A pandemic wasn’t on the radar when the United States and China inked “phase one” of a trade agreement in mid-January. And only a few months into the trade deal, mounting accusations against China for mishandling the virus outbreak and failing to fulfill its purchase targets in the agreement have revived fears of a second […]
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“Unprecedented” – Companies Slashed over 20 Million Jobs In April, ADP…
Given the fact that over 30 million Americans have filed for initial jobless claims in the last six weeks, it is perhaps no surprise that economists expected a 20.5 million ADP job loss in April. In fact, silver lining, the number ‘beat’ with 20.236 million. For context, the largest monthly job loss during the great […]
SUVs Get Parked in the Sea, Revealing Scope of U.S. Auto Market Glut…
The length of almost two football fields, the cargo ship Jupiter Spirit arrived in Los Angeles’ harbor on April 24 after an almost three-week journey from Japan, ready to unload its cargo of about 2,000 Nissan Armada SUVs, Rogue crossovers and Infiniti sedans in a quick, half-day operation. But when the ship, operated by Nissan […]
Lawsuit: Indian Managers Use H-1Bs to Discriminate Against Americans…
An Indian-run outsourcing company used Congress’s H-1B visa-worker program to systematically discriminate against American college graduates, according to a class-action lawsuit filed in New Jersey. The company, named Wipro, “operates under a general policy of discrimination in favor of [imported] South Asians and against [American] individuals who are not South Asian and not Indian,” says […]
Big 4 Airlines Take on Wuhan Virus with New Safety Measures…
The largest of the U.S. airlines joined its competitors on Friday in creating safety measures the industry has never seen before as they all attempt to get their businesses flying again in the wake of the coronavirus shutdown. Southwest, which according to recent U.S. Department of Transportation data claimed 20 percent of U.S. air passengers […]
Wall Street’s Financial Crisis Preceded Wuhan Virus: Chart and Timeline…
If a reputable polling outfit were to ask Americans what caused the current financial crisis on Wall Street, they would say the coronavirus COVID-19 pandemic. If Americans were asked in the same poll when the financial crisis on Wall Street started, they would tie it to outbreaks of the virus in the U.S. this year. […]
Federal Reserve Extends Lifeline to Ailing U.S. Oil Industry…
The Federal Reserve made some changes to its Main Street Lending Program according to a Thursday press release by the central bank that will now extend a much-needed lifeline to the U.S. oil industry. As bankruptcies, capex cuts, and unfavorable financial reports from Q1 start to trickle into the US shale patch, more oil companies […]
Looming Meat Shortages Highlight Over-Regulation of Small Farmers, Processors…
In an odd twist brought upon by shutdowns triggered by the CCP virus pandemic, farmers and ranchers around the country are killing off livestock, dumping milk, and breaking eggs even as warnings emerge about impending meat shortages. The problem lies with a handful of giant meat processing companies that take in pigs, cows, and chickens […]
First Quarter GDP Drops 4.8% Amid COVID-19 Shutdown…
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 […]
“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, […]
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