Bitcoin, a digital currency worth $43 billion USD, is in uncharted and potentially risky territory after a split created two versions on Tuesday: the original bitcoin that’s existed since 2008, and the new Bitcoin Cash, which aims to be a more populist alternative. The split in the network was triggered on Tuesday afternoon (all times […]
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Trump, GOP Senators Champion Bill to Cut Legal Immigration Levels…
President Trump joined two Republican senators on Wednesday to champion legislation overhauling legal immigration in America, calling for a merit-based system that would significantly cut admissions over the next decade. Speaking at the White House, the president called it “the most significant reform to our immigration system in a half century”…
H-1B: It is NOT a Matter of Degree…
As any reader should know, I consider the biggest obstacle — indeed a danger — to genuine reform of the H-1B work visa program (other than lack of political will) is what I call the Intels Good, Infosyses Bad (IGIB) myth. The presumption there is that the Indian firms such as Infosys who hire H-1Bs […]
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New Rule Makes it Easier to Get a Mortgage with Student Loan Debt…
For millions of Americans drowning in student loan debt, the prospect of getting a mortgage might seem out of reach. Last week, Fannie Mae changed underwriting rules that could make it much easier for people with student loan debt to qualify for a mortgage. Here are the details. The new rule impacts people with federal […]
A Quarter Trillion Dollars in U.S. Savings Was Just “Wiped Away…
As part of its historical revision to GDP, the BEA also had to adjust personal income and spending, with the full results released in today’s July report. What it revealed was striking: over the revised period, disposable personal income for US household was slashed cumulatively by over $120 billion to just under $14.4 trillion, while […]
U.S. Government Ordered to Solve ‘Case of the Incredible Shrinking Airline Seat’…
U.S. aviation authorities were ordered back to the drawing board on Friday to solve what a federal appeals judge called “The Case of the Incredible Shrinking Airline Seat.” Judge Patricia Millett told the Federal Aviation Administration to take another look at an advocacy group’s assertion that shrinking airline seats are imperiling passenger safety…
“This Is A Full-Blown Scandal: It’s Unbelievable, Outrageous” – Comptroller Demands Heads Roll at Wells…
Wells Fargo is in boiling hot water. Again. One day after the NYT reported the latest major scandal involving Warren Buffett’s favorite bank, in which the bank was busted less than a year after its miss-selling fraud cost the former CEO his job, revealing that the bank charged some 800,000 customers for auto insurance they […]
Global Stocks Hit New All Time High as Dollar Rebounds; Europe Volatile on Earnings Deluge…
The levitation continues with S&P futures pointing to – what else – another higher open while European stocks swung between gains and losses on the busiest earnings days of the year (85 of the Stoxx 600 report) which has seen European pharma giant AstraZeneca plunge 15%, the most on record, after its flagship lung cancer […]
Why Illinois Is In Trouble – 63,000 Public Employees With $100,000+ Salaries Cost Taxpayers $10B…
Illinois is broke and continues to flirt with junk bond status. But the state’s financial woes aren’t stopping 63,000 government employees from bringing home six-figure salaries and higher. Whenever we open the books, Illinois is consistently one of the worst offenders. Recently, we found auto pound supervisors in Chicago making $144,453; nurses at state corrections […]
‘Sophisticated’ Ethereum Hack Steals $8M Worth of Cryptocurrency…
Hackers struck the Ethereum platform twice in consecutive weeks – this time stealing more than $8 million worth of cryptocurrency in the second Initial Coin Offering (ICO) heist. Veritaseum, the peer-to-peer software firm at the center of the hack, confirmed the theft Monday. The firm’s founder, Reggie Middleton, explained the incident on the Bitcoin Talk […]
IRS Doled Out More Than $24B in Potentially Bogus Refunds…
The IRS doled out more than $24 billion in potentially bogus refunds claimed under several controversial tax credits in 2016, according to a new audit that said $118 million was even paid to people who weren’t authorized to work in the U.S. in the first place. Some $16.8 billion in payments were made on improper […]
SHOCKER: Colleges Stop Exorbitant Price Increases After Congress Caps Student Loans…
America’s colleges and universities have finally stopped their practice of annually gouging students with price increases for tuition, fees and room and board — to the accumulated tune of a growth rate of 400 percent in the last three decades. Labor Department statistics collected by The Wall Street Journal show that aggregate tuition increases in […]
“Worse Than People Can Imagine” – Deutsche Bank to Shift $350 Billion of Assets from London to Frankfurt…
In a project dubbed ‘Bowline’, Bloomberg reports that Deutsche Bank may shift about 300 billion euros ($350 billion) from the balance sheet of its U.K. entity to Frankfurt as client trading and assets migrate to the continent following Britain’s decision to leave the European Union. While not the first bank to threaten to move post-Brexit, […]
Multinational Corporations and the Export of American Wealth…(Read This Before Reading Related Links)…
To understand the larger objectives of the global and financial elite it is important to understand the three-decade global financial construct they seek to protect. Global financial exploitation of national markets:…
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Why Don’t Millenials Like Capitalism? Blame Parents. Blame Schools. Blame Obama…
As a society, we have done millennials a disservice. An entire generation of young people in America came of age during a decade of sluggish economic growth, and as a result, many are skeptical of free enterprise and capitalism. A stunning 2016 Harvard University survey of young adults between the ages of 18 and 29 […]
Whole Foods Shareholders Sue to Block Amazon Merger…
A pair of class-action lawsuits claim a financial statement issued by Whole Foods to its stockholders did not disclose potential conflicts of interest and other relevant information about its proposed merger with Amazon. Robert Riegel and Robert Berg sued Whole Foods Market and its board of directors in Austin federal court for alleged securities violations […]
It’s Not the Avocado Toast: Federal Reserve Finds Student Debt Reducing Millennial Home Ownership…
In May, a Melbourne-based real estate mogul’s claim that millennials would be able to afford homes if only they cut back on discretionary expenses such as avocado toast went viral — with many heaping mockery on the suggestion. Now the Federal Reserve has its own hot take to throw on the pile. Except this one […]
Tech May Replace Half of All Low-Skilled Jobs in the U.S….
Ball State University sits in Muncie, Indiana, at the heart the “Rust Belt,” so educators there have the right to be pessimistic about the drift of the U.S. economy. But a report by the school’s Center for Business and Economic Research goes even further. “We found a toxic brew,” said CBER Director Michael Hicks. “Automation […]
Speaker Ryan Squeezes 15,000 Extra H-2B Workers From DHS Chief John Kelly…
U.S. businesses in danger of suffering irreparable harm due to a lack of available temporary nonagricultural workers will be able to hire up to 15,000 additional temporary nonagricultural workers under the H-2B program … “Congress gave me the opportunity to provide temporary relief to American businesses in danger of suffering irreparable harm due to a […]
There Has Been Just One Buyer of Stocks Since the Financial Crisis…
When discussing Blackrock’s latest quarterly earnings (in which the company missed on both the top and bottom line, reporting Adj. EPS of $5.24, below the $5.40 exp), CEO Larry Fink made an interesting observation: “While significant cash remains on the sidelines, investors have begun to put more of their assets to work. The strength and […]
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