Category Archives: Business & Economy
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.
Read more
U.S. Unemployment Claims top 40 million Since March
More than 40 million Americans have filed unemployment claims since mid-March, when state governments across the U.S. began restrictions to slow the spread of COVID-19, including closing businesses deemed nonessential.
Read moreHigher 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.
Read moreU.S. National Debt at Record $25 trillion, Budget Deficit in April at $738 Billion
The deficit rose after increased government spending in March and April to offset the economic losses caused by state executive orders, which shutdown economies to slow the spread of the coronavirus.
Read moreTexas Agency Won’t Cut Oil Production Despite Cratering Prices
On Tuesday, after formal requests from the state’s leading oil producers, a marathon public hearing last month and perhaps more attention paid to it than ever before, the commission decided against imposing oil production cuts, one of the most powerful tools it could employ.
Read moreGovernor Abbott Expands Business Openings In Texas
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.
Read moreTexas’ Front-line Workers in the Pandemic are Predominantly Women and People of Color, Analysis Finds
Experts say the numbers reflect a stratified economy in which historically undervalued jobs involving caregiving or domestic work are mostly held by women.
Read moreState Sales Tax Collections Down Nearly 10 Percent
State sales tax collections declined as a result of efforts to stem the spread of COVID-19 through business closures, crowd limits and stay-at-home orders adopted in the state, as well as a precipitous drop in worldwide demand for oil
Read moreAs Businesses Prepare to Reopen, Workers Weigh COVID-19 Risk Against the Need for a Paycheck
Going back to work means earning a paycheck again, but it also can increase their risk of exposure to the novel coronavirus, which has already infected more than 25,000 Texans and left 663 dead.
Read moreCongress Approves Another $484 Billion to Help People and Businesses Hit by Coronavirus’ Economic Crisis
The bill will temporarily replenish about $320 billion into a forgivable loan fund earmarked for small businesses.
Read moreTexas’ Oil and Gas Regulators Aren’t Ready to Cut Production Yet
Texas has not cut oil production since the 1970s, but the unprecedented plunge in oil demand has led to a split among industry leaders about how to fix the issue as the global economy has come to a halt and more than 16 million Americans are out of work, including at least 760,000 Texans.
Read moreCARES Act Loans Explained [VIDEO]
Matthew Wehring with the Small Business Development Center at Blinn College and Tammy Hall from The Sealy Chamber of Commerce joined us in the Austin County News Online studio to talk about the application process for both the EIDL and the PPP Loans to help small businesses survive during COVID-19, as well as answer questions that were sent in by the community.
Read moreAPRIL IS FAIR HOUSING MONTH: KNOW YOUR RIGHTS
The Houston-Galveston Area Council (H-GAC) recognizes April as Fair Housing Month and reminds homebuyers and renters to be aware of their rights under the Fair Housing Act.
Read moreTexans Face Delays To Their Unemployment Relief Because of Busy Phone Lines and Website Outages
As tens of thousands of Texans try to file unemployment insurance claims, they’re finding the Texas Workforce Commission’s phone lines jammed and website servers overloaded as the agency is swamped by the crush of sudden need.
Read moreFor The First Time Since The 1970s, Texas Is Considering Curtailing Oil Production
Texas regulators are considering curtailing oil production in America’s largest oil-producing state,
Read moreGov. Abbott Authorizes Restaurants to Deliver Alcohol With Food Purchase
Governor Greg Abbott issued a waiver that will allow restaurants to deliver alcoholic beverages with food purchases to patrons, including beer, wine, and mixed drinks.
Read moreSenate Passes First Coronavirus Economic Relief Package
The Republican-controlled Senate has reportedly mustered enough votes to pass the administration’s first fiscal stimulus package to help workers and small business owners.
Read moreHow Government Spending Destroys Wealth
A government is not a wealth generating entity—the more it spends, the more resources it has to take from wealth generators. This undermines the wealth generating process of the economy.
Read moreBipartisan Bill Drops on 100th anniversary of Mineral Leasing Act That Would Increase Oil and Gas Royalty Rates
U.S. Sens. Tom Udall, D-N.M., and Chuck Grassley, R-Iowa, on Tuesday introduced legislation to raise the royalty rates for oil and gas development on federal lands, on the 100th anniversary that the Mineral Leasing Act was passed.
Read moreWho Bought The $1.3 Trillion In Debt The US Government Added In 2019?
The US Gross National Debt spiked by $1.3 trillion over the past 12 months, to $23.3 trillion. These days, trillions fly by so fast it’s hard to see them. This debt exists in the form of Treasury securities, and each of these securities was bought by some entity in the US or in some other country. So, who owns all this debt? Let’s see…
Read more