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 […]
Finance
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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 […]
China Floods Causing U.S. Agricultural Export Boom…
Despite U.S. agricultural exports to China falling one-third through May due to trade war retaliation, exports have surged above forecast due to the flooding of 433 rivers across China. The U.S. Department of Agriculture reported that pork, corn, wheat, cotton, rice, sorghum, and soybean exports to China from July 10 to 16 are trending above […]
Florida Man who Used COVID-Relief Funds to Purchase Lamborghini Sports Car Charged in Miami Federal Court..
A Florida man was arrested and charged with fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a sports car for himself. Authorities seized a $318,000 sports car and $3.4 million from bank accounts at the time of arrest. Acting Assistant Attorney General Brian C. Rabbitt […]
McConnell Unveils GOP HEALS Act Proposal with Targeted Round of Wuhan Virus Aid…
Senate Majority Leader Mitch McConnell announced Republicans will introduce a bill to provide a new round of coronavirus aid that would reduce an expansion of unemployment benefits and provide a new batch of stimulus checks, but to a smaller group than a prior round of help. “Senate Republicans have authored another bold framework to help […]
Related
Trump Signs 4 Executive Orders to Cut Cost of Drug Prices in U.S….
President Donald Trump signed four separate executive orders aimed at cutting the cost of prescription drugs in the U.S. on Friday, saying Americans aren’t getting a fair deal. The first order requires that community health centers pass on the “massive” discounts they have traditionally received on purchases of insulin and epipens to their customers. The […]
Dodd-Frank Is 10 Years Old Today and the Fed Is Back to Bailing Out Wall Street…
Today marks the 10th Anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, named after its two sponsors, former Senator Christopher Dodd (D-CT) and former Congressman Barney Frank (D-MA). The massive piece of legislation was signed into law on July 21, 2010 by President Barack Obama at a time when […]
Mnuchin Confirms GOP Stimulus Plan to Include $1,200 Stimulus Checks…
A forthcoming Senate Republican stimulus proposal will mirror CARES Act that included a one-time $1,200 economic impact payment to some Americans, said a top White House official on Thursday. Treasury Secretary Steven Mnuchin was asked about the nature of the payments, saying it would be the same as the bill passed in March. “We’re talking […]
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