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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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‘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 […]

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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 […]

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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 […]

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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. […]

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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 […]

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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 […]

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