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Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

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'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
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Nike Yanks ‘Betsy Ross Flag’ Sneakers After Colin Kaepernick Intervenes

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July 2, 2019, 5:12 AM ET
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Nike Inc. pulled Fourth of July sneakers with a “Betsy Ross Flag” from stores after former NFL quarterback Colin Kaepernick complained the company shouldn’t use a symbol he and others see as offensive, the Wall Street Journal reported.

The Air Max 1 USA was intended as a celebration of U.S. Independence Day, with a flag that featured 13 white stars in a circle on the heel. The design was created during the Revolution and is often called the Betsy Ross Flag.

“Nike has chosen not to release the Air Max 1 Quick Strike Fourth of July as it featured an old version of the American flag,” said Mark Rhodes, a spokesman for the company, in an email Monday.

Betsy Ross's original 13-star flag appears on the heel of the Nike Air Max 1 "Independence Day" https://t.co/yMSLtbhit2 pic.twitter.com/kVZlc168i0

— Sneaker News (@SneakerNews) June 25, 2019

It’s the second time in two weeks that company has had to pull shoes out of political concerns. Last week, Nike withdrew from China a line of limited edition shoes after the Japanese designer behind them posted in support of the Hong Kong protests against a proposed extradition bill.

Nike has asked merchants to return the shoes, without saying why, the Journal reported, citing people it didn’t identify. The shoes aren’t available through the company’s apps or websites, the newspaper said.

Kaepernick, who endorses Nike products, contacted the company after the shoes were posted online, saying the flag is an offensive symbol because of its connection to an era of slavery, the newspaper said.

The former 49ers quarterback hasn’t played since 2016, when he began kneeling during the national anthem to protest racial inequality. Last year, Nike made Kaepernick the face of an advertising campaign while he was engaged in a dispute with the league. Nike last week reportedquarterly sales rose 4% to $10.2 billion

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