ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jan 22 14:35

The Private Equity Firms at the Core of Brick & Mortar Retail Bankruptcies

An astounding list of the meltdown: PE firms doomed the retailers.

Jan 22 12:08

Sen. Harry Reid urges California not to abandon high speed rail

Senate Majority Leader Harry Reid said Wednesday that it would be “short-sighted” to abandon high speed rail ambitions in California, even as Democratic lawmakers here show signs of concern over the multi-billion dollar project.

On Tuesday, some of the project’s supporters expressed reservations after seeing an environmental report estimating that the first segment of the rail line could cost between $3 billion and $6 billion more than expected.

Speaking on a conference call on clean energy Wednesday, Reid said the rail system would be good for the economy and national security, and that the cost of doing nothing should be considered as well as the price of building the 800-mile system linking the San Francisco Bay Area, the Central Valley and Southern California.

Jan 22 11:06

Senate reaches budget deal, votes to reopen government

Democrats are aligning behind a plan to reopen the federal government as the Senate heads toward a key vote.

Several Democratic senators predict a proposal to fund the government until Feb. 8 will move forward, overcoming a Democratic filibuster. That would clear the way for an end to the three-day shutdown.

Democrats appear to have jumped on board after two days of negotiations that ended with new reassurances from Senate Majority Leader Mitch McConnell that the Senate will consider immigration proposals in the coming weeks.

Jan 22 10:40

Government Shutdown: Congress Debates Illegal Immigration As Taxpayers Fund Attacks On US Citizens

The US government is on a shutdown due to the failure of Congress to reach consensus about illegal immigration. Upping the ante, Trump has released an ad concerning murders committed by illegal immigrants, focusing on Luis Bracamontes, charged in the 2014 killings of two police officers in Sacramento, California. The ad shows a leering Bracamontes
stating, “The only thing that I %&$#** regret is that I %&$#** just killed two.”

While crimes committed by illegal immigrants or anyone else is a matter of grave concern, one might also want to take a hard look at
what sort of murders are being funded by the government.

Jan 22 09:05

Draghi’s Membership in Murky G30 Financial Group Under Fire

A private club for central bankers, regulators, and bankers.

Jan 22 08:28

Revealed: How world's 42 richest people are worth the same as poorest 50% combined

The Oxfam report also suggests that 80 per cent of new wealth goes to the 1 per cent of people who are already richest.

It adds that the average billionaire's fortune grew by 13 per cent a year between 2006 and 2015 – six times faster than the wages of ordinary workers.

It takes just four days for a chief executive of one of the world's five biggest fashion retailers to earn as much as a Bangladeshi garment worker will earn in their entire lifetime, the charity said.

Jan 22 08:26

The grocery store where you NEVER have to wait in line: Amazon opens checkout-free supermarket where customers just walk out as cameras track what they buy

Amazon has launched its AI-powered checkout-free supermarket today after more than a year of testing.

The 'Amazon Go' supermarket has no checkouts and instead works by tracking what users buy with AI-powered cameras and weight sensors.

The grocery store on the bottom floor of the company's Seattle headquarters allows shoppers to scan their smartphone with the Amazon Go app at a turnstile, pick out the items they want and leave.

Jan 22 07:34

How Wall Street loots retail investors

It’s pretty well accepted that Wall Street is run by crooks.

But you don’t know the half of it.

A massive gap in education insures that “retail” customers

Introducing the inversion narrative: lies and bullshit designed to transfer your money to their pockets.

If you think you know what’s going on, fasten your seat belts for a wild ride.

Jan 22 07:23

Nomi Prins: "The Fed Is Scared To Death Of Crashing The Global Financial System"

Two time, best-selling author Nomi Prins says central bankers have no idea how to stop the easy money policies that they started after the financial meltdown of 2008.

Prins explains, “So, when the Fed says they are going to remove assets from their $4.5 trillion book by not reinvesting the interest payment...the reality is they haven’t really done that. They have reduced their book by about $10 billion off of $4.5 trillion since they mentioned they were going to start ‘tapering.”

Jan 22 07:22

Mining CEO Warns Of Massive Deficits: “We’re At Critical Levels… Less Than 10 Days Of Supply”

With much of the investment world focused on crypto currencies and blockchain, it’s no surprise that the fundamental building blocks of the physical world have been ignored for so long. The focus in recent years has been on mining digital assets, but in the real world mining companies that specialize in essential metals like silver and zinc have been warning of massive deficits that, as SGT Report notes in a recent interview with Callinex Mines CEO Max Porterfield, could easily lead to supply shortages.

With President Trump recently announcing a national infrastructure budget of over $1 trillion dollars and tensions on the Korean peninsula mounting, prices for base metals could rise sharply in coming months and years. Max Porterfield explains:

Jan 22 05:51

BANKS MADE $6.4 BILLION IN OVERDRAFT FEES LAST YEAR -- WHERE'S THE PUBLIC OUTRAGE?

JP Morgan Chase, Wells Fargo and Bank of America -- raked in an astonishing $6.4 billion in overdraft fees alone last year. Stop a moment and think about that: Each overdraft, on average, costs customers $35, an amount that gets multiplied with each subsequent purchase no matter how small. We're talking about the world's most bloated financial giants growing even fatter and richer off the backs of people who are already broke, by charging them additional fees for money they already lack. Specifically in 2017, that meant about 183 million charges of $35.

Jan 21 20:02

WARNING: Markets Reaching Extreme Leverage

Jan 21 15:17

Shutdown Nonsense

Jan 21 14:54

Oxfam report - Huge wealth gap in New Zealand where richest 1% own 30% of wealth

The richest 1 per cent of Kiwis have bagged 28 per cent — $42 billion — of the wealth created in a single year.

Meanwhile, the poorest 1.4 million people (30 per cent of the population), got barely 1 per cent — $1.5b — of all the wealth created in 2017.

Credit Suisse data showed wealth grew by $148b in New Zealand in 2017 to a total $1.597 trillion from $1.449t in 2016.

These figures were released by Oxfam today, ahead of their report Reward Work, Not Wealth to be revealed this afternoon.

The report will discuss how the global economy enables a wealthy elite to keep accumulating vast wealth by avoiding taxes, driving down workers' wages and prices paid to producers, and investing less in their businesses.

The research also showed a mere 10 per cent of New Zealanders own more than half the nation's wealth and the inequality gap had widened significantly in the past year.

Jan 21 13:16

European Bonds: Next Shoe to Drop?

Jan 21 11:09

Armageddon’s Crumbs: Apple Unveils $2500 Tax Reform Bonuses, Largest US Auto Dealer Beefs Up Benefits

May that bold-font fact be repeated endlessly ---

We’ll circle back to Apple’s “crumbs” (now I’m hungry) in a moment:

‘CRUMBS:’ IN ADDITION TO INJECTING $350B INTO US ECONOMY AND CREATING 20K+ NEW JOBS, APPLE ANNOUNCES $2500 BONUSES TO THEIR EMPLOYEES. THE CATACLYSMIC PARADE CONTINUES…HTTPS://WWW.BLOOMBERG.COM/NEWS/ARTICLES/2018-01-17/APPLE-IS-SAID-TO-GIVE-EMPLOYEES-2-500-BONUSES-AFTER-NEW-TAX-LAW …

Apple Gives Employees $2,500 Bonuses After New Tax Law
APPLE INC. TOLD EMPLOYEES WEDNESDAY THAT IT’S ISSUING A BONUS OF $2,500 WORTH OF RESTRICTED STOCK UNITS, FOLLOWING THE INTRODUCTION OF THE NEW U.S. TAX LAW, ACCORDING TO PEOPLE FAMILIAR WITH THE APPLE INC...

Jan 21 11:03

Stocks Could Fall 80% From Here

Jan 21 07:35

PM Narendra Modi takes Yoga to World Economic Forum meet in Davos

With Yoga on the platter, Prime Minister Narendra Modi is set to represent India in an event of the World Economic Forum that is set to commence in Davos on Monday. The event will have yoga sessions twice a day - every morning and evening.

"For the first time, #Yoga will be performed on the platform of World Economic Forum. Two of our Aacharyas will be leaving for Davos today and will be taking two sessions, one each in the morning & evening," Yoga Guru Baba Ramdev said.

Jan 20 10:05

Another Ponzi Exposed As Long-Term Care Insurers Double Premiums To Stave Off Losses

We spend a lot of time talking about the various state and local public pension ponzi schemes around the country that will inevitably wreak havoc on the global financial system at some point in the not so distant future. As we pointed out in a post entitled "Study Of 10-Year State Pension Returns Highlight Full Extent Of Public Pension Ponzi," most well-meaning public pensions go full-ponzi by perpetually manipulating one small variable: discount rates. While setting a high discount rate artificially reduces the present value of future retiree payments, thus making a fund look more 'funded' than it actually is, when actual asset returns lag that artificially high discount rate for a sustained period of time the true underfunding becomes increasingly obvious...of course, the ponzi continues right up until the pension faces a solvency crisis at which point a taxpayer funded bailout is ordered...which is exactly what is happening in Kentucky right now.

Jan 20 09:34

Countries Pivot Away From The Dollar As The Central Bankers Prepare For The Collapse - Episode 1473a

Jan 20 09:31

What Will Rising Mortgage Rates Do to Housing Bubble 2?

Oops, they’re already rising.

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