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"Seniors hurt in Ponzi scam" headlined the story of elderly Southern Californians bilked in a pyramid scheme. While sad, the story reminded me of Social Security, since it is also a Ponzi scheme involving those older, with high payoffs to early recipients coming from pockets of later participants.
Finally, house Democrats are going to be addressing the ugly black eye of their leadership Nancy Pelosi making ungodly sums from day-trading millions of dollars worth of stock and options ahead of legislative initiatives - while, at the same time, railing on capitalism with every opportunity they get publicly.
House Democrats have introduced the Billionaire Minimum Income Tax Act, calling for a 20% levy on total income for households worth more than $100 million.
Jul 29, 2022 - 12:10:52 PDT
Procter & Gamble warned on July 29 that consumers are beginning to buckle under the weight of inflation, ...
The U.S. is facing a "perfect storm" for a housing crisis similar to that of 2008, according to Jose Torres, a senior economist for Interactive Brokers.
New home sales are recorded at signing. Existing home sales are reported at closing. Pending home sales in June is a leading indicator of the existing home sales reports for July and August.
In this week’s Live from the Vault, Andrew Maguire explores the dubious practices in the ETF market, shedding light on the widespread integrity breaches and rehypothecation of the largely undeliverable, double-counted gold bullion.
The twin threats of an economy that is clearly slowing and also grappling with sky-high prices has fractured the government’s allies, with liberal and centrist Democrats increasingly at odds over whether the Federal Reserve’s actions should alarm the White House .
Jul 29, 2022 - 08:13:05 PDT
Is the Fed trying to write its own inflation report card?
"If The Fed Marches On, They're Creating Another Lehman Situation", Larry McDonald Warns Powell Is "Pumping A False Narrative"Jul 29, 2022 - 07:57:42 PDT
Larry McDonald thinks Fed Chairman Jerome Powell will soon be forced into another pivot because the financial system is under severe stress. «Our 21 Lehman systemic risk indicators globally are the highest since the financial crisis, a lot of these risk metrics blew through Covid levels,» says the macro strategist and former senior trader at Lehman Brothers.
Jul 29, 2022 - 07:10:15 PDT
The bottom line there is that, if workers don’t return to work, the ratio of producers to consumers will remain seriously deficient, which means there will not be enough goods or services..
Two key US inflation gauges posted larger-than-forecast increases on Friday, heightening concerns that prices will remain persistently high and prompt continued aggressive interest-rate increases from the Federal Reserve.
Chicago PMI Unexpectedly Plunges To 2-Year Lows: That Has a Very Stagflationary Stench to It.Jul 29, 2022 - 07:04:18 PDT
Against expectations of a modest decline, the Chicago PMI for July tumbled from 56.0 to 52.1 (well below the 55.0 expected) - the worst in 2 years...
Worried about a Recession or Stock Market Crash? Here's How Precious Metals Perform [CHARTS]Jul 29, 2022 - 06:01:04 PDT
Convinced a recession is here? Worried the stock market isn’t done crashing? It’s a distinct possibility things could get worse. Which raises a natural question: how does gold—and all precious metals for that matter—perform during these events? If we use history as a guide, there’s a clear tendency with all of them…
Gold Heads for Biggest Weekly Gain Since March on Rate Outlook as Dollar FallsJul 29, 2022 - 05:59:24 PDT
Gold headed for its biggest weekly gain since March amid speculation that the Federal Reserve will slow the pace of interest rate increases as the US economy slows.
Michael Nowak was “the boss” of a plot at JPMorgan Chase & Co. to manipulate gold and silver prices and worked with the top trader and salesman on the bank’s precious metals desk to “spoof” markets with bogus buy and sell orders, a federal prosecutor told jurors in Chicago.
Fed's Favorite Inflation Indicator Jumps To New 40-Year High, Savings Rate PlungesJul 29, 2022 - 05:51:36 PDT
The Fed's favorite inflation indicator - PCE Deflator - was expected to accelerate in June and both the headline and core increased significantly (+6.8% YoY and +4.8% YoY respectively) - both higher than expected. The headline print is the highest since 1982.
Evidence is growing that the Federal Reserve has fallen well behind on inflation and needs to make up for lost time. WSJ’s Dion Rabouin explains how we got here and what the Fed is doing to catch up. Illustration: Ryan Trefes
‘Embrace the Uncertainty’ From Less Central Bank Guidance: Former Fed OfficialsJul 29, 2022 - 05:48:17 PDT
"The kind of guidance we've seen in the past ... creates an expectation that's unrealistic," Dennis Lockhart, former president of the Atlanta Federal Reserve, told the Reuters Global Markets Forum (GMF) on Thursday. "I think it's better to embrace the uncertainty and understand that (the Fed) is navigating and figuring it out as they go along," he said.
With inflation at the highest level since 1981 and wages not keeping pace, many Americans are struggling to make ends meet.