Former presidential candidate Herman Cain attends the premiere of the film "No Safe Spaces" at TCL Chinese Theatre on November 11, 2019 in Hollywood, California. (Photo by Michael Tullberg/Getty Images)
Updated 11:32 pm ET
Herman Cain, former Republican presidential candidate and former CEO of a major pizza chain who went on to become an ardent supporter of President Donald Trump, has died of complications from the coronavirus. He was 74.
A post on Cain's Twitter account on Thursday announced the death. Cain had been ill with the virus for several weeks. It's not clear when or where he was infected, but he was hospitalized less than two weeks after attending Trump's campaign rally in Tulsa, Oklahoma, in June. Cain had been co-chair of Black Voices for Trump.
"We knew when he was first hospitalized with COVID-19 that this was going to be a rough fight," read an article posted on the Twitter account. "He had trouble breathing and was taken to the hospital by ambulance. We all prayed that the initial meds they gave him would get his breathing back to normal, but it became clear pretty quickly that he was in for a battle."
Cain, who had hoped to become the first Black to win the GOP nomination, was initially considered a long-shot candidate. His bid was propelled forward in September 2011 when he won a straw poll vote in Florida, instantly becoming an alternative candidate for Republican voters concerned that former Massachusetts Gov. Mitt Romney was not conservative enough.
But he struggled to respond to accusations that he had sexually harassed several women and — in a video that went viral on the Internet — rambled uncomfortably when asked whether he supported or opposed President Barack Obama's policies in Libya. There were also gaffes on abortion and torture that led Cain's critics to question whether he was ready for the White House.
The centerpiece of Cain's campaign was his 9-9-9 plan, which would have replaced the current tax code with a 9 percent tax on personal and corporate income and a 9 percent national sales tax. Cain said the plan's simplicity would stimulate the economy by giving investors certainty. A Baptist preacher who made money giving motivational speeches, Cain had a talent for selling his ideas to conservative audiences with a straightforward style.
"If 10 percent is good enough for God, 9 percent ought to be good enough for the federal government," he told crowds.
President Joe Biden announced Friday that along with the European Union and the Group of Seven countries, the U.S. will revoke “most favored nation” trade status for Russia over its invasion of Ukraine.
The consumer price index jumped 7.9 percent in February, marking a 40-year high for inflation in the U.S. This report comes less than a week ahead of the Fed's all important meeting. Kayla Bruun, Economic Analyst, Morning Consult, joined Cheddar's Opening Bell to discuss.
Markets opened lower amid hotter-than-expected inflation data, which surged to its highest level in nearly 40 years. Lisa Erickson, Senior Vice President and Co-Head, Public Markets Group, U.S. Bank joined Cheddar's Opening Bell to discuss the significance of this figure ahead of the Federal Reserve's FOMC meeting.
As the Russia-Ukraine war disrupts the global economy, sending markets on a roller coaster ride, gold remains hovering around $2,000 an ounce. Often seen as a safe haven in times of economic crisis, Jason Cozens, founder and CEO of gold-as-currency platform Glint Pay, joined Cheddar’s Opening Bell to discuss the latest gold rush, how the war is impacting prices, and how people can use Glint to trade in the precious metal. “You know the stock markets and cryptocurrencies are risky investments," he stated. "Whereas gold is just reliable money. It's no one else's liability if you own."
As Western sanctions weigh on Russia's economy, the country is at the risk of defaulting on its debt. Fitch ratings agency has downgraded Russia's debt for the second time in a week, warning a "sovereign default is imminent." Jesse Wheeler, Economic Analyst at Morning Consult, explains what that means, and how it could have ripple effects across the global economy.
Uber Lyft and Doordash are all set to spend $1 million dollars on a campaign and efforts to stop lawmakers from classifying their gig workers as employees. The campaign features TV and online ads highlighting Washington area workers who say they prefer the flexibility of being an independent contractor rather than following the model of a company employee. Professor at NYU. Stern School of Business and author of the sharing economy, Arun Sundararajan, joined Cheddar to discuss more.
President Biden is looking at unlikely partners to buy oil, after banning all Russian energy imports. Among them is Venezuela, a regime that has been sanctioned by the U.S. since 2019. Ariel Cohen of the Atlantic Council explains to Cheddar News why that might not be a bad choice.
