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. […]
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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 […]
There Could Be a Tidal Wave of Bad News Coming for Obamacare…
Anthem, one of the country’s big five public health insurers, announced that it is pulling out of Ohio’s Affordable Care Act individual insurance marketplace for the 2018 plan year on Tuesday. The move will leave between 18 and 20 counties in the state with no ACA, also known as Obamacare, insurer for 2018 depending on […]
Trump Set to Shake Up Fed, Nominate Conservative Bankers onto Ultra-Liberal Board…
Trump is set to nominate Robert Jones chair, CEO of Old National Bank, Carnegie Mellon University professor Marvin Goodfriend and former Treasury Department staffer Randal Quarles to fill the three open seats on the Federal Reserve’s Board of Governors. Both Goodfriend and Quarles are considered to be politically conservative and will serve as a poison […]
Clash Between Qatar And The Saudis Could Threaten OPEC Deal…
The cohesion of the Gulf Cooperation Council (GCC), which includes all Arab Gulf countries, seems to be cracking. UAE Minister of State for Foreign Affairs, Anwar Gargash, openly stated that the GCC was facing a major crisis, as Qatar seems to be opening up to Iran. Gargash made his comments on Twitter less than a […]
The Real Unemployment Number: 102 Million Working Age Americans Do Not Have a Job…
Did you know that the number of working age Americans that do not have a job right now is far higher than it was during the worst moments of the last recession? For example, in January 2009 92.6 million working age Americans did not have a job, but we just found out that in May […]
‘Axis of Love’: Saudi-Russia Detente Heralds New Oil Order…
A meeting between the two men who run Russia and Saudi Arabia’s oil empires spoke volumes about the new relationship between the energy superpowers. It was the first time that Rosneft boss Igor Sechin and Saudi Aramco chief Amin Nasser had held a formal, scheduled meeting – going beyond the numerous times they had simply […]
Police: Thieves Using Blowtorch to Steal from ATM Accidentally Set Cash on Fire (VIDEO)…
Police in Everett say would-be ATM thieves thwarted their own burglary attempt by setting the cash on fire. Police and firefighters were called Tuesday morning to Coastal Community Bank on 19th Ave SE for the report of a fire. When they arrived, crews found the drive-up ATM had been set on fire…
GM Sued For Allegedly Using Cheat Devices On 700,000 Diesel Vehicles…
Several powerful law firms filed suit Thursday accusing General Motors of installing illegal software in diesel-powered vehicles in order to maneuver around regulations on fuel emissions. The class-action lawsuit alleges GM affixed 705,000 late-model Chevrolet Silverado and GMC Sierra pickups with at least three so-called defeat devices to dupe air regulators. Lawyers filed the action […]
In 3 Charts, the Biggest Revelations from New Obamacare Study…
Health care costs continue to rise under Obamacare. A report released Tuesday by the Department of Health and Human Services shows a significant hike in the average cost of individual plans since 2013 in 39 states. In 2013, the average annual cost of a premium for an individual health care plan was $2,784. By 2017, […]
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