Yesterday, the Dow Jones Industrial Average of 30 large cap companies closed with a loss of 969.5 points or 3.58 percent. That was bad enough but the losses among the biggest Wall Street banks outpaced the Dow losses by a significant margin. Typically, JPMorgan Chase is one of the better performers among the Wall Street […]
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Flights Into U.S. to Drop to 12-Year Low Because of Coronavirus Outbreak…
International inbound travel to the United States is projected to drop 6% over the next three months because the coronavirus outbreak continues to roil the global economy, according to research conducted by the U.S. Travel Association, a nonprofit organization that represents the travel industry. The decline would be the largest since the 2008 financial crisis. […]
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Two Chinese Nationals Indicted in Cryptocurrency Laundering Scheme Linked to North Korea…
The United States on Monday charged two Chinese nationals with laundering more than $100 million in stolen cryptocurrency from a 2018 cyberattack linked to North Korea’s illicit nuclear missile and weapons development program. The new indictment, accompanied by sanctions and a civil forfeiture complaint seizing 113 cryptocurrency accounts filed in federal court in Washington, marks […]
Fed Rate Cut to Boost Homebuyers’ Spending Power…
The Federal Reserve cut interest rates on Tuesday in response to the spreading coronavirus, and that could bring benefits to one sector of the U.S. economy just in time for spring: real estate. Mortgage rates were already low – and the addition of a rate cut could provide an even more attractive opportunity for prospective […]
Federal Reserve Chair Jerome Powell Statement and Press Conference Following 50 Point Fed Drop…
Earlier this morning the Federal Reserve (Fed) announced a .50 drop in their lending rate in response to the potential for economic impacts from the coronavirus. Following the rate cut Federal Reserve Chair Jerome Powell delivered a statement and held a press conference…
There Are Trillions at Stake…
President Trump is disrupting decades of multinational financial interests who use the U.S. as a host for their ideological endeavors. President Trump is confronting multinational corporations and the global constructs of economic systems that were put in place to the detriment of the host (USA) ie. YOU. There are trillions at stake; it is all […]
Dow, S&P and Nasdaq Score Biggest Gains Ever as Stocks Make Comeback…
U.S. equity markets surged Monday as Wall Street rebounded from its worst week since the financial crisis and has President Trump and U.S. health officials made more progress in developing a plan to combat the coronavirus. The Dow Jones Industrial Average rose over 1,294 points or 5 percent in what is the biggest point gain […]
Dow Jones Fell More Than 3,500 Points in Its Worst Week Since 2008…Fed Under Pressure to Cut Rates Immediately…
Increasing fears over the spreading coronavirus have investors on edge, and while the White House maintains that the United States is prepared to handle an outbreak, the Federal Reserve has come under scrutiny as the market rapidly loses liquidity. The Dow Jones Industrial Average fell more than 3,500 points in its worst week since the […]
Don’t Lose It…
HERE’S THE LEAST surprising thing you’ll read this week: You can’t control the financial markets. They’re driven by news—and we simply don’t know what news we’ll get in the weeks and months ahead, whether it’s about the spread of the coronavirus, its impact on the global economy or something else entirely. But don’t despair: There’s […]
Dow Nosedives Nearly 1,200 in Biggest Single-Day Points Drop of All Time…
U.S. equity markets plunged into correction territory Thursday in what was another volatile session which followed President Trump’s announcement on Wednesday of a coronavirus task force. The Dow Jones Industrial Average fell over 1,193 points, its worst single point drop ever, as selling accelerated into the close of trading. The S&P 500 and Nasdaq Composite […]
Natural Gas Is Crushing Wind and Solar Power – Why Isn’t Anyone Talking About It?…
The U.S. Energy Information Administration just announced some spectacular news that should be banner headlines across the country: The price of natural gas has fallen to its lowest February level in 20 years. The data shows that natural gas prices fell to $1.77 per million British thermal units. In inflation-adjusted terms, the price of gas […]
Goldman Sachs Pleads Not Guilty to 1MDB Charges in Malaysia…
Three arms of Goldman Sachs reportedly pleaded not guilty Monday to Malaysian charges stemming from the investment bank’s involvement in the massive 1MDB scandal. A representative for Goldman entered the plea in Kuala Lumpur after a judge read out the charges related to the bank’s alleged role in raising $6.5 billion in bond sales for […]
THE DOW LOST 1,000 POINTS. WORST DAY IN TWO YEARS…
The stock market tanked on Monday—with the Dow Jones and S&P 500 indexes erasing their gains for 2020 as a surge in coronavirus cases outside of China boosted fears of a pandemic and global economic slowdown, but historical data shows that investors shouldn’t panic yet, according to experts – U.S. stocks had their worst drop […]
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Wells Fargo to Pay $3B in Settling Criminal and Civil Investigations Into Its Fraudulent Sales Practices…
Wells Fargo has agreed to pay $3 billion and admit wrongdoing to settle criminal and civil investigations with the Justice Department and the Securities and Exchange Commission over its fraudulent fake-account scandal, the U.S. Attorney’s Office said Friday. “This case illustrates a complete failure of leadership at multiple levels within the bank,” said U.S. Attorney […]
‘Weak Start to the Year’ – Maersk Warns Paralyzed Chinese Factories to Damage Global Economy…
A.P. Moller-Maersk A/S, the world’s largest container shipping company, warned Thursday that the Covid-19 outbreak in China, and quickly spreading across the world, would hit earnings this year. Maersk said factories in China are currently operating at 50-60% of capacity because the economy has ground to a halt. Maersk reported an unexpected loss in the […]
Trump Economists Accuse Liberal Cities of Causing ‘Economic Distress’ to Residents by Overregulating Housing…
The Trump administration on Thursday criticized liberal metropolitan cities such as San Francisco and New York City for having burdensome housing regulations that have caused home prices and homelessness to rise. In the annual report of the White House Council of Economic Advisers, President Trump’s economists argued that a failure to meet the demand for […]
Jobless Claims Hold Largely Steady, Bolstering Fed’s View of Continued Labor Market Strength…
The number of Americans filing for unemployment benefits saw a slight uptick last week and the four-week moving average of the initial jobless claims figure dropped, bolstering the Federal Reserve’s claim that the U.S. labor market “remains strong.” In the official record of the latest meeting of the Federal Open Market Committee (FOMC), the central […]
HSBC to Cut 35,000 Jobs, Shed $100 Billion in Assets As Profits Plunge…
Banks around the world are supposed to benefit the most from central banks inflating assets, and hyperinflating stock markets, but over the past few years, central banks have instead caused some of the biggest bank job cuts in half a decade. HSBC, Europe’s largest bank and troubled lender, although not nearly as troubled as Deutsche […]
Oil Production on Federal Lands Topped 1B Barrels in 2019, up 29 Percent from Obama Administration…
The Interior Department announced Tuesday that oil production on federal lands eclipsed the 1 billion barrel mark in fiscal 2019, which amounted to a 29% increase from the end of the Obama administration. The hydraulic fracturing boom that started in 2009 has ramped up over the last few years, driven by the Trump administration’s regulation […]
Fed Slashes 14-Day Repo Loans to $25 Billion; Will Cut Further in March…
Federal Reserve Chairman Jerome Powell sat through two days of grueling hearings before the House Financial Services Committee and Senate Banking Committee last week. At numerous times, the Fed and Powell were portrayed by Congressional members as sugar daddies for Wall Street while aloof to the financial suffering of the average American. (See Fed Chair […]