Chriss W. Street

Latest News

New 'Peak' US Jobs Leaves Another 7 Million Behind

Despite the hoopla about a new record for jobs, the “recovery” is really about the 11 million U.S. population growth and about 4.7 million seniors that are postponing retirement. It would still take another 7.2 million jobs for a real recovery. Jun 6, 2014 3:45 PM PT

Russia's Biggest Weakness Is Dependence on Visa and MasterCard

To most observers, U.S. and European economic sanctions have had minimal success in discouraging Russia from covertly interfering in the Ukraine. But sanctions have exposed Russia’s dependence on America’s Visa and MasterCard for processing about 56% of all transactions in Russia’s $2.3 trillion economy. Jun 6, 2014 12:37 PM PT

Lifting US Crude Oil Export Ban Would Spur US Production

IHS Consultants just published a report that lifting the U.S. oil export ban would cause U.S. crude oil production to rise by an average of 1.2 million barrels a day. The study argues that allowing crude oil exports would improve the fit between booming crude production and America’s lack of refining capacity. Jun 3, 2014 3:38 PM PT

New Jersey Financial Ratings on Credit Watch

Standard and Poor’s Credit Rating Service announced on June 2nd that the ratings on New Jersey’s general obligation (GO) bonds, appropriation-backed, and moral obligation debt were placed on Credit Watch with negative implications. The warning means that S&P could lower the ratings within the next 60 to 90 days depending on the outcome of the state’s budget deliberations and other developments. Jun 3, 2014 11:07 AM PT

Protesters Fight 'Bomb Trains' Hauling Oil Thru California

With energy projects cranking up, the Richmond protest against “bomb trains” is just the first of what promises to be a protracted battle over a slew of new carbon-based energy projects in the Golden State. Jun 2, 2014 4:59 AM PT

Meg Whitman Has the Easiest Job in Silicon Valley

Meg Whitman has, in fact, the easiest job in Silicon Valley: just keep cutting costs, and focusing on more profitable market segments and generating tremendous amounts of free cash flow for shareholders. May 29, 2014 9:01 AM PT

IRS Bars CEOs from Dumping High-Cost Workers on Obamacare

Corporate America was an early supporter of Obamacare, because CEOs thought they could “game the system” by dumping their sickest workers onto state and federal healthcare exchanges that are often subsidized by taxpayers. But in an unexpected financially important ruling, the Internal Revenue Service just notifed employers they will be subject to a tax penalty of $100 a day — or $36,500 a year — for each employee who goes into the individual exchange. May 29, 2014 6:53 AM PT

GAO: Executive Branch Wastes Hundreds of Millions on Software

According to a report from the bipartisan Government Accountability Office (GAO), the Office of Management and Budget (OMB) and 21 other agencies of the federal government’s Executive Branch “do not have adequate policies for managing software licenses.” May 28, 2014 4:23 PM PT

Gallup: Americans Love Small Business, Dislike Big Business

The latest Gallup poll indicates that 79% of Americans believe big business is “Creating important new products and technologies,” but only 43% believe large companies are “Creating good jobs for Americans.” The majority of the American public perceive that large U.S. based companies put the interests of the foreign countries and their overseas workers ahead of the United States and American workers. May 28, 2014 3:25 PM PT

Millennials Can't Afford Memorial Day Weekend Trips

Memorial Day weekend has usually been a time for families to take a big car trip, and 31.8 million Americans will do so this Memorial Day weekend according to AAA. But the total number of miles driven per person peaked in June of 2005 at the height of the economic expansion and has declined by about -866 miles per year or -2.4 miles per day since. May 26, 2014 8:23 AM PT

U.S. Food Inflation Running at 22%

After five years of the federal government telling the public that despite a $3.5 trillion increase in monetary expansion, the inflation rate is below +2%, the Department of Agriculture (DOA) just warned the American public that the consumer price index for food is up by 10% this year. May 26, 2014 8:14 AM PT

Despite Huge Losses, Silicon Valley Throws More Money at China

Silicon Valley Venture Capitalists funded 321 deals in the first quarter of 2014, up 9% from last year and the highest rate since the peak of 347 in 2007. Despite terrible investment returns in the past, the fastest growing area for VC investments is the Forbidden Kingdom, up 31% this year to $298 million. May 26, 2014 6:12 AM PT

Jerry Brown Doubles School Pension Cost to $11.4 Billion

California Governor Jerry Brown got some kudos from Republicans for not funding new boondoggles and promising to focus on paying down the $166.9 billion in unfunded state liabilities for the teacher’s pension plan. May 24, 2014 6:52 PM PT

China Launches $2 Billion African Development Fund

China agreed to fund a $2 billion multi-lateral investment fund in cooperation with the African Development Bank. The move is a departure from China’s former “cheque book” policy of investing directly in individual countries. May 23, 2014 3:28 PM PT


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