Sears Holdings is closing more stores. The company said this week it is shuttering 46 more stores in November. The locations are spread across the U.S. (See a full list below.) “We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as […]
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Trump EPA Overhauls Obama-Era Regulations for Coal-Fired Power Plants…
The Trump administration’s Environmental Protection Agency announced a new plan Tuesday to roll back and replace controversial Obama-era regulations on emissions from coal-fired power plants. While the Obama administration and Democrats saw the Clean Power Plan as a crucial component in international efforts to curb global warming, Republicans have long claimed those regulations went too […]
Who’s the Cleanest of Them All?…
Take a wild guess what country is reducing its greenhouse gas emissions the most? Canada? Britain? France? India? Germany? Japan? No, no, no, no, no and no. The answer to that question is the U.S. of A. Wow! How can that be? This must be a misprint. Fake news. America never ratified the Kyoto Treaty […]
DOJ Releases Emails of RBS Bankers Joking About Crashing Housing Market Before 2008…
Employees at the Royal Bank of Scotland (RBS) joked about crippling the U.S. housing market before the 2008 financial crisis, according to transcripts released by the Department of Justice (DOJ) last week. According to DOJ transcripts, senior staff described loans they were trading as “total f–king garbage.” DOJ also found that the Sottish bank’s chief […]
National Debt Jumps $500B in Less Than Six Months…
The U.S. national debt has increased by more than half a trillion dollars in less than six months, amid predictions that the U.S. is on the verge of returning to another explosion in government borrowing. The debt rose to an all-time high of $21.4 trillion on Thursday, according to government data posted Friday. That’s more […]
The Dow Is on the Verge of Busting Out of Correction Phase…
The Dow Jones Industrial Average was on the brink of bursting out of correction territory for the first time in more than six months, underscoring some signs of renewed optimism on Wall Street. The blue-chip benchmark has so far failed to trade 10% above the closing low of 23,533.20 hit on March 23, but could […]
$125,000: The Pension Debt Each Chicago Household Is Really on the Hook For…
Chicagoans have no idea how much pension debt Illinois politicians have saddled them with. Officially, Windy City residents are on the hook for $70 billion in total pension shortfalls from the city and its sister governments plus a share of Cook County and state pensions. But listen to Moody’s Investors Service, the rating agency that’s […]
U.S. Spending on Interest Hits All Time High as Budget Deficit Soars to $684 Billion…
The US’ spending problem is starting to become a major issue. According to the latest Monthly Treasury Statement, in June, the US collected $225BN in tax receipts – consisting of $110BN in individual income tax, $91BN in social security and payroll tax, $4BN in corporate tax and $20BN in other taxes and duties- a drop […]
NAFTA Update: President Trump Notes Progress With Mexico on Bilateral Trade – Preparing Different BiLat Terms for Canada…
Earlier today U.S. Trade Representative Robert Lighthizer messaged a warm birthday greeting to Mexican Foreign Secretary Louis Videgaray during ongoing negotiations between the U.S. and Mexican trade teams. Canada is FUBAR. No-one quite knows how FUBAR Canada is, because no-one has followed the brilliant Wolverine crew closely enough to spot the strategy. At the strategic […]
Lord Rothschild: The New World Order Is at Risk…
Over the past three years, an unexpected voice of caution has emerged from one of the most legendary families in finance: Lord Jacob Rothschild. Readers may recall that as part of the RIT Capital Partners 2014 annual report commentary, the scion of Rothschild family warned that “the geopolitical situation is most dangerous since WWII.” One […]
EU Spent a Trillion Dollars of “Cohesion Money” Seeking Unity: Where’s Is It?…
The European Union has spent nearly one trillion dollars to unify the continent by delivering highways and trains into places where there were once gravel paths. In current dollars, that is over eight times the size of the Marshall Plan that rebuilt Europe after World War II. The EU has built airports and bridges, trams […]
Trump Pulls Trigger: U.S.T.R Announces 25% Tariff on $16 Billion Chinese Imports (Full List)…
Today U.S. Trade Representative Robert Lighthizer announced the second tranche of tariffs on Chinese imports (full list pdf below). The 25% tariff mostly includes chemical compounds and material parts used in the manufacture of finished goods. “Washington, DC – The Office of the United States Trade Representative (USTR) today released a list of approximately $16 […]
Wells Fargo Says Hundreds of Customers Lost Homes After Computer Glitch…
Hundreds of people had their homes foreclosed on after software used by Wells Fargo incorrectly denied them mortgage modifications. The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch. The same filing also disclosed that Wells Fargo (WFC) […]
China’s Oil Futures Contract Is Beginning to Show Its Teeth…
Petrodollar will be showing signs of wear-and-tear in the very near future. We have been documenting the demise of the dollar hegemony for the past several years and the past two years the pace of the demise seems to be moving like a rocket. All the little details since the global financial meltdown in 2008 […]
U.S. Regains Top Spot as WORLD’S Most Competitive Economy…
The United States “dethroned” Hong Kong this week to take the top spot as the World’s most competitive economy; further signaling a robust US recovery under President Trump and the recently passed GOP tax cuts. “The U.S. dethroned Hong Kong to retake first place among the world’s most competitive economies, thanks to faster economic growth […]
Understanding Phase II of the U.S. -vs- China Trade Confrontation….
President Trump has moved into Phase II of the U.S./China confrontation. Part of that confrontation is to use the inherent weakness of the Chinese economy against them. To understand the weakness is to understand the China ‘One-Belt / ‘One-World‘ economic trade strategy. Here’s an outline of the economic battle-space we are witnessing. People often talk […]
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MAGAnomics: Jobs, Jobs, Jobs July Report – Private Employment +170,000, Government Employment -13,000, Net: +157,000…
The Bureau of Labor Statistics (BLS) released the July 2018 employment report today (full pdf with tables below) highlighting continued growth in jobs. Overall private employment gained 170,000 jobs, while government employment decreased 13,000 jobs for a net gain of 156,000 new jobs. The BLS unemployment rate dropped to 3.9%. [*Note this footnote: “The change […]
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Wells Fargo to Pay $2.09 Billion Penalty for Mortgage Loan Abuses…
The Justice Department announced that embattled Wells Fargo, which has seen its name feature in virtually every prominent banking scandal in the past year, will pay a civil penalty of $2.09 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) based on the bank’s alleged origination and sale of residential mortgage […]
Senate Defuses Trump’s Shutdown Threat by Passing Partial Spending Bills Ahead of Deadline…
Congress is taking big strides to defuse President Trump’s shutdown threat, working to pass as many spending bills as possible before next month’s deadline so most of the government will remain open no matter what Mr. Trump demands on border security. On Wednesday, the Senate cleared a $154 billion package that funds the Food and […]
U.S. Crude Oil and Natural Gas Hits Record…
Crude oil and natural gas production hit a new record in June with the highest production ever in the U.S. Production of crude topped 10.7 million barrels per day with production of natural gas hitting 4 million barrels per day, according to an analysis released by the American Petroleum Institute (API). Highlights from the June […]
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