Thursday, July 3, 2025

FINANCE

Report: New York City Failed to Control Overspending on Migrants

(Christian Wade, The Center Square) The Adams administration failed to provide oversight of a $432 million contract to provide services to newly arriving migrants, wasting millions of taxpayer dollars, according to a new audit. The report by City Comptroller Brad Lander, who is challenging Eric Adams in next year's Democratic mayoral primary,...

Political Website Axios Cuts 10% of Staff, Cites Shifts in Reader Habits

(Jacob Bruns, Headline USA) Left-leaning news site Axios announced this week that it was planning to cut roughly 10% of its staff in the latest round of corporate media layoffs, the New York Post reported. Axios Chief Executive Jim VandeHei announced in an email Tuesday that the company would cut...

Wall Street Whiplash: Analyzing the Recent Meltdown and Recovery

The financial landscape experienced a seismic shift last week, reminiscent of hitting rumble strips on the interstate—jerking investors awake to the underlying economic dangers. Monday’s drastic stock market selloff, triggered by various catalysts, left investors reeling, though the panic seemed to abate by week's end. But is everything truly back...

Musk Sues Leftist Censorship ‘Alliance’ for Colluding in ‘Massive Advertiser Boycott’ of X

(Headline USA) Elon Musk's social media platform, X, has sued a group of leftist corporations, saying a “massive advertiser boycott” in the wake of his Twitter takeover deprived the company of billions of dollars in revenue and violated antitrust laws. https://twitter.com/elonmusk/status/1820849880283107725 The company filed the lawsuit Tuesday in a federal court...

I Thought Gold Was a Safe Haven! Why Did It Tank With Stocks?

(Mike Maharrey, Money Metals News Service) And in the blink of an eye, the expectation of a “soft” landing turned into worries about a crash landing! It was a bloody Monday in the stock market as analysts digested the dreary jobs report released Friday and suddenly discovered the rot in...

The Rot in the Commercial Real Estate Market in One Story

(Mike Maharrey, Money Metals News Service) I've been watching the commercial real estate (CRE) sector as a potential catalyst for the next financial crisis. So far, it has managed to hold together, but there is still trouble brewing under the surface. The story of one commercial real estate investment by...

Judge: Google Exploiting Search-Engine Monopoly to Squash Competition

(Headline USA) A judge on Monday ruled that Google's ubiquitous search engine has been illegally exploiting its dominance to squash competition and stifle innovation in a seismic decision that could shake up the internet and hobble one of the world's best-known companies. The highly anticipated decision issued by U.S. District...

Top Biden Economic Advisor Leaves White House amid Stock-Market Plummet

(Casey Harper, The Center Square) President Joe Biden released a statement Monday morning thanking Gene Sperling, a top economic advisor, as he left his position the same morning that fears of a U.S. recession sent the U.S. stock market tumbling. As of Monday morning, the Dow had dropped 900 points...

Stocks Start Crashing: Will the Fed Pivot or Panic?

(Stefan Gleason, Money Metals News Service) It's no longer a question of whether the Federal Reserve will cut interest rates. It's a question of how soon central bankers will cut and how big they will go. Last week's ugly economic reports on manufacturing and employment helped trigger a mini-meltdown in...

Central Bank Gold Buying Through First Half of 2024 Sets Record

(Mike Maharrey, Money Metals News Service) Despite central bank gold buying slowing moderately in the second quarter, it set a record through the first half of 2024. Central banks globally added a net 483 tons of gold through the first six months of the year,  5 percent above the record...

Ky. Gov. Plans to Collect Sales Tax on Gold and Silver, Despite New Law

(Mike Maharrey, Money Metals News Service) Kentucky Governor Andy Beshear has decided he's going to continue collecting sales tax on the sale of gold and silver despite a new law repealing the levy and an attorney general opinion calling his line-item veto of the provision unconstitutional. Only five other states...

BLACK MONDAY: Dow Drops 900 Pts; Japan Faces Worst Crash Since 1987

(Headline USA) Nearly everything on Wall Street is tumbling Monday as fear about a slowing U.S. economy worsens and sets off another sell-off for financial markets worldwide. The S&P 500 was down by 3.1% in morning trading, coming off its worst week in more than three months. The Dow Jones...
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