Members of the House banking panel revealed a 600-page proposal Wednesday evening to roll back the Dodd-Frank Act. The bill is the most aggressive plan so far by Republican leadership in Congress to loosen financial regulations after the financial crisis of 2007. President Donald Trump has taken the lead thus far for Republicans on banking […]
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44% Of Americans Won’t Pay Any Federal Income Tax…
Many Americans won’t owe the government a dime today. More than four in 10 American households (44.3%) — or upwards of 76 million — didn’t pay any income tax to the federal government last year, according to data for 2016 from the Tax Policy Center. This year that number is expected to be roughly the […]
Meet the Banksters Whistleblower: Lucifer’s Banker (VIDEO & TRANSCRIPT)…
Brad Birkenfield, author of Lucifer’s Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy, recounts the efforts he uncovered by his employer to help its clients cheat the US government out of tens of $billions in taxes. But despite his working with the government closely to expose the gigantic conspiracy between US-based tax […]
The Trump Reflation Fantasy Ends on Day 100 by David Stockman…
In honor of the Donald’s “Mother of All Bomb” (MOAB) attack on the Hindu Kush mountains Thursday, let me introduce MOAD. I’m referring to the “Mother of All Debt” crises, of course. The opening round is coming when Washington goes into shutdown mode on April 28, which happens to be Day 100 of the Donald’s […]
Here Are the Stores Taking Hits, Closing Hundreds of Locations Nationwide…
For the retail industry’s brick-and-mortar stores, the realities of online shopping and changing tastes have driven down sales, causing hundreds of locations to close their doors. So what’s the status of the stores making headlines these days? Here’s a quick guide…
Big Pharma Funds “Independent” Advocacy Groups Attacking Drug-Price Reduction Bill…
Advertisements from seemingly independent advocacy groups are swamping Beltway newspapers with dire warning that recent proposals to lower drug prices will lead to dangerous consequences. In the last week alone, the ads have appeared in the Washington Post, Washington Times, Roll Call, The Hill, and Politico. The groups placing the ads have no obvious connection […]
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 […]
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 […]
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 […]
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 […]
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…
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 […]
Wells Fargo Claws Back Additional $72 Million From John Stumpf, Former Retail Banking Head…
It’s been a bad start to the week for bank CEOs and ex-CEOs. Hours after Barclays chief executive Jes Staley was slammed with a regulatory probe and learned he would see substantial cuts to his compensation after he tried to “unmask” a whistleblower, the board of Wells Fargo said it has clawed back an additional […]
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. […]
IRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks…
A report from Treasury’s Inspector General found that the IRS misused a law aimed at cracking down on organized crime and terrorism to target innocent individuals and businesses. Agents adopted a policy of seizing cash before investigating for other wrongdoing because it was just easier to seize the money of innocent people than hardened criminals […]
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 […]
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 […]
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 […]
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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