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“Larry Summers says steep joblessness needed to beat inflation” Former Clinton Treasury Secretary Larry Summers is defending his comments from last month in which he claimed that millions of Americans may need to lose their jobs in order for inflation to come under control. Summers, who has emerged as a chief critic of the Biden…
“How a looming economic crash abroad could smack US shores” In 2008, we learned how very interconnected the world economy has become. A bankruptcy at Lehman, a relatively small US investment bank, shook the world financial system. It also plunged the world economy into its worst postwar recession up ’til then. This interconnectedness is why…
“Inflation fears drove Fed to sharply hike rates: minutes” Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and they signaled that much higher interest rates could be needed to restrain it. The policymakers also acknowledged, in minutes from their June 14-15 meeting released Wednesday, that their rate hikes could weaken…
“The Cost: One week of groceries in Toronto’s Kensington Market” This bike courier delivers for two food delivery apps, but earnings of $800-1200 per month means his budget is stretched thin The buyer: Craig Mazzali, a 45 year-old bike courier in Toronto. The story: I work as a bike courier for two delivery apps. I…
“Bitcoin dips below $19K as crypto fund Three Arrows implodes” Bitcoin briefly sank below $19,000 on Thursday, hitting a fresh low for the year as investors digested the collapse of cryptocurrency hedge fund Three Arrows and the rising risk of an economic recession. The leading cryptocurrency was down 4.4% at $19,209.20 as of 9:30 a.m….
“The Move: Why this family left Toronto for Kelowna” The Grants considered a move to Ontario’s cottage country before settling on a five-bedroom in British Columbia The buyers Sarah Grant, a 40-year-old home-organization entrepreneur; John Grant, a 38-year-old software engineer; and sons Jack, who’s seven, and Charlie, who’s nine. The budget $2.3 million The backstory…
“Joe can’t even fill in FCC post with leftist nomination” You can go back to October of last year to trace the slow-moving train wreck that has been Gigi Sohn’s nomination to the Federal Communication Commission. Lots of hearings, advocacy and lobby groups weighing in, and as this column goes to press, her nomination is…
” Ethereum price breaks out as ‘bad news is good news’ for stocks “ Ethereum’s native token, Ether (ETH), gained alongside riskier assets as investors assessed weak U.S. economic data and its potential to cool down rate hike fears. Ether mirrors risk-on recovery ETH’s price climbed up to 8.31% on June 24 to $1,225, six…
“CNN panel slams Joe Biden after gas tax holiday underwhelms top Democrats” CNN panelists took aim at President Biden on Thursday after his push for a national gas tax holiday to address record-high prices seemed to underwhelm top lawmakers within his own party. CNN anchor John King began the discussion by noting that several top…
“Netflix orders second round of layoffs, streaming giant slumps” Netflix confirmed Thursday that it is conducting a second round of layoffs as the streaming giant grapples with a slump in paid subscribers and a painful drop in its stock price. A Netflix spokesperson said the company had “sadly let go of around 300 employees.” Company…