The Department of Education told House Republicans, during a briefing and in a letter, their investigation into Institutions of Higher Education (IHE) for foreign investments and donations has so far uncovered over $6 billion of previously unreported foreign donations from known adversarial countries. The briefing and the letter are the result of House Republicans’ inquiry […]
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China Is Cheating on Obama-Era Stock Market Deal, Trump Urged to Intervene…
The recent spectacular collapse of a Chinese coffee company and a stark warning by federal regulators are focusing an uncomfortable light on an Obama-Biden era stock market concession to Beijing, one that could become President Trump’s next target. Since 2013, Chinese companies have been allowed to participate in U.S. stock and bond exchanges without having […]
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Mnuchin: Employees Who Reject Offer to Go Back to Work Cannot Receive Unemployment Benefits…
Treasury Secretary Steven Mnuchin said that individuals who reject an offer from their company to return to their jobs after they are laid off due to the pandemic are no longer considered eligible to receive unemployment benefits from the federal government. “If you offer a person a job … and that person does not take […]
J&J to Stop Selling Talc-Based Baby Powder in US, Canada…
Johnson & Johnson is ending sales of its iconic talc-based Johnson’s Baby Powder in the United States and Canada, where demand has dwindled amid thousands of lawsuits claiming it has caused cancer. The world’s biggest maker of health care products said Tuesday the talc-based powder will still be sold outside the United States and Canada. […]
Dow Surges Over 900 Points Amid Wuhan Virus Vaccine Progress As Lockdowns Ease…
U.S. equity markets soared Monday after drugmaker Moderna announced progress toward a COVID-19 vaccine and as lockdowns continued to ease nationwide. The Dow Jones Industrial Average gained as many as 1,023 points before paring its advance in the final hour of trading. The S&P 500 registered its best day since early April, rising 3.15 percent, […]
Small Businesses Getting Relief Won’t Be Punished if Employees Don’t Return, Treasury Announces…
The Treasury Department on Friday granted small businesses participating in the pandemic relief program more flexibility for nonpayroll expenses, new ways of calculating payroll costs, and a new exemption in case workers don’t return. The new guidelines announced Friday are meant to address some of the biggest complaints about the program, which is meant to […]
Oil Jumps 11% on Signs of Demand Recovery…
U.S. benchmark oil prices surged by 11 percent early on Monday to a two-month high of over $32 a barrel amid signs of demand recovery and accelerated production cuts from all oil producers, making a repeat of last month’s negative WTI Crude prices a day before expiry increasingly unlikely. At 10:00 a.m. EDT on Monday, […]
5 Iranian Tankers Sailing to Venezuela, Defying U.S. Sanctions…
Five Iranian tankers likely carrying at least $45.5 million worth of gasoline and similar products are now sailing to Venezuela, part of a wider deal between the two U.S.-sanctioned nations amid heightened tensions between Tehran and Washington. The tankers’ voyage came after Venezuela’s socialist leader Nicolás Maduro already turned to Iran for help in flying […]
Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds…
Among the toxic contributors to the financial crisis of 2008, few caused as much havoc as mortgages with dodgy numbers and inflated values. Huge quantities of them were assembled into securities that crashed and burned, damaging homeowners and investors alike. Afterward, reforms were promised. Never again, regulators vowed, would real estate financiers be able to […]
Secretary Wilbur Ross Discusses Moving Manufacturing Out of China (VIDEO)…
U.S. Commerce Secretary Wilbur Ross appears with Maria Bartiromo to discuss Taiwan Semiconductor Manufacturing Co. (TSMC) building an advanced chip factory in Arizona. Additionally, Wilburine also highlights new moves by the commerce dept. amending its longstanding foreign-produced direct product rule and the Entity List to narrowly and strategically target Huawei’s acquisition of semiconductors that are […]
New Data Shows U.S. Companies Are Definitely Leaving China…
U.S. companies are leaving China thanks to the trade war. They’ll leave even more thanks to the pandemic. Sorry, Davos Man. Your China-led globalization is going out of style like bell bottoms. Global manufacturing consulting firm Kearney released its seventh annual Reshoring Index on Tuesday, showing what it called a “dramatic reversal” of a five-year […]
Evidence Suggests U.S. Financial Crisis Started on August 14, 2019…
In the Federal Reserve’s most recent “Supervision and Regulation Report” on the big bank holding companies it “supervises,” the Fed continued its attempts to perpetuate the narrative that “The banking industry came into 2020 in a healthy financial position” and has simply unraveled as a result of the COVID-19 pandemic. That narrative is built on […]
How the Wuhan Virus Bailout Gave Wall Street a No-Lose Casino …
In late April Marko Kolanovic, a financial analyst for JPMorgan Chase, wrote to clients with good news. Pandemic aside, investors should expect stock prices in S&P 500 companies to return to record numbers some time early next year! “The S&P 500 should attain previous all-time highs,” Kolanovic wrote, “if the monetary measures are sustained.” The […]
BlackRock Begins Buying Junk Bond ETFs for the Fed Today: It’s Already at Work for the Central Bank of Israel…
It’s off to the races today for BlackRock. The New York Fed, with authority from the Federal Reserve Board and backstopped with taxpayers’ money, will begin the first phase of the Fed’s unprecedented leap into shoring up the sagging prices of investment grade corporate debt and junk bonds. BlackRock has been selected by the New […]
Batshit Crazy!: Nancy Pelosi Unveils $3 Trillion, 1,815-Page Leftist Coronavirus Bill…
House Speaker Nancy Pelosi (D-CA) unveiled her $3 trillion phase four coronavirus bill on Tuesday that serves as a “policy wishlist” for Democrats and progressives. Pelosi unveiled the Heroes Act, which is a 1,815-page bill that the House will likely vote on Tuesday. The legislation was not negotiated with congressional Republicans or the Donald Trump […]
Yuan, Futures Slide After Trump Orders Retirement Fund Investment in Chinese Stocks Blocked…
Having threatened last week that “COVID reparation” would be paid one way or another – and following Peter Navarro’s comments echoing the same rhetoric this morning – FOX Business reports that President Trump is moving ahead with his plans to block a government retirement fund from investing in Chinese equities considered a national security risk. […]
Yowza!: Deficit Soared to Record-Smashing $738B in April…
The Treasury Department on Tuesday said that the federal government ran a historic $738 billion deficit in April. The shortfall, which reflects the effects of the coronavirus pandemic, is about 3 times as large as the second-largest monthly deficit on record. It is larger than the federal deficit for all of fiscal year 2017, which […]
Fed Chair Powell Has Upwards of $11.6 Million Invested with BlackRock, the Firm that Will Manage a $750 Billion Corporate Bond Bailout Program for the Fed…
Most Americans likely assume that Jerome Powell, the Chairman of the Federal Reserve, is an economist, like the prior chairs of the Fed over the past 40 years. He’s not. Powell is a former investment banker at the Wall Street firm, Dillon Read; a former partner at the controversial private equity and leveraged buyout firm, […]
The Fed Is Propping Up Companies It Had Warned Banks Not to Touch…
For years, the Federal Reserve warned that too many highly risky companies were engaging in fuzzy accounting that bumped up their earnings — making it easier for them to obtain loans. The practice was driving up corporate debt to excessive and worrisome levels, regulators chastised. But now, in its latest effort to keep credit flowing, […]
Larry Kudlow Discusses April Jobs Report – Numbers Full of “Heartbreak and Hardship”…
National Economic Council Director Larry Kudlow appears on Fox Business to discuss today’s report on jobs from the Bureau of Labor and Statistics. The estimated unemployment rate jumped to 14.7 percent. Kudlow brings up a good point: allow people to take a tax deduction for COVID-19 expenses…
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