President Trump told Fox News on Friday he has struck a deal with Chinese President Xi Jinping to ease U.S. sanctions imposed on Chinese telecommunications giant ZTE. The Commerce Department last month blocked China’s ZTE from importing American components for seven years, accusing it of misleading U.S. regulators after it last year settled charges of […]
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‘X’ Marks the Spot Where Inequality Took Root: Dig Here…
In 2002, I heard an economist characterizing this figure as containing a valuable economic insight. He wasn’t sure what the insight was. I have my own answer. The economist talked of the figure as a sort of treasure map, which would lead us to the insight. “X” marks the spot. Dig here. The graphic below […]
Small Banks Trump Wall Street on Dodd-Frank Rewrite…
Congress on Tuesday rolled back some of the restraints imposed on banks after the 2007-2009 global financial crisis, but big players like Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N) and JPMorgan Chase & Co (JPM.N), will not be breaking out the champagne. While Wall Street banks lobbied hard for a range of provisions that […]
Alphabet Shareholders and Employees Want Executive Pay Linked to Diversity Goals…
A group of shareholders and several Google employees are teaming up to back a proposal that would tie executive compensation to the company’s ability to meet certain diversity goals. But Google’s parent company, Alphabet, is opposing the proposal, saying that linking executive pay to diversity metrics isn’t in the best interest of the company or […]
Silicon Valley Tech Bubble Is Larger Than It Was in 2000…
In case you missed it, the peak in the tech unicorn bubble already has been reached. And it’s going to be all downhill from here. Massive losses are coming in venture capital-funded start-ups that are, in some cases, as much as 50 percent overvalued. The age of the unicorn likely peaked a few years ago. […]
China Unexpectedly Slashes Auto Tariffs After Trump Trade Truce…
In an unexpected, but notable, victory for President Trump’s aggressive trade agenda and exporters of cars around the globe, China’s Ministry of Finance announced Tuesday morning that it would slash passenger car duties to 15%, further opening up the market that’s been a key target of the U.S. in its trade fight with Beijing. This […]
Fifth Third Bank to Acquire Chicago-Based MB Financial in $4.7B Deal…
Chicago-based MB Financial Inc. announced on Monday it would merge with Fifth Third Bancorp in a deal valued at $4.7 billion. The transaction will result in one of the region’s largest middle-market banks. MB Financial’s chief executive officer Mitch Feiger will serve as CEO for the Chicago area after the acquisition and two members of […]
“The outlook is not good”: Goldman Sees U.S. in Dire Straits As Deficit Hits $2 Trillion in 10 Years…
Three months ago, Goldman first among the big banks warned that the US fiscal trajectory was dire, warning that “US fiscal policy is on an unusual course” with the budget deficit expected to widen over the next few years, as a result of prior imbalances and recently enacted policies – namely Trump’s dramatic fiscal stimulus […]
U.S. Oil Exports Continue to Break Records…
U.S. crude oil exports broke yet another record, spiking to 2.566 million barrels per day for the week ending on May 11. With U.S. shale surging and export terminals retooling on the Gulf Coast, the export surge is likely set to continue. The export figures bounce around quite a bit from week to week, but […]
Almost Half of U.S. Families Can’t Afford Basics Like Rent and Food…
The economy may be chugging along, but many Americans are still struggling to afford a basic middle class life. Nearly 51 million households don’t earn enough to afford a monthly budget that includes housing, food, child care, health care, transportation and a cell phone, according to a study released Thursday by the United Way ALICE […]
Trump Officials Set for New Round of China Trade Talks at White House…
Trump administration officials are gearing up for a new round of trade talks with Chinese officials at the White House on Thursday after a U.S. trade delegation traveled to China earlier this month. The White House announced on Wednesday that Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer and additional […]
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China Responsible for Destroying U.S. Manufacturing…
The Most Underappreciated Story in the Oil Market…
The world is currently watching the growing tensions in the Middle East, and oil market analysts are guesstimating just how much Iranian oil supply the renewed U.S. sanctions could stifle. Yet, the biggest story in oil markets this year may well take place far from the much-publicized tensions in the Middle East – namely China’s […]
Silicon Valley’s Housing Market Is So Dire, a Burned-Out Home Just Sold for $938k…
It’s no secret that buying a home for under US$1 million in the San Francisco Bay Area is a nearly impossible task. Case in point: Somebody has paid over US$900,000 for a burned-out home. The one-story, single-family house at 1375 Bird Avenue in San Jose, California, was ravaged by fire two years ago. In photos, […]
New Report on Crypto Ownership Shows ‘Majority of Early Adopters Already on Board’…
New research into the current state of global bottom-up adoption of cryptocurrencies was released in a report by Dalia Research on their Medium blog, May 9. The report shows differences in crypto ownership and knowledge along lines of education, gender, and nationality. The analysis attempted to “measure the spread of awareness, knowledge, buying intention and […]
For the First Time Ever, America Has Enough Jobs for Everyone…
There were a record 6.6 million job openings at the end of March, the Labor Department said. With unemployment down at 3.9 percent, that means there are enough jobs to employ everyone looking to work for the first time since the data began to be collected. Not everyone will get a job, as openings are […]
Here’s What Will Drive Oil Prices After Trump’s Iran Decision…
So far, so good for investors. Wall Street isn’t sweating President Donald Trump’s decision to withdraw the U.S. from the Iran nuclear agreement and reimpose sanctions on Tehran. But will the calm hold? Much will depend on the reaction by Iran as well as by other participants in the multilateral agreement that was designed to […]
Elder Financial Fraud Is Worse Than We Thought. Here’s What We Can Do About It…
Our parents’ financial rules of thumb were pretty simple and easy to follow: Neither a borrower nor a lender be, pay back your mortgage before retiring, and balance your bank checkbook every month to be sure you’re living within your budget. By contrast, today’s financial marketplace is far more complex, with its multitude of online […]
How Walmart Is Helping Prosecutors Pursue 10-Year Sentences for Shoplifting…
It was late afternoon on Dec. 26, 2016 — the day after Christmas, a day when most stores are busy processing the returns for unwanted gifts — when Curtis Lawson entered a Walmart in Knoxville, Tennessee. He had a receipt for $39.57 in purchases made earlier that month. He needed cash. He walked through the store, picking up the […]
Housing Confidence Hits Record High…
Supply is tight, prices are soaring and mortgage rates are rising. That shouldn’t exactly add up to a happy housing market, and yet, it does. Consumer confidence in housing jumped to its highest level on record in April, according to a monthly sentiment index from Fannie Mae. Of the index’s six components, only the share […]
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