Senate leaders are close to a two-year budget deal that would avert a government shutdown, Senate Democratic Leader Charles Schumer (N.Y.) announced Tuesday. The deal would set spending levels for fiscal 2018 and 2019 and avoid the prospect of a government shutdown when a stopgap spending measure expires on Thursday. “There are still some outstanding […]
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Dow Falls More Than 1,000…
The Dow Jones Industrial Average fell by more than 1,100 points Monday, breaking its record for largest daily loss by points. The Dow dropped more than 1,500 points Monday before recovering to close at 24,341, a 1,179-point loss. The plunge broke the Dow’s previous record for the largest daily loss by points, set on Sept. […]
Fed’s Crackdown on Wells Fargo Will Curb 2018 Profit by $400 Million…
The Federal Reserve’s decision to cap Wells Fargo growth until it sufficiently improves corporate oversight in the wake of a fake accounts scandal will curb the lender’s profit by as much as $400 million this year, CEO Tim Sloan said. The directive, announced after the close of New York trading on Friday, requires the San […]
Congress Closed America’s Infrastructure Bank. Reopen It…
Congressman John Faso’s op-ed on Jan. 23 presents the arguments for establishing an American infrastructure bank. The congressman is right that outdated infrastructure hurts all of us. He is right that these networks are the platform on which our economy runs. Our national infrastructure grade of “D,” received from the American Society of Civil Engineers, […]
As SEC Chair’s Family Grows Rich from Corporate Secrecy Firm, U.S. Named #2 Facilitator of Illicit Money…
Yesterday we reported that the Chairman of the Securities and Exchange Commission, Jay Clayton – the man ostensibly in charge of providing financial transparency to the American people – has tens of millions of dollars in family net worth tied to a Delaware company specializing in providing secrecy to corporate entities. (This actually makes sense […]
Economy to Grow at 5.4% Rate in First Quarter…
The economy is on track to put up blockbuster growth numbers in the first quarter, according to the latest forecast from the Atlanta Fed. GDP is expected to surge 5.4 percent to start 2018, the central bank branch estimated in its latest rolling look at how the economy is progressing. If the forecast holds, it […]
300 Companies Announce Tax Reform, Bonuses, Raises or 401(k) Hikes…
At least 300 companies have announced tax reform bonuses, pay raises, or 401(k) hikes, according to a running list compiled by Americans for Tax Reform, found at www.atr.org/list. Democrats and most media outlets continue to dismiss or altogether ignore the good news about tax reform. American workers do not agree with the “crumbs” comments of […]
Private Payrolls Grow by 234k in January…
The new year got off to a strong start for job creation, with businesses adding 234,000 in January, according to a report Wednesday from ADP and Moody’s Analytics. Economists surveyed by Reuters had been looking for private payrolls to grow by 185,000. Job creation was concentrated largely in service-related industries, which contributed 212,000 to the […]
Microchipping? Hhhhmmm: Bezo’s, Buffett, JPMorgan Starting Healthcare Company…
Amazon, Berkshire Hathaway and JPMorgan Chase & Co. have agreed to work together to provide healthcare for their employees that is “free from profit-making incentives and constraints.” The three companies are hoping to create a new healthcare company that they say will aim to improve employee satisfaction and reduce costs. The companies provided few details […]
One Million People Are Waiting to Trade Crypto with Robinhood…
Robinhood Financial, the”fastest-growing online brokerage in history”, announced last week that it was getting into cryptocurrency trading. And since then, Bloomberg reports, more than one million people have put their names on the company’s waiting list in four days. Digital currency trading will mark the first paid product for Robinhood, which became wildly popular among […]
U.S. Oil Production Hits 10 Million Barrels Per Day for First Time Since 1970…
U.S. oil production hit 10 million barrels per day in November for the first time since 1970, highlighting the power of shale oil and natural gas boom. More than 6 million of those barrels came from shale, the Energy Information Administration reported Wednesday. Nationwide output reached 10.038 million barrels a day in November, the agency […]
A Big Dispute over Agency Power Looks Primed for Supreme Court Review…
The Washington-based federal appeals court affirmed the legality of the Consumer Financial Protection Bureau’s (CFPB) leadership structure in a 6-3 vote Wednesday, likely sending a major dispute over agency power to the Supreme Court. Judge Nina Pillard wrote the court’s main opinion. Judges Karen Henderson, Brett Kavanaugh, and Raymond Randolph dissented. All three are Republican […]
NAFTA Round #6 – USTR Robert Lighthizer Highlights Canada’s Deceptive Negotiation Approach…
NAFTA renegotiation round six ended yesterday in Canada will no substantive progress on the most contentious trade issues. One negotiation chapter on corruption was closed, but there was little to no agreement on much else. Each of the primary Trade Representatives gave a closing statement at the conclusion of Round #6. U.S.T.R. Lighthizer blasted Canada […]
Did Bureau of Economic Analysis Sandbag Report on 4th Qtr U.S. GDP ?….
The U.S. Fourth Quarter GDP growth was reported two days ago at 2.6% and that stunned everyone who were expecting a much higher number. All U.S. economic indicators including U.S. Holiday consumer spending, which accounts for around two-thirds of total GDP, were off the charts in the fourth quarter growing +5.5% over the prior holiday. […]
ExxonMobil to Invest More Than $50 Billion in U.S….
At ExxonMobil, we plan to invest more than $50 billion over the next five years to expand our business in the United States. These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law. In fact, as you have probably seen, several companies have […]
“Biggest Theft in Crypto History:” Over $400M Stolen from Japanese Crypto Exchange…
Earlier today we reported that cryptocurrencies tumbled overnight after one of the most popular – if unlicensed – Japanese exchanges, Coincheck, halted withdrawals of funds and cryptos amid broad confusion as to what prompted the halt. Additionally, Coincheck said it had stopped deposits into NEM coins, a hint that something was very wrong with what […]
U.S. GDP Annual Rate Increases to 2.6 Percent…
Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2017 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent. The Bureau emphasized that the fourth-quarter advance estimate released today is based on […]
The Decline and Fall of General Electric, the Poster Child of Obamanomics…
Sometimes we look back a decade or so and reconsider our word choice. For instance, I used to call General Electric — with its heavy lobbying, its intimate ties to the White House, all its bets on green energy, on embryonic stem cells, on Obamacare, on industrial policy — the “for-profit arm of the Obama […]
Trump Administration Wants Work Requirements for Food Stamps…
The Trump administration is pressing for additional work requirements for people receiving food stamps from the government. In a four-page document released Wednesday, the Department of Agriculture made several suggestions for farm bill legislation being crafted in Congress, writing that it supports “work as the pathway to self-sufficiency, well-being, and economic mobility for individuals and […]
Campbell Soup to Close Toronto Plant, Move Production to U.S….
The Campbell Soup Company announced Wednesday that it will shut down its Toronto plant and move operations to its three U.S. factories. The move will result in nearly 400 lost manufacturing jobs at the plant, which has been in operation since 1931. The Toronto plant will be closed in phases over the next 18 months […]
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