Bank of America announced a 4 percent drop in net income for the final quarter of 2019, while that of Goldman Sachs fell by 24 percent. Investors, meanwhile, are eyeing numbers closely as the financial reporting season comes into full swing and income growth of firms listed on the S&P 500 in previous quarters has […]
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U.S., CHINA SIGN PHASE ONE OF TRADE DEAL…
The United States and China signed a much anticipated “phase one” trade deal on Jan 15, making an important breakthrough in the nearly 2-year-old trade war. President Donald Trump and China’s Vice Premier Liu He signed the accord at a White House ceremony. “Together we are righting the wrongs of the past and delivering a […]
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U.S.T.R. Robert Lighthizer Discusses China “Phase One” and Enforcement Tripwires…
U.S. Trade Representative Robert Lighthizer is a smart, serious and deliberate professional on a very specific and important mission for the United States. In my opinion Lighthizer is the most under-appreciated member of an exceptionally good economic team. Everything about Lighthizer’s approach is based on enforcement. Ambassador Lighthizer has been consistent over multiple years, on […]
Are the Fed’s Repo Loans Being Repaid by Wall Street’s Trading Houses or Just Rolled Over and Over?…
Last Friday, the usually reliable and fact-intensive financial website, Wolf Street, threw a hissy fit over how the Wall Street Journal (and by extension, Wall Street On Parade) is reporting the tallies for the repo loans that the New York Fed has been pumping out every business day since September 17, 2019 to the trading […]
Born Right: Chelsea Clinton Has Made $9M Sitting on Corporate Board…
Chelsea Clinton has made $9 million in under nine years while serving on the board of an internet investment company, according to Barron’s. According to the report, Clinton receives an annual salary of $50,000 and $250 in restricted stock units from IAC/InterActiveCorp, which owns such brands as Vimeo, College Humor, OkCupid, Tinder, Angie’s List and […]
GM and Ford Shock Over 1,500 Temp Auto Workers with Full-Time Promotions…
One of the key sectors gaining benefit from the USMCA trade agreement is the auto sector. Rules on steel and aluminum smelting/origination, and rules on part origination from North America are key aspects to the trade agreement that shifts focus from the import of Asian manufactured parts for assembly to manufacturing in North America. Essentially, […]
ADP Payroll Release: December Employment Jumps +202,000…
A new ADP Payroll Report shows job gains of 202,000 from November to December 2019 far surpassing expectations. The increase was the largest gain since April ’19: “largest gain since April, driven mainly by professional and business services. Job creation was strong across companies of all sizes, led predominantly by mid-sized companies.” The ADP National […]
U.S. Trade Deficit Hits 3-Year Low: ‘Trump’s China Hard Line Is Working’…
The United States’ November 2019 trade deficit fell to its lowest point in more than three years, suggesting the Trump administration’s agenda to recalibrate international flows of goods and services is having an impact. The trade deficit fell 8.2 percent to $43.1 billion, the lowest since October 2016, the Commerce Department said on Jan. 7 […]
Federal Reserve Admits It Pumped More than $6 Trillion to Wall Street in Recent Six Week Period…
If the Federal Reserve was looking for a media lockdown on news about the trillions of dollars in cumulative repo loans it has funneled quietly to Wall Street’s trading houses since September 17 of last year, it could not have found a better cloud cover than Donald Trump. First the impeachment proceedings bumped the Fed’s […]
Congress Just Passed Nightmare Legislation That Strips Trillions in Wealth from the Middle Class…
Five days before Christmas, while the impeachment debate distracted voters, the President signed into law the so-called Secure Act – which was a sickening bi-partisan attack on the wealth-building capability of the middle class. Making the dirty deed even more Grinch-worthy, the attack on the assets of the middle class comes after the Trump tax […]
The Big 401(k) Changes Coming in 2020 You Need to Know About…
Ready to save more for retirement in 2020? A number of new provisions may make it easier to do so. For starters, when it comes to 401(k) plans, savers will be able to contribute more money. The contribution limit will increase to $19,500, from $19,000. The catch-up contribution limit, for those aged 50 and over, […]
The Fed Fueled Today’s Liquidity Crisis with One Key Moral Hazard Action…
The Federal Reserve Bank of New York (New York Fed) made the astonishing announcement last Thursday that it will be pumping a cumulative $2.93 trillion into Wall Street trading houses (primary dealers) between December 16 and January 14. That’s on top of the $360 billion of liquidity it is pumping into the markets by buying […]
Homebuilder Confidence Jumps to Highest Level in 20 Years…
A stronger economy and a severe housing shortage have the nation’s homebuilders feeling better than they have in two decades.Builder confidence in the newly built, single-family home market jumped 5 points in December to 76, the highest reading since June 1999, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Anything above […]
A New Day: Stock Exchange Soars Breaking Records Along the Way…
The major U.S. averages secured fresh records on Monday as investors continued to digest last week’s two historic trade deals and focused on more positive U.S. economic data with homebuilder confidence hitting the highest level since 1999. The Dow Jones Industrial Average rose over 100 points or 0.36 percent, while the S&P 500 and Nasdaq […]
New York Fed Plans to Throw $2.93 Trillion at Wall Street’s Trading Houses Over Next Month as New York Times Remains Silent…
One has to wonder how much money it would take for the New York Fed to throw at Wall Street before the New York Times reports to its readers on the biggest Wall Street bailout by the Fed since the financial crisis. Last Thursday, December 12, the New York Fed announced that over the next […]
Beijing to Buy $200 Billion in U.S. Goods as Part of Initial U.S.-China Trade Deal…
The Chinese regime has committed to buy at least $200 billion in American goods and services over the next two years in a “phase one” U.S.-China trade deal struck between the two countries, according to a senior White House official. The deal also includes commitments by the regime to reform “critically important structural issues,” including […]
GM to Invest $1B in Missouri Plant…
General Motors plans to invest $1.5 billion to bring the “next generation” of midsize pickup trucks to the market, with the majority of that investment going toward the company’s suburban St. Louis plant. The Wentzville truck plant will receive roughly $1 billion of those funds to upgrade the facility as it prepares for the new […]
Spending Deal to Provide $1.4B for Trump’s Border Wall, While Democrats Get Expanded Head Start, Other Programs…
Senior lawmakers announced a tentative agreement Thursday on an almost $1.4 trillion government-wide spending bill that would stave off a federal shutdown next weekend and split the differences on a number of contentious issues. The handshake agreement was announced by the chairwoman of the House Appropriations Committee, Rep. Nita Lowey, D-N.Y., and other top members […]
‘Skinny’ Trade Deal Leaves U.S., China Starving for Phase 2…
The U.S. and China have yet to sign their phase one trade deal, but the two economic superpowers have already begun setting their sights on phase two. “It’s important we remember that our eyes are on the prize, and the prize really consists of a number of key issues that would be part of a […]
U.S. Stocks Hit Records After Reports of ‘In Principle’ US–China Trade Deal…
U.S. stock indexes hit record highs on Dec. 12 after reports that the United States had reached an “in principle” deal with China, as the two countries seek to resolve a 17-month trade war. Stocks soared in the afternoon after Bloomberg first reported on the in-principle deal, with the S&P 500 and Nasdaq closing at […]
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