The Bureau of Economic Analysis (BEA) has released the second quarter estimate in GDP growth at 4.1%, the highest rate of growth since 2014. Here’s the non-spin review along with an embed copy of the actual report [full pdf below] to include all tables: Gross domestic product (GDP) is the value of the goods and […]
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Puerto Rico Asks Judge to Force Federal Board to Share Its Power…
Puerto Rico Governor Ricardo Rossello is seeking to wrest back some of the budgetary authority that was ceded to the fiscal oversight board established by Congress to impose fiscal discipline on the bankrupt island and help pull it out of a long-running debt crisis. The attorneys for the territory made their plea during final arguments […]
Facebook Has Worst Day in Wall Street History…
A historic drop in Facebook stock pulled technology stocks lower on Wall Street, even as other sectors climbed. Facebook plummeted 19 percent Thursday after warning of slower growth ahead, erasing more than $100 billion in value. The drop was the largest one-day loss in value of any publicly traded company in history, according to the […]
Republicans Push Massive Foreign Worker Visa Expansion in DHS Spending Bill…
A Republican-controlled House committee moved to significantly expand foreign worker programs in a markup of the 2019 Department of Homeland Security appropriations bill on Wednesday. The House Appropriations Committee, chaired by GOP Rep. Rodney Frelinghuysen of New Jersey, tacked on two amendments that would raise annual caps on guest worker visas in agricultural and seasonal […]
The S&P Just Ended Its Longest Stint in Correction Territory Since 1984…
The S&P 500 is back in business — at least for the moment. The broad-market benchmark ended its lengthiest period in correction territory in about 34 years, a move that may have bullish investors cheering and cracking open the bubbly. On Wednesday, the S&P 500 Index SPX, +0.91% soared 0.9% to 2,846.07, bursting above its […]
Facebook Stock Drops More Than 20 Percent After Revenue Forecast Misses…
Facebook Inc. stock plunged as much as 23% in the extended session Wednesday after the social-media giant missed analyst expectations for the top line and user growth — which was flat in the U.S. and Canada compared with the first quarter — but beat on the bottom line. In the company’s earnings call with investors, […]
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Cease-Fire in Trade Wars: Working Toward Zero Tariffs Between U.S. and E.U., Purchasing Natural Gas from U.S. (VIDEO)…
So we had a big day. Very big. We met right here at the White House to launch a new phase in the relationship between the United States and the European Union — a phase of close friendship; of strong trade relations in which both of us will win; of working better together for global […]
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Sen. Elizabeth Warren Wants to Roll Back the GOP Tax Cuts…
Q: If Democrats take the Congress, if you’re in the White House, or both, would you like to see these corporate tax cuts repealed? A: Yeah, I really want to see them rolled back. Q: Back to 35 percent? A: Well, it’s not about the number. Here’s how I look at budgets and taxes are […]
The Fed Is on a Collision Course…
Is the Trump economic boom a mirage? The data say yes, but the Fed models say no. The Fed has a long track record of sticking to its model-based approach and missing major turns in the U.S. economy. Current Fed policy will push the U.S. economy to the brink of recession later this year. When […]
Alphabet Jumps More Than 4 Percent After Big Earnings Beat…
Google parent company Alphabet just reported its second quarter earnings and the stock popped after-hours on the results. Here are the most important numbers: Earnings per share (adjusted): $11.75 vs $9.59 expected by a Thomson Reuters consensus estimate; Revenue: $32.70 billion vs $32.17 billion expected by a Thomson Reuters consensus estimate. The stock soared more […]
Nike Raises Pay for 7k Workers to Improve Compensation Equality…
Nike Inc. is raising salaries for more than 7,000 employees after an internal pay review and changing how it awards annual bonuses to its global staff, part of a broad overhaul of compensation at the sportswear giant. The changes, announced Monday in an internal memo, are the latest example of efforts by Nike management to […]
Commerce Secretary Wilbur Ross Discusses the White House Workforce Initiative and Trade…
Yesterday U.S. Commerce Secretary Wilbur Ross sat down for a discussion about the White House workforce development program that aims to bridge the skills gap for American workers. Secretary Ross discusses the initiative and also shares insight to President Trump’s trade agenda. The important and interesting trade discussion begins at 04:15 and Secretary Ross outlines […]
“U.S. Monitoring China Currency Manipulation” Mnuchin Confirms Trump’s Concerns…
Confirming the President’s concerns, U.S. Treasury Secretary Steven Mnuchin issued a warning to China over the recent weakness of its yuan currency on Friday, telling Reuters that the Treasury is closely monitoring the yuan for signs of manipulation. in an interview in Sao Paulo, Brazil, Mnuchin said “There’s no question that the weakening of the […]
Jobless Claims Fall to the Lowest Level Since 1969…
New claims for unemployment benefits fell 8,000 to 207,000 in the second week of July, the Department of Labor reported Thursday morning, the lowest such number since 1969. Forecasters had expected new jobless claims to edge up to around 220,000. Instead, fewer people sought unemployment insurance than anytime in 48 years. Thursday’s benchmark is especially […]
CEO Rewards Work Ethic, Gives Car to Employee Who Walked 20 Miles to Work…
Bellhops Moving employee Walter Carr tells his story about how he walked almost 20 miles to work and was then given a car by Bellhops Moving CEO Luke Marklin for his efforts. Fox Business News host Charles Payne gets choked up as he discusses familiar rural work ethic of young Mr. Carr…
Comcast Backs Out of $65M Bid to Buy Fox…
Conceding to Disney, media giant Comcast said Thursday it will stop pursuing assets from 21st Century Fox to focus on battling Fox owner Rupert Murdoch in a bidding war for control of European group Sky, another media company in which Murdoch has ownership stakes. “Comcast does not intend to pursue further the acquisition of the […]
Yelling Breaks Out During Roundup Cancer Link Trial…
In a bid to discredit a Columbia University cancer expert who says Monsanto’s Roundup weed killer is carcinogenic, lawyers for the agrichemical giant accused him on Wednesday of lying under oath about the purported link between Roundup and cancer, in a contentious California jury trial over whether the weed killer caused a Bay Area man’s […]
Nomi Prins on the Banks That Run the World (Audio and Transcript)…
In this week’s episode of “Scheer Intelligence,” host and Truthdig Editor in Chief Robert Scheer talks with Nomi Prins about her latest and, in Scheer’s words, “most ambitious” book, “Collusion: How Central Bankers Rigged the World.” The two discuss the 2008 financial crisis and the disconnect between governments and the governed, as well as Prins’ […]
China Files WTO Challenge to U.S. $200B Tariff Plan…
China announced it filed a World Trade Organization challenge Monday to President Donald Trump’s latest tariff threat, stepping up its diplomatic efforts to counter U.S. pressure in a spiraling technology dispute. The Trump administration has criticized the WTO as unable to deal with the problems posed by China, suggesting a challenge there might have little […]
“Godfather of Payday Lending” Stripped of $64 Million, Sentenced to 14 Years…
A former Main Line investment banker known as the “Godfather of payday lending” for preying on low-income borrowers was sentenced Friday to 14 years in federal prison and stripped of over $64 million in assets, reports philly.com. Lawyers for 77-year-old Charles M. Hallinan argued that the prison term might as well be a “death sentence” […]
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