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Wells Fargo to Pay $3B in Settling Criminal and Civil Investigations Into Its Fraudulent Sales Practices…

Wells Fargo has agreed to pay $3 billion and admit wrongdoing to settle criminal and civil investigations with the Justice Department and the Securities and Exchange Commission over its fraudulent fake-account scandal, the U.S. Attorney’s Office said Friday. “This case illustrates a complete failure of leadership at multiple levels within the bank,” said U.S. Attorney […]

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Trump Economists Accuse Liberal Cities of Causing ‘Economic Distress’ to Residents by Overregulating Housing…

The Trump administration on Thursday criticized liberal metropolitan cities such as San Francisco and New York City for having burdensome housing regulations that have caused home prices and homelessness to rise. In the annual report of the White House Council of Economic Advisers, President Trump’s economists argued that a failure to meet the demand for […]

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Jobless Claims Hold Largely Steady, Bolstering Fed’s View of Continued Labor Market Strength…

The number of Americans filing for unemployment benefits saw a slight uptick last week and the four-week moving average of the initial jobless claims figure dropped, bolstering the Federal Reserve’s claim that the U.S. labor market “remains strong.” In the official record of the latest meeting of the Federal Open Market Committee (FOMC), the central […]

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HSBC to Cut 35,000 Jobs, Shed $100 Billion in Assets As Profits Plunge…

Banks around the world are supposed to benefit the most from central banks inflating assets, and hyperinflating stock markets, but over the past few years, central banks have instead caused some of the biggest bank job cuts in half a decade. HSBC, Europe’s largest bank and troubled lender, although not nearly as troubled as Deutsche […]

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Fed Slashes 14-Day Repo Loans to $25 Billion; Will Cut Further in March…

Federal Reserve Chairman Jerome Powell sat through two days of grueling hearings before the House Financial Services Committee and Senate Banking Committee last week. At numerous times, the Fed and Powell were portrayed by Congressional members as sugar daddies for Wall Street while aloof to the financial suffering of the average American. (See Fed Chair […]

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Pier 1 Imports Files for Chapter 11 Bankruptcy, to Pursue Sale…

Pier 1 Imports announced it has filed for Chapter 11 bankruptcy protection and has the approval of its lenders to pursue a sale of the company, just weeks after the home furnishings retailer announced that it would shutter hundreds of stores and pare its workforce across the United States. “We are moving ahead in this […]

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Evidence of Cracking Global Supply Chains Is Fast Emerging…

A quiet day’s play in prospect with a US holiday, and its UK mid-term holiday all week. The Covid19 Coronavirus is likely to remain the dominant issue to worry the markets. Infections continue to increase, the Chinese are pumping funds into struggling regions, and passengers are being “rescued” from Cruise liners. But there is lots […]

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U.S. Trade Performance Shows ‘Strong Internals’ and ‘Evident Decoupling’ From China…

U.S. trade performance is running on “strong internals,” an economic policy expert told The Epoch Times, adding that last week’s official U.S. trade figures show President Donald Trump’s policies are showing “impressive” signs of decoupling from China. Decoupling is the realignment of trade links, including supply chains, and so reducing America’s reliance on Chinese imports, […]

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California Public Pension Fund Invested in Blacklisted Chinese Companies…

Rep. Jim Banks, R-Ind., joined “Mornings with Maria” to explain why he wrote a letter to California Gov. Gavin Newsom highlighting his concerns about the state public pension fund’s chief investment officer having ties to China. The fund has invested $3.1 billion in Chinese companies, some of which have been blacklisted by the U.S. government, […]

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Trump’s Education Budget Proposal Consolidates 29 Federal Grants, Gives States More Autonomy…

The Trump administration, under its budget request for 2021, would collapse dozens of federal education grants into a single block grant, giving individual states more control over the way billions of dollars of K-12 education funding is spent. Overall, President Donald Trump’s budget proposal would cut the U.S. Department of Education’s spending for the fiscal […]

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Clinton Foundation Whistleblowers: Doyle, Moynihan vs. IRS…

In a December 2018 Congressional hearing on Not-for-Profit Charities with a Specific Case Study on the Clinton Foundation, our nation was introduced to two private individuals who had undertaken a multi-year investigative probe of the 43rd President’s foundation. Larry Doyle and John Moynihan informed those observing that they filed a formal Whistleblower Submission replete with […]

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Two Days of Grilling Ahead for Fed Chair Powell…

At 10:00 a.m. this morning, the Chairman of the Federal Reserve, Jerome (Jay) Powell, will take his seat in the Rayburn House Office Building to deliver his semiannual testimony to the House Financial Services Committee and answer a multitude of questions on what the Fed has been up to lately. Powell will repeat the process […]

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‘Shrink’ Government: Trump’s Budget Reduces Spending by $4.4 Trillion, Makes 2017 Tax Cuts Permanent…

President Trump is proposing to balance the federal budget within 15 years, “shrink” the federal government and extend food stamp work requirements to Medicaid and housing programs in a $4.8 trillion spending plan being released Monday. The plan would reduce spending by $4.4 trillion equally from discretionary and mandatory programs such as Medicare over the […]

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Report: China’s Currency Manipulation, Unfair Subsidies Killed 3.7 Million U.S. Jobs…

Millions of American workers lost good-paying jobs, mainly in manufacturing, after China joined the World Trade Organization in 2001, a new report states. The trade deficit with China has ballooned since then, costing an estimated 3.7 million U.S. jobs between 2001 and 2018, according to a new report by the Economic Policy Institute (EPI), a […]

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Fiat Chrysler: Prolonged Coronavirus Threatens to Close European Plant…

Fiat Chrysler Automobiles said Thursday that while the virus outbreak in China posed no immediate business risk, production at one European plant could be affected if supply chains remain blocked. The company said it has identified one European plant where production could be affected in the next two to four weeks if the Chinese supply […]

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Apple Warns Coronavirus Could Jeopardize Orders for 45 Million Airpods…

Demand for Apple’s popular Airpods, both the original version and the slightly more expensive second generation model, have become an unexpected hit for the consumer-tech giant. Apple’s latest earnings report helped emphasize this as sales of the wireless headphones were a big component in the revised guidance that helped inspire a rally that drove the […]

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Another Massively Oversubscribed Term Repo Confirms Persisting Liquidity Woes…

Two days after dealers unexpectedly flooded the first reduced term-repo (from $35BN previously to $30BN) offered by the Fed, the liquidity shortage in the repo market – which was supposed to be temporary and few if any strategists said would continue beyond year-end – persists, and today the Fed announced that in its latest 2-week […]

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