OPEC Delivers Another Embarrassment for Joe Biden

It’s a rough week for President Biden who, despite a brief appearance at the White House in which he blamed others for his colossal mismanagement of our country’s withdrawal from Afghanistan, has remained secluded at Camp David — and the hits just keep coming. In a stinging rejection issued Monday, the Organization of Petroleum Exporting Countries…

GOP warns Biden’s $2.7T infrastructure plan will ultimately crush Americans

Senate GOP assails Biden infrastructure plan as job killer that will give China, Russia a say in US tax laws Biden and his team, meanwhile, have performed rhetorical gymnastics to make almost everything in the package sound infrastructure-ish. Senate Republicans are warning that President Biden’s proposed $2.7 trillion infrastructure plan will undermine jobs and ultimately crush taxpayers –…

Stocks surge as House nears vote on $1.9T coronavirus aid package

U.S. equity markets rallied Wednesday as the U.S. House of Representatives readied to vote on President Biden’s $1.9 trillion COVID-19 relief bill. The Dow Jones Industrial Average rose nearly 300 points, or 0.9%, while the S&P 500 and the Nasdaq Composite advanced 0.75% and 1.1%, respectively. The early gains come as the 10-year yield holds near 1.55% after the consumer price index rose…

College admissions cheating scam, by the numbers

Dozens of wealthy, prominent individualsOpens a New Window. have been charged in connection with a multimillion-dollar scheme to secure entry to top colleges and universities for their children, in what federal officials described as the largest college admissionsOpens a New Window.scam in history. Prominent names among the defendants include “Full House” actress Lori Loughlin, her husband, fashion designer…

Home Depot misses profit estimates, shares fall

Home DepotOpens a New Window. shares are under pressure after the company missed Wall Street estimates on profitOpens a New Window., revenue and same-store sales on Tuesday. The numbers may have been impacted by rising U.S. home prices weakening housing demand and construction activity. Last month, home sales fell to their lowest in more than three years.…

The Trump Manufacturing Jobs Boom: 10 Times Obama’s Over 21 Months

The Great Recession officially ended in June 2009, six months into former President Obama’s first term. The economy continued to shed jobs until the following March. Manufacturing was particularly hard hit, with almost 2.3 million manufacturing jobs—some 1 in 6—lost between January 2008 and March 2010. As is the case during recoveries, jobs bounced back,…

Oil struggles to find footing after 7% slide as outlook darkens

SINGAPORE, Nov 14 (Reuters) – Oil struggled to find its footing on Wednesday after plunging 7 percent the previous session, with surging supply and the specter of faltering demand scaring off investors. U.S. West Texas Intermediate (WTI) crude oil futures were at $55.52 per barrel at 0732 GMT, down 17 cents, or 0.3 percent, from their last settlement. International benchmark Brent crude oil futures were down 9…

Tariffs on Chinese goods now in effect

When the clock stuck midnight, U.S. tariffs on $34 billion in Chinese imports took effect. Beijing vowed to respond immediately in kind, the two biggest economies are on a collision course for a full-blown trade war. China’s customs authority said China will levy tariffs on 545 items worth $34 billion in response to U.S.’ tariffs, according to…

Truck orders surge as economy heats up

There may be a mounting driver shortage in the trucking industry, but that isn’t slowing demand for big rigs – signaling strength in the U.S. economy. Orders reached 42,200 in June, up more than 18% month-over-month, according to ACT research, as reported by The Wall Street Journal. That figure is more than two times what it was…