Economists and experts warned a Senate committee hearing this week that the U.S. government is close to disaster on the federal debt ceiling. The Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy conducted a hearing on Mar. 7 titled: “The Federal Debt Limit and its Economic and Financial Consequences,” with five expert…
Experts Warn That the US Is Close to Disaster on Debt Ceiling
March 8, 2023
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Bank of America CEO Proclaims ‘We Are Capitalists’ After Critics Blast ESG Stance
March 8, 2023
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Bank of America CEO Brian Moynihan told shareholders this week that “we are capitalists,” after a massive backlash from critics over his bank’s stance on the environmental, social, and governance (ESG) agenda. The head of America’s second-largest bank is under heavy fire as Wall Street executives face increasing criticism across the country for adopting progressive…
Why Tax Stock Buybacks?
March 8, 2023
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Commentary The Biden administration has passed a 1 percent tax on stock buybacks. A stock buyback is when a public company uses its own cash to buy back its own stock. Sometimes it is financially in the best interest of the company to actually borrow money to buy back stock. Democrats dislike stock buybacks because…
Behind Interest Rate Hikes Sits Trillions in Bonds the Fed Must Unload
March 8, 2023
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Testifying before the Senate Banking Committee on March 7, Federal Reserve chairman Jerome Powell said he is prepared to accelerate interest rate hikes as economic growth and labor shortages continue to fuel inflation. Meanwhile, the Fed is still sitting atop a massive $8.4 trillion portfolio of bonds it bought through economic stimulus programs. This portfolio…
Retirements of Millions of Americans in ‘Jeopardy’ as ESG Rule Weakens Protections
March 7, 2023
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News Analysis The Biden administration and Congress are currently caught up in a tug-of-war over a new Labor Department rule regarding whether Americans’ retirement savings should be used to finance a climate and social-justice agenda. This conflict goes well beyond obscure investment rules and administrative procedures and will likely affect the financial security of many…
Retirement Funds of Millions of Americans in ‘Jeopardy’ as ESG Rule Weakens Protections
March 7, 2023
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Business & Marketseconomic policiesenergyERISAESG investingExecutive BranchinflationInvestmentpension planspersonal financePoliticsUS
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News Analysis The Biden administration and Congress are currently caught up in a tug-of-war over a new Labor Department rule regarding whether Americans’ retirement savings should be used to finance a climate and social-justice agenda. This conflict goes well beyond obscure investment rules and administrative procedures and will likely affect the financial security of many…
Timeshare Owners Warned by FBI to Avoid Resale Scammers
The FBI has warned timeshare owners across the United States to be on the lookout for scammers targeting their properties in Mexico. The scammers are pretending to be companies offering to sell or rent their victims’ timeshares, cheating timeshare owners out of millions of dollars, the FBI said in a public service announcement on Thursday….
Billionaire Investor Warns to Be ‘Very Careful Investing in China’ Amid Capital Crackdown Fears
A billionaire investor is urging caution about investing in China, warning that he has been prevented from accessing his money because of Beijing’s strict capital controls. According to Mark Mobius, the founder of Mobius Capital Partners, the Chinese government has taken “very significant” action to prevent him from withdrawing capital from Chinese equities since his…
Crypto Investors Pull Billions Out of Binance’s Stablecoin After Regulator Crackdown
March 2, 2023
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Investors have been pulling billions out of Binance’s stablecoin after a securities regulator crackdown. The crypto exchange’s stablecoin, Binance USD (BUSD), has witnessed a massive outflow of $6 billion in cash by investors following the subjugation by the Securities and Exchange Commission (SEC) of Paxos, the company that issues the token, reported the Financial Times….
Electric Vehicle Companies See Fall in Demand Due to High Costs and Supply-Chain Problems
American electric vehicle (EV) start-ups are dealing with falling demand, as buyers look elsewhere, or put off purchases entirely. High costs, quality-control issues, and supply-chain problems are taking a toll on the EV sector, according to the latest quarterly reports. Several EV companies reported a declining interest for some of their latest vehicles, while production…
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