New York City’s total wealth has fallen by billions of dollars over the past year – amid a severe coronavirus outbreak that has driven the richest residents out of town. According to a report from New World Wealth and Webster Pacific, the combined wealth in the Big Apple fell by $336 billion in the 12 […]
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Data Quirk Inflates Wuhan Virus Jobless Figures by 3.7M…
Figures for weekly job losses caused by COVID-19 are being inflated by adjustments the government uses in a normal year to smooth out seasonal factors and show broader growth patterns, according to one investment adviser. While Labor Department reports show more than 54 million Americans have filed for first-time unemployment benefits since stay-at-home orders were […]
Wall Street Banks that Got the Biggest Fed Bailouts Have Been Dogs to Shareholders over the Past 15 Years…
Federal Reserve Chairman Jerome Powell wants Americans to believe that the mega banks on Wall Street that hold trillions of dollars in federally-insured deposits, while peddling everything from high-risk derivatives to junk bonds to precious metals, “are a source of strength” during this economic downturn. The big problem for the Fed is the above two […]
Cuomo: U.S. Taxpayers Need to Fill New York’s Budget Gap…
The state of New York faces a budget deficit of $30 billion over the next two years thanks to the COVID-19 crisis, and Gov. Andrew Cuomo said Wednesday it’s up to the federal government to fill it. Without that help, Cuomo told reporters that funding for local governments and hospitals would take a significant hit. […]
President Trump Signs Executive Order Curbing H-1B Outsourcing of American Jobs…
President Donald Trump signed an executive order Monday which curbs the H-1B outsourcing of jobs at government agencies, including the government-controlled Tennessee Valley Authority. “We believe jobs must be offered to American workers first,” Trump told attendees at a signing event in the White House. Staffing companies have used the H-1B program to fill roughly […]
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Kodak Granted Chairman 1.75 Million Options the Day Before Trump’s $765 Million Loan to Company…
The day before a $765 million loan from the government was announced, Kodak granted its executive chairman Jim Continenza 1.75 million options as the result of what is being called an “understanding” with the Board of Directors. The options had not been listed in his employment contract, nor were they made public, according to Reuters. […]
Why So Many Cities Are Paralyzed…
Sympathy for America’s big-city mayors and their allies is evaporating – generally for good reason. Portland and Seattle, for instance, seemed willing to give rioters a free hand before belatedly stepping in. And of course there’s the amazing quote from Chris Cuomo, the brother of New York’s Governor : “Please, show me where it says […]
Stockman Slams “Lockdown Lunacy” – Your Government Ordered Depression Has Arrived…
Well, the Virus Patrol sure has done it. In a fit of reckless overkill they have managed to vaporize six years of economic growth during the last 90 days. And that’s just by the mechanical reckoning of the GDP accounts, where total output in Q2 weighed in at essentially the same level as Q4 2014. […]
The Fed Has Secreted Away the Transactions of Three of Its Emergency Lending Programs…
Federal Reserve Chairman Jerome Powell and Randal Quarles, the Vice Chairman for Supervision at the Fed, have stated in testimony before Congress that they would be providing transaction level details of their Section 13(3) Emergency Lending Facilities on a regular, ongoing basis. But the three oldest of those facilities, the Primary Dealer Credit Facility (PDCF), […]
Trump Admin Made Four Separate COVID Stimulus Offers – Dems Rejected All of Them, Meadows Says…
President Donald Trump’s administration has presented four separate coronavirus stimulus plans to Congress and Democrats have rejected each of them, White House Chief of Staff Mark Meadows announced Friday. Meadows has been on Capitol Hill negotiating with Democrats all week, but to no avail, saying Democrats have not even proposed a counter offer. If a […]
Trump’s ‘Creative’ Kodak Deal Hailed by Health Experts…
This week, the Trump administration took “a momentous step” to bring manufacturing back to the United States as the once-mighty camera company Kodak will be transformed into a pharmaceutical firm to produce essential medicines. Rosemary Gibson, the co-author of “China Rx,” praised the deal, calling it “a great step forward” for the country. “Our health […]
New York Times Rewrites the Timeline of the Fed’s Wall Street Bailouts, Giving Banks a Free Pass…
Last Friday, the New York Times officially embarked on what we have been expecting – an attempt to rewrite the current, ongoing Wall Street bank bailout. We were so certain that an alternative reality was going to emerge at the Times, that we had the foresight to create an archive of Wall Street On Parade […]
Dunkin’ to Permanently Close 800 U.S. Stores Amid Double-Digit Revenue Fall…
Dunkin’ expects to close about 800 stores across the country as it scrambles to contain a double-digit revenue fall driven by the coronavirus pandemic, the giant coffee chain announced Thursday. The anticipated closures represent about 8% of the company’s U.S. restaurant footprint and approximately 2% of its overall sales last year, according to a second-quarter […]
Fannie, Freddie Earnings Improve Amid Signs of Housing Market Recovery…
Government-controlled mortgage giants Fannie Mae and Freddie Mac said earnings improved in the second quarter, adding to evidence of a rebound in the U.S. housing market. Fannie Mae, the larger of the two companies, said 5.7% of the single-family loans it guarantees — representing about 972,000 mortgages — had suspended payments as of June 30, […]
11 Million Households Could Be Evicted over the Next Four Months…
Every year, about 2.3 million American renter households receive eviction papers at some point. During the COVID-19 pandemic, we might see that many evictions in one month. Global advisory firm Stout, with input from the National Coalition for a Civil Right to Counsel (NCCRC), used census survey results and income data to develop a new […]
Trump Wants Short-Term Relief Bill to Extend Jobless Benefits, Halt Evictions…
President Trump and Secretary Steven T. Mnuchin said Wednesday they want to negotiate a short-term coronavirus relief bill with Democrats to prevent evictions and extend unemployment benefits that are due to expire on Friday. “We’re focused on those two things, we want to take care of them now,” Mr. Trump told reporters. “The rest we […]
Google, Apple and Amazon Are Leading a $30 Trillion Assault on Wall Street…
There’s a multi-trillion dollar trend completely upending Wall Street… With some of the biggest names in the business such as Amazon’s Jeff Bezos and the world’s largest asset manager, BlackRock jumping on board. And they’re not alone. Apple, Google, and even some of America’s leading automakers are completely shifting gears to accommodate investors’ demands to […]
Asset Forfeiture Run Amok: How in the World Could a County Treasurer Seize a Retiree’s Home over a Paltry $8.41 Tax Debt?…
Officials in one Michigan county are demanding answers from their treasurer amid concerns that the county could be on the hook for millions of dollars in payments to former homeowners whose properties were seized under a tough forfeiture practice. Oakland County commissioners sent an angry letter last week to Treasurer Andrew Meisner after the Michigan […]
Former Malaysian PM Guilty on All Counts in Sweeping 1MDB Corruption Case; Sentenced to 12 Years in Prison…
Days after Goldman Sachs agreed to fork over nearly $4 billion to the Malaysian government as penance for aiding and abetting the criminals who looted more than $4 billion from 1MDB (a sovereign wealth fund financed by several bond issues underwritten by Goldman Sachs), former Malaysian Prime Minister Najib Razak has been found guilty on […]
Goldman’s 1MDB Fiasco Nears End with $3.9 Billion Malaysia Pact…
Goldman Sachs Group Inc. has reached a $3.9 billion pact with Malaysia, marking a big step in the Wall Street giant’s efforts to resolve its worst scandal since the financial crisis. The settlement includes a payment of $2.5 billion to Malaysia to resolve probes into the U.S. bank’s role in a scheme to plunder the […]
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