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Biden defends passing $1.9 trillion stimulus without GOP support — 'We don't have to wait'Feb 5, 2021 - 12:03:25 PST
President Joe Biden on Friday defended his administration’s $1.9 trillion Covid stimulus plan and warned that Republican efforts to pass a smaller bill would only prolong the economy’s trek back to full employment.
"The MMT mistake lies in believing that any alleged shortfall in money or supply of U.S. Treasuries is big enough to finance their entire policy wish list for the foreseeable future. It also assumes that any potential labor or capital goods not currently used can be effortlessly moved to...
Almost 40% of jobless workers are long-term unemployed, the Bureau of Labor Statistics reported Friday, nearing the record 46% set following the Great Recession.
Mohamed El-Erian Breaks Down the January Jobs Report: ‘It’s a Disappointing Report in Many Respects’Feb 5, 2021 - 10:30:41 PST
MOHAMED EL-ERIAN: So I think it will certainly support those who argue to go big. It's a disappointing report in many respects. One is not enough jobs creation, especially given the revisions we've had to prior months. Two is labor force participation came down. And three is if you look at the internals, there is no momentum building up in the economy.
JPMorgan's Nationwide Consumer Data Slips As COVID 'Dark Winter' Drowns Recovery Feb 5, 2021 - 10:29:44 PST
While it could be another couple of weeks until another round of COVID relief is passed, JPM's consumer data, from retail foot traffic to credit card spending, suggests a robust recovery to begin the year is nowhere to be found.
The duality of national central banks presents a potential threat to the European Union...
I believe Biden's push for a $15 minimum wage is dead. However, one of two lower numbers has a very good chance.
Feb 5, 2021 - 09:59:38 PST
The weaker reading was in part attributable to rising coronavirus disease 2019 (COVID-19) cases in many countries, which in turn often led to tighter social distancing restrictions. These measures were reported to have not only curbed demand but also stifled supply capacity, the latter exacerbated by restocking and low employment in many companies.
Gold rebounded above the $1,800 psychological level on Friday, helped by a retreat in the dollar and data showing slower-than-expected growth in U.S. employment underpinning the need for additional financial support.
The excitement has died down since the r/WallStreetBets Reddit chatroom has dropped out of the headlines. But while you need never think of GameStop again, you should definitely keep thinking about silver.
President Joe Biden signed an executive order that will help restaurants partner to provide food assistance.
The Senate Finance Committee Is Gearing Up to Take On Billionaires and Dark Money GroupsFeb 5, 2021 - 07:42:53 PST
Now under Democratic control, the powerful Senate Finance Committee aims to take on billionaires, dark money groups and several special interests.
The leisure and hospitality industry saw outsized job losses thanks to a torrent of layoffs at bars and restaurants.
Over the years, I've done a number of Fun on Friday posts about eating gold. You can have gold on your steak, on your desert, and even in your beer. Well, apparently some ancient Egyptians wanted the taste of gold in their mouths for all eternity. Archaeologists recently discovered a 2,000-year-old mummy with a gold tongue at an ancient Egyptian site called Taposiris Magna.
Silver is currently trying to settle above the resistance at $26.70 while the U.S. dollar is losing ground against a broad basket of currencies.
Credit Suisse Group AG failed to adequately handle early episodes of misconduct by one of its former star bankers who was subsequently convicted and imprisoned for fraud, according to a report from Switzerland’s banking regulator that the lender had sought to suppress.
Hacking into an investment portfolio. Breaking into a Caribbean villa. Even -- it has happened -- kidnapping. To the list of personal-security concerns for hedge fund magnates, add one more: short positions. As millions of amateur investors, cheered on by social media, take on Wall Street...
The Two Largest Sources of Industrial Demand For Silver Are About to Explode HigherFeb 5, 2021 - 07:06:19 PST
It’s not just the Reddit crowd or the Short Squeeze movement.A big change is underway with silver demand, one that is structural in nature. It will last years, perhaps decades. This built-in demand is likely to put an ever-growing strain on supply, and it will affect you as both a consumer and an investor.What am I referring to?
Most major global banks will spend more than $100 million each this year preparing for the end of the discredited Libor rate, according to Ernst & Young.
The gap between the value of the goods and services the United States sells abroad and what it buys climbed from $577 billion in 2019, the Commerce Department said Friday. Exports skidded 15.7% to $2.1 trillion, and imports fell 9.5% to $2.8 trillion.