News From the Control Tower - 9/16/2020

News from the Control Tower: Our weekly curated list of news stories affecting you and your finances.

This week’s reads include:

1. Exxon Used to Be America’s Most Valuable Company. What Happened?

The oil giant doubled down on oil and gas before the pandemic crushed demand

2. ANALYSIS-Nvidia acquisition of Arm throws company into tech spat between U.S. and China

Nvidia Corp’s $40 billion acquisition of chip designer Arm is set to catapult it into the fray of geopolitical tensions between Beijing and Washington, analysts and lawyers say.

3. Medicaid rolls swell amid the pandemic’s historic job losses, straining state budgets

The spiraling demand for Medicaid is colliding with a diminished ability by the state to pay for it. With Nevada confronting a $1.2 billion deficit and a requirement to balance its budget, the legislature has taken steps to slow the program’s spending — notably, curbing payments to doctors, hospitals and others who care for Medicaid patients to save $53 million through next summer.  

4. Military Forced Into Payroll Tax Deferral; 1.3 Million Can’t Opt-Out

The 1.3 million active-duty personnel, as well as hundreds of thousands of civilian military employees, are being forced to take on additional financial risk.

5. The Biggest Money Mistakes People Make in a Recession

Facing a downturn is hard enough without falling into the common traps in the way we save, invest and spend our money

6. A Free Market Manifesto That Changed the World, Reconsidered

Milton Friedman’s libertarian economics influenced presidents and inspired “greed is good.” So what did Friedman get right — and wrong? Today’s business leaders and economists weigh in.

Bonus:

Chuck E. Cheese wants to destroy about 7 billion prize tickets amid bankruptcy

So many Skee-Ball games unplayed.