Ikea has relaunched a recall of 29 million chests and dressers after the death of an eighth child in California. CEO Lars Petersson said on Tuesday that Ikea wants to increase awareness of the recall campaign for several types of chest and dressers that can easily tip over if not properly anchored to a wall. […]
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AT&T-Time Warner Merger Doubtful After DOJ Sues To Block It
The U.S. Department of Justice sued to block AT&T’s acquisition of Time Warner today. According to its Complaint, the DOJ believes that if AT&T is allowed to acquire Time Warner, the combined company will gouge its video distribution competitors by raising the price of Timer Warner’s networks. The DOJ’s Complaint lays out two reasons it […]
Opioid Crisis Cost More Than Previously Thought…
The opioid crisis in 2015 cost almost half a trillion dollars, a number six times greater than latest analysis on the crisis’ cost, the White House said Sunday. The Council of Economic Advisers puts the true cost of America’s opioid epidemic in 2015 at $504 billion in a study set for a Monday release, reported […]
Purchased Politicians, Mostly Republicans in House and Senate, Write Letters Opposing Trump on NAFTA…
Multinational corporations and foreign governments spend hundreds of millions in Washington DC lobbying House and Senate politicians to retain trade positions. It’s generally a legal bribery business where congressional representatives get rich by selling their votes to corporations and foreign governments. Most of you already know the game…
U.S. to Dominate Oil Markets After Biggest Boom in World History…
The U.S. will be a dominant force in global oil and gas markets for many years to come as the shale boom becomes the biggest supply surge in history, the International Energy Agency predicted. By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, […]
House Passes Massive Tax Bill…
House Republicans passed a $5.5 trillion tax bill Thursday, in a major step toward rewriting the nation’s tax code and providing a sorely needed legislativve victory for President Donald Trump. The bill passed 227-205, with 13 Republicans breaking with leadership to vote against the legislation. Not a single Democrat backed the bill, highlighting the sharp […]
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Blue-Collar Wages Are Surging…
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 […]
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” […]
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