A top Mexican official has claimed that protections for biologic drugs are being rolled back in the pending trade deal being negotiated by the Trump administration, an apparent compromise that could attract Democratic support at the cost of the pharmaceutical industry. At the same time, Mexico has said it would resist allowing United States inspectors […]
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Tucker Carlson Rips ‘Vicious’ Billionaire Paul Singer for ‘Vulture Capitalism’ Tactics Resulting in Decimation of Towns and Jobs…
During his Tuesday broadcast of Fox News Channel’s “Tucker Carlson Tonight,” host Tucker Carlson took a highly critical look at billionaire hedge fund manager and political financier Paul Singer’s practices, which have made him a wealthy man. Carlson reminded viewers of the circumstances throughout the country in an age where the industrial sector thrived but […]
Fewer, Bigger Businesses Is Just What the Central Planners Want…Excise ALL Competition…
Back in the day, I got a peek into how the state sees commerce and daily life. I was something of a regulator for a while, sitting on the alcoholic beverage licensing subcommittee of the local Advisory Neighborhood Council in D.C. I saw my job mostly as clearing away regulatory roadblocks for new bars and […]
Is the Fed’s $3 Trillion in Loans to Trading Houses on Wall Street Legal?
The House Financial Services Committee has released its memorandum outlining the topics that will be raised in its hearing tomorrow with Federal bank regulators, which will include Randal Quarles, Vice Chairman of Supervision at the Federal Reserve. Noticeably absent from the list of topics is what legislative authority the Federal Reserve has that gives it […]
Trump Announces Tariffs on Steel and Aluminum From Brazil and Argentina…
Brazil and Argentina will face American tariffs on steel and aluminum, President Donald Trump announced early Dec. 2. “Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into […]
Pelosi Working to Put a ‘Better Face on Globalization’ Through the U.S.-Mexico-Canada Trade Deal…
…”We still have some issues that relate to enforcement because if you don’t have enforcement you just have a nice conversation and a list of nice things, but you do not have a fair deal for workers in any of the countries.” “And that’s what we want,” she continued. “Not just a good deal for […]
The New York Fed Has Some Explaining to Do Over Morgan Stanley’s Unreported Trading Losses…
James Gorman is the Chairman and CEO of Morgan Stanley. He also sits on the Board of Directors of the Federal Reserve Bank of New York (New York Fed), one of Morgan Stanley’s regulators. The New York Fed is one of 12 regional Federal Reserve banks – but the only one willing to turn on […]
Cyber Monday Sales on Track to Top $9B…
Cyber Monday is far from over, but analytics show a combination of harsh winter weather and the popularity of shopping via smartphone is putting the day on track for $9.4 billion in sales, which is nearly 19 percent year-over-year growth. Cyber Monday had already reached $473 million in online sales as of 9 a.m. EST […]
MAGAnomics – U.S. Black Friday Online Consumer Spending $5.4 Billion (+22%)…
Jumpin’ ju-ju bones…. Keep in mind as you review these numbers – U.S. consumer spending accounts for two-thirds of total U.S. GDP. The sales numbers from Thanksgiving and Black Friday are exceptionally strong, showing confidence by consumers this holiday season. This is not the ‘recession’ we were promised by pundits. Continued strong wage growth amid […]
3rd Quarter U.S. GDP Growth Revised Upward, Durable Goods Orders Increase, New Home Sales Increase 31.6% Year-over-Year…
More signs the U.S. economy is very strong show up today as several key economic indicators defy prior economist predictions. Staring with a significant upward revision by the Bureau of Economic Analysis for the third quarter GDP growth from 1.9% to 2.1% – The revision to GDP reflected upward revisions to inventory investment, business investment, […]
USMCA Rumblings – After Letter from Mexico to Pelosi, USTR Lighthizer, FM Seade and FM Freeland Meet in DC…
Something is shaping up in the political background around the USMCA. Yesterday Mexican President Andres Manuel Lopez-Obrador (AMLO) sent a second letter to House Speaker Nancy Pelosi urging USMCA ratification. Team Trump and Team AMLO are working together against Team Pelosi & AFL-CIO Richard Trumka. Essentially AMLO has been saying the labor provisions within the […]
Who Pays the Tax on Imports from China?…
Tariffs are a form of taxation. Indeed, before the 1920s, tariffs (or customs duties) were typically the largest source of funding for the U.S. government. Of little interest for decades, tariffs are again becoming relevant, given the substantial increase in the rates charged on imports from China. U.S. businesses and consumers are shielded from the […]
It’s Official: JPMorgan Chase Is the Riskiest Big Bank in the U.S….
The National Information Center is a little-known repository of bank data collected by the Federal Reserve. It is part of the Federal Financial Institutions Examination Council (FFIEC), which was created by federal legislation to create uniformity in the examination of U.S. financial institutions by the numerous federal regulators of banks. Quietly, the National Information Center […]
Chinese State Councillor Wang Yi: “There is no way out for the zero-sum games of the United States. Only win-win cooperation between China and the United States is the right path”…
I can’t stop laughing…. just too darned funny. CTH has long outlined how President Trump has taken the decades-long panda-mask game/approach of Beijing and mirrored it right back upon them. Today Chinese Coucillor Wang Yi, while delivering a strongly worded statement to G20 ministers, is positively verklempt in his open admission therein. Our President Trump […]
The Disturbing Advance Men for the Fed’s $3 Trillion (and Counting) Wall Street Bailout…
As you may have noticed by now, Wall Street On Parade is not buying the narrative that the $3 trillion that the New York Fed has pumped out to the trading houses on Wall Street since September 17 is part of routine open market operations that the Fed is legally allowed to do. We are […]
Old Americans to Inherit “Unprecedented Amount That Is Incomprehensably Large”…
When it comes to the generational conflict at the heart of America’s inequality split, there is no contest: the elderly – those between the ages of 65 and 75 who own the bulk of financial assets – have over 13 times as much wealth as America’s Millennials (see chart below), young people between 25 and […]
Deutsche Bank to Replace 18,000 Workers with Robots…
…”Mark Matthews, head of operations for Deutsche’s corporate and investment bank, told Financial News that machine learning algorithms “massively increased productivity” and “redistribute capacity.” The London-based news organization said that Deutsche is pushing to “automate large parts of its back-office” via a new strategy called “Operations 4.0,” as part of its $6.6 billion savings initiative […]
Deceitful Nancy Pelosi Hides Behind Richard Trumka as Excuse for Not Ratifying USMCA….
The U.S. multinationals on Wall Street do not want the USMCA to pass because they don’t want President Trump to have leverage that allows him to continue the fight against China and the EU. It is a simple dynamic, USMCA ratification makes the Wall Street prior investments in China worth less. In all of these […]
Is the Fed Secretly Bailing Out a Major Bank?…
The promise of something for nothing is always an enticing proposition. Who doesn’t want roses without thorns, rainbows without rain, and salvation without repentance? So, too, who doesn’t want a few extra basis points of yield above the 10-year Treasury note at no added risk? Thus, smart fellows get after it; pursuing financial innovation with […]
New Jersey Orders Uber to Pay $650 Million in Employment Taxes for Drivers…
Uber has been ordered to pay close to $650 million in employment taxes in New Jersey after the state’s department of labor said the ride-sharing company misclassified its drivers as independent contractors, according to a Bloomberg report. Bloomberg Law first reported Thursday that New Jersey has hit Uber and subsidiary Rasier LLC with $523 million […]