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Mick Mulvaney Fires All 25 Members of CFPB’s Advisory Board…

Just days after postponing another scheduled meeting of its statutorily required Consumer Advisory Board, the acting head of the Consumer Financial Protection Bureau on Wednesday told staff that all 25 volunteer members of the outside body were being relieved of their duties. “Today we begin the process of transforming the bureau’s Stakeholder Outreach and Engagement […]

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America May Soon Face Its Biggest Labor Strike in Decades…

The Teamsters and UPS could be heading toward the nation’s largest strike in decades. On Tuesday, the union announced that members voted more than 90% in favor of going on strike, if a deal is not reached before the current labor contract expires on August 1. UPS employs 260,000 Teamsters, and has added 40,000 union […]

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$3 Billion Payoff: 101 Utilities Cut Rates, Credit GOP Tax Cuts…

The number of electric, gas and water utilities cutting customer charges due to the recently passed Republican tax cuts has passed 100, and the total savings is about $3 billion. According to Americans for Tax Reform, the number has reached 101 with most utilities either cutting bills or not passing on the costs of expanding […]

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Trump’s “Trade War” Is Working: U.S. Trade Deficit Collapses…

One month after the biggest plunge in the US trade deficit since the financial crisis – good news for Trump who has engaged in “trade war” with the rest of the world to boost US trader and exports – the good news continued in April, when according to the Census Bureau, the US deficit shrank […]

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Milestone for U.S. Job Market: More Openings Than Unemployed…

For the first time on record, the number of job openings in the United States exceeds the number of unemployed Americans — a trend that may soon give workers more leverage for pay raises. The number of available jobs in April rose 1 percent to 6.7 million from 6.6 million in March, the Labor Department […]

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Major Bank CEOs Say Blockchain Will Underpin the Financial Industry ‘in Five Years’…

Blockchain technology could soon revolutionize the global banking industry, according to the chief executives of two major European lenders. Banks have invested millions in developing blockchain applications in recent years, as part of a broader industry effort to try to cut costs and simplify their back-office processes. The technology, which is perhaps better known as […]

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Reality Check: Here’s What the Average Retiree Spends Every Month…

The gray-haired couple sipping champagne on a beach at sunset. Grandpa teaching the grandkids how to fish at the family lake house. Are these scenes of carefree times in retirement based on financial reality? According to the latest Bureau of Labor Statistics data, which is based on 2016 figures, “older households” — defined as those […]

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Atlanta Fed Boosts Second Quarter GDP Forecast to 4.8%…

The forecast has been climbing higher following the release of a series of good economic data. On May 25, the measure foresaw four percent GDP growth. This rose to 4.7 percent Thursday and ticked even higher on Friday following the better than expected jobs report for May. The Atlanta Fed forecasts a big boost in […]

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Hypocritical G7 Ministers Rail Against Audacity of the U.S. Trade Position Requiring “Reciprocal and Fair” Trade Deals…

From the G7 Mission Statement outlining the objectives of their meeting: “From May 31 – June 2, 2018, G7 Ministers responsible for development cooperation met in Whistler, Canada, to discuss their shared priorities on some of the most pressing global development and humanitarian challenges, including advancing gender equality and the empowerment of women and girls”…

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223,000 Jobs Added in May, Unemployment Falls to 3.8 Percent…

The Department of Labor reported Friday 223,000 jobs were added in the month of May, and unemployment dropped to 3.8 percent. Jobs growth outpaced economists’ predictions, who estimated the number would fall just short of 200,000. Experts were also expecting the unemployment rate to stay steady from month to month at 3.9 percent. May’s unemployment […]

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President Trump and Commerce Secretary Wilbur Ross Lowered the Hammer on the Big Club…

Today is the day I’ve been waiting for. Today President Trump and Commerce Secretary Wilbur Ross lowered the hammer on the Big Club. China, the EU, Canada and Mexico have been exploiting weak U.S. trade policy for years. Through the effective utilization of targeted tariffs, with multiple opportunities -and warnings- to avoid the outcome, President […]

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Goldman Sachs Investment Banker Arrested on Insider Trading Charges…

A 37-year-old investment banker for Goldman Sachs was arrested Thursday on charges he used inside information on mergers for which the company was a financial adviser to garner more than $130,000 on stock trades. Woojae “Steve” Jung, 37, of San Francisco, was charged with six counts of securities fraud and one count of conspiracy, according […]

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Tech Titans Tiptoe Toward Monopoly…

Imagine a not-too-distant future in which trustbusters force Facebook FB 1.15% to sell off Instagram and WhatsApp. Imagine a time when Amazon’s cloud and delivery services are so dominant the company is broken up like AT&T . Imagine Google’s search or YouTube becoming regulated monopolies, like electricity and water. Facebook Inc., Google parent Alphabet Inc. […]

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Wilbur Ross Delivers – No More Steel and Aluminum Tariff Exemptions for EU, Canada or Mexico (VIDEO)…

Amid ongoing trade stalemates with NAFTA and the EU, Commerce Secretary Wilbur Ross has announced the U.S. Commerce Department will no longer provide exemptions for the European Union, Canada or Mexico. As anticipated, during a telephone briefing with reporters Secretary Ross announced at midnight tonight the 25% steel, and 10% aluminum, tariffs on imported goods […]

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Eagle Hits Dragon with $50 Billion Interference Penalty…

Buried in a Wall Street Journal article outlining their shock and horror over President Trump following through with a Phase-I trade penalty of $50 billion, you find the following quote from Captain Obvious at Cornell University: “The Trump administration is clearly signaling, ahead of Wilbur Ross’s trip to Beijing, that the gloves are off given […]

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Here’s How Italy Revived Euro Crisis Fears and Sparked a Global Stock Market Selloff…

Fears over Italy returned with a vengeance Tuesday, perhaps surprising U.S. investors returning from a three-day Memorial Day weekend as headlines out of Rome sent shock waves through global markets and contributed to a selloff for Wall Street stocks. Market participants don’t need a long memory to recall the worst days of the eurozone debt […]

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There Are 101 Americans with Over $1M in Student Loans…

Astronomically high college tuition facilitated by a bottomless ocean of student loans has saddled Americans with a record $1.48 trillion in non-dischargeable debt – an amount which has more than doubled since the 2009 lows. As we reported in January, nearly 40% of student loans taken out in 2004 are projected to default by 2023 […]

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Deal Struck Between U.S. and China Over ZTE…

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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