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BP Arctic Oil Well Still Leaking, Too Unstable to Shut Down…

BP and U.S. Environmental Protection Agency officials spent the holiday weekend trying to repair a leaking oil well on Alaska’s North Slope. Officials said the well is too unstable to shut down because of frigid temps in the high Arctic, but have released the pressure on one of the main leaks. It appears that 1.5 […]

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Has Former Goldman Sachs President, Gary Cohn, Gone Rogue on Glass-Steagall?…

There are a few important things to know about Gary Cohn. Until Donald Trump tapped him to be the Director of the National Economic Council, he had worked at Goldman Sachs for a quarter century, rising to the position of President of the firm and second only to its CEO, Lloyd Blankfein. Cohn walked out […]

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India’s Modi Launches 75 Cashless Townships Across 12 States…

Prime Minister Narendra Modi today launched 75 cashless/less-cash townships, with an overwhelming 56 of them being in Gujarat. The towns span across 12 states contributing to around 1.5 lakh cashless transactions per day and around 5.5 crore transactions a year. Some of the prominent townships include those of state- owned Oil and Natural Gas Corp […]

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Trump Strong Dollar Warning Sends U.S. Currency Tumbling…

President Donald Trump has triggered a sharp decline in the US dollar by criticizing the currency’s strength on the back of increased confidence in his presidency. “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting – that will hurt ultimately,” said the […]

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Internal BLM Memo Leaked: Trump’s Plan to Make America Great by Expediting Oil, Gas Production, Increasing Border Security, and Creating Jobs…

A Bureau of Land Management (BLM) internal working document that was leaked and reported on by the liberal Greenwire website spells out in detail President Donald Trump’s plan for making America great again. It lists expanding production of domestic energy resources, supporting law enforcement, the military, and enhancing border security…

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Bank of England Pushed Banks to Rig Libor…

The Bank of England repeatedly urged commercial banks to lower their Libor settings during the financial crisis, according to a secret tape obtained by BBC journalists. The 2008 recording adds to evidence that the central bank participated in one of the biggest rate-rigging scandals in history, the U.K.’s national broadcaster said in a report. The […]

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Barclays’ Whistleblower-Gate Raises Alarms Bells…

It is not a promising development for changing the culture of Wall Street when today’s newswires are reporting the sordid details of how the big Wall Street player, Barclays, engaged U.S. law enforcement in an attempt to hunt down the identity of an internal whistleblower. More on that in a moment, but first some background. […]

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World’s Best Economist Tells All!…

If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson’s books. What you will learn is that neoliberal economics is an apology for the rentier class and the large banks that have succeeded in financializing the economy, shifting consumer spending power from the purchase of goods and services that drive […]

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ADP Is Reporting a Whopping 263k Jobs in Goods, Construction and Manufacturing Jobs…

After last month’s private payrolls scorcher, when ADP reported that a whopping 298K jobs were added, the biggest increase in 6 years on a record surge in good producing jobs, this morning ago the momentum continued when ADP reported that in March the US generated 263,000 jobs, smashing expectations of a 185,000 gain, and after […]

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Lack Hawk Down…

The Richmond Fed’s noted rate hawk and serial dissenter Jeffrey Lacker resigned today as a result of an investigation into a leak in 2012 of confidential information to an analyst that sells hard to get information to wealthy subscribers. The guest commentators, talking heads, and spokesmodels were attributing this resignation, or faux pas if you […]

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Trump Administration Cracks Down on H1-B Visas for Coders…

The new policy guidance that would make it harder for companies to use the H-1B visa program to bring foreign computer programmers into the U.S. A policy memo from the U.S. Citizenship and Immigration Services changes the way the agency will process visa applications for computer programming positions, making companies jump through extra hoops to […]

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Maker of EpiPen Hit with Recall, Racketeering Suit over Price-Gouging…

The maker of EpiPen has issued a recall after defects in some of its anti-allergy injectors, as the company also faces a class-action lawsuit about a massive price increase in recent years. Drug giant Mylan announced that its partner Meridian Medical Technologies has expanded a voluntary recall to the U.S. after reports of some devices […]

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Hedge Funds Are the Robber Barons of Our Time (Podcast)…

The hedge fund industry grew up quietly out of almost nothing into this enormous force on Wall Street. There’s almost $3 trillion estimated to be under management at hedge funds around the world — but hedge funds are lightly regulated, so we don’t always know what’s going on in that sector. The people who have […]

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Ivy League Schools Receive $41 Billion from Government in Six Years…

According to a release by the non-profit organization Open the Books, which seeks to increase government transparency by releasing documents revealing government spending, the eight Ivy League schools received $41 billion between the fiscal years of 2010 and 2015. Some are arguing that the spending is particularly concerning considering that the eight Ivy League schools […]

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Moscow And Beijing Join Forces to Bypass U.S. Dollar in World Money Markets…

Russia’s central bank opened its first overseas office in Beijing on Thursday, marking a small step forward in forging a Beijing-Moscow alliance to bypass the US dollar in the global monetary system. It was part of agreements made between the two neighbours to seek stronger economic ties since the West brought in sanctions against Russia […]

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Last Major Insurer Reportedly Plans to Abandon Most Obamacare Markets Next Year…

One of the consistent and factually-correct refrains from Republican critics of Obamacare — the president especially — is that the current law is failing and getting worse. Democrats inadvertently confirm this reality when they accuse Republicans of “sabotaging” the law by allowing it to be followed as-written. Unstable risk pools disrupted by adverse selection are […]

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Westinghouse Bankruptcy Puts Fate of Four U.S. Nuclear Reactors in Limbo…

When Westinghouse Electric filed for Chapter 11 bankruptcy protection on Wednesday morning, few were surprised as the outcome was the only one which allowed the company’s troubled, and near-insolvent Japanese parent, Toshiba, to continue operating, even if it meant the bankruptcy of the iconic company. Westinghouse was one of the originators of the nuclear age, […]

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