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Damon Wayans on “Poppa’s House”

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Damon Wayans knows his way around the Paramount Pictures lot better than most; he used to deliver mail there to all the big stars. And now, of course, he is one. In his new comedy, “Poppa’s House,” which premieres tomorrow night on CBS, he’s a dad with attitude. The chemistry with his co-star feels natural, because it is – his son is played by his real-life son, Damon Wayans Jr.

Both agreed that it was their goal to make each other laugh. “That’s the ultimate goal really, is to make people who you respect laugh,” said Damon Jr. “If I can get my dad to break in a scene, that just gives me more energy for the next take.”

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Damon Wayans and Damon Wayans Jr, stars of the new comedy series “Poppa’s House.” 

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And for 64-year-old Damon Sr., comedy is both an occupation and a legacy. For nearly four decades, Damon Wayans has been creating some of the edgier characters on TV and film, from a Marine drill instructor in “Major Payne,” to the angry clown from “In Living Color,” named Homey.

He says people still call out Hey, Homey! on the street. It makes him smile: “It’s nice. It’s, like, does a woman ever get tired of being told she’s beautiful? Never, right?”

And that little bit of TV immortality is even sweeter for someone who grew up fighting just to survive.

Damon Wayans was born in a less-glamorous section of New York City, one of 10 children, all living in a cramped apartment. “There was four of us to a room,” he said.

How close did that make you all? “To sleep with someone’s foot in your behind is pretty much my childhood!” he laughed.

It also helped make them funny: Wayans says his siblings (including Keenan, Shawn and Marlon) all found a way to turn a difficult childhood into fuel for comic fire. “In my stand-up I talk about how my mother would tell us, ‘There’s no food; you can each have a little bit of toothpaste, so you have something in your stomach.’ That’s real.”

By 1982 he’d followed his older brother, Keenan, to Hollywood, doing standup comedy by night, and – with a wife and new baby at home – delivering mail all day at Paramount Studios. “It was amazing, ’cause I would see Eddie Murphy on the lot, I’d see Henry Winkler and Leonard Nimoy,” he said.

And what did he think as an up-and-comer, seeing those people? “I hope I didn’t mess up their mail!” he laughed.

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Comedian Damon Wayans with correspondent Tracy Smith. 

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He laughs now, but it wasn’t an easy job. In fact, just walking at all was a challenge. He has a club foot. “I had operations, but still, it’s like, I’m in pain. I just walk around with, like, a toothache in my foot. It’s a constant.”

At one point, broke and in despair, he quit the mail job in frustration. And then, he says, he got a sign that changed his life: “I take a walk, and I have a talk with God. And I told Him, ‘If you help me, I promise I’ll never put my family in this position again.’ (‘Cause we had nothing to eat, no milk, no diapers.) And I’m walking, and I’m talking, I’m crying to God. And there’s a guy walking ahead of me, and I see something fall out of his pocket. And he turns the corner. And I go, I pick it up. It’s $10.”

Was it like a prayer answered? “Absolutely,” he said. “But the next day, I had to go beg for my job back.”

His first real break was a brief but memorable part in an Eddie Murphy film, “Beverly Hills Cop.” It led to his being cast on “Saturday Night Live,” essentially following in Murphy’s footsteps.

Wayans said Murphy gave him some advice about “SNL”: “He said, ‘Write your own sketches. Otherwise you gonna be doing white people stuff, and you gonna hate it.’ And he was right.”

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Comedian Damon Wayans, star of the new series “Poppa’s House.”

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Wayans struggled to get a foothold at “SNL,” and was fired after his first season. But just a few years later, Wayans and his characters found a home on the sketch show his brother Keenan created, Fox TV’s “In Living Color.” The show also starred his siblings Shawn and Kim, among others – a real family business.

His family has long been an inspiration for his work, like the hit series “My Wife and Kids.” For Wayans, working on that show was a kind of therapy. “People don’t know that in 2000 I was going through a divorce while we were starting ‘Wife and Kids,'” he said.

Wasn’t that painful? “No. Comedians live for that,” he replied. “It’s like, I get into a car accident and I go up onstage and I talk about my neck hurting and people are laughing, my neck doesn’t hurt as much.”

It’s a formula that’s taken Damon Wayans from the depths of despair to the top of his game. He’s raised a family, had grandkids and along the way found peace. “I’ve reached an age where I’m content,” he said.

And what makes him content? “Well, I got tired of chasing happy. Because happy is fleeting. There’s nothing I need except my health and well-being. And guess what? Happy moved in next door to me. Now every day is just, like, a blessing. Ten grandkids, one great-grandkid. 

“Life. Does it get better? It doesn’t!”

To watch a teaser for “Poppa’s House,” click on the video player below:


Poppa’s House – Pilot (Sneak Peek 3) by
CBS on
YouTube

      
For more info:

       
Story produced by John D’Amelio. Editor: Steven Tyler. 



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Stock market plummets after Fed forecasts fewer rate cuts in 2025

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U.S. stocks plummeted in one of their worst days of the year after the Federal Reserve forecast Wednesday it may deliver fewer shots of adrenaline for the economy in 2025 than it had earlier projected.

The S&P 500 fell 178 points, or 3%, pulling it further from its all-time high set a couple weeks ago. The Dow Jones Industrial Average lost 1,123 points, or 2.6%, while the Nasdaq composite dropped 3.6%.

The Fed said Wednesday it’s cutting its benchmark interest rate for a third time this year, continuing the sharp turnaround begun in September when it started lowering rates from a two-decade high to support the job market. Wall Street loves lower interest rates, but the Dec. 18 cut had been widely expected by Wall Street.

Why is the stock market down today?

Investors were unsettled by the Fed’s forecast for fewer cuts in 2025, even though many economists had already been paring their expectations given sticky inflation. 

“Markets have a really bad of habit of overreacting to Fed policy moves,” Jamie Cox, managing partner for Harris Financial Group, said in an analyst note. “The Fed didn’t do or say anything that deviated from what the market expected—this seems more like, I’m leaving for Christmas break, so I’ll sell and start up next year.”

The bigger question centers on how much more the Fed could cut next year. A lot is riding on it, particularly after expectations for a series of cuts in 2025 helped the U.S. stock market set an all-time high 57 times so far in 2024.

Fed officials released projections on Wednesday showing the median expectation among them is for two more cuts to the federal funds rate in 2025, or half a percentage point’s worth. That’s down from the four cuts they had expected just three months ago.

“We are in a new phase of the process,” Fed Chair Jerome Powell said. The central bank has already quickly eased its main interest rate by a full percentage point, to a range of 4.25% to 4.50%, since September.

What happened to the stock market today?

Asked why Fed officials are looking to slow their pace of cuts, Powell pointed to how the job market looks to be performing well overall and how recent inflation readings have picked up. He also cited uncertainties that will require policy makers to react to upcoming, to-be-determined changes in the economy.

While lower rates can goose the economy by making it cheaper to borrow and boosting prices for investments, they can also offer more fuel for inflation.

Powell said some Fed officials, but not all, are also already trying to incorporate uncertainties inherent in a new administration coming into the White House. Worries are rising on Wall Street that President-elect Donald Trump’s preference for tariffs and other policies could further juice inflation, along with economic growth.

“When the path is uncertain, you go a little slower,” Powell said. It’s “not unlike driving on a foggy night or walking into a dark room full of furniture. You just slow down.”

One official, Cleveland Fed President Beth Hammack, thought the central bank should not have even cut rates this time around. She was the lone vote against Wednesday’s rate cut.

Wall Street’s worst performers

The reduced expectations for 2025 rate cuts sent Treasury yields rising in the bond market, squeezing the stock market.

The yield on the 10-year Treasury rose to 4.51% from 4.40% late Tuesday, which is a notable move for the bond market. The two-year yield, which more closely tracks expectations for Fed action, climbed to 4.35% from 4.25%.

On Wall Street, stocks of companies that can feel the most pressure from higher interest rates fell to some of the worst losses.

Stocks of smaller companies did particularly poorly, for example. Many need to borrow to fuel their growth, meaning they can feel more pain when having to pay higher interest rates for loans. The Russell 2000 index of small-cap stocks tumbled 4.4%.

Elsewhere on Wall Street, General Mills dropped 3.1% despite reporting a stronger profit for the latest quarter than expected. The maker of Progresso soups and Cheerios said it will increase its investments in brands to help them grow, which pushed it to cut its forecast for profit this fiscal year.

Nvidia, the superstar stock responsible for a chunk of Wall Street’s rally to records in recent years, fell 1.1% to extend its weekslong funk. It has dropped more than 13% from its record set last month and fallen in nine of the last 10 days as its big momentum slows.

“As we wrote in our 2025 outlook a couple of weeks ago, stretched positioning and sentiment left stocks vulnerable to a sell-off,” Jeff Buchbinder, chief equity strategist for LPL Financial said in a note about today’s market sell-off. “The big jump in inflation expectations and related bond sell-off was a convenient excuse. Once support from tech evaporated, no other groups were able to step in to fill that gaping hole.”



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Trump comes out against Johnson bill that would avert shutdown

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Trump comes out against Johnson bill that would avert shutdown – CBS News


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President-elect Donald Trump, alongside several Republican lawmakers and other conservative leaders, are defiant in their opposition to House Speaker Mike Johnson’s spending bill that would keep the government open through mid-March. Congress has until midnight Friday to prevent a shutdown. CBS News’ Taurean Small, Fin Gómez and Caitlin Huey-Burns have the latest.

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Why NASA delayed the return date for Starliner astronauts still in space

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Why NASA delayed the return date for Starliner astronauts still in space – CBS News


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NASA has delayed the return date for Boeing’s Starliner astronauts Butch Wilmore and Suni Williams. CBS News’ Manuel Bojorquez reports on the decision to keep the two in space.

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