadnt been playedin years, handbags past theirprime, shoes, ornaments andbedd

10、ing.She drove to her local thriftstore in Guildford, a large townjust outside London, where anelderly man appeared, she said,looking grumpy and sweaty.“I have some things for you,”she said, with a smile. The manrolled his eyes, she said, and re-plied: “Hasnt everyone?”It seems Marie Kondo isntsparki

11、ng joy for thrift-store workers.Since the TV show“Tidying Up With Ma-rie Kondo” made itsdebut on Netflix inJanuary, used-goodsstores have been inun-dated with donations.The problem: massquantities of dirty,worn-out clothes, ugly trinketsand unsellable appliances.“We love donations becauseits a thriv

12、ing part of our busi-ness,” said David Braddon, a se-nior district sales manager forGoodwill in Houston. But theyshould be in good condition, andPleaseturntopageA10BY RACHELPANNETTAND RHIANNONHOYLEOld plush toya colonel in the Syrian army. “I knew thatAssad would not leave until he had demol-ished t

13、he entire country and blood wouldrun in the streets.”Today, after nearly eight years of conflict,Mr. Assad is on the verge of victory. Hisforces have clawed back control over muchof the country, with the help of Russian airpower and Iran-backed foreign militias. De-spite his governments documented a

14、troci-ties, Arab states that long shunned it are be-ginning to normalize relations, evidentlyresigned to the regimes survival.The United Arab Emirates and Bahrainhave reopened embassies. Sudans PresidentOmar al-Bashir recently traveled to Damas-cus to meet with Mr. Assad, the first visit byPleasetur

15、ntopageA10Before the phrase was spray-painted onwalls and stenciled on cars, Syrian militaryofficers heard it in meetings to discuss howto quell an antigovernment uprising sweep-ing Syria in 2011.“Assad or we burn the country.”The stark words warned those who woulddefy President Bashar al-Assad. And

16、 whenprotests morphed into war, Mr. Assad,backed by hard-core members of his Alawitereligious sect, made good on the threat, pre-siding over much of Syrias destruction tomaintain his grip on power.“In every meeting we had, the Alawite of-ficers would say itAssad or we burn thecountry,” recalled Abdu

17、ljabar al-Akidi, thenBYRAJA ABDULRAHIMFacebook Inc., which becamethe worlds biggest social net-work by encouraging people toshare photos and messagespublicly, said it is now bettingon the opposite: that the futureof social media lies in privatemessaging and small-groupchats.In a major shift in strat

18、egy,Facebook plans to offer en-crypted messaging across all ofits major products and allowpeople to make private conver-sations ephemeral, Chief Execu-tive Mark Zuckerberg wrote ina blog post. It also will developproducts within those messag-ing servicessuch as paymentsand e-commercethat eventu-ally

19、 could allow it to diversifyfrom the ad-supported businessmodel that led to a number ofprivacy missteps, he said.In an interview, Mr. Zucker-berg couched the shift as a re-sponse to user demand, sayingpeople increasingly prefer tocommunicate in small groupsor one-to-one in the style of itsWhatsApp m

20、essaging platform,rather than blasting theirthoughts to a public audience,as most users do on its Insta-gram and the companys flag-ship Facebook platform.“I dont view this as replac-ing the public platform. Face-book and Instagram will con-tinue to get more important,”Mr. Zuckerberg said. But “there

21、is as rich of a platform to de-velop around the intimate andPleaseturntopageA2BYJEFFHORWITZWASHINGTONThe U.S.trade deficit in goods hit a re-cord in 2018, defying PresidentTrumps efforts to narrow thegap, as imports jumped andsome exports, including soy-beans and other farm products,got hammered by

22、retaliationagainst U.S. trade policies.The deficit in goods grew10% last year to $891.3 billion,according to Commerce De-partment data releasedCohens RoleIn Pardon BidFormer Trump lawyer Cohendirected his attorney to askabout pardon. A5DemocratsSplit onBigotryResolutionBY NATALIE ANDREWSAND KRISTINA

23、PETERSONWednesday. U.S. trade gapswith China and Mexico, alreadythe nations largest, reachednew records.The picture looked less direwhen services including tour-ism, higher education andbanking are counted, thoughthis deficit still deterioratedmarkedly. With services in-cluded, the trade gap grew 12

24、%last year to $621 billion, thewidest since 2008.Fast economic growth,driven in part by fiscal stimu-lus, led to a 7.5% increase inimports last year, marked byincreased spending on con-sumer goods, industrial sup-plies and capital goods. Ex-ports grew too, but by 6.3%and from a lower overall level.“

25、The fact that the U.S. econ-omy is doing very well is themain reason the trade gap hasrisen,” said Kenneth Rogoff, aprofessor at Harvard Univer-sity and former chief econo-mist at the International Mone-tary Fund.Mr. Trump, a Republican,has imposed tariffs on about$300 billion worth of goodsthat the

26、 U.S. imports fromother countries, particularlyChina, in hopes of giving U.S.producers an edge and narrow-ing a deficit he has describedas bad for the economy.He has also publicly lam-basted companies that out-sourced jobs, renegotiatedPleaseturntopageA5Trade Deficit in Goods Hits RecordGap widens,

27、fueled bystrong U.S. growth,despite Trumpsefforts to narrow itTariffTroubleU.S.internationaltradebalancesSource:CommerceDepartment$4001,0008006004002000200billion2000 10GoodsandservicesGoodsServicesAssadonBrinkofVictoryAfterOverseeingSyriasRuinThe regime and its loyalists warned eight years ago at t

28、he start ofthe countrys unrest: Assad or we burn the countryNEW TRICKS TOGETTING THEBEST AIRFARESTHE MIDDLE SEAT, A11dingbat.diamondWTO members open talks onglobal digital commerce. A8Guarantee applies to same data warehouse or transaction processing workload run on Oracle AutonomousDatabase Cloud a

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31、: Need assistance with your subscription?By web: ; By email: By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at yet in spiritit marks a historic pivot in thefocus of capital taxation, fromgrowth to inequality.While there is no “right”level of inequality, it standsnear historic highs, andD

32、emocrats are unified inwanting to reduce it. Taxingwealth is an immensely ap-pealing, nearly surgicalstrike at its most glaringmanifestation. Yet it may notbe an efficient response.Income consists of moneyreceived each year in theform of wages, benefits,interest, dividends, capitalgains and governme

33、nt trans-fers. Wealth consists of in-come youve saved over yourlifetime or inherited, then in-vested in assets such as cash,bonds, stocks and property.Wealth has always beenmore skewed than income,and the imbalance has grownsince the financial crisis.The median U.S. familys in-come, adjusted for inf

34、lation,fell 4% between 2007 and2016, while its wealth plum-meted 20%, according to Fed-eral Reserve figures. For therichest 10% of families, me-dian income rose 9% whilewealth leapt 27%. More than80% of households had lesswealth in 2016 than on the eveof the last recession, in greatpart because thei

35、r homestheprincipal asset for most fami-lieswere below precrisis val-ues, whereas stockswhoseownership is concentratedamong the richhave roughlydoubled since 2007.Two broader economicforces accentuated the trend:low interest rates, whichboost property and stockprices; and unusually highprofits. Trea

36、sury estimatesthat 52% of all investment in-come this year will flow tothe richest 1% of families.This poses a number ofchallenges. For the middleclass, stagnant wealth limitstheir ability to buy a home,pay for college or respond toa financial emergency.Wealth imbalances may alsoundercut economic gr

37、owthbecause assets, which typi-cally rise in response to in-terest rate cuts, are concen-trated among people whoare less inclined to spend.and 1997. In the subsequenteight years, the wealthiestfamilies net worth rose 30%,according to a study by Ka-trine Jakobsen and three co-authors distributed last

38、 yearby the National Bureau ofEconomic Research. The au-thors attribute most of thisto increased saving.Alan Auerbach, an econo-mist at the University of Cal-ifornia at Berkeley, thinksthis shows a U.S. wealth taxwould reduce wealth andsaving by enough to hurt in-vestment and economicgrowth. This mi

39、ght be offsetif the U.S. turns to foreignsavings to finance an invest-ment. This, however, meansforeigners would take a big-ger share of U.S. income.There may be more effec-tive ways to tax wealth. Alarge chunk of capital gainsare never taxed becauseshareholders bequeathshares to their heirs without

40、selling them. PresidentObama proposed in one ofhis budgets taxing unrealizedcapital gains at death. AdamLooney, a Brookings Institu-tion economist who workedon the proposal, says itwould have raised roughly$200 billion over a decade.An even better responsewould be to attack the con-centration of eco

41、nomic powerthat results in monopoly-likeprofits by reducing barriersto competition. Competitionpolicy, unlike tax policy, facesno trade off between equalityand growth.WealthInequalityOutrunsIncomeInequalityThedistributionofwealthhasbecomemuchmoreunequalinthelastdecade,boostingincomesforownersofshare

42、sandotherassets.Incomebyfamilyquintile/decile*Networthbyfamilyquintile/decile*DistributionofaggregateincomebydecileSources: Federal Reserve (income,net worth); Treasury Department (distributionof income by source)*Median values, in constant 2016 dollars Estimated for 2019$CID47trillion CID16CID28 CI

43、D42 CID40 CID180-10%10-20%20-30%30-40%40-50%50-60%60-70%70-80%80-90%90-100%GovernmenttransfersLaborincomeCapitalincome$300050100150200250thousand1990 2000 10Lowest20%2039%4059%6079%8089%90100%$1.7500.250.500.751.001.251.50million1990 2000 10ing demands force Apple topay fees “for technologybreakthro

44、ughs they have noth-ing to do with.”Qualcomm has defended itsfees as in line with industrypractices. But its opponentssay Qualcomm is crying wolfwith its national-security ar-gument, a tactic it was ac-cused of using to fend off itsacquisition by Broadcom Inc.last year.“Theyve had a real smoke-scree

45、n approach,” said TedBoutrous Jr. of law firm Gib-son, Dunn the Republican-controlledSenate is likely to followcourse. Mr. Trump is then ex-pected to issue a veto of theirmeasure, his first. His effortsto divert border-wall fundsface legal challenges as well.House Homeland SecurityCommittee Chairman

46、 BennieThompson (D., Miss.) de-scribed the emergency as non-existent on Wednesday andthreatened to use his sub-poena power to obtain docu-ments related to the separa-tion of families at the border.Rep. Mike Rogers (R., Ala.),the top Republican on thepanel, defended the Trumpadministrations efforts.

47、“Wehave to stop the flow of illegalimmigrants and community-destroying drugs across oursouthwest border.”WASHINGTONHomelandSecurity Secretary KirstjenNielsen told CongressWednesday that the U.S. facesa “real, serious and sustainedcrisis at our borders” and de-fended President Trumps dec-laration of

48、a national emer-gency to obtain more fundsfor border barriers.In the House Homeland Se-curity committee, the majorityDemocrats questioned herabout her advice to Mr. Trumpon his national emergencydeclaration and the adminis-trations broader immigrationpolicy.“This is not a manufacturedcrisis. This is

49、 truly an emer-gency,” said Ms. Nielsen. Ap-parently responding to accu-BY LOUISE RADNOFSKYAND JOSHUA JAMERSONJudiciary Committee to inves-tigate grounds for impeachingPresident Trump, a Republi-can. Democratic leaders haverepeatedly said they want towait for special counsel RobertMueller to complete his inves-tigation of Russian interfer-ence