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This Rare Bear Who Called the Crash Warns Housing Is Too Hot Again…

When real estate investors get this confident, money manager James Stack gets nervous. U.S. home prices are surging to new records. Homebuilder stocks last year outperformed all other groups. And bears? They’re now an endangered species. Stack, 66, who manages $1.3 billion for people with a high net worth, predicted the housing crash in 2005, […]

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Nomi Prins’ New Book: Central Banks Have Become the Markets…

Nomi Prins’ latest book, Collusion: How Central Bankers Rigged the World, ensures her place as one of this century’s most informed Wall Street historians. It’s the perfect segue from Prins’ earlier “It Takes a Pillage,” and her 2014 book All the Presidents’ Bankers. If you are serious about understanding the corrupting influences that have left […]

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That Was Quick: Senate Votes to End Shutdown…

The Senate voted Monday to reopen the government, ending a three-day standoff that left federal agencies shuttered and hundreds of thousands of workers furloughed. Democrats agreed to advance a stopgap spending measure lasting until Feb. 8 after Senate Majority Leader Mitch McConnell (R-Ky.) promised to allow an immigration bill to reach the floor next month. […]

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Consumer Watchdog’s Latest Budget Request: $0…

The Consumer Financial Protection Bureau’s acting director, Mick Mulvaney, intensified his efforts this week to curb an agency he has denounced as a regulator run amok. His latest tactic: starve it of cash. The consumer bureau is funded directly by the Federal Reserve and sends the central bank a request each quarter for money for […]

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CFPB’s Data-Mining on Consumer Credit Cards Challenged in Heated House Hearing…

Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year — up to 42 billion transactions – through a controversial data-mining program, according to documents obtained by the Washington Examiner. A CFPB strategic planning document for fiscal years 2013-17 describes the “markets monitoring” program […]

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U.S. Jobless Claims Plunge to Lowest Weekly Tally Since 1973…

U.S. filings for unemployment benefits plummeted to the lowest level in almost 45 years in a sign the job market will tighten further in 2018, Labor Department figures showed Thursday. The drop in claims shows that companies are increasingly holding on to their employees amid a shortage of skilled labor. Businesses are struggling to find […]

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Stop Financial Crimes Against Older Americans…

In 2006, Philip Marshall had to make a critical decision: turn in his father for exploiting Philip’s grandmother, or do nothing. Philip’s decision to act revealed to the world what remains perhaps the world’s highest profile case of elder abuse. Ultimately, Anthony Marshall was convicted of defrauding his mother, the philanthropist Brooke Astor. While the […]

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Seattle Sugary Drink Tax Take Effect: $10.34 Tax on $15.99 Purchase…

I have previously discussed my opposition to sugary drink bans or prohibitive taxation schemes in Chicago and New York. While Cook County reluctantly yielded to public opinion and court decisions recently, Seattle has gone forward with a ridiculous tax of 1.75 cents per ounce on sugary drinks. This paternalistic law is designed to make such […]

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Beijing Wants to Kick Bitcoin Out of China…

Chinese authorities are reportedly aiming to completely ban centralized trading of virtual currencies as well as individuals and businesses that provide related services. According to an internal memo from a government meeting seen by Reuters, Beijing will continue to apply pressure to the virtual currency trade and prevent the growth of risks in that market. […]

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Tax Cuts Drive Business Back to the Motor City…

Fiat Chrysler will make Ram trucks in Michigan instead of Mexico beginning in 2020, and the company says this will mean 2,500 extra jobs at the plant in Warren, Detroit’s largest suburb. While this isn’t the first bit of good economic news in the wake of big corporate tax cuts Republicans just passed, it’s the […]

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U.S. Oil Industry Set to Break Record, Upend Global Trade…

Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day – toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago. And this new record, expected within days, likely won’t last long. The U.S. government forecasts that the nation’s […]

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Economists Agree: Trump, Not Obama, Gets Credit for Economy…

Who deserves credit for the booming economy? This is not a petty argument. How voters answer the question could well determine whether Democrats retake the House of Representatives come November. Trump and Obama (and their admirers) are slugging it out, both claiming that it is their policies that have led to the ongoing economic expansion, […]

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Trump Budget Chief Shuts Down Consumer ‘Protection’ Bureau ‘Slush Fund’…

An educational “slush fund” used by the Consumer Financial Protection Bureau has come under the “strictest review” by acting director Mick Mulvaney amid concerns the Obama-era agency has been doling out cash only to Democratic cronies. Mulvaney, President Trump’s budget chief who has been temporarily installed at the agency the president once promised to kill, […]

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China Reports Biggest-Ever Annual Trade Surplus With U.S….

China reported its largest-ever annual trade surplus with the U.S. last year while its overall imbalance with the world shrank, potentially strengthening the Trump administration’s case for tougher penalties and other trade actions against Beijing. A global recovery led by the U.S. provided a shot in the arm for Chinese exporters last year, boosting China’s […]

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Treasury and IRS Release New Guidance on Tax Withholding…

The IRS and Treasury Department on Thursday issued new guidance on tax withholding from employees’ paychecks, a key step in its implementation of the new tax law that President Trump signed last month. The new guidance will allow many taxpayers to start seeing bigger paychecks due to the new law. The IRS is instructing employers […]

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Walmart Closes 63 Sam’s Clubs After Announcing Bonuses Attributed to Tax Cuts…

Walmart is shuttering 63 Sam’s Club stores around the country, an announcement that came shortly after the company said it would be rewarding its employees with up to $1,000 in bonuses because of the new tax cuts that were just signed into law. Some of the stores were closed Thursday, including several in the Houston […]

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China Weighs Slowing or Halting Purchases of U.S. Treasuries…

China added to bond investors’ jitters on Wednesday as traders braced for what they feared could be the end of a three-decade bull market. Senior government officials in Beijing reviewing the nation’s foreign-exchange holdings have recommended slowing or halting purchases of U.S. Treasuries, according to people familiar with the matter. The news comes as global […]

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Brinks Reports Theft of Mysterious $11 Million International Gold Shipment…

Over the past year, we reported several brazen, and very significant, gold thefts, usually occurring in broad daylight, among which” – Massive 100 Kilogram Gold Coin Worth $4.5 Million Stolen From German Museum; Man Steals $1.6 Million Bucket Full Of Gold In Midtown Manhattan In Broad Daylight; “Seems Like An Inside Job” – Brazen Thief […]

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