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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 […]

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“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 […]

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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 […]

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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 […]

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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 […]

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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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The Mnuchin Massacre: Precious Metals Surge Amid Dollar’s Worst Start in 30 Years…

The Dollar was smashed with the ugly-stick today as Mnuchin’s comments sparked chaos in FX markets… and as precious metals surged and bond yields jumped… and stocks actually sank (briefly)… we were reminded by the mainstream media that a falling dollar is great for ‘Murica so buy the dip in stocks with all your money […]

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Mick Mulvaney Tells Employees CFPB Will No Longer ‘Push the Envelope’…

Acting Consumer Financial Protection Bureau Director Mick Mulvaney told the agency’s employees Tuesday that the agency no longer will “push the envelope” in policing private companies, suggesting in an agency-wide memo that he plans to reverse course from the one set out by departed director and Obama appointee Richard Cordray. “Simply put, the days of […]

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Senate Approves Jerome Powell as Fed Chair…

The U.S. Senate on Tuesday voted to confirm Jerome Powell as the next chairman of the Federal Reserve. Powell will assume the role of the central bank’s top official in February, replacing Janet Yellen, after the Senate voted 85-12. President Donald Trump chose Powell, a member of the Fed’s board of governors, as his nominee […]

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Richest One Percent Made 82% of Wealth Created Last Year…

The world’s richest one percent raked in 82 percent of the wealth created last year while the poorest half of the population received none, Oxfam said Monday, as the world’s elite prepared to mingle at the World Economic Forum in Davos. A new report from the charity also found that the wealth of billionaires has […]

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California Democrats Want Some Businesses to Fork over Half Tax-Cut Savings to State…

Calling the Trump administration’s tax reform plan a “middle-class tax increase,” two California lawmakers introduced a bill that would force large companies to fork over half of their expected savings to the state. Assemblymen Kevin McCarty and Phil Ting, both Democrats, introduced Assembly Constitutional Amendment 22, which calls for a 10 percent surcharge on companies […]

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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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