David M. Rubenstein, co-founder and managing director of the private equity firm the Carlyle Group, has been named chairman of the board of the Council on Foreign Relations effective July 1. He succeeds both former U.S. Trade Representative Carla A. Hills, chairman and CEO of Hills & Company, and former U.S. Treasury Secretary Robert E. […]
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How Trump Can Make Apprenticeships a Hit…
The former host of “The Apprentice” may have finally found a government program suitable to his talents. As part of “workforce development week,” President Donald Trump and his daughter Ivanka are touting the administration’s commitment to increasing the number of Americans doing apprenticeships. A well-designed apprenticeship system — one that combines classroom instruction with paid, […]
DOJ Moves to Seize DiCaprio’s Picasso, Rights to “Dumb and Dumber to” As Part of 1MDB Case…
As part of the ongoing money-laundering probe of Malaysia’s sovereign wealth fund, 1MDB, which is perhaps best known for Goldman’s enabling and participation in what may end up being one of the world’s biggest, multi-billion, cross-border embezzlement schemes, on Thursday the DOJ moved to seize a Picasso and Basquiat paintings given to Leonardo DiCaprio, as […]
Auto Dealership Stocks Plunge on Bank of America Warning of ‘Looming Tsunami’…
BofA/Merrill analyst John Murphy downgraded Lithia Motors to Underperform from Neutral and cut its price target to $92 from $106. The analyst lowered US sales and North American production forecasts saying year-to-date sales tracking down 2%, following a likely peak in 2016, and there is a “looming tsunami” of off-lease volumes that will hit the […]
U.S. Treasury Unveils Financial Reforms, Critics Attack…
The U.S. Treasury Department unveiled a sweeping plan on Monday to upend the country’s financial regulatory framework, which, if successful, would grant many items on Wall Street’s wishlist. The nearly 150-page report suggested more than 100 changes, most of which would be made through regulators rather than Congress, Treasury Secretary Steven Mnuchin said in an […]
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Dollar Dipsy-Doodle – A Brief Ray of Light…
There are three ledgers that are kept for us in God’s economy: kindness, compassion, and love. Janet made hawkish noises to go along with the 25 bp interest rate increase today. I don’t think they will be raising rates much more this year, if the economy is doing as badly as the data and the […]
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Wells Fargo Is Now Accused of Making Improper Changes to Mortgages…
Even as Wells Fargo was reeling from a major scandal in its consumer bank last year, officials in the company’s mortgage business were putting through unauthorized changes to home loans held by customers in bankruptcy, a new class action and other lawsuits contend. The changes, which surprised the customers, typically lowered their monthly loan payments, […]
Court Finds Approval of Dakota Access Pipeline Violated the Law…
The Standing Rock Sioux Tribe won a significant victory today in its fight to protect the Tribe’s drinking water and ancestral lands from the Dakota Access pipeline. A federal judge ruled that the federal permits authorizing the pipeline to cross the Missouri River just upstream of the Standing Rock reservation, which were hastily issued by […]
Can Uber Ever Deliver? Part Ten: The Uber Death Watch Begins…
On June 13th Uber announced that its Board had accepted all of the management process recommendations of a study led by Eric Holder of the law firm Covington & Burling.[1] Uber also announced that CEO Travis Kalanick would take a temporary leave of absence and that SVP Emil Michael, Kalanick’s closest confidante, had been dismissed. […]
U.S. Exporters, Truckers Exhale As Trump Threats to NAFTA Ease…
It appears the 23-year-old North American Free Trade Agreement (NAFTA) is safe—for now. Hearing pleas from the business lobby, as well as individual transportation companies such as UPS and FedEx, the Trump administration has backed off threats to unilaterally sever NAFTA. Trucking executives, transportation officials and shippers have enjoyed 400% growth in cross-border trade since […]
1.9 Million Obamacare Cancellations…
Roughly 1.9 million Americans canceled their Obamacare coverage in 2017. Most cited high premiums and disruptions in coverage as the reason, according to two reports from the Department of Health and Human Services. The agency announced that 12.2 million consumers had selected an Obamacare plan or were reenrolled by the end of open enrollment on […]
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It’s Confirmed: Without Government Subsidies, Tesla Sales Implode…
According to the latest data from the European Automobile Manufacturers Association (ACEA), sales of Electrically Chargeable Vehicles (which include plug-in hybrids) in Q1 of 2017 were brisk across much of Europe: they rose by 80% Y/Y in eco-friendly Sweden, 78% in Germany, just over 40% in Belgium and grew by roughly 30% across the European […]
In Washington, Is the Glass(-Steagall) Half Empty or Half Full? by Nomi Prins…
Donald, listen, whatever you’ve done so far, whatever you’ve messed up, there’s one thing you could do that would make up for a lot. It would be huge! Terrific! It could change our world for the better in a big-league way! It could save us all from economic disaster! And it isn’t even hard to […]
Tyson Recalls Nearly 2.5M Pounds of Chicken Products…
Tyson Foods Inc. has recalled nearly 2.5 million pounds of ready-to-eat breaded chicken products because of undeclared allergens and misbranding. The Arkansas-based company said it discovered the issue on June 6, when a supplier notified Tyson Foods that the bread crumbs used in certain products could contain undeclared milk. The breaded chicken products were produced […]
GOP Makes Bogus Case for Bank Deregulation as Senate Certain to Curtail House Dodd Frank “Reform”…
We’ve argued from the crisis onward that the limited re-regulation of banking that took place was inadequate. But the Republicans are whinging that banks nevertheless are being treated badly despite a lack of evidence behind virtually all of their claims. The effort to give already-overly-coddled banks an even better deal is lumbering forward. The House […]
Dear Mr. President, Be Careful What You Wish for: Higher Interest Rates Will Kill the Recovery…
Higher interest rates will triple the interest on the federal debt to $830 billion annually by 2026, will hurt workers and young voters, and could bankrupt over 20% of US corporations, according to the IMF. The move is not necessary to counteract inflation and shows that the Fed is operating from the wrong model. Responding […]
Why Are Drug Prices Going Up? Democratic Power Players Help Pharmaceutical Industry in Connecticut Battle…
Wide majorities of voters want public officials to reduce American medicine prices, which are the highest in the world and have become a key driver of skyrocketing healthcare costs. And yet as politicians including Donald Trump and Bernie Sanders have continued to call for a crackdown, corporate power players have successfully blocked even minimal reforms […]
Trump’s Right About Germany…
President Donald Trump had harsh words for Germany at a NATO meeting in Belgium this week, where he reportedly referred to the Germans as “bad, very bad.” Gary Cohn, the president’s top economic adviser, later clarified that Trump was referring to Germany’s trade practices. The criticism of a close U.S. ally at a typically pre-programmed […]
The US Spent $20 MILLION Per Job Created From ’08 Onward…
Since 2008 the financial media has been proclaiming that the US was in a “recovery.” This argument was used to justify the insane monetary policy of the Federal Reserve, which maintained ZIRP for seven years and spent over $3 trillion in QE. Well, it turns out there was no recovery to speak of when it […]
Sears Closing Another 66 Stores; Joe’s Crab Shack Files For Bankruptcy…
One month ago, Sears CEO Eddie Lampert blasted the media for “unfairly singling out” the company over the past decade and blamed “irresponsible” coverage for the retailer’s woes. Sears, once the largest U.S. retailer, recently hit rock bottom and continued to dug when it warned investors in March there was a chance it may not […]
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