Drudge Retort: The Other Side of the News

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Tuesday, February 06, 2018

Nearly half of all Americans will face the repercussions of the Equifax hack for years to come. The credit reporting firm announced in September that the personal information of 143 million people had been breached. But according to Reuters the federal agency charged with investigating the information breach has stopped looking into the matter. President Trump chose Mick Mulvaney to lead the Consumer Financial Protection Bureau and immediately watchdogs feared it was a pick that was meant to cripple the office. read more

Aitya Asastry and his two friends went for pizza after a Saturday evening out. That's when a woman approached them with a racist tirade that left them terrified. Report Advertisement "My friend, who's American but of Puerto Rican descent, was the first one she targeted. And myself and my other friend kind of distanced ourselves, like, ‘hey let's not do this tonight.' And she followed us down and continued to escalate things and became more and more agitated and she started calling me things like terrorist," Aditya told Q13 Fox. read more

It's a bloodbath, with the Dow set to open 750 points lower "thanks" to the +377 fair value..... but it could have been much worse, with S&P futures actually trading toward the highs of the overnight session after tumbling an additional 3.5% from Monday's close, as risk assets around the world crashed then modestly rebounded even as traders remain on edge over what the implosion in the vol complex means for everyone. read more

Friday, February 02, 2018

The spread between longer-dated U.S. Treasury yields and short-dated ones contracted to the slimmest in over a decade on Wednesday as the government favored selling more short-dated debt than longer-dated issues to finance the projected rise in its budget deficit. The yield curve also flattened as the Federal Reserve bolstered the notion it would raise key borrowing costs at least three times in 2018 on an expected pickup in inflation. "We are big advocates of the flattener trade," said Mark Lindbloom, portfolio manager at Western Asset Management Co. in Pasadena, California with $442 billion in assets. The yield curve has further room to flatten longer term with intermittent bouts of steepening, Lindbloom said. Month-end purchases of longer-dated Treasuries was another factor that flattened the yield curve as investors reallocated money into bonds from stocks after the S&P 500 index recorded its best month since March 2016. read more

Thursday, February 01, 2018

The ink was barely dry on the $1.5 trillion tax cut Congress passed last month when President Donald Trump began crowing about its successes. Last week, he bragged at both the American Farm Bureau's annual convention and a Cabinet meeting about companies that had already paid their workers bonuses because of it. "Nobody thought about it," he said last Wednesday. "We just knew a lot of good things were going to happen." Congressional Republicans have taken their own victory laps. Last Thursday, just minutes after Wal-Mart announced it was raising its hourly wage from $10 to $11, Speaker Paul Ryan's office blasted out a press release promoting the news; House Republicans launched a website, titled "Tax Reform Works," tracking new wage hikes and investments. read more


The lowest of the low,

Close, but not quite.

That title belongs to Western Sky.


"Western Sky's "loan products"
Unlike most high-interest lenders, such as payday and title lenders (more on them later), Western Sky was based inside the borders of the Cheyenne River Indian Reservation and was not subject to U.S. laws governing high-interest loans. So, they were free to use unusual loan terms -- at least for a while.

Whereas most high-interest lending is done for short time periods -- such as 31 days or less -- Western Sky's loans came with terms ranging from 12 months to seven years. Interest rates depended on the specific loan terms, but the typical interest rate on a Western Sky loan was 135%.

As if that wasn't enough, while there were no up-front fees per se, there was a fee associated with each loan that was simply added onto the loan's balance. And, these fees could be large. For example, if you wanted to borrow $500, you had to take out an $850 loan, of which you received $500 and Western Sky pocketed the rest.

Fortunately, because of an enormous amount of consumer complaints and pressure by several activist groups, Western Sky ceased making new loans in September 2013. At the time, the company's loans had already been banned in 21 states, and several others were working on doing the same."

Banned = Job killing regulations in Trump speak.

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