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 […]
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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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Another Insurer Quits Obamacare Leaving 25 Counties In Missouri With No Healthcare Options…
Blue Cross Blue Shield of Kansas City (Blue KC) has just joined the growing ranks of insurers across the country that have decided they’ve lost just about enough money on Obamacare. According to a press release issued earlier today, Blue KC’s CEO said the company has lost $100 million on the Obamacare exchanges since 2014, […]
DOJ Budget Ramps Up Funding for Eminent Domain ‘Land Acquisition’ in Potential Effort to Clear Way for Border Wall…
Tuesday’s Department of Justice budget proposal asks Congress for $1.8 million to “meet litigation, acquisition, and appraisal demands during the construction along the border between Mexico and the United States.” The money will be used to devote 20 new staff members, including 12 attorneys, to the Environmental and Natural Resources Division’s Land Acquisition Section (LAS). […]
Fact Check: No, the Republican Healthcare Bill Would Not Cause 23 Million People to “Lose” Insurance…
As Katie reported last evening, the latest Congressional Budget Office score of the House-passed American Health Care Act contains good news and bad news for the GOP. On the bright side, it appears that its central fiscal outcome complies with reconciliation rules, which would allow the process to move forward without a complicated tweak-and-do-over vote […]
We Inflate Assets and Crush People…
As a reminder there will be an option expiration for the precious metals on the Comex tomorrow. The Fed’s minutes were released today. They showed a bias to raising rates in June if the recent economic weakness proved to be transitory. The question of the Fed’s changing their benchmark interest rate is probably a little […]
Here Are 66 Programs Eliminated in Trump’s Proposed 2018 Budget…
President Trump’s fiscal 2018 budget proposal would completely eliminate 66 federal programs, for a savings of $26.7 billion. Some of the programs would receive funding for 2018 as part of a phasing-out plan. Here are the programs the administration wants on the chopping block.
25 Self-made Billionaires and What They Did in their Twenties…
Let’s be honest! At one time or another in our lives, each and every one of us has pondered over the idea of becoming extremely rich. For most of us, it has been in our twenties. This is the time of our lives when we are extremely hooked by the idea of becoming a billionaire. […]
How Many Jobs Will Self-Driving Trucks Eliminate?…
The jobs of as many as 3.1 million U.S. truck drivers are at risk as autonomous (self-driving) technology for the big rigs continues to be developed. That’s about 2% of the total current U.S. workforce. The switch won’t happen immediately, but slowly over the next decade or so, according to a report from Goldman Sachs […]
Uber Shortchanged New York City Drivers by Nearly $45M…
Uber Technologies Inc. on Tuesday said it mistakenly underpaid New York City drivers for the past 2½ years, an error that will likely cost it tens of millions of dollars. It is the second time in three months the ride-hailing company has acknowledged it deprived workers of their proper earnings. Under the terms of its […]
OMB Director Mick Mulvaney Highlights Key Details in FY18 Proposed Budget…
President Donald Trump’s Budget Director Mick Mulvaney goes over the highlights of Trump’s proposed $4.1 Trillion budget…
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Nearly 740k Foreigners Overstayed Their Visas Last Year…
The U.S. Homeland Security Department says nearly 740,000 foreigners who were supposed to leave the country during a recent 12-month period overstayed their visas. The count released Monday includes people who arrived in the U.S. by plane or boat but does not include ground border crossings. Countries with the highest visa overstays during the period […]
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