IF THERE was a defining economic problem for America as it recovered from the financial crisis, it was stagnant wages. In the five years following the end of the recession in June 2009, wages and salaries rose by only 8.7%, while prices increased 9.5%. In 2014 the median worker’s inflation-adjusted earnings, by one measure, were […]
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The State of Michigan Wrongly Accused 46k People of Unemployment Fraud…
The state of Michigan collected more than $100 million from innocent residents after a computer error wrongly accused 46,000 people of unemployment fraud. Our affiliate WSMH interviewed on the victims about his experience, Lansing resident Karl Williams. After Williams was laid off from his job in 2011, he collected unemployment for around six months until […]
Amazon Says it’s “Almost Ready” to Get 1,000s of Grocery Store Cashiers Fired…
Late last year we noted Amazon’s efforts to ‘disrupt’ the traditional grocery retail model by introducing small format stores that allow customers to simply walk in, pick up what they want and walk out. The concept store, dubbed AmazonGo, tracks a customer’s every move, including each item they remove from store shelves, allowing them to […]
Senate GOP Tax Bill Will Include Repeal of ObamaCare Mandate…
Senate Majority Leader Mitch McConnell (R-Ky.) announced Tuesday that the Senate tax bill will include language to repeal ObamaCare’s individual mandate, which could make it tougher for moderate Republicans to support. Conservatives led by GOP Sens. Ted Cruz (Texas), Rand Paul (Ky.) and Tom Cotton (Ark.) pushed hard to include the provision, which would eliminate […]
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White House Considering Mohamed El-Erian for Fed Vice Chair…
In what will come as a big surprise to many Fed watchers, moments ago the WSJ reported that among other candidates, Mohamed El-Erian, former deputy director of the IMF, former head of the Harvard Management Company, Bill Gross’ former partner at Pimco until the duo’s infamous falling out, and one of the few people who […]
New York Fed Sees U.S. Economy Growing 3.2% in Fourth Quarter…
All leading economic forecasters said it would be impossible for President Trump’s MAGAnomic plans to generate 3% GDP growth in the first year. President Obama said it was impossible and Trump would need a “magic wand, or something“. Well, three months after taking office (April-June), it was Quarter 2, and the U.S. GDP began growing […]
World’s Top Tech Giants Amass $1.7 Trillion in Monster Year…
Between the FAANG quintet and China’s rivaling BAT companies, gains in the world’s top technology shares are nearing a whopping $1.7 trillion in market value this year. That’s more than Canada’s entire economy, and exceeds the worth of Germany’s biggest 30 companies put together. The eight tech giants — Facebook Inc., Amazon Inc., Apple Inc., […]
How a Pickup Basketball Game Landed This Man At Odds with the Obama Admin…
A botched rebound during a pickup basketball game changed the trajectory of Dr. Dana Kuhn’s life forever, sparking a nearly three-decade-long campaign to help people pay for health care that would otherwise leave them financially destitute. His mission to provide at-need individuals and families relief has landed him at odds with the highest government health […]
Jail, Drugs and Video Games: Why Millennial Men Are Disappearing from the Labor Force…
Last week, Goldman Sachs pointed out a very disturbing trend in the US labor market: where the participation rate for women in the prime age group of 25-54 have seen a dramatic rebound in the past 2 years, such a move has been completeloy missing when it comes to their peer male workers. As Goldman’s […]
Complaint Alleges SEC Watchdog Retaliated Against Whistleblowers…
Who blows the whistle on the whistleblowers? Nobody – if they can help it. In yet another example of big-government hypocrisy allegedly committed by an office meant to hold other government employees accountable, the Wall Street Journal is reporting that the watchdog for the Securities and Exchange Commission has himself become the subject of complaints […]
House to Vote on Giving Amazon $53B Deal to Become Main Pentagon Supplier…
Members of the US House of Representatives and Senate Armed Services committees announced Wednesday that they have reached agreement on the proposed $700 billion National Defense Authorization Act (NDAA), the annual defense spending bill. This astronomical figure—an $80 billion increase over spending in 2016 and roughly $26 billion more than was requested by President Donald […]
McConnell: Yep, Look’s Like GOP Senate Tax Reform Bill Will Indeed Raise Taxes on the Middle Class…
Senate Majority Leader Mitch McConnell (R-Ky.) is walking back his claim that no middle class Americans will see a tax increase under the Senate GOP plan. “I misspoke on that. You can’t guarantee that absolutely no one sees a tax increase,” McConnell told The New York Times on Friday. McConnell added that “what we are […]
Emirates Airline Buys 40 Boeing Dreamliners for $15B…
The biennial Dubai Air Show opened Sunday with hometown long-haul carrier Emirates making a $15.1-billion buy of American-made Boeing 787-10 Dreamliners, as the world’s biggest defense companies promoted their weapons amid heightened tensions between Saudi Arabia and Iran. Other airlines also are taking part, but missing from the trade show this year is one of […]
Oh, Crap! Someone Accidentally Triggered a Flaw That Locked Up $280M in Ethereum…
Horrible news for some Ethereum users. About $300 million worth of Ether—the cryptocurrency unit that has become one of the most popular and increasingly valuable cryptocurrencies—from dozens of Ethereum wallets was permanently locked up today. Smart contract coding startup Parity Technologies, which is behind the popular Ethereum Parity Wallet, announced earlier today that its “multisignature” […]
Here Is the Full Text and Summary of the Amended House GOP Tax Bill…
While we await the full details of the Senate bill, moments ago the House Ways and Means Committee released the Amended House GOP tax bill, as well as its summary. Here are the key highlights from the Amendment (link), first in principle…
Senate GOP Reveals Different Approach on Tax Reform Legislation…
Senate Republicans revealed their own version of tax-reform legislation Thursday, breaking with President Trump by offering a one-year delay to the corporate tax cut, and with House Republicans by completely repealing a deduction for state and local taxes. The Senate bill also keeps in place the estate tax as well as a variety of popular […]
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Disney Backs Down After U.S. Media Boycott..
The Walt Disney company has ended its ban of the Los Angeles Times newspaper after a backlash from US media. Last week it emerged Disney had stopped inviting the newspaper to press screenings because it disagreed with an article published in September. High-profile organisations and individuals publicly criticised the company’s decision. The New York Times […]
Nomi Prins: Steven Mnuchin, Foreclosure King of America…
Yves here. I hate criticizing an important post by Nomi Prins, which sets forth Treasury Secretary Steve Mnuchin’s dodgy history and his current hypocrisies in detail. But even though Prins has been a regular, articulate critic of high finance, she has not gotten as far from Goldman as she thinks she has. Like virtually all […]
REPORT: U.S. Will Only Approve AT&T-Time Warner Deal if CNN Is Sold…
The U.S. Department of Justice may block Time Warner’s sale to AT&T if it doesn’t sell CNN first, according to a report from the Financial Times. The $85.4 billion deal was proposed last year, just weeks before the U.S. presidential election. After Donald Trump was elected, some wondered if his disdain for the cable news […]
The Public Bank Option – Safer, Local and Half the Cost…
Phil Murphy, a former banker with a double-digit lead in New Jersey’s race for governor, has made a state-owned bank a centerpiece of his platform. If he wins on November 7, the nation’s second state-owned bank in a century could follow. A UK study published on October 27, 2017 reported that the majority of politicians […]
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