As one of the world’s top energy importers, China has successfully completed its fifth dry run in yuan-backed oil futures contract trading. The step has been already called Beijing’s challenge to the US dollar. According to Bloomberg, which cited a statement from the exchange, 149 members of Shanghai International Energy Exchange traded 647,930 lots in […]
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Unfunded Liabilities of State Public Pensions Top $6 Trillion in 2017…
Unfunded liabilities of state public pension plans now tops $6 trillion, an increase of $433 billion from the previous year, according to a report from the American Legislative Exchange Council. “Unfunded liabilities of public pension plans continue to loom over state governments nationwide,” the report states. “Absent significant reforms, unfunded liabilities of state-administered pension plans […]
GOP Senators Hold Back Support for Tax Bill Over Child Tax Credit…
Two Republican senators indicated Thursday they were holding back support for the final $1.5 trillion GOP tax reform bill unless a larger child tax credit is included. The strongest statement came from the office of Florida Republican Sen. Marco Rubio. “Senator Rubio has consistently communicated to the Senate tax negotiators that his vote on final […]
Republicans Strike Deal on Tax Package…
Republican negotiators on Wednesday said they’ve managed to strike a deal on a $1.4 trillion tax-cut package and that they’ll be prepared to send it to President Trump’s desk next week. Senate Finance Committee Chairman Orrin G. Hatch told reporters that lawmakers have reached an agreement, as they work to reconcile different versions passed by […]
Fed Raises Interest Rates and Continues to Foresee Three Hikes in 2018…
The Federal Reserve on Wednesday lifted a key U.S. interest rate, but the central bank also struck a wait-and-see stance in light of persistently low inflation and a pending change in leadership. As widely expected, the Fed raised its benchmark federal funds rate by a quarter percentage point to between 1.25% and 1.5% — the […]
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Peak Monetary Goofiness: One Thousand People Own 40% of Bitcoin Market…
As in any asset class, large individual holders and large institutional holders can and do collude to manipulate price,’ Amen brother. That’s why we need regulators and oversight that is not ‘captured’ by those same very large institutions and wealthy political donors who are in such a good position to manipulate those markets. And they […]
November Payrolls Jump 228K, Beat Expectations But Wage Growth Disappoints…
In a continuation of the recent theme shown by the labor market, the BLS reported that November payrolls rose by a seasonally adjusted 228K, beating expectations of 200K, if lower than October’s downward revised 244K (from 261K) while September was revised up from +18,000 to +38,000. With these revisions, employment gains in September and October […]
The Richest 1 Percent Now Owns More of the Country’s Wealth Than at Any Time in Past 50 Years…
The wealthiest 1 percent of American households own 40 percent of the country’s wealth, according to a new paper by economist Edward N. Wolff. That share is higher than it has been at any point since at least 1962, according to Wolff’s data, which comes from the federal Survey of Consumer Finances. From 2013, the […]
Tax Breaks for Beer, Unborn Children Are Among Goodies in Republic Tax Bill…
As the House and Senate begin to reconcile their different tax bills, they will have to sort through many little-known provisions that appear designed more to achieve policy goals or reward key lawmakers than deliver tax savings. Here’s a look at some of the standouts, and their prospects for being including in the final legislation. […]
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CVS to Buy Aetna for $69B in a Deal That May Reshape the Health Industry…
CVS Health said on Sunday that it had agreed to buy Aetna for about $69 billion in a deal that would combine the drugstore giant with one of the biggest health insurers in the United States and has the potential to reshape the nation’s health care industry. The transaction, one of the largest of the […]
“Here’s What’s In It”: Goldman Explains All You Need to Know About the Current State of Tax Reform…
To the delight of Donald Trump, just before 2am on Saturday morning the Senate passed the Republican Tax bill in a 51-49 vote, and with tax reform legislation now passing both chambers of Congress it looks very likely to become law by year-end, probably within the next two weeks according to Goldman Sachs which now […]
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Top GOP Senators Say They Have the Votes to Pass Tax Bill…
Republicans have clinched the 50 votes need to pass their tax plan, after three key holdouts came on board. The move puts the legislation on a path to clear the upper chamber as soon as Friday and puts Senate Republicans on the brink of a significant legislative and political victory. Senate GOP leadership has been […]
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All You Need to Know About Bitcoin’s Rise, From $0.01 to $11,000…
The initial price of bitcoin, set in 2010, was less than one cent. On Nov. 29, it crossed $11,000. Once seen as the province of nerds, libertarians and drug dealers, bitcoin today is drawing millions of dollars from hedge funds. The recent price surge may be a bubble. Or it could be a belated recognition […]
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CFPB Collects Fines From Banks and Gives to Left-Wing Activist Groups…
Holman Jenkins had an excellent editorial at the Wall Street Journal on Wednesday with a timely reminder of the several ways in which the Consumer Financial Protection Bureau, created by Dodd-Frank in 2010, is basically a rogue agency in the U.S. federal government. The reminder is timely, of course, because of the attempt by the […]
Dow Rips 331 Points Higher, Closes Above 24,000 as Chances of Senate Tax Bill Passing Rise…
Stocks rallied on Thursday as the possibility of the Senate passing a bill aimed at overhauling the U.S. tax code increased. The Dow Jones industrial average surged 331.67 points to close above 24,000 for the first time, with United Technologies leading advancers on the 30-stock index. The S&P 500 advanced 0.8 percent to close at […]
NFL CAVES: League to Donate $100 MILLION to ‘Social Justice’…
The National Football League officially surrender to their protesting players on Wednesday, vowing to donate upwards of $100 million in an “unprecedented” move to appease athletes who choose to “take a knee” during the US national anthem. According to ESPN, officials announced the decision this week; submitting a draft proposal that would allow players and […]
Gorsuch Comes Out Swinging in Dodd-Frank Whistleblower Case…
Justice Neil Gorsuch used a challenge to federal whistleblower protections before the Supreme Court on Tuesday to take aim at a core legal tenet of which he has long been critical. The case at issue stems from Digital Realty Trust’s firing of Paul Somers in 2014. Somers challenged his firing under the Dodd-Frank Wall Street […]
Senate GOP Votes to Begin Debate on Tax Bill…
The Senate voted to begin debate on its tax cut bill Wednesday, edging Republicans closer to their first major legislative victory under President Trump as they seek to finish the chamber’s work on the measure by the end of the week. Senators voted 52-48 to take up the House-passed legislation, which is being used as […]
Consumer Confidence Highest Since December 2000…
The Conference Board said that consumer sentiment was at its highest level in nearly 17 years in November. The Consumer Confidence Index rose from 126.2 in October to 129.5, notching its best reading since December 2000 for the second month in a row. Americans were more upbeat in their assessments of both current (up from […]
Trump Administration Grants Permit for Oil Company to Explore Drilling in Acrtic Ocean…
The Trump administration on Tuesday approved an oil company’s request to drill an exploratory well on a man-made artificial island in the Arctic Ocean. The Bureau of Safety and Environmental Enforcement granted a permit for Italian oil company Eni SpA to drill an exploratory well in the Beaufort Sea to test production conditions there, the […]
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