Stock Markets, Federal Agencies to Close Wednesday for Day of Mourning
*By Chloe Aiello*
Stock markets and the federal government will close on Wednesday as the U.S. marks a national day of mourning for George H.W. Bush, the 41st president.
Bush died at his home in Houston Friday night. He was 94.
President Trump has also ordered that flags on public grounds fly at half-staff for 30 days as a show of respect for the late president, who will lie in state in the U.S. Capitol before a Wednesday funeral service at Washington National Cathedral. Later, Bush will be memorialized in Houston and buried at his presidential library in College Station, Texas.
Trump's relationship with the Bush family has been marked by animosity since his bitter campaign against Jeb Bush for the 2016 Republican presidential nomination. As president, Trump has mocked the elder Bush for his famous "thousand points of light" philosophy that called for a national campaign of volunteerism.
Despite his strained relationship with the Bush family, the White House said Trump will attend the state funeral with his wife, Melania. Trump also celebrated Bush's legacy in statements after his death.
"President George H.W. Bush led a long, successful and beautiful life. Whenever I was with him I saw his absolute joy for life and true pride in his family. His accomplishments were great from beginning to end. He was a truly wonderful man and will be missed by all," [he wrote on Twitter.](https://twitter.com/realDonaldTrump/status/1068826073775964160)
Bush's influence on American politics far transcended his one term as president. The patriarch of a political dynasty, he fathered another president, his son George W. Bush, and a two-term governor and presidential candidate, Jeb Bush. His foreign policy legacy included presiding over the over the end of the 40-year Cold War and navigating the delicate political climate that followed, including the collapse of the Soviet Union. He also united a coalition of more than 30 countries to end the invasion of Kuwait by Saddam Hussein's Iraq during the first Gulf War. His decision not to remove Hussein from power laid the groundwork for the 2003 invasion of Iraq by George W. Bush.
George H.W. Bush's long career in public life began with his decorated service as a Navy pilot in WWII. That was followed by more than four decades in government, including as a congressman from Texas, ambassador to the United Nations, U.S. envoy to China, director of the C.I.A., and vice president to Ronald Reagan.
George W. Bush issued a statement late Friday confirming his father's death, just eight months after the death of his wife of more than 70 years, Barbara Bush.
"Jeb, Neil, Marvin, Doro, and I are saddened to announce that after 94 remarkable years, our dear Dad has died. George H.W. Bush was a man of the highest character and the best dad a son or daughter could ask for. The entire Bush family is deeply grateful for 41's life and love, for the compassion of those who have cared and prayed for Dad, and for the condolences of our friends and fellow citizens," the 43rd president wrote.
In recent years, Bush suffered from numerous health problems, including Parkinson's disease that kept him wheelchair bound and a bout of severe pneumonia in 2013. Following his wife's April funeral, Bush was hospitalized with a severe blood infection. Still, the former president remained active late into his life ー famously celebrating his 90th birthday in 2014 with a tandem skydive.
Tech giants Meta, Amazon, Alphabet, and Apple are faced with a bipartisan antitrust legislation effort underway in the Senate Judiciary Committee. The companies stand accused of promoting their own goods and services over smaller competitors on their platforms, holding too much monopolistic power via their app stores and services. Adam Kovacevich, founder and CEO of Chamber of Progress, a technology industry trade group, joined Cheddar to argue that the bills that are being debated currently could end up hurting consumers, rather than helping.
Concerns over inflation have become one of the biggest worries for executives. A survey from The Conference Board shows that more than 900 CEOs consider inflation a top tier concern, a major shift from last year's survey that had it as a low-level concern. Rebecca Ray, Executive Vice President, Human Capital, The Conference Board joined Cheddar's Opening Bell for more.
Jordan Zakarin, Media Producer at A More Perfect Union, joined Cheddar News to break down the latest from Colorado, where at least 8,700 Kroger employees walked off the job in demand of increased benefits and wages.
With the 2022 Winter Olympics in Beijing rapidly approaching, clouds of controversy continue to swirl around China's treatment of the Uyghur Muslim minority population, its surveillance state, and security for visiting athletes. Phelim Kine, China correspondent for Politico, joined Cheddar to break down the big storylines surrounding the Beijing Games and highlight what he saw as the complete disregard by top corporate sponsors like P&G, Airbnb, Intel, Visa, and Coca-Cola, for the controversies. "They spend $100 million for every Olympics that they sponsor, and they have frankly shown absolute willful indifference to any type of entreaty to essentially be more vocal about their concerns about human rights in China," he said. Kine also touched on the data privacy fears for athletes as visiting contingents are being told to carry burner phones to avoid security risks.
Texas's six-week abortion ban remains in effect after a federal appeals court ruling on Monday. The U.S. court of appeals for the fifth circuit temporarily transferred the case to the Texas Supreme Court, which is expected to leave the dispute in limbo for months to come. Katie Barlow, attorney and media editor of SCOTUSblog, joins Cheddar News to discuss.
Hugh Odom, founder and president of Vertical Consultants, shared his expertise on telecommunications with Cheddar on the safety issue raised about 5G deployment by airlines. The installation was partially delayed again on Tuesday as the airlines warned of potentially catastrophic delays in a letter to the Biden administration. Later, both Verizon and AT&T relented and put a pause on some of the implementations. "The first thing the Biden administration needs to do is get everybody in the room and say, look, aviation industry, identify the problem — wireless industry, come up with a solution," said Odom.
Dave Levinthal, deputy Washington Bureau chief at Insider, joins Cheddar News to discuss Gallup's new survey that reveals more Americans leaned Republican by the end of 2021.
Women's March ATX rally, Saturday, Oct., 2, 2021, at the Texas State Capitol in Austin, Texas. An expected decision by the U.S. Supreme Court in the coming year to severely restrict abortion rights or overturn Roe v. Wade entirely is setting off a renewed round of abortion battles in state legislatures. (AP Photo/Stephen Spillman, File)
Inflation in the U.S. is only getting hotter. The 12-month inflation rate for December 2021 was the highest in nearly 40 years - continuing the trend seen at the close of 2021.
The Consumer Price Index increased 7% in the 12-month period ending in December, marking the fastest increase since 1982. Scott Wren, Senior Global Market Strategist at Wells Fargo Investment Institute, joined Cheddar's Movers for more.