by Carl Campanile and Haley Brown at New York Post The financial hits from the migrant crisis keep on coming. New York City has likely surpassed $5 billion in spending on services for migrants — including nearly $2 billion alone on housing the scores of new arrivals flooding into the Big Apple, according to city data. The eye-popping […]
DOW Drops Below 30,000, Erasing All Gains Since Biden Took Office…
Market has been on downward trajectory for well over a month…
Future Democratic Voters Anybody?: Democrats Draft Plan to Import Huge Numbers of ‘Climate Refugees’…
Democrat legislators have drafted a bill to import at least 50,000 “climate refugees” per year despite the damaging impact on Americans’ wages and rents. “America will continue to stand tall as a safe haven for immigrants,” declared Rep. Nydia Velázquez (D-NY), who was born in Puerto Rico and chairs the House Committee on Small Business. […]
OPINION: Neoliberalism’s Dark Path to Fascism by Chris Hedges…
Neoliberalism as economic theory was always an absurdity. It had as much validity as past ruling ideologies such as the divine right of kings and fascism’s belief in the Übermensch. None of its vaunted promises were even remotely possible. Concentrating wealth in the hands of a global oligarchic elite—eight families now hold as much wealth […]
California Becomes First State Requiring Solar Panels on New Homes…
California on Wednesday became the first state to require solar panels on all new, single-family homes. The California Energy Commission voted 5-0 to approve changes to the state’s building code to require single-family homes be equipped with solar panels starting in 2020. The regulations also apply to new multi-family buildings of three stories or fewer. […]
NY Fed Unleashes SOFR, the U.S. Rival to LIBOR…
In an effort to offer a more transparent alternative to U.S. dollar Libor, the New York Federal Reserve released its first Secured Overnight Financing Rate (SOFR) Tuesday. SOFR opened at 1.80. Considerably lower than either the ICE Libor 1 month or 3 month rates. The Secured Overnight Financing Rate (SOFR) is a broad measure of […]
My Kuroda! Not a Single Japanese 10-Year Bond Traded Tuesday…
The Bank of Japan has vacuumed up so much of the government bond market — in excess of 40 percent — that it’s left fewer securities for others to buy and sell. Some other buyers, such as pension funds and life insurers, also tend to follow buy-and-hold strategies. That’s the backdrop to Tuesday’s session, when […]
An Accomplishment! House Passes Good Flood-Insurance Reform…
It wasn’t easy, but House Republicans, who battled through the summer and fall against members of their own party, finally managed to negotiate bipartisan passage of flood insurance reform last week. To secure sufficient buy-in from coastal Republicans, key concessions were made, but the final product was worth the compromise. “Everything is a compromise in […]
HUD Poised to End Obama’s Illegal Section 8 Housing Grant Scheme…
The Department of Housing and Urban Development is poised to reverse the Obama administration’s policy and return to a competitive bidding process to award Section 8 housing, according to a well-placed source in the department. The move would overturn the Obama-era methodology of using a grant-style process that was rebuked by administrators and…