US GDP in “recovery” room, not expected to thrive

So as I wrote yesterday “I believe the revised number Friday will be -0.7 percent.” It came in true to form. The Bureau of Economic Analysis said the Q1 second revision came in at -0.7% annualized on the back of weakening personal consumption and corporate profits sinking 5.9%. Finally maybe someone will realize that the […]

Is this going to be a gold(en) summer?

Let’s talk gold. I hear that the Justice Dept. and the commodities cops at the CFTC have a precious metal probe of Wall St bulge banks about to unfold. The probe is along the lines of the LIBOR and FX investigations, which amounted to billions in fine (and no criminal charges against any individuals). I […]

Libor + 6 banks = no criminal charges

My apologies, I am in the last throes of a kitchen remodeling and its a little crazy in the mornings. That said, so the Dept. of Justice slapped JPMorgan Chase, Citigroup, Barclays, UBS and Royal Bank of Scotland on Wednesday with a $5.8 billion penalty for pleading guilty to manipulating global currency markets and London […]

Attention WalMart investors, consumer can’t afford to shop there

WalMart’s earnings call this morning confirms what I wrote yesterday, the US consumer is in full retreat. The gas/tax return cash is going  keeping a roof over their head and keeping the lights on. There is little more that the typical minimum-wage earner can do. Wal-Mart CEO Doug McMillon blamed a decline in customers’ discretionary spending […]

Can Hilary walk the job recovery plank?

My colleague at The Post Jon Trugman had a great column this week on the anemic jobs recovery of the Obama administration. Meet this economy’s new typical minimum-wage worker: She’s 36 years old, working full-time with a child and is the breadwinner in the family, it was reported by left-leaning Economic Policy Institute on the […]