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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Apple Warns on Revenue Guidance Due to Production Delays, Weak Demand in China Because of Coronavirus…
Apple said Monday that it does not expect to meet its quarterly revenue forecast because of lower iPhone supply globally and lower Chinese demand as a result of the coronavirus outbreak. The company initially said that it expected to report net sales between $63 billion to $67 billion in its fiscal second quarter. Apple did […]
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 […]
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 […]
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, […]
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, […]
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 […]
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 […]
‘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 […]
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 […]
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 […]
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 […]
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 […]
Nasdaq and S&P Soar to Record Highs as Impeachment Ends in Acquittal…
There should be a way to make sure President Donald Trump is acquitted every day. Major stock market indexes were up sharply on Wednesday as the Senate prepared to vote to acquit the president of the two charges brought against him by a narrowly partisan vote in the House of Representatives. It was the third […]
GM to Invest $2.2 Billion at Detroit Factory to Make Electric Trucks, SUVs…
General Motors Co will invest $2.2 billion in its Detroit-Hamtramck assembly plant to build electric trucks and sport utility vehicles, a move that would create 2,200 jobs, the No.1 U.S. automaker said on Monday. The company said its first electric truck will be a pickup, whose production will begin late next year and will be […]
Fed Repos Have Plowed $6.6 Trillion to Wall Street in Four Months; That’s 34% of Its Feeding Tube During Epic Financial Crash…
According to the data made available on the public website of the New York Fed, since September 17, 2019 it has funneled a cumulative total of $6.6 trillion to some of the 24 trading houses on Wall Street that are known as its “primary dealers.” The giant sum has been sluiced to Wall Street in […]
Ex-Wells Fargo CEO Banned from Banking Industry, Fined $17 Million in Fake-Account Scandal…
A U.S. regulator on Thursday banned former Wells Fargo’s CEO John Stumpf from working in the banking industry and forced Stumpf to pay a $17.5 million fine over his role in the bank’s fake-accounts scandal. Stumpf and seven other of the firm’s former executives were charged by the U.S. Office of the Comptroller of the […]
Good Riddance to Obama’s ‘Joint Employer’ Rule…
For all their triumphalist talk of ascendant demography and permanent majorities, Democrats have never really come to terms with the slow death of the labor movement. Unions have never been less relevant than they are today in the modern economy. Where they have not been obviated by workplace health and safety rules, they are being […]
What Are 2019’s Tax Brackets, and Who Gets Audited the Most?…
The federal government taxes people based on how much they make each year. Seven tax brackets — based on income ranges — determine how much you pay…In addition to those brackets, there are four main categories, also known as “statuses,” that affect how you are taxed…
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