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Asking at $500Mil, Most Expensive Home in America Defaults on $165 Million in Debt, Heads for SaleSep 8, 2021 - 11:43:10 PDT
The 105,000-square-foot Bel Air estate, known as "The One," was placed into receivership by the Los Angeles County Superior Court.
The most dangerous section of Powell’s explanation is the phrase “exchanging information.” The Chairman of the Federal Reserve sits on a pile of market-moving information and is expressly forbidden from “exchanging information” with a Wall Street investment manager if it is inside information. That’s why any phone calls of this nature are problematic and raise serious red flags.
If people can’t hoard physical money, it becomes much easier to cut interest rates far below zero. Investors have been ignoring progress toward government-issued electronic money, even as many countries are progressing rapidly toward their own online cash. They should ask two questions: Will the Federal Reserve issue a digital dollar? And will it eventually...
The chief executive of US cryptocurrency exchange Coinbase has launched a broadside against the Securities and Exchange Commission (SEC), accusing it of unfairly targeting his business and selectively enforcing rules.
Sep 8, 2021 - 11:08:12 PDT
“It was imposed,” said Silvano Moya, a 26-year-old call center employee, who joined an anti-bitcoin protest in the capital on Tuesday. “The only thing we know up until now is that the costs are going to come from our taxes. ”
Sep 8, 2021 - 08:49:35 PDT
The problem, of course, is that the Fed must continue monetizing 30% of debt issuance to keep interest rates from surging and wrecking the economy.
White House Calls for Solar To Be Nearly Half of Electricity Supply by 2050Sep 8, 2021 - 08:19:39 PDT
Yearly solar capacity additions will need to double annually through 2025, before quadrupling from 2020's level each year between 2025 and 2030.
Yellen Urges Congress To Raise Debt Limit, Warns Pelosi That Extraordinary Measures Will Run OutSep 8, 2021 - 08:13:38 PDT
Yellen reiterated that lawmakers only have until some point in October before the department exhausts its extended efforts to prevent what would be a historic default.
There Are Now A Record 2.2 Million More Job Openings Than Unemployed WorkersSep 8, 2021 - 08:10:44 PDT
While the latest JOLTS data validates skepticism about “transitory” inflation, as the insufficient pool of labor is obviously inflationary if it continues and will lead to mare wage hikes, there is one caveat: with all emergency unemployment benefits officially expiring this week...
Nobelist, Senior Democratic Economist Stiglitz Says Fed’s Powell Should GoSep 8, 2021 - 07:25:02 PDT
For U.S. President Joe Biden to be true to his agenda he should not renominate Jerome Powell as Federal Reserve chair, Nobel prize-winning economist and longtime Democratic adviser Joseph Stiglitz said in an interview that laid out the case for a remake of the Fed's leadership...
In three charts I show why Biden will not be any more successful than Trump was in bringing manufacturing jobs back to the US.
n the end, a "full recovery" of the economy is possible, but damage from past or future shutdowns – and a large partisan bill that once again, like New Deal or Great Society legislation, significantly increases the influence of the government over the economy – threaten its pace.
Sen. Joe Manchin (D-W.V.) has privately warned the White House and congressional leaders that he has specific policy concerns with President Biden's $3.5 trillion social spending dream — and he'll support as little as $1 trillion of it.
White House Asks Congress for $6.4 Billion To Resettle Tens of Thousands of Afghan RefugeesSep 8, 2021 - 07:04:31 PDT
The White House is asking Congress for $6.4 billion to resettle tens of thousands of Afghan refugees as part of a request for a short-term spending bill to allow for lawmakers to pass a budget for fiscal year 2022.
White House Taking On Housing Crunch Could Open Up ‘Pandora’s Box’: Real Estate ExpertSep 8, 2021 - 06:58:20 PDT
White House taking on housing crunch could open up 'Pandora's box': Real estate expert
Romer Debbas LLP managing partner Pierre Debbas warns of real estate consequences that comes from government getting involved with housing development.
Gold prices edged higher on Wednesday after a steep fall in the previous session, as concerns about a global growth slowdown weighed on risk sentiment while investors awaited the European Central Bank’s tapering strategy.
As Reid concludes, "Financial repression has indeed stretched a long way down the credit curve and you have to take more and more risk to beat inflation these days. Indeed the current yield on US single-Bs is 4.3% and on CCCs 7.1%."
Is anyone willing to call the top of the Everything bubble? The short answer is no. Anyone earning money managing other people's money cannot afford to be wrong, and so everyone in the herd prevaricates on timing. The herd has seen what happens to those who call the top and then twist in the wind as the market continues rocketing higher.
GLOBAL MARKETS-Worries Over Economic Recovery Shake World Stocks, Dollar GainsSep 8, 2021 - 05:33:10 PDT
World stocks edged away from the previous session's record highs and European stocks dropped on Wednesday on uncertainty over the pace of economic recovery, while the dollar hit one-week highs as investors reduced exposure to riskier assets.
Dallas Fed President Made Multiple Million-Dollar Stock Trades In 2020, Disclosure ShowsSep 8, 2021 - 05:29:05 PDT
Eleven of the 12 regional Fed banks have published disclosures of their leaders’ 2020 financial profiles, sharing information that gives insight into the holdings of officials who help set the central bank’s monetary policy and thus directly affect all capital markets, especially stocks. Their stocks too.