Category Archives: Business & Economy

Texas Frozen Chaos Becomes Global Oil Market Nightmare With 40% Of US Crude Production Offline

Texas Frozen Chaos Becomes Global Oil Market Nightmare With 40% Of US Crude Production Offline

Even though Texas is doing everything in its power to contain the fallout that, it appears that the crisis is now spreading, because as a result of the persistent freeze and rampant “force majeueres” across the industry, more than 4 million barrels a day of output – almost 40% of the nation’s crude production – is now offline.

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“Supply Is Frozen” – Polar Vortex Sparks Massive Spike In NatGas/Electricity Costs

“Supply Is Frozen” – Polar Vortex Sparks Massive Spike In NatGas/Electricity Costs

The week’s biggest story is the plunge in temperatures across the Great Plains from Canada to Texas, resulting in skyrocketing demand for natural gas and electric markets as tens of millions of Americans crank up their thermostats to stay warm. And that surge in energy costs comes at a time when incomes/jobs remain suppressed and Americans are being told to stay indoors.

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US Budget Deficit Triples To Record $3.1 Trillion In 2020 As US Spends 90% More Than It Collects

US Budget Deficit Triples To Record $3.1 Trillion In 2020 As US Spends 90% More Than It Collects

Those who have been following the record surge in US public debt (excluding the roughly $100 trillion in off-balance sheet obligations), which exploded by $3 trillion in the three months following the covid shutdowns and which just hit an all time high $27.1 trillion this week, will be all too aware that the US budget deficit this year – and every year after – will be staggering.

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Americans Burn Through A Staggering $724BN In Annualized Savings In August As Stimulus Fades

Americans Burn Through A Staggering $724BN In Annualized Savings In August As Stimulus Fades

Lower income coupled with higher spending in a time when the vast majority of Americans were looking forward to more stimulus meant that US consumers rapidly burned through savings. At the same time, the personal savings rate collapsed by 17.7%. This means that a whopping 60% of the personal savings built up in the aftermath of the COVID fiscal stimulus tide have now been used up. So, unless a new fiscal deal is in place, US consumption will crater unless somehow the millions of unemployed workers who still desperately rely on government stimulus find a job.

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Banks Brace For Default Wave: Wells Fargo Stops Making Loans To Independent Car Dealers

Banks Brace For Default Wave: Wells Fargo Stops Making Loans To Independent Car Dealers

In the latest indication that banks are bracing for even more default pain, this time stemming from what even before the coronavirus crisis was the next subprime disaster-in-waiting, namely auto loans. According to CNBC, Wells Fargo is hitting the brakes on its auto loan business, until recently a major source of revenue for the company.

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Higher Meat Prices as Cattle Producers See Lower Prices, Texas A&M’s Dr. David Anderson Tells Us Why [VIDEO]

Higher Meat Prices as Cattle Producers See Lower Prices, Texas A&M’s Dr. David Anderson Tells Us Why [VIDEO]

If you’ve been to the grocery store lately you’ve undoubtedly seen the soaring prices of meat or maybe you’ve seen the limitations being placed on the amount of meat you can purchase.  We’re even hearing about how thousands of pigs rot in compost as the U.S. faces this meat shortage.  So, how can this be?  How can we be facing a meat shortage as producers are facing lower prices and having to destroy their livestock?  Dr. David Anderson, Professor and Extension Agricultural Economist with Texas A&M University joins us to explain the situation.

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Governor Abbott Expands Business Openings In Texas

Gov Greg Abbott

Governor Greg Abbott today held a press conference where announced that he will be issuing an Executive Order to expand openings of certain businesses and activities. The Governor also announced new guidance from the Texas Education Agency (TEA) on graduation ceremonies and the creation of Surge Response Teams to combat any COVID-19 flare ups in Texas. 

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