Archive for the 'Economy' Category
Big Banks Brace for Oil Loans to Implode
January 18th, 2016Via: CNN: Big banks are cringing as crude oil is crumbling. Firms on Wall Street helped bankroll America’s energy boom, financing very expensive drilling projects that ended up flooding the world with oil. Now that the oil glut has caused prices to crash below $30 a barrel, turmoil is rippling through the energy industry and […]
Mistake? Refiner Bids -50 Cents Per Barrel for Low Grade Oil
January 18th, 2016Via: Bloomberg: Oil is so plentiful and cheap in the U.S. that at least one buyer says it would pay almost nothing to take a certain type of low-quality crude. Flint Hills Resources LLC, the refining arm of billionaire brothers Charles and David Koch’s industrial empire, said it offered to pay $1.50 a barrel Friday […]
Rise of the Robots Will Eliminate More Than 5 Million Jobs
January 18th, 2016Via: Bloomberg: Over five million jobs will be lost by 2020 as a result of developments in genetics, artificial intelligence, robotics and other technological change, according to World Economic Forum research.
5 Countries Spew More Plastic Into the Oceans Than the Rest of the World Together
January 18th, 2016Via: GlobalPost: In a recent report, Ocean Conservancy claims that China, Indonesia, the Philippines, Thailand and Vietnam are spewing out as much as 60 percent of the plastic waste that enters the world’s seas. “At this rate, we would expect nearly one ton of plastic for every three tons of fish in our oceans by […]
62 People Now Own the Same Wealth as Half the World’s Population
January 17th, 2016Via: Independent: Wealth inequality has grown to the stage where 62 of the world’s richest people own as much as the poorest half of humanity combined, according to a new report. The research, conducted by the charity Oxfam, found that the wealth of the poorest half of the world’s population – 3.6 million people – […]
Obama Declares Emergency in Michigan Over Lead-Contaminated Water
January 17th, 2016Via: CBC: U.S. President Barack Obama signed an emergency declaration Saturday that clears the way for federal aid for Flint, Michigan, which is undergoing a drinking water crisis due to lead-contaminated water. … The tap water in Flint, population 99,000, became contaminated after the city switched from the Detroit water system to the Flint River […]
Obama Proposes $4 Billion Autonomous Vehicle Pilot Projects
January 17th, 2016In other news, self driving trucks will wipe out millions of jobs: We are facing the decimation of entire small town economies, a disruption the likes of which we haven’t seen since the construction of the interstate highway system itself bypassed entire towns. Via: Forbes: Self-driving cars have a new supporter: President Obama. After talking […]
Goldman Sachs to Pay $5 Billion in Mortgage Settlement
January 14th, 2016Via: CNBC: Goldman Sachs said Thursday it will pay roughly $5 billion to settle federal and state probes of its role in the sale of shoddy mortgages in the years leading to the housing bubble and subsequent financial crisis. … Goldman shares fell 9 cents to $161.30 in aftermarket trading.
“Here Comes the Biggest Stock Market Crash in a Generation”
January 14th, 2016I’m not posting this because I think it’s going to happen, or not happen. I definitely don’t know. It does, however, contain a remarkable level of doom for such a mainstream source. What he’s saying is obvious and logical, which makes me wonder how applicable it is to this market. Via: Fortune: You don’t have […]
U.S. Exports First Freely Traded Oil in 40 Years
January 13th, 2016Via: Wall Street Journal: The ink is barely dry on legislation to lift a 40-year-old ban on exporting U.S. crude and energy companies already are jockeying to ship American oil overseas. Two tankers filled with freely traded U.S. oil have pulled out of Texas ports in the past two weeks, with more shipments expected. The […]
