Middle-class income rose to the highest recorded levels in 2017 and the national poverty rate declined as the benefits of the strong economy lifted the fortunes of more Americans, the U.S. Census reported Wednesday. The median U.S. household earned $61,372 last year, meaning half of the families in the country brought in more income than […]
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Report: Canada Comfortable Resisting Trump by Intentionally Missing Trade Negotiation Timeline…
According to a CBC article citing a “Senior Canadian Official”, the Trudeau government is completely “comfortable” missing an October 1st deadline to join the U.S-Mexico trade alliance: …”The source who spoke to CBC News on background, due to the sensitivity of the talks, said the external political pressure “is not a good enough reason,” for […]
U.S. Offer of New China Trade Talks Should Be Taken Seriously…
The U.S. decision this week to invite Chinese trade negotiators back for another round of talks could prove to be just another failed effort on the road to an escalating trade war. But more likely, it will instead be the start of a months-long — indeed perhaps years-long — effort to find a new accommodation […]
Ten Years After the Crash, We’ve Learned Nothing by Matt Taibbi…
Ten years ago, on Saturday, September 13th, 2008, the world was about to end. The New York Federal Reserve was a zoo. Imagine NASA headquarters on the day a giant asteroid careens into the atmosphere. That was the New York Fed: all hands on deck, peak human panic. The crowd included future Treasury Secretary Timothy […]
A Top Goldman Banker Raised Ethics Concerns. Then He Was Gone…
By the tight-lipped standards of Goldman Sachs, the phone call from one of the firm’s most senior investment bankers was explosive. James C. Katzman, a Goldman partner and the leader of its West Coast mergers-and-acquisitions practice, dialed the bank’s whistle-blower hotline in 2014 to complain about what he regarded as a range of unethical practices, […]
Bernanke, Geithner, Paulson: The Fed Should Be Able to Make Secret Trillion Dollar Loans Again…
There seems to be a growing amount of concern these days about another epic financial crash on Wall Street. That, in itself, is a concern. After all, we’ve had only two great crashes in the past 89 years: one from 1929 to 1933 and one from 2008 to 2009. Why is another crash on the […]
A Decade After the Financial Meltdown, the SEC Still Hasn’t Passed Executive Compensation Rules…
Almost everyone got on board the reform train after the 2008 financial crisis. However, big business, and in particular the biggest banks, slammed the brakes on reforms that threatened to separate senior executives from their money that critics said incentivized excessive risk taking before the crisis. Almost all of the mandatory provisions of the law […]
Trump: Doubling of China Trade Tariffs ‘Ready to Go’…
President Trump said Friday that he has another $267 billion in tariffs ready to slap on China, calling his testy relationship with that nation “a far bigger problem” than dealing with Russia right now. The president, speaking to reporters aboard Air Force Once, said he’s in the middle of reshaping America’s trade policy on a […]
Trump Prepares Tariffs on Another $267B of Chinese Goods…
President Trump is preparing additional tariffs on $267 billion worth of Chinese imports, a move that will inflame fears that his dispute with Chinese leadership will devolve into a trade war. Trump said aboard Air Force One Friday that he is ready to dramatically ramp up the China tariffs. “There is another $267 billion ready […]
Union Boss Says Janus Decision Will Go Down in ‘Judicial Infamy’ Like Dred Scott and Korematsu…
The head of the AFL-CIO compared a recent Supreme Court decision affirming workers’ right to work in the public sector without paying union fees to two of the most infamous SCOTUS decisions in American history. AFL-CIO President Richard Trumka compared the Supreme Court’s decision in Janus v. AFSCME to rulings issued in Dred Scott v […]
Wage Growth Comes in Scorching Hot As U.S. Adds More Than Expected 201K Jobs…
While many were expecting a potential downside surprise due to the ‘residual seasonality’ of August payrolls (discussed previously), moments ago the BLS reported that after a weaker than expected July (which was revised lower from 170K to 153K), August payrolls came in strong than expected at 201K, above the 191K consensus estimate. The revisions were […]
Class-Action Lawsuit Seeks to Expand Supreme Court Janus v AFSCME Ruling on Unions…
A class-action lawsuit filed against a Connecticut union Thursday seeks to expand a recent Supreme Court ruling that ended forced payments to unions by nonmembers. The lawsuit would require the unions to repay any funds they received from nonmembers going back to 2015, a potentially severe financial blow to the labor movement, should the case […]
Trump Breaks 20-Year ‘Fouled Up’ Budget Gridlock, Scores Big Wins…
President Trump, Senate Majority Leader Mitch McConnell, and House Speaker Paul Ryan have teamed up this summer to do something that hasn’t happened in two decades — write and pass department spending bills instead of lumping everything into a massive package. The House and Senate are moving at a brisk pace to pass the appropriations […]
College of the Ozarks Drops Nike Over New “Just Do It” Ad…
The College of the Ozarks says it’s dropping its affiliation with Nike in response to the company’s new ad campaign. Nike released their ad campaign this week on the 30th anniversary of the “Just Do It” slogan. It features ex-NFL quarterback Colin Kaepernick. The endorsement deal is prompting a flood of debate online as sports […]
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Nike, NFL, and Levis Strauss Political Business Strategy – The Much Bigger Geopolitical and Trade Picture…
On its face, it just seems absurd. Why would any major corporation intentionally stake out a branding position that is adverse to their financial interests? I’ve spoken to some very excellent business actuaries on this late today; and one specific conversation finally helped to make it all make sense. During that conversation a good ally […]
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Apple, Nike and 18 Other U.S. Companies Have $158B at Stake in China Trade War…
U.S. investors might be gripped by fear of a trade war with China well into the summer. That could keep a lid on stock market gains, or at least on companies with the most at stake in the world’s most populous country. China, after all, has the second-largest economy and is the No. 2 trade […]
Couple Who Raised $400k for Homeless Vet Allegedly Spent the Vast Majority on Themselves…
Go fund yourself! The New Jersey couple who raised $400,000 for a homeless man has been accused of blowing through the dough after giving the intended recipient only $75,000. An attorney for displaced Philadelphia veteran John Bobbitt claims New Jersey residents Kate McClure and Mark D’Amico are unable to honor a judge’s order to put […]
Ford Kills Plan to Sell Chinese-Made Vehicle in the U.S….
Ford Motor Co (F.N) has abruptly killed a plan to sell a Chinese-made small vehicle in the United States because of the prospect of higher U.S. tariffs, the head of the automaker’s North American operations said Friday. The automaker’s decision came as U.S. President Donald Trump is escalating a trade battle with China, threatening to […]
Lighthizer Submits 90-day U.S.-Mexico Trade Modification Notification to Congress…
U.S. Trade Represenative Robert Lighthizer releases a statement announcing the administration is filing a NAFTA Section 2202 trade modification “notification of intent” letter to congress: Washington, DC – U.S. Trade Representative Robert Lighthizer today issued the following statement regarding the status of trade negotiations with Mexico and Canada: “Today the President notified the Congress of […]
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Trump Sets Pay Freeze for Federal Workforce in 2019, Citing Budget Problems…
President Trump rescinded a pay raise Thursday for more than 2 million civilian federal employees next year, saying the government can’t afford the scheduled increases and issuing a call for a move to a merit-based pay system. In a letter to Congress, Mr. Trump said a planned 2.1 percent across-the-board pay increase, and higher pay […]
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