Competition is good. This might be the most basic tenet of economics. In a healthy economy, when one company is selling a product for well above what it costs to produce, other companies jump in that market to compete with them, reducing the resulting markup on goods. This is good for consumers and workers alike…
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Jackson Hole’s Deluded Groupthink Confirms “A Gigantic Financial Crisis Is Coming”…
The Jackson Hole gathering of central bankers and other economics big shots is over. They all still like themselves very much. Apart from a pesky inflation problem that none of them can get a grip on, they publicly maintain that they’re doing great, and they’re saving the planet (doing God’s work is already taken)…
Amazon Cuts Prices at Whole Foods by Up to 43% on First Day…
Amazon.com Inc. spent its first day as the owner of a brick-and-mortar grocery chain cutting prices at Whole Foods Market. At the Whole Foods on 57th Street in Manhattan, organic fuji apples were marked down to $1.99 a pound from $3.49 a pound; organic avocados went to $1.99 each from $2.79; organic rotisserie chicken…
Why Doesn’t This Household Debt Worry Anyone?!…
With all the attention going to political tensions between the USA and North Korea and the interest rate policies and monetary policies established by the various central banks around the world, we would almost forget to keep track of how the ‘real’ economy is doing. And then we aren’t talking about GDP results or…
Sears Death Spiral Accelerates: Vendors Halt Shipments…
When we commented back in March on the unexpected “going concern” notice in Sears’ 10-K which sent the stock crashing, we pointed out the immediate spin provided by Eddie Lampert’s distressed retailer which promised that its comeback plan may help alleviate the concerns, “satisfying our estimated liquidity needs 12 months…
A Furious China Responds To Latest Sanctions: Demands “U.S. Immediately Correct Its Mistake” Or Suffer Retaliation…
Less than 4 hours ago, the US Treasury announced that in the the latest set of actions targeting North Korea’s “WMD program”, among the entities sanctioned would be several Chinese and Russian companies and individuals. We said that “what this latest round of sanctions will achieve, is to further anger Beijing and…
Wall Street Banks Sued Again for Conspiring to Control a Market…
As summer draws to a close and the Wall Street titans enjoy the last of their lazy long weekends in the Hamptons, summering next door to the army of lawyers that keep them out of jail, it’s a curious time to be reading about a major new lawsuit that has the potential to shake Wall […]
Whole Foods Shareholders Vote in Favor of Amazon Takeover…
Whole Foods shareholders approved Amazon’s takeover of the grocery chain on Wednesday. The vote was a pivotal step forward in the behemoth online retailer’s move to gain firmer footing in the multibillion dollar grocery space. Amazon and Whole Foods have both said they want the $13.7 billion deal to be completed by…
“Colossal Fraud”: Lawsuit Accuses Poland Spring Of Selling Groundwater…
Ever wonder if that bottled mineral water you just spent several dollars on is really mineral water? According to a bombshell new lawsuit filed this week, at least in the case of one company it isn’t. A group of bottled water drinkers has brought a class action lawsuit against Nestle, the company which owns Poland […]
Trump Adviser Resigned Ahead of Negative Press Coverage…
Billionaire investor Carl Icahn (EYE’-kahn) stepped down from an unpaid post as President Donald Trump’s adviser on deregulation efforts just days before The New Yorker was preparing to publish a lengthy article detailing potential conflicts of interest. Icahn said in a letter to Trump released Friday that he would resign to prevent “partisan bickering”…
DOJ Ends Obama’s Operation Chokepoint…
This week the Department of Justice made clear that the Obama Administration’s underhanded attack on the gun industry using the banking system – better known as Operation Chokepoint – is over. In a strongly-worded letter to U.S. House Judiciary Committee Chairman Bob Goodlatte (R-Va.) dated August 16, Assistant Attorney General Stephen E. Boyd assured…
Chief Obamacare Architect Sacked After Fraudulent Billing Investigation…
Vermont’s Attorney General has settled the state’s claims of fraud against Jonathan Gruber, the Massachusetts Institute of Technology professor who served as a technical consultant for President Barack Obama and as one of the chief architects of Obamacare. Under the terms of the settlement, Gruber will no longer work as a taxpayer-funded economic…
U.S. Lawmakers Draft Bill ‘Protecting’ Cryptocurrencies from Government Interference…
Several members of the US Congress are drafting legislation that is intended to recognize certain digital currencies and ‘protect’ them against interference from the federal government. The question is – does the ‘protection’.
EpiPen Maker Finalizes $465M Settlement for Government Overcharges…
EpiPen maker Mylan Inc. finalized a $465 million government settlement after the U.S. Justice Department claimed Mylan overcharged the government for its EpiPen emergency allergy treatment. The settlement resolved the claims that Mylan avoided higher rebates to state Medicaid programs by classifying EpiPen as a generic product…
White House: Rumors of Gary Cohn’s Resignation ‘100% False’…
The White House Thursday strongly denied rumors that National Economic Council Director Gary Cohn might follow other top business leaders in leaving the Trump administration. “Nothing has changed. Gary is focused on his responsibilities as NEC Director and any reports to the contrary are 100% false,” the White House said in a statement…
California Farmer to Pay $1.1M in Fines for Plowing His Own Wheat Field Without a Permit…
President Trump has sought to help farmers by rolling back the Obama administration’s hotly contested Waters of the United States rule, but it didn’t happen soon enough to help John Duarte. The farmer from California’s Central Valley agreed Tuesday to a settlement with the Justice Department that will have him pay $330,000 in civil penalties…
Americans Spend More on Lottery Tickets Than on Movies, Video Games, Music, Sports Tix and Books Combined…
It’s that time of the year again: with both the Mega Millions and the Powerball lotteries accumulating jackpots greater than $350 million, countless Americans – mostly those in lower income groups – are splurging on lottery tickets, hoping to get rich quick. Unfortunately for virtually everyone, it will never happen: the odds of winning…
Beware the Obamacare Industrial Complex…
The danger of a Republican bailout of Obamacare is mounting with every passing day. A group of “moderate” Republicans calling themselves the Problem Solvers Caucus is quietly negotiating with Democratic leaders Nancy Pelosi and Chuck Schumer to throw a multi-billion dollar life line to the Obamacare insurance exchanges. This bailout, of course..
Beware of the ObamaCare Bailout…
For seven years Republicans have solemnly promised to abolish the financially crumbling ObamaCare law. But now that they have struck out, many in the GOP are working behind closed doors to bail out the very program they say they hate. If they moderate wing of the party prevails and rescues the ObamaCare entitlement, the law […]
Streaming Killed The Cable Bundle: Record 941,000 Pay-TV Customers Ditch Cable in Q2…
Back in the ancient days, long before Al Gore had even invented the internet, the Buggles declared once and for all that “Video Killed the Radio Star.” Now it seems that a remake of that classic MTV hit is in order as, with each passing quarter, it’s becoming increasingly clear that streaming has officially killed […]
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