ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Dec 03 13:15

How The Panama Canal Traffic Jam Is Affecting Ocean Shipping

Since the Panama Canal debuted its larger Neopanamax locks in 2016, the three heaviest users have been container ships, liquified natural gas (LNG) carriers and liquefied petroleum gas (LPG) carriers. Now, transit demand for all three segments is simultaneously surging. On top of that, COVID issues are reportedly affecting canal operations.

Dec 03 13:13

Senate Confirms Trump's Nominee Waller To Fed Board

By a completely partisan vote of 48 to 47 (though Rand Paul voted against), The Senate confirmed Trump nominee Christopher Waller to the Federal Reserve Board of Governors - filling one of the two vacant slots on the influential economic body.

Christopher Waller, the research director at the Federal Reserve Bank of St. Louis, was confirmed to a term that runs through January 2030. He has attended meetings of the rate-setting Federal Open Market Committee this year in his capacity at the St. Louis Fed. He headed the University of Notre Dame’s economics department before joining the regional Fed bank in 2009.

Dec 03 12:50

McCARTHY: Dems Are Finally Telling Nancy Pelosi She’s Been Wrong to ‘Hurt Small Businesses’

House Minority Leader Kevin McCarthy called-out Speaker Nancy Pelosi during his weekly press briefing; saying members of her own party are saying she’s been “wrong” to hurt the unemployed and small businesses.

“Many people are finally telling Nancy Pelosi in her own party that she has been wrong to hurt those who are unemployed, the small businesses that are shuttering every day. You know, not every business can be named the French Laundry and people will just go to it,” said McCarthy.

Dec 03 11:54

Joe Biden's History on Taxing Social Security Benefits

Dec 03 11:08

The Real Source Of America's Frustrations

It’s easy to lay America’s visible frustrations at the feet of Covid lockdowns or political polarization, but this conveniently ignores the real driver: systemic unfairness.

The status quo has been increasingly rigged to benefit insiders and elites as the powers of central banks and governments have picked the winners (cronies, insiders, cartels and monopolies) and shifted the losses and risks onto the losers (the rest of us).

We now live in the world the 19th-century French economist Frédéric Bastiat so aptly described:

“When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.”

Ours is a two-tier society and economy with a broken ladder of social mobility for those trying to reach the security of the technocrat class.

Dec 03 10:34

Greed is Back

Dec 03 09:26

Bill forcing Chinese firms to meet U.S. accounting standards passes Congress

The U.S. House of Representatives passed a law to kick Chinese companies off U.S. stock exchanges if they do not fully comply with the country’s auditing rules, giving President Donald Trump one more tool to threaten Beijing with before leaving office.

The measure passed the House by unanimous voice vote, after passing the Senate unanimously in May, sending it to Trump, who the White House said is expected to sign it into law.

“The Holding Foreign Companies Accountable Act” bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row.

Dec 03 08:55

There is No Denying that Cash is Trash!

Governments are likely to continue printing money to pay their debts with devalued money. That’s the easiest and least controversial way to reduce the debt burdens and without raising taxes.

Dec 03 08:32

Biden Says He Will Not Immediately Lift Trump’s China Tariffs

In an interview with The New York Times, Joe Biden said he will not “immediately” lift tariffs on Chinese goods or scrap President Trump’s Phase One trade deal, which was signed by the US and China in January.

“I’m not going to make any immediate moves, and the same applies to the tariffs,” Biden said in the interview that was published on Wednesday. Biden said he first wants to conduct a review of the trade deal and consult with US allies in Europe and Asia about China.

“The best China strategy, I think, is one which gets every one of our — or at least what used to be our — allies on the same page. It’s going to be a major priority for me in the opening weeks of my presidency to try to get us back on the same page with our allies,” he said.

Dec 03 08:01

3M Announces Another 2,900 Job Cuts As Corporate Layoffs Pile Up

One of the most puzzling single-stock stories of the post-pandemic era is how 3M, a pillar of American industry and long-time component of the Dow 30, has seen its shares lag this year. Though shares have seen a pickup as of late courtesy of the rotation in value, they' only just barely tapped their highs from January, before 3M was bushwacked by fears about slowing global growth and demand.

Dec 03 08:00

Futures Stuck At All Time High As Dollar Slide Continues

That "gamma gravity" at 3,650 we have been discussing for the past three days continued to make its presence known overnight as futures tried another break above all time highs and failed, eventually fading back to unchanged and last trading at 3,665, two points the Wednesday close as European stocks erased an earlier loss, while the dollar selloff continued and 10Y yields were fractionally lower ahead of initial jobless claims data which are expected to show another 775K workers were laid off in the latest week.

Dec 03 07:57

Labor Department's Jobless Claims Have Been "Consistently" Inaccurate, Government Watchdog Says

In news that should stun no one, the Government Accountability Office has found that the Labor Department has "consistently" provided inaccurate information on the state of the labor market. The GAO also found that millions of workers were underpaid by government assistance during the pandemic.

The Labor Department's weekly jobless claims reports have produced “flawed estimates of the number of individuals receiving benefits each week throughout the pandemic,” the GAO said, according to the Wall Street Journal. The GAO said they "didn't know the full extent of the errors".

At the same time, they also found that "a program created by Congress to provide jobless benefits to workers who are normally not eligible for them has underpaid recipients in most states." The average weekly payout for the Pandemic Unemployment Assistance - used to help gig workers - was under the poverty line in 70% of states, the report noted.

Dec 03 07:56

African Cocoa Farmers Accuse 'Big Chocolate' Of Circumventing Tax Meant To Help The Poor 

The Financial Times reviewed a letter, written by Ivory Coast and Ghana, think of both as cocoa's OPEC, control about two-thirds of the world's cocoa trade, outlined how both countries were angered by the blatant attempt of top chocolate companies and traders including Mars, Hershey, and Olam in their attempts to circumvent a premium on cocoa meant to help combat poverty among African farmers.

The letter said chocolate producers attempted to avoid a $400-per-ton "living income differential" (LID), which is a tax added to the price of cocoa bought from Ghana and the Ivory Coast. In addition to the major industry players, the letter calls out four other smaller cocoa traders.

In a separate letter, Ivorian Conseil de Café Cacao and the Ghana Cocoa Board blasted Hershey for their attempt to bypass the LID, calling their alleged strategies a "breach of faith." Authorities halted Hershey from operating its chocolate sustainability programs in both countries.

Dec 03 07:35

WSJ: UPS orders drivers to stop accepting packages from 6 major retailers

UPS ordered drivers to temporarily stop accepting packages from Macy's, Gap, Nike, L.L. Bean and other large retailers this week, the Wall Street Journal reports, citing an internal message confirmed to the Journal by UPS employees.

The big picture: Thanksgiving Day online sales reportedly hit a record $5.1 billion this year, while Americans spent $10.8 billion in e-commerce for Cyber Monday — the biggest U.S. online shopping day ever, per the Washington Post.

Dec 03 07:32

Putting Cars Into Living Revocable Trusts

Cars and other vehicles (motorhomes, boats, motorcycles, etc.) each have a title and require your signature to transfer the vehicle to another person. That means they are subject to probate after your death UNLESS you have the vehicle “owned” or titled in the name of your living revocable trust.

I hear all the time that you shouldn’t put cars into a living revocable trust. People for some reason think it will expose the assets of the trust to liabilities associated with the vehicle. The trust in no way protects your assets, so that reasoning is simply false.

You should put your vehicles into your trust in order to avoid probate. Only those assets held by the trust will avoid probate.

Dec 03 07:28

Are You Prepared for Inflation?

Dec 03 07:03

The Next Gold Rush Is Here

Dec 02 13:44

The US Has Already Monetized $4.4 Trillion of Debt, Four Times as Much as Is Held by China

The US government has borrowed $4.2 trillion in the last 12 months, pushing the total national debt to over $27 trillion. In order for Uncle Sam to borrow, somebody has to lend. So, who is buying all of these government bonds? Foreign and domestic investors, commercial banks and US government entities all buy US debt, but increasingly, the Federal Reserve is backstopping the market and making this borrowing binge possible.

In Q3, the Fed bought $240 billion in US Treasuries. That brought its total Treasury holdings to $4.44 trillion. The central bank now holds a record 16.5% of the US debt load.

In the last 12 months, the Fed has doubled its holdings of Treasuries, adding a staggering $2.4 trillion in US government bonds to its balance sheet – most of that since March. The Fed’s total share of US debt has spiked from 9.3% in Q1 to 16.5%.

Dec 02 11:19

Coronavirus Stimulus Talks Restart as Centrists Unveil Bipartisan Plan

Lawmakers released a blitz of competing coronavirus relief proposals Tuesday, reigniting stalled talks as the pandemic surges across the country, but without any clear signs that Democratic and Republican leaders would be able to reach a consensus.

A bipartisan group from the House and Senate unveiled a roughly $900 billion compromise proposal, offering one route between House Democrats’ last $2.4 trillion bill and Senate Republicans’ recent $650 billion proposal. Meanwhile, GOP and Democratic leaders traded new offers, as the looming expiration of some relief measures intensified the pace of year-end legislating.

In another sign of the new urgency, House Speaker Nancy Pelosi (D., Calif.) and Treasury Secretary Steven Mnuchin held their first phone conversation since the election on relief measures and spending legislation.

Dec 02 11:17

Elon Musk worried Tesla could 'get crushed like a soufflé under a sledgehammer,' report says

With shares up nearly 600% year-to-date, Tesla CEO Elon Musk is worried the company's stock could "get crushed" if it doesn't start to focus on profitability and affordability.

Ticker Security Last Change Change %
TSLA TESLA INC. 568.95 -15.81 -2.70%
TD Ameritrade Stock Table

Musk's email, obtained by news outlet Electrek, notes that Telsa shares are being valued on future profits, but if investors decide the profitability isn't there, the company's stock will suffer drastically.

Dec 02 11:08

COVID-19 an Opportunity to Build Resilience around Food Systems

The Barilla Centre for Food and Nutrition (BCFN) has appealed to the United Nations to educate citizens to use their roles as consumers to create a momentum for change. This was ahead of the 2021 Food Systems Summit which the United Nations Secretary-General, António Guterres, will host on November 25 next year.

Delivering the message through Danielle Nierenberg, the president of the Food Tank, at the conclusion of the one-day Resetting the Food System from Farm to Fork summit, BCFN said the world should take advantage of the COVID-19 opportunity and not return to normal.

“The normal left us vulnerable, and the crisis we’re experiencing has really widened the cracks in the food system that was in need of much repair,” said Nierenberg who was also co-moderating the session.

Dec 02 10:53

An All-Out Trade War With China Would Cost Australia 6% of GDP

China accounts for more than a third of export dollars earned by Australia.

The figures, for the 12 months to October, cover the period of coronavirus disruptions and disputes over trade.

They apply to physical exports rather than harder to measure services, and are dominated by record-high Chinese takings of Australian iron ore.

But they mightn’t last.

Dec 02 10:27

Republicans ready to become deficit hawks again under a President Biden

Republicans are preparing to reembrace their inner deficit hawks after greenlighting big spending bills under President Trump.

GOP senators say they expect to refocus on curbing the nation’s debt and reforming entitlement programs starting in 2021, as the Congressional Budget Office estimates that the debt has surpassed the size of the American economy.

“I think that’s kind of getting back to our DNA. ... I think spending, entitlement reform, growth and the economy are all things that we’re going to have to be focused on next year, and, yeah, I would expect you’ll hear a lot more about that,” said Sen. John Thune (S.D.), the No. 2 Senate Republican.

The shift could pose a significant headache for a new Biden administration that will need GOP support in the Senate to move its agenda. It is also likely to complicate efforts on a debt ceiling deal.

Dec 02 10:10

What Do We Do with All This Debt?

Dec 02 10:03

This Was All Predicted 10 Years Ago

Dec 02 08:46

Colombia Is Considering Legalizing Its Massive Cocaine Industry

VICE World News sat down with Senator Iván Marulanda to talk about his cocaine legalization bill, which is currently moving through Colombia’s congress.

After 40 years of U.S. - backed anti-drug policy that criminalizes the coca leaf, Marulanda and a group of members of congress want to change tack.

The bill attempts to create a legal industry that distributes cocaine to users for pain relief, not recreational use. Like that in Bolivia, it also hopes to bring hundreds of thousands of illegal coca farmers out of the shadows into a legal, homegrown industry.

Dec 02 08:26

Energy Crisis to Cause Never-Ending Gold Bull

Dec 02 07:50

Congress Attacking Small Businesses in Lame Duck Session of Congress

There are three ‘must pass’ bills in the lame duck session of Congress that are going to be addressed one way or the other, yet Congress can’t help themselves by loading up these bills with pet projects and special interest requests.

These are the days when Congress acts behind closed doors and without public input. The leadership of both parties loves this time, because they can insert pet provisions in massive bills, then dare opponents to take the whole bill down if they don’t like it. The final versions of these bills will not go through any committee hearings, markups or floor amendment process – they will be rolled to the floor of the House and Senate with rank-and-file members having a few hours to digest hundreds of pages of legislative language before a vote. Expect the last-minute legislation to be loaded up like a Christmas tree for special interest and K Street lobbyists to the detriment of the American taxpayer.

Dec 02 07:33

China’s latest assault in tech battle with US is a way of starving the American war machine

By limiting access to China’s AI and rare earth metals, Beijing is responding to President Trump’s endless stream of sanctions. But this latest move is set to cause big problems for the companies that work with the US military.

China’s announcement of new laws controlling the exports of ‘sensitive items’ in a way that mirrors the US Commerce Department’s ‘entity list’ is the latest example of escalating tensions between Beijing and Washington.

The new regulations are set to control items said to be vital to the country’s national security, including military items, strategic technologies, artificial intelligence algorithms, and, most strikingly, rare earth mineral exports.

Dec 02 07:15

"That's A Dire Warning": Dalio's Chart Hints At What Beijing Is Really Up To

Another day, another stock record. The S&P 500 soared to a fresh all-time high on Tuesday, while the yield curve steepened on optimism about more fiscal stimulus and the imminent deployment of vaccines. The seeming disconnect between financial markets and the economy is kind of surreal, considering that 11 million people remain unemployed and the virus is spiraling out of control.

The fact that U.S. policy makers are still pedal-to-the-metal with monetary stimulus stands in sharp contrast to China, where officials have set their sights on an exit from loose policy. Consider recent events:

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, described China’s property market as the biggest “gray rhino” - an obvious yet ignored financial risk.

Dec 02 05:16

K shaped recovery

Dec 02 03:37

Hong Kong's leader is being paid in cash due to US sanctions. Carrie Lam earns $56,000 a month and says money is now piling up at her house.

Hong Kong Chief Executive, Carrie Lam, said she has to keep "piles of cash" at home due to US sanctions. She said: "The government is paying me cash for my salary because I don't have a bank account." Lam earns $672,000 per year and is one of the highest-paid leaders in the world, according to the BBC. Visit Business Insider's homepage for more stories.

Hong Kong leader Carrie Lam said that she has to keep "piles of cash" at home since she has no bank account due to US sanctions.

Dec 02 03:28

Nike's diversity advert causing a backlash in Japan

Nike is facing a backlash in Japan over an advert which highlights racial discrimination in the country.

The video shows the "real life experience" of three young soccer players from mixed heritage.

It has about 25 million views on social media and almost 80,000 shares.

But it has sparked fierce debate as Japan is unaccustomed to openly discussing sensitive issues such as race, with some questioning whether a foreign brand should have waded in.

Nike Japan said the ad highlights how people "overcome their daily struggles and conflicts to move their future through sports".

But some comments on social media said Nike was exaggerating the scale of discrimination, arguing that it was unfair to single out Japan. Other users threatened to boycott Nike products.

One comment said: "It's as if they are trying to say this kind of discrimination is everywhere in Japan."

Dec 02 02:53

California Judge Strikes Down Trump Administration Rules That Would Limit Visas To Skilled Workers

U.S. District Judge Jeffrey White struck down two Trump administration rules Tuesday that would have reduced the number of visas issued to skilled foreign workers each year.

The Trump administration announced new changes to the H-1B visa program in October, which included new salary requirements on companies that hire foreign skilled workers and limited speciality occupations, according to the Associated Press (AP).

Deputy Secretary of Labor Patrick Pizzella said the changes were necessary as the economy recovers from the pandemic, according to the AP.

“With millions of Americans looking for work, as the economy continues its recovery, immediate action is needed to guard against the risk lower-cost foreign labor can pose to the well-being of U.S. workers,” he said.

Dec 01 20:11

Citi Warns "100% Probability Of Loss" In Most "Euphoric" Market Since Dot Com Bubble

The last time the market was this 'extreme' in its greed did not end well, but as FOMO dominates any downside fears, Citigroup's Panic-Euphoria indicator - which tracks metrics from margin debt to options trading and newsletter bullishness - has reached its highest since the August tumble and equaled its highest since the peak of the dotcom bubble...

Dec 01 13:24

EBay is telling scammers to stop selling photos of the PlayStation 5 for hundreds of dollars

  • The new PlayStation 5 sold out quickly, and crashed retailers websites.
  • Some scammers on eBay are selling photos of the consoles for hundreds of dollars, and eBay says it is removing them.

The just-launched PlayStation 5 video game console is sold out everywhere, and only available through resellers at inflated prices, but scams abound too.

The PlayStation 5 continues to sell out in seconds in the US and the UK as retailers drop new stock, some bought by bots that purchased them faster than any human could. Pent up demand may have been responsible for repeatedly crashing Walmart's website in November, Ben Gilbert reported. One reseller group told Business Insider that it bought 3,500 consoles, and resellers said that they were selling $500 PlayStations for as much as $1,100. The consoles are such a hot commodity that they were the hot item on Black Friday, despite not being discounted at all.

Dec 01 11:29

10 Cold Hardy Veggies You can Grow in Your Garden through the Winter

Dec 01 11:25

Early Xmas Gift From the Bullion Banks

Dec 01 11:13

Philips files patent infringement case against Xiaomi in India

Philips has filed a patent infringement case against popular mobile-maker Xiaomi (wildly popular mobile brand in India) in India.

In the Delhi High Court, Dutch consumer electronics major has asked for restraining Xiaomi from assembling, selling of phones through any of the online e-commerce platforms and retail chains in the subcontinent.

Also, it has sought Delhi HC to direct the Central Board of Excise and Customs department at every international entry point including airports and coastal ports across India to prevent imported Xiaomi mobiles from entering the country for sale purposes.

Apparently, Xiaomi devices use Philips' patented Universal Mobile Telecommunications Service (UMTS) enhancement technology such as High-Speed Packet Access (HSPA), HSPA+, and LTE. So, it sought royalty for the use of its technology, but Xiaomi has been nonresponsive.

Dec 01 10:23

S&P 500 at 4,000 By Year End? Don’t Laugh

Dec 01 10:17

Google Search Trend Spikes for Bitcoin and Cryptocurrency

The Google search trend for the terms “bitcoin” and “cryptocurrency” began spiking again in November but still remain below their peak in 2017.

Search trends have historically had a strong correlation with the price. So it is not surprising to see it spike as bitcoin has surged to a new record high price.

A chart shows search volume for bitcoin over the last 12 months with a sharp spike in interest beginning in mid-October...

Dec 01 10:08

We have nothing to fear but the lack of fear.

Dec 01 09:12

Democratic Socialists of America Calls for Taking Money from Poor Whites and Giving It to Blacks

The Seattle chapter of the Democratic Socialists of America (DSA) will be voting today on a new resolution that demands pushing state and federal bodies to take money from white workers and give it to blacks as “reparations.”

In a time where millions of white Americans are unemployed, falling behind on bills and facing food insecurity and homelessness, the tone deaf proposal rationalizes that “while all members of the working class are exploited by capitalism, white workers have benefited disproportionately from racist and anti-Black institutions (housing, healthcare, education, policing, etc.) set up under racialized capitalism.”

The DSA document even reduces the idea of socialism itself to being a product of racism, stating that socialist groups “developed within the context of colonialism and systemic racism” and today serve to “normalize whiteness & white practices/frameworks” by conceptualizing working people as “white, male, cisgendered, able-bodied, and heterosexual.”

Dec 01 09:11

75% of the $454 Billion CARES Act Money Never Went to the Fed; It Was Invested by a Mnuchin Slush Fund Called the ESF

The CARES Act was signed into law on March 27. Congress earmarked $454 billion of that stimulus money to be distributed by the Treasury to the Federal Reserve to be used for emergency lending programs to save businesses and jobs during the pandemic and keep credit flowing to the U.S. economy. The catch was that the Treasury Secretary, Steve Mnuchin, would have to give his approval for each of the programs.

Since June, Wall Street On Parade has been reporting that $340 billion of the $454 billion that Mnuchin was instructed to turn over to the Fed was unaccounted for. We noted that 98,000 businesses had permanently closed in the U.S. while this money, intended for economic relief, went missing.

On November 19, Mnuchin publicly issued a letter to Fed Chair Jerome Powell, making it sound like most of the CARES Act money has been sitting idle at the Fed and Mnuchin was demanding it back to put to better use.

Dec 01 09:10

IMF refuses to help Ukraine

Ukraine’s economic situation is getting more and more complicated. The country is going through a moment of great crisis, from which it hoped to mitigate the effects by receiving emergency financial aid from the International Monetary Fund. However, the IMF now refuses to provide a large part of such emergency aid and launches Kiev into a danger of financial collapse. Now, the country must look for other ways to end this fiscal year after facing a large debt in its budget.

Dec 01 09:04

Prove it is being spread in pubs! Furious landlords in Wales demand to see the scientific evidence behind 'devastating' booze ban in bars and warn job losses 'are all but guaranteed'

Welsh pubs and breweries have today demanded to see 'scientific evidence' that coronavirus is being spread in pubs and restaurants.

Beleaguered landlords are facing yet another blow as Wales is plunged into lockdown again, just weeks after restrictions were lifted.

But now bosses have issued rallying cry and want the Welsh government to provide 'proof' that their customers are more likely to catch Covid-19 in their establishments.

Connie Parry of Tomos Watkin brewery in Swansea told the BBC: 'Where is the scientific evidence that you are more at risk in a pub than you are at home or in a supermarket?'

Dec 01 09:02

John Mauldin – The Great Reset vs. The Great Reset

In baseball, there is a situation where a base runner is sprinting to home plate and can’t see what is happening behind him. Totally focused on scoring, he doesn’t know if the outfielder is throwing a ball that will reach home plate first. That’s where we get the phrase “out of left field.” (If the ball were coming from right field, the runner could actually see it.)

COVID-19 was the ultimate ball out of left field. Yes, we knew viruses spread and pandemics were possible. Most of us have lived through them before. We didn’t foresee this particular one appearing when and where it did. But it quickly changed the course of history.

Dec 01 08:57

Everything MUST go: Debenhams will open TOMORROW for 'Wild Wednesday' fire sale of all remaining stock as 242-year-old chain collapses 24 hours after Arcadia - leaving 25,000 jobs at risk

Debenhams will launch a pre-Christmas fire sale of all its stock as it heads for oblivion today after 242 years of trading with 12,000 jobs set to go after JD Sports scrapped its proposed rescue deal following the collapse of Sir Philip Green's Arcadia group.

The latest disaster for the UK's ailing high streets already decimated by coronavirus came as Sir Philip was urged to do his 'moral duty' and sell his £100million superyacht to support his 13,000 Arcadia staff before Christmas and bailout the £350million black hole in their pension pot.

Debenhams has said it will continue to trade in its 124 shops and online with a fire sale of its stock when the national lockdown ends tomorrow, on a shopping day being branded 'Wild Wednesday' because shops can stay open all night to claw back some of £900million-a-day economic hit caused by Boris Johnson's controversial tier system.

Dec 01 07:56

Biden’s Choice To Lead Budget Office Suggested Libya Should ‘Pay Us Back’ With Oil Money

Neera Tanden, who President-elect Joe Biden announced Monday as his choice to lead the Office of Budget and Management, advocated forcing the Libyan government to give oil proceeds to the U.S. government in order to “partially pay us back” for military intervention there in 2011.

Tanden, the president of the Center for American Progress (CAP), a liberal think tank, came under intense scrutiny in 2015 over the email, which she sent to colleagues on Oct. 21, 2011, a day after Libyan dictator Moammar Gaddafi was killed.

According to the email, published by The Intercept, Tanden and other CAP officials were discussing a segment on CNN about whether Libya should compensate the U.S. for helping oust Gaddafi. (RELATED: Neera Tanden Suggested How To Get NYT To Cover Hillary More Favorably)

“We have a giant deficit. They have a lot of oil,” Tanden wrote to her colleagues on Oct. 21, 2011.

Dec 01 07:17

WE ARE WITNESSING THE GREATEST WEALTH TRANSFER IN HUMAN HISTORY - U.S. BILLIONAIRES GAINED $1 TRILLION SINCE THE PANDEMIC STARTED

American billionaires haven't been just immune to the pandemic, they have been thriving in it, drastically increasing their collective wealth. An analysis by Chuck Collins at the Institute for Policy Studies found that American billionaires have been their wealth grow by $1 trillion since March of this year - more than 34 percent. That was not the case during the 2008 financial crisis when it took Forbes' 400 richest people three years to recoup their losses from the Great Recession. Collins' findings highlight a wealth gain by a mere 650 individuals that seems obscene at a time when nearly 7 million Americans are at risk of eviction when moratoriums expire at the end of the year.

Dec 01 07:16

Both Citigroup and JPMorgan Have Now Received Huge Fines for Crimes the Regulators Won’t Reveal

Maybe it’s because Wall Street On Parade has been shining a bright light on the serial crimes and rap sheets of Citigroup and JPMorgan Chase. Or maybe it’s because the nonpartisan watchdog, Better Markets, published a report last year titled “Wall Street’s Six Biggest Bailed-Out Banks: Their RAP Sheets & Their Ongoing Crime Spree.” Or maybe it all comes down to what Senator Dick Durbin of Illinois said after the financial crisis of 2008: “And the banks – hard to believe in a time when we’re facing a banking crisis that many of the banks created – are still the most powerful lobby on Capitol Hill. And they frankly own the place.”

Whatever the reason, the darkness that started growing around the crimes committed by the big Wall Street banks during the Obama administration has now evolved into such a complete dark curtain that regulators are refusing to say what the crimes actually are that are being settled for huge amounts of money.

Dec 01 07:10

Mike Stone- Communists Destroyed Small Business

Communism under the cover of COVID

Covid is an excuse to do to small business owners what Stalin
did to the Kulaks in Ukraine:
Exterminate them. The Holomodor.
Communists don't want anyone to be economically independent.

"Mine is just one corner of a city filled with millions of people.
One tiny slice of life. But it's magnified by thousands,
possibly millions, of other shuttered businesses all over the world.
Businesses gone bust, dreams destroyed, lives ruined, all because of a lockdown over a phony virus."

Dec 01 03:32

Bank Stocks Taking a Nose Dive?

Nov 30 22:10

America’s Pride In The Economy Is About To Be Greatly Shaken As Tens Of Millions Face Eviction In 2021

Unless there is emergency intervention, tens of millions of Americans could be facing eviction once the holiday season is over. We kicked the can down the road throughout 2020, but all of the rent that was originally owed to landlords all over the country is still due, and they are very eager to collect. Countless landlords are on the verge of financial ruin because of the rent moratoriums which were put in place, and kicking the can down the road even more would be absolutely disastrous for them. Of course it would also be absolutely disastrous if the moratoriums are not extended, because in some states more than half of all households are behind on their rent or mortgage payments, and most of them have no way to pay.

One way or the other, we are about to hit a breaking point. The Aspen Institute is telling us that a whopping 40 million people “could face eviction over the next several months”…

Nov 30 19:25

Amazon Hiring 2,800 Workers A DAY As Corona Lockdowns Crush Small Biz Competitors

Amazon's workforce has surged over 50 percent in just one year with the company embarking on an "unrivaled" hiring spree as hundreds of thousands of small businesses deemed "unessential" were put out of business due to tyrannical corona lockdowns.

From The New York Times, "Pushed by Pandemic, Amazon Goes on a Hiring Spree Without Equal":

Amazon added 427,300 employees between January and October, pushing its work force to more than 1.2 million people globally, up more than 50 percent from a year ago. Its number of workers now approaches the entire population of Dallas.

[...] Starting in July, the company brought on about 350,000 employees, or 2,800 a day. [...]

Nov 30 15:28

America’s Pride In The Economy Is About To Be Greatly Shaken As Tens Of Millions Face Eviction In 2021

Unless there is emergency intervention, tens of millions of Americans could be facing eviction once the holiday season is over. We kicked the can down the road throughout 2020, but all of the rent that was originally owed to landlords all over the country is still due, and they are very eager to collect. Countless landlords are on the verge of financial ruin because of the rent moratoriums which were put in place, and kicking the can down the road even more would be absolutely disastrous for them. Of course it would also be absolutely disastrous if the moratoriums are not extended, because in some states more than half of all households are behind on their rent or mortgage payments, and most of them have no way to pay.

Nov 30 12:22

Italy fines Apple €10m over iPhone water-resistance claims

November 30,2020 12:15pm EST
Italy has fined Apple €10m (£9m) for misleading claims about the iPhone's water resistance.

The national competition authority, AGCM, found Apple's claims did not hold up under real-world conditions.

Instead, the water resistance claims were valid only with pure water in laboratory conditions.

AGCM also said Apple not covering water damage under warranty, despite claims of water resistance, was an "aggressive" practice.

The advertising at issue promised iPhones were water resistant at a depth of up to 4m (13ft) for 30 minutes.

The claim was made for a range of phones across several years, from the iPhone 8 to the iPhone 11 and their variations.

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and it was not made clear this was true under tightly controlled conditions only, the authority found.

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