The Bureau of Economic Analysis (BEA) released the first quarter Gross Domestic Product (GDP) advanced estimate and the result is a 4.8% decline in economic activity. The revised fourth quarter GDP shows the economy was growing at 2.1 percent prior to the COVID-19 shutdown. The severity of the change in GDP reflects a severe drop […]
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“We Are Moving Into The End-Game”: 27 Tankers Anchored Off California, Hundreds Off Singapore as Oil Industry Shuts Down…
Back in the late fall of 2014, when Saudi Arabia broke up OPEC for the first time and unleashed a torrent of crude oil on the world despite the protests of its fellow cartel members, oil prices crashed as a result of what then seemed to be a “calculated” move by Riyadh which hoped to […]
Saudis Launched Oil Price War After ‘MBS Shouting Match with Putin’…
A telephone call last month between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman degenerated into a shouting match just before Riyadh decided to flood the market with oil in a move which sent prices spiralling. Saudi officials with knowledge of the disastrous call told Middle East Eye that the row threatened […]
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The New York Fed Is Exercising Powers Never Bestowed on It by Any Law…
Earlier this month President Trump advanced the view that during a national emergency the President has “total power.” The real power, however, is being exercised by the Federal Reserve Bank of New York (New York Fed) with not so much as one vote by any elected representatives of the citizens of the U.S. The speed […]
Tesla Fired 300 Janitors and Bus Drivers While Musk’s Wealth Grew by $650 Million in April…
We’ve been documenting the ongoing fire drill that is Tesla throughout the course of this pandemic. Most recently, we reported that workers at the company’s Fremont factory could be heading back in to work before the county’s stay-at-home order expires. …what’s left of the company’s workers, that is. We also reported days ago that Tesla […]
Tyson Foods Issues Dire Warning in Full-Page NYT Ad as Lockdowns Threaten U.S. Food Supply…
Tyson Foods rolled out a full-page advertisement Sunday in The Washington Post and The New York Times warning that the country’s food supply chain is “breaking” amid continued lockdowns aimed at slowing down the coronavirus pandemic. The company’s board chairman John Tyson wrote in the ad that farmers will be left in the dust and […]
Small Business Rescue Earned Banks $10 Billion in Fees…
Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR. The banks took in the fees while processing loans that required less vetting […]
Ten Things You Can Do Now to Curb Wall Street’s Wealth Transfer System…
The late 1920s and the early 2000s had two things in common. There was an unprecedented level of wealth and income inequality in the United States and there was no federal legislation to prevent giant Wall Street trading houses from owning deposit-taking banks filled with the savings of moms and pops across America. In both […]
Luxury Hotel Group Ashford Inc Is Biggest Beneficiary of PPP with $59M After Exploiting Loophole While Laying Off 95% of its Staff…
The luxury hotel group that owns Marriott Beverly Hills and the Ritz Carlton in Atlanta and is ran by a major Donald Trump donor has been named as the biggest beneficiary of the coronavirus loan program receiving a staggering $59million intended for small firms, while its boss has pocketed millions in dividends during the pandemic. […]
U.S. Ban on Saudi Oil Could Force Riyadh to Reroute 40 Million Barrels…
Saudi Arabia may be forced to reroute tankers carrying some 40 million barrels of crude oil to the United States if President Trump goes through with a threat to ban imports, Reuters has reported, citing shipping data and unnamed sources. There have been reports that Washington is discussing a ban on Saudi imports of crude […]
Americans Are Paying a Tragic Price for Allowing Five Banks to Control the U.S. Economy…
According to the Federal Deposit Insurance Corporation, as of yesterday there were 5,117 federally-insured banks and savings associations in the United States. But in terms of risk to the U.S. economy and financial system, according to the U.S. Treasury’s Office of Financial Research, only five of those banks matter. And as you can see from […]
U.S. Probes Insider Trading Tied to OPEC+ Oil Deal…
The U.S. Commodity Futures Trading Commission (CFTC) is investigating whether non-American traders had obtained insider information about Russia’s position in the OPEC+ negotiations last month, which they may have later illegally used to bet on crude oil futures, Bloomberg reported, citing two people with direct knowledge of the issue. Under the Dodd-Frank Act of 2010, […]
Here Are the Contracts Showing How $4.5 Trillion in Stimulus Was Outsourced to Wall Street…
Bloomberg News has an article up today with the headline: “The Fed Loves Main Street as much as Wall Street This Time.” The article is accompanied with a graphic of Fed Chair Jerome Powell shooting equal amounts of money at Main Street and Wall Street. Nothing could be further from the truth. Despite the headline, […]
The Malaysian Job: How Wall Street Enabled a Global Financial Scandal…
This past January, Goldman Sachs CEO and chairman David Solomon strode onto a stage at the bank’s lower Manhattan headquarters to launch the first “Investor Day” in the famously secretive institution’s one-hundred-and-fifty-year history. The celebration was promoted as an inspiring review of Goldman’s “strategic road map and goals,” and the presentations were replete with pledges […]
GO FIGURE: Democrat in Charge of Coronavirus Bailout Oversight Broke Federal Law About Stock Disclosures…
Only one Democratic member of Congress sits on the five person commission overseeing the controversial $500 corporate bailout package passed last month in response to the novel Coronavirus (COVID-19) pandemic. On Wednesday, she admitted to violating federal law related to stock disclosures. Rep. Donna Shalala (D-Florida) was handpicked by House Majority Leader Nancy Pelosi last […]
Abigail Disney Has Some Tough Words for Disney’s Bob Iger Not Paying Disney Employees…
OK, I’ve been holding my tongue on the theory that a pandemic is no time to be calling people out on anything other than failing us in a public health sense. I thought it might be a moment for peace and reconciliation. But I feel a thread coming on….1/ WHAT THE ACTUAL F***????? Look, dividends […]
Wendy’s to Give Out Free Chicken Nuggets at Every Location on April 24…
What’s better than chicken nuggets? Free ones! Wendy’s announced it would be offering free chicken nuggets to everyone who goes through a drive-thru on Friday. The fast-food chain tweeted the announcement to say the nuggets are entirely free with no purchase necessary. Customers can ask for a crispy nugget entrée or four-piece spicy and don’t […]
Treasury Secretary Steven Mnuchin – Warns Big Business Not to Try and Take Funds from Small Business Relief…
Treasury Secretary Steven Mnuchin calls in to Stuart Varney to provide updates on congressional funding for the Paycheck Protection Program (PPP) and the Small Business Administration relief package. Sec. Mnuchin covers a range of topics from Harvard to oil. After discovering that several large companies have applied to the PPP program, Mnuchin warns them about […]
Ivy League Universities Flush with Cash Set to Receive Millions in Federal Coronavirus Funding…
The eight elite private colleges of the Ivy League are slated to receive millions in taxpayer-funded coronavirus stimulus money despite controlling endowments with a combined value in 2019 of over $140 billion. Five Ivy League schools posted operational surpluses of over $200 million in 2019, according to their financial statements from that year. Secretary of […]
Trump Pressed to Halt Federal Pension Investments in China’s ZTE, Hikvision…
Lawmakers and former officials are making a last ditch push to persuade the Trump administration to halt plans to invest billions of federal employee retirement dollars in Chinese companies that Washington suspects of human rights abuses or threatening U.S. security, according to sources and documents seen by Reuters. The campaign, which includes letters and calls […]
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