Econ70
With FTX exposed as fraudulent, and Binance as a money laundering operation, large, monopolistic, hugely profitable crypto exchanges must become legitimate actors. Binance’s settlement with the U.S. Treasury requiring it to create true anti-money laundering systems, and in the process,…
This Thanksgiving, 46 million turkeys (half of all turkeys sold) costing $1.3 billion will be consumed, and 88% of Americans will partake in a turkey dinner. While the average price of a 16 pound bird rose 1.3% compared to last…
Walmart, the biggest retailer in the U.S., has 1.5 million U.S. employees, enough to make it the 41st largest state. In FYE 1/23, Walmart had sales revenue of $606 billion, which would (pardon the apples to oranges comparison) make it…
The U.S. economy is becoming increasingly recession resistant. State, local, and federal government spending as a percentage of GDP has risen from 29% in 1962 to 35% today. Similarly, healthcare spending has risen from 5.2% of GDP in 1962 to…
The Friday File: Prior to Taylor Swift/The Eras Tour, the top grossing concert film of all time was Justin Bieber: Never Say Never with $73 million in 2011, followed by Michael Jackson’s This Is It which grossed $72.1 million in…
In the 1998 Microsoft antitrust case, Microsoft forced PC makers not to install competitive internet browsers if they wanted Windows desktop software to crush competition. In Google’s current antitrust case, we now know that Google paid Apple/Samsung/Motorola/AT&T/T-Mobile/Mozilla and many others…
CPI rose 3.2% Y-o-Y in October, down from 3.7% in August and September, and barely above the 3.1% June low, its lowest level since 3/21. CPI peaked at 9% Y-o-Y in 6/22. More importantly, core CPI rose 4% Y-o-Y, its…
As of 9/23, the percentage of home mortgage holders with negative equity is just 383,000 or 0.7%, less than half the percentage prior to Covid and prior to the Housing Bust. The percentage peaked in 2009 at 30%. Currently, the…
For the week ending 11/4/23, initial unemployment claims were a very low 217,000, barely above decade lows. However, continuing unemployment claims came in at 1,834,000 and are up about 250,000 from the decade lows set last year. This suggests that…
In 1938, Congress formally made 11/11 Veterans Day. It pays tribute to all American veterans both living and deceased, but especially honors those who are alive. The state with the highest percentage of veterans is Alaska at 8.8% of the…