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 […]
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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President Trump rescinded a pay raise Thursday for more than 2 million civilian federal employees next year, saying the government can’t afford the scheduled increases and issuing a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 […]
U.S. Consumer Confidence Surged in August to Near 18-Year High…
A measure of economic confidence among American households rose in August to its highest level since October 2000. The Conference Board on Tuesday said its index of U.S. consumer confidence climbed to 133.4 in August from 127.9 in July. The August reading well exceeded economists’ expectations. Factors including a buoyant job market and rising incomes […]
Justin from Canada Painted His Country Into a Lose/Lose Trade Corner – Rejoins Talks…
By choosing politics over fundamental trade economics Justin and Chrystia from Canada have painted themselves into an isolated position on the renegotiated North American Trade deal. Here’s the basic Canadian conundrum. The U.S. and Mexico have agreed to manufacturing origination terms; wage and labor improvements; elimination of AG subsidies and non tariff barriers; and removal […]
Preliminary Details of U.S.-Mexico Trade Deal…
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 […]
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