Heath Cary
More from Heath Cary
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Banks are seen as safe but uninsured customers have been burned before
When Silicon Valley Bank and Signature Bank collapsed in a matter of days, it was a stark reminder to the American people that U.S. banks do fail. More than that, while all uninsured depositors were spared in these two bank failures, that’s not always the case. Given the media storm around this month’s bank failures, it… -
Bank failures happen more than you think. Here’s why SVB was different.
When Silicon Valley Bank and Signature Bank collapsed in a matter of days, it was a stark reminder to the American people that U.S. banks do fail. More than that, while all uninsured depositors were spared in these two bank failures, that’s not always the case. Given the media storm around this month’s bank failures,… -
Job openings in January fall to 10.8 million, still high, as layoffs rise
After January’s jobs report blew expectations out of the water, economists are looking for any data that can show signs of a weakening labor market up ahead. Wednesday’s job openings data showed a hint of decline, but still came in stronger than expected. The Bureau of Labor Statistics data showed that by the end of… -
The IRS wants taxpayers from these states to hold off on filing tax returns
It’s tax season but the Internal Revenue Service warned last week that it’s not quite ready for some filings. The agency is asking millions of Americans to hold off on filing tax returns. The hiccup is over direct payments and rebates many states handed out, hoping to help its residents counter raging inflation. Annual consumer… -
US lost 287,000 jobs while government was reporting +1 million in gains
The labor market may have been much weaker than the government let on in 2022. While the Bureau of Labor Statistics initially reported the U.S. economy added 1.2 million jobs last spring, a new report shows the private sector had a net loss of 287,000 jobs during the same time period, a difference of nearly… -
Philadelphia Fed claims government overestimated job growth by +1 million
Did the U.S. government overestimate job growth by more than 1 million jobs this spring? That’s the claim after the Philadelphia Federal Reserve Bank released a December report, which makes early revisions to Bureau of Labor Statistics data for the second quarter of 2022. “In the aggregate, 10,500 net new jobs were added during the… -
FTX’s Bankman-Fried released on $250M bail, coworkers plead guilty
A judge ruled FTX founder Sam Bankman-Fried could be released on $250 million bail and put under house arrest at his parents’ California home while he awaits trial in New York City on eight federal criminal charges. As Bankman-Fried fights the charges against him, some of his coworkers have already pleaded guilty to fraud charges… -
IRS failed to perform required audits of Trump’s tax returns
For years, Americans couldn’t escape hearing about former President Donald Trump’s tax returns and why, despite years of precedence, he refused to release them. Trump repeatedly cited it was because he was being audited, but a House committee report reveals the IRS actually failed to audit him as president when it was required. According to… -
Biden falsely claims inflation in major economies ‘rising in double digits’
U.S. inflation surprised below expectations in November, slowing for the fifth straight month to a 7.1% annual rate. But when President Joe Biden took to the podium to celebrate the feat, he made a claim that didn’t stack up against statistics. “In a world where inflation is rising in double digits in many major economies… -
Biden touts CHIPS Act success with $40B Arizona semiconductor investment
On Tuesday, President Joe Biden touched down in Arizona to tout a $40 billion investment by one of the world’s largest makers of semiconductors. Taiwan Semiconductor Manufacturing Company (TSMC) is opening a second chip plant in the state, upping its recent Arizona investment of $12 billion. According to TSMC, the $40 billion commitment is the… -
Americans will bet record $1.8 billion on 2022 FIFA World Cup: gambling authority
Americans are expected to bet a record $1.8 billion for the 2022 FIFA World Cup, making it, “the most bet-upon soccer event ever in the U.S.,” according to the American Gaming Association. The gambling authority predicts more than 20 million Americans plan to place bets throughout the month of play. Worldwide, gamblers wagered around $160… -
FTX catastrophe could be turning point for cryptocurrency regulation
The collapse of cryptocurrency exchange FTX is unprecedented, and in some ways, unbelievable. As the firm seeks bankruptcy protection, at least $1 billion in customer funds is missing, according to a Reuters report. A bankruptcy court filing revealed debtors have been in contact with the U.S. attorney’s office, the Securities and Exchange Commission, the Commodity Futures… -
Meta executes major layoffs as worries grow over another dot-com crash
Tech stocks have had a terrible, horrible, no good, very bad year. Take Meta, which announced Wednesday it is laying off 13% of its staff, or more than 11,000 employees. The company’s stock is down about 70% in 2022 amid declining sales and profit and rising expenses. And while Meta’s year may be exceptionally bad…
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