The amount in Federal assistance received by families of workers in the fast-food industry, who’re dogged by low wages, part-time work, and scarce employer-provided health benefits, amounted to $7 billion per year. A way for the $200 billion industry to shuffle off part of the costs of doing business to the hapless taxpayer.
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Many US Homes are Sold without Mineral Rights to the Land
by Oilprice.com • • Comments Off on Many US Homes are Sold without Mineral Rights to the Land
ECB’s Draghi: Knowing Too Much About Our Big Banks Could Set Off A Panic
by Wolf Richter • • Comments Off on ECB’s Draghi: Knowing Too Much About Our Big Banks Could Set Off A Panic
European regulators are desperate. The only thing known about the holes in bank balance sheets stuffed with decomposing assets is that they’re deep. No one knows how deep. No one is allowed to know – not until Eurocrats decide who will pay for bailing out these banks. How do we know? ECB President Mario Draghi said that.
Next Step In Dismantling The Dollar And US Credit Hegemony
by Wolf Richter • • Comments Off on Next Step In Dismantling The Dollar And US Credit Hegemony
The US has abused its three phenomenal privileges – including the control of the only world currency – to put global financial stability at risk, “like a truck full of dynamite heading right toward us,” said the chairman of the International Advisory Board of the Universal Credit Rating Group. But a “new financial order” is forming. And there’s a timeframe.
Multi-Trillion Dollar Question: How Much of Our Debt Is “Odious”?
by Don Quijones • • Comments Off on Multi-Trillion Dollar Question: How Much of Our Debt Is “Odious”?
By Don Quijones: If there is a two-word combination that strikes primal fear into the hearts of global senior bankers and representatives of international financial institutions, it is “odious” + “debt,” a legal theory that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation shouldn’t be enforceable.
Why The Wall Street Casino Lives On
by David Stockman • • Comments Off on Why The Wall Street Casino Lives On
David Stockman lashes out at the LBO of Extended Stay, a scam that made Blackstone billions, and saddled taxpayers with the detritus. It’s perhaps the most brilliant explanation ever as to why the Fed bailouts of Wall Street were an asinine idea that benefited the “0.0001%” but hurt everyone else, including taxpayers and the main-street economy.
The Multi-Billion Dollar Reason Argentina Can’t Be Venezuela, Yet
by Bianca Fernet • • Comments Off on The Multi-Billion Dollar Reason Argentina Can’t Be Venezuela, Yet
Earnings Season Starts With A Bang, So To Speak
by Wolf Richter • • Comments Off on Earnings Season Starts With A Bang, So To Speak
They’re getting hilarious, the shenanigans on Wall Street. Revenues have been lousy all year, and despite feverish cost cutting, earnings are sliding. The third quarter has been over for almost two weeks, but Q3 earnings estimates are still being pushed down. A lot! So that companies can “exceed expectations.” They’re now at stagnation levels. And stocks soar.
“Yellen Props Up Stocks” And Other Scary Data Points
by Wolf Richter • • Comments Off on “Yellen Props Up Stocks” And Other Scary Data Points
Alarm bells went off: “Yellen props stocks,” the headline read. Somebody needs to. Politicians are actively contemplating how to most effectively send the largest and brokest debtor in history into default. Corporate revenues can’t keep up with inflation. Earnings estimates and actual earnings growth plunge. And the S&P 500 soared 16% year to date.