In direct relationship to the checkbook policy that impacts middle-class Americans the U.S./Mexico trade deal is the biggest win so far in Trump’s presidency. There are such massive ramifications it could take days for anyone to comprehend how the granular details have such massive downstream consequences. The deal is incredibly complex. At the 30,000 ft […]
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Amazon Paying People to Tweet About How Their Working Conditions Don’t Suck…
Amazon’s warehouse conditions aren’t awful, despite numerous reports from employees — or at least that’s what the tech giant’s small, paid Twitter army is attempting to promote. Amazon is paying a small team of Twitter users to combat the negative publicity the company is receiving on the social media platform about the working conditions in […]
Trade War Escalates As U.S., China Slap Each Other With Fresh $16 BN in Tariffs…
Just after midnight on Thursday EDT, the United States and China escalated their acrimonious trade war implementing punitive 25% tariffs on $16 billion worth of each other’s goods, even as mid-level officials from both sides resumed talks in Washington. China’s Commerce Ministry said Washington was “remaining obstinate” by implementing the latest tariffs, which kicked-in on […]
Texas Exports More Oil Than It Imports for First Time Ever…
The Texas Gulf Coast oil terminals sent abroad more crude than they received in April, the Energy Information Administration said this week. During that month, crude oil exports from the Houston-Galveston port district exceeded imports by 15,000 bpd. Over the next month, the advantage of exports over imports welled further, to an impressive 470,000 bpd. […]
Here’s Who Owns a Record $21.21 Trillion of U.S. Debt…
Who owns the huge and growing U.S. national debt? By and large, Americans. Some 70% of the national debt is owned by domestic government, institutions investors and the Federal Reserve. A shade under 30% is owned by foreign entities, according to the latest information from the U.S. Treasury. The nation’s debt climbed to a record […]
One Million Americans Default on Their Student Loans Annually…
More than one million American student loan borrowers default on their debt each year, a new report says. That means by 2023, approximately 40 percent of borrowers are expected to default. That is according to a new report by the Urban Institute, a nonprofit research organization dedicated to developing evidence-based insights on critical socioeconomic issues. […]
Saudi Oil Minister: Aramco IPO Not Canceled…
The initial public offering of Saudi Arabia’s energy major Aramco is still a part of the Kingdom’s plans, Oil Minister Khalid al-Falih said, following reports yesterday citing industry sources as saying that the IPO had been canceled. Arab News quoted Al-Falih as saying, “The Government remains committed to the IPO of Saudi Aramco at a […]
Sears Is Closing 46 More Stores…
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 […]
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) […]
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