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Chicken and tuna price fixing leads to $40M payout
Washington state Attorney General Bob Ferguson has added a feather to his cap: he has successfully sued the nation’s largest chicken and tuna producers for engaging in practices he believes caused families to overpay by millions of dollars. After reaching legal resolutions with 15 major chicken producers and four big tuna companies — all accused of inflating and manipulating prices — Ferguson’s office is now returning $40.6 million in restitution to approximately 402,200 low-income Washington households. “When powerful interests break the law and harm Washingtonians, my office holds them accountable, and prioritizes getting money back to those who were most impacted,” Ferguson said. “Washington families were cheated by corporate price-fixing conspiracies they knew nothing about.”
America is 'out of money' for Ukraine war
The U.S. is rapidly running out of funds to support Ukraine in its ongoing conflict with Russia, and the White House is pressing Congress to approve more money before the year’s end. “Cutting off the flow of U.S. weapons and equipment will kneecap Ukraine on the battlefield,” wrote Shalanda Young, the director of the White House Office of Management and Budget, in a letter to House Speaker Mike Johnson on Dec. 4. “There is no magical pot of funding available to meet this moment. We are out of money — and nearly out of time,” Young wrote.
5 simple steps to help you afford house payments
When money's tight, even necessities become negotiable. More than 60% of Americans are stressed by high housing prices and 39% have skipped meals to afford housing payments, according to an April survey by Clever Real Estate. The impact of housing affordability is hitting millennials hardest, with 44% saying they’ve missed breakfast, lunch or dinner just to keep a roof overhead. Half have taken on extra work. With the high cost of living and high interest rates today, it’s no surprise so many Americans are feeling extra stress when it comes to their household finances. If housing payments are causing you anxiety, headaches or even hunger, here are five simple things you can do to get back on track.
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This NFL star retired at 28 to sell Pokemon cards
Blake Martinez made his NFL comeback on Thursday Night Football, barely a year after retiring from the sport to pursue a career trading Pokemon cards and months after his burgeoning business came to a screeching halt due to scandal. The 29-year-old inside linebacker, who played for the Green Bay Packers, New York Giants and Las Vegas Raiders across seven seasons, was signed to the Pittsburgh Steelers roster on Nov. 22, two weeks after he joined the Carolina Panthers practice squad. His first game back was the Dec. 7 showdown against the New England Patriots. Asked about the allegations that brought down his trading card business, Martinez told reporters in Charlotte, N.C., on Nov. 7: “I don’t want to go too far deep into it. I think the main thing I want to address is there’s a lot of things out there that aren’t true, a lot of speculations, a lot of false claims. But still working through those types of things.” At the age of 28, Martinez ditched the NFL to double down on his side hustle of selling Pokemon cards upon rediscovering his passion for the game in the early days of the COVID-19 pandemic, he told The Athletic. His football teammates didn’t understand at first. “Isn’t that stuff for kids?” they asked. But the linebacker silenced all naysayers when he netted a $108,000 profit by simply opening a box of Pokemon cards on a live stream and auctioning them off to viewers one by one. He used that model to launch a business called Blake’s Breaks in July 2022, which he says brought in more than $11.5 million in revenue in less than a year by reselling trading cards on Whatnot, a shopping platform that specializes in collectibles. He had made a nice chunk of change — without the physical toll and risks of being a pro football player. “I just asked myself, do I want to keep starting over from ground zero with football, and keep destroying my body, or do I want to start over from ground zero here, and do something I can actually sustain for a long time?” he told The Athletic. “I loved football. But what I found out was I loved building and running my own team even more.”
Blake Martinez made his NFL comeback on Thursday Night Football, barely a year after retiring from the sport to pursue a career trading Pokemon cards and months after his burgeoning business came to a screeching halt due to scandal. The 29-year-old inside linebacker, who played for the Green Bay Packers, New York Giants and Las Vegas Raiders across seven seasons, was signed to the Pittsburgh Steelers roster on Nov. 22, two weeks after he joined the Carolina Panthers practice squad. His first game back was the Dec. 7 showdown against the New England Patriots. Asked about the allegations that brought down his trading card business, Martinez told reporters in Charlotte, N.C., on Nov. 7: “I don’t want to go too far deep into it. I think the main thing I want to address is there’s a lot of things out there that aren’t true, a lot of speculations, a lot of false claims. But still working through those types of things.” At the age of 28, Martinez ditched the NFL to double down on his side hustle of selling Pokemon cards upon rediscovering his passion for the game in the early days of the COVID-19 pandemic, he told The Athletic. His football teammates didn’t understand at first. “Isn’t that stuff for kids?” they asked. But the linebacker silenced all naysayers when he netted a $108,000 profit by simply opening a box of Pokemon cards on a live stream and auctioning them off to viewers one by one. He used that model to launch a business called Blake’s Breaks in July 2022, which he says brought in more than $11.5 million in revenue in less than a year by reselling trading cards on Whatnot, a shopping platform that specializes in collectibles. He had made a nice chunk of change — without the physical toll and risks of being a pro football player. “I just asked myself, do I want to keep starting over from ground zero with football, and keep destroying my body, or do I want to start over from ground zero here, and do something I can actually sustain for a long time?” he told The Athletic. “I loved football. But what I found out was I loved building and running my own team even more.”
RFK Jr. says even his kids worry about jobs, debt
Attending college has traditionally been regarded as an essential step for success for young adults. The conventional trajectory involves going to college, securing a job, purchasing a house, and starting a family. However, independent presidential candidate Robert F. Kennedy Jr. took the opportunity to shine a glight on the current economic reality that he says is forcing many to deviate from this path. “My kids, they don't even think about buying a house, they're worried about their college debt,” he said at a recent campaign rally in Columbia, South Carolina. “Our generation told them: You got to go to college,” he remarked. But the harsh reality that many face upon graduating paints a different picture. “Now they've come out of college, the jobs are not enough to run their lives, much less pay that debt that's laying on them. It's been a betrayal of this generation,” Kennedy noted. So, what is the extent of the debt burden being shouldered by young Americans?
Attending college has traditionally been regarded as an essential step for success for young adults. The conventional trajectory involves going to college, securing a job, purchasing a house, and starting a family. However, independent presidential candidate Robert F. Kennedy Jr. took the opportunity to shine a glight on the current economic reality that he says is forcing many to deviate from this path. “My kids, they don't even think about buying a house, they're worried about their college debt,” he said at a recent campaign rally in Columbia, South Carolina. “Our generation told them: You got to go to college,” he remarked. But the harsh reality that many face upon graduating paints a different picture. “Now they've come out of college, the jobs are not enough to run their lives, much less pay that debt that's laying on them. It's been a betrayal of this generation,” Kennedy noted. So, what is the extent of the debt burden being shouldered by young Americans?
U.S. home sales at record low. Will prices fall?
Pending home sales dropped to a record low in October — with the number of signed contracts dropping below levels seen during the 2008 financial crisis. Sales were down 1.5% in October from September and down 8.5% from October 2022, according to the National Association of Realtors (NAR). It’s the lowest pending-sales figure recorded in the 22 years since the NAR began tracking the statistic. “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years,” said Lawrence Yun, NAR chief economist. While there were some success stories — sales of properties priced above $750,000 increased, as did sales of newly built homes — total pending home sales dropped in all four U.S. regions compared to one year ago.
Pending home sales dropped to a record low in October — with the number of signed contracts dropping below levels seen during the 2008 financial crisis. Sales were down 1.5% in October from September and down 8.5% from October 2022, according to the National Association of Realtors (NAR). It’s the lowest pending-sales figure recorded in the 22 years since the NAR began tracking the statistic. “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years,” said Lawrence Yun, NAR chief economist. While there were some success stories — sales of properties priced above $750,000 increased, as did sales of newly built homes — total pending home sales dropped in all four U.S. regions compared to one year ago.
Mortgage rate trends this week
Thirty-year fixed mortgage rates have dropped from an average of 7.29% last week to 7.22%, the sixth decline in as many weeks. “The 30-year fixed-rate mortgage averaged near 7 percent this week, down from nearly 7.80 percent just six weeks ago,” says Sam Khater, chief economist at housing giant Freddie Mac. “When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.”
Thirty-year fixed mortgage rates have dropped from an average of 7.29% last week to 7.22%, the sixth decline in as many weeks. “The 30-year fixed-rate mortgage averaged near 7 percent this week, down from nearly 7.80 percent just six weeks ago,” says Sam Khater, chief economist at housing giant Freddie Mac. “When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.”
Washington couple take tax bill to Supreme Court
A dispute over $15,000 could reshape the American tax code and potentially halt $340 billion in government revenue. On Dec. 5, the Supreme Court heard oral arguments in Moore v. United States, a case that centers on the mandatory repatriation tax (MRT) included in 2017’s Tax Cuts and Jobs Act. The thought of a $14,729 tax bill might fill some taxpayers with horror, but advocates say the outcome of this hearing could have a far more costly impact on both tax rules already in place and those being considered by President Joe Biden’s administration. Here’s why this case is so pivotal.
A dispute over $15,000 could reshape the American tax code and potentially halt $340 billion in government revenue. On Dec. 5, the Supreme Court heard oral arguments in Moore v. United States, a case that centers on the mandatory repatriation tax (MRT) included in 2017’s Tax Cuts and Jobs Act. The thought of a $14,729 tax bill might fill some taxpayers with horror, but advocates say the outcome of this hearing could have a far more costly impact on both tax rules already in place and those being considered by President Joe Biden’s administration. Here’s why this case is so pivotal.
Viral TikTok compares Great Depression to today
With low unemployment, robust GDP growth, and a buoyant stock market, America appears to be performing well economically. But there is a notable disconnect on social media, where many express a starkly different sentiment about the nation’s economic health. In a viral TikTok video, Freddie Smith, a real estate agent in Orlando, Florida, draws an intriguing comparison between the current economic conditions in America and those during the Great Depression. “We’re in a silent depression,” he said. “When you compare the Great Depression to today, this is going to absolutely blow your mind.” Smith proceeded to examine the cost of living and average income across the two periods in question. “During the Great Depression, the average home in America was $3,900, the average car was $600, and the average monthly rent was $18 or $216 a year, and the average salary was $1,300 for the year,” he said. “Fast forward to today it is $436,000 for the average home, $48,000 for the average car and the average rent is $2,000 A month or $24,000 a year. We have a $56,000 income for the average American right now.” Smith’s numbers suggest that the cost of living has dramatically outpaced income growth. “If you look back to the Great Depression, the house was only three times the average salary. Now it is eight times the average salary. The car was 46% of the salary. The car today is 85% of the salary. And here's the craziest part — the rent was 16% of the average salary, it is now 42% of the average salary,” he said.
With low unemployment, robust GDP growth, and a buoyant stock market, America appears to be performing well economically. But there is a notable disconnect on social media, where many express a starkly different sentiment about the nation’s economic health. In a viral TikTok video, Freddie Smith, a real estate agent in Orlando, Florida, draws an intriguing comparison between the current economic conditions in America and those during the Great Depression. “We’re in a silent depression,” he said. “When you compare the Great Depression to today, this is going to absolutely blow your mind.” Smith proceeded to examine the cost of living and average income across the two periods in question. “During the Great Depression, the average home in America was $3,900, the average car was $600, and the average monthly rent was $18 or $216 a year, and the average salary was $1,300 for the year,” he said. “Fast forward to today it is $436,000 for the average home, $48,000 for the average car and the average rent is $2,000 A month or $24,000 a year. We have a $56,000 income for the average American right now.” Smith’s numbers suggest that the cost of living has dramatically outpaced income growth. “If you look back to the Great Depression, the house was only three times the average salary. Now it is eight times the average salary. The car was 46% of the salary. The car today is 85% of the salary. And here's the craziest part — the rent was 16% of the average salary, it is now 42% of the average salary,” he said.
Economist blasts evidence of 'greatest' US economy
With a persistently low unemployment rate and robust gross domestic product (GDP) growth, the U.S. economy appears to be exhibiting signs of strength. But according to Lauren Goodwin, economist and director of portfolio strategy at New York Life Investments, the situation may not be as favorable as these indicators suggest. “The employment report that we saw today, to me, is a pretty clear signal that the last of our economic dominoes are beginning to topple,” she said in a recent interview with CNBC’s Brian Sullivan, referencing the Labor Department’s October 2023 jobs report. Sullivan concurred, noting frequent downward revisions made to past jobs figures. In the October jobs report, the initially reported change in total nonfarm payroll employment for August was revised down by 62,000, and the figure for September was also adjusted downward, by 39,000. “I'm not putting on the tinfoil hat or anything, but sometimes the government data doesn't always match up with maybe what your ears and eyes see or people tell you,” Sullivan said. “So, I'm hearing you say you're a little bit concerned, but the macro government data shows that it's the greatest economy in the history of the world.” Goodwin responded with a touch of humor, saying, “I think you’d look amazing in a tinfoil hat.”
With a persistently low unemployment rate and robust gross domestic product (GDP) growth, the U.S. economy appears to be exhibiting signs of strength. But according to Lauren Goodwin, economist and director of portfolio strategy at New York Life Investments, the situation may not be as favorable as these indicators suggest. “The employment report that we saw today, to me, is a pretty clear signal that the last of our economic dominoes are beginning to topple,” she said in a recent interview with CNBC’s Brian Sullivan, referencing the Labor Department’s October 2023 jobs report. Sullivan concurred, noting frequent downward revisions made to past jobs figures. In the October jobs report, the initially reported change in total nonfarm payroll employment for August was revised down by 62,000, and the figure for September was also adjusted downward, by 39,000. “I'm not putting on the tinfoil hat or anything, but sometimes the government data doesn't always match up with maybe what your ears and eyes see or people tell you,” Sullivan said. “So, I'm hearing you say you're a little bit concerned, but the macro government data shows that it's the greatest economy in the history of the world.” Goodwin responded with a touch of humor, saying, “I think you’d look amazing in a tinfoil hat.”
Schiff draws online ire for controversial post
Famed investor Peter Schiff has landed in hot water after he listed “married women entering the workforce” as a cause of today’s housing crisis. The financial commentator shared his controversial take in a post on X (formerly Twitter) on August 6 — starting with an observation on mortgage rates: “The 30-year, fixed-rate #mortgage peaked at 18.45% in Oct. 1981 and troughed at 2.65% in 2021. The current rate is 7.4% and rising.” Schiff went on to write: “40 years of falling mortgage rates, plus married women entering the workforce, allowed home prices to rise much faster than incomes.” This comment went down like a lead balloon with some X users, with one simply responding: “Of course it’s the women’s fault. Nice peter.” Another wrote: “You just insulted every woman who fought tooth and nail to break the glass ceiling, compete in the workplace, further civilization’s progressive certainty, I can't think of a single woman that's gonna roll with your 1947 take on the female workforce.” Schiff clapped back, saying: “That's not what I meant.” Here’s his explanation:
Famed investor Peter Schiff has landed in hot water after he listed “married women entering the workforce” as a cause of today’s housing crisis. The financial commentator shared his controversial take in a post on X (formerly Twitter) on August 6 — starting with an observation on mortgage rates: “The 30-year, fixed-rate #mortgage peaked at 18.45% in Oct. 1981 and troughed at 2.65% in 2021. The current rate is 7.4% and rising.” Schiff went on to write: “40 years of falling mortgage rates, plus married women entering the workforce, allowed home prices to rise much faster than incomes.” This comment went down like a lead balloon with some X users, with one simply responding: “Of course it’s the women’s fault. Nice peter.” Another wrote: “You just insulted every woman who fought tooth and nail to break the glass ceiling, compete in the workplace, further civilization’s progressive certainty, I can't think of a single woman that's gonna roll with your 1947 take on the female workforce.” Schiff clapped back, saying: “That's not what I meant.” Here’s his explanation:
The Cybertruck beat a Porsche 911 in a drag race
In the realm of pickup trucks, hauling capacity and durability have traditionally taken center stage. Tesla (TSLA), however, seems to be redefining expectations with their latest marvel, the Cybertruck, by putting extreme performance at the top of the list of selling points. In a recent YouTube video, the Cybertruck is seen in a head-to-head drag race with a Porsche 911, one of the most iconic sports cars ever produced. As the race commences, the Cybertruck surges ahead, eventually clinching victory against its esteemed competitor. But the real twist unfolds as the vehicles cross the finish line: the Cybertruck's triumphant performance was achieved while simultaneously towing another Porsche 911, adding an astonishing layer to the feat. The video, which Tesla CEO Elon Musk posted on X (formerly Twitter), has received more than 1.5 million views since its release. To be fair, the Porsche 911 in the race appears not to be among the fastest variants in the model’s lineup. Automotive news websites suggest that, based on the wheels and mirror caps shown in the video, it’s likely a 379-horsepower Carrera T or a base Carrera. Certainly, given that the losing vehicle is a 992 generation 911 without side intakes, it can’t be a 911 Turbo or Turbo S — models known for their straight-line acceleration. Nevertheless, the video is captivating. After the race concludes, captions show the Cybertruck's remarkable performance metrics: zero to 60 miles per hour in a mere 2.6 seconds, and a quarter-mile sprint completed in under 11 seconds. Tesla’s bold strides in vehicle performance and technology aren’t just reshaping automotive trends, but they could also carry significant implications for investors.
In the realm of pickup trucks, hauling capacity and durability have traditionally taken center stage. Tesla (TSLA), however, seems to be redefining expectations with their latest marvel, the Cybertruck, by putting extreme performance at the top of the list of selling points. In a recent YouTube video, the Cybertruck is seen in a head-to-head drag race with a Porsche 911, one of the most iconic sports cars ever produced. As the race commences, the Cybertruck surges ahead, eventually clinching victory against its esteemed competitor. But the real twist unfolds as the vehicles cross the finish line: the Cybertruck's triumphant performance was achieved while simultaneously towing another Porsche 911, adding an astonishing layer to the feat. The video, which Tesla CEO Elon Musk posted on X (formerly Twitter), has received more than 1.5 million views since its release. To be fair, the Porsche 911 in the race appears not to be among the fastest variants in the model’s lineup. Automotive news websites suggest that, based on the wheels and mirror caps shown in the video, it’s likely a 379-horsepower Carrera T or a base Carrera. Certainly, given that the losing vehicle is a 992 generation 911 without side intakes, it can’t be a 911 Turbo or Turbo S — models known for their straight-line acceleration. Nevertheless, the video is captivating. After the race concludes, captions show the Cybertruck's remarkable performance metrics: zero to 60 miles per hour in a mere 2.6 seconds, and a quarter-mile sprint completed in under 11 seconds. Tesla’s bold strides in vehicle performance and technology aren’t just reshaping automotive trends, but they could also carry significant implications for investors.
'America is in serious trouble,' warns Kiyosaki
Robert Kiyosaki's bestselling book "Rich Dad Poor Dad" challenged conventional wisdom and presented a unique perspective on personal finance and investing. And now, the author is extending his critical perspective to the very concept of money itself, with a particular emphasis on the U.S. dollar. “America is broke right now, and we saw that coming back in 1971, you know, Nixon took the dollar off the gold standard, and then this became trash,” he said during a recent Fox Business interview while holding up a $1 bill. After World War II, the U.S. adopted the Bretton Woods system, under which the value of the dollar was pegged to gold. In 1971, President Richard Nixon terminated the dollar’s convertibility to gold, transitioning the U.S. currency to a fiat system. As a result, the Federal Reserve gained increased flexibility in managing the economy through monetary policy. Kiyosaki is not a fan of what happened next. “And so they just kept printing and printing and printing,” he said. “Every time they printed money, the empire went down. And I hate to say this because I love America, but America is in serious trouble financially because of the debt load.” So, how much debt does America have?
Robert Kiyosaki's bestselling book "Rich Dad Poor Dad" challenged conventional wisdom and presented a unique perspective on personal finance and investing. And now, the author is extending his critical perspective to the very concept of money itself, with a particular emphasis on the U.S. dollar. “America is broke right now, and we saw that coming back in 1971, you know, Nixon took the dollar off the gold standard, and then this became trash,” he said during a recent Fox Business interview while holding up a $1 bill. After World War II, the U.S. adopted the Bretton Woods system, under which the value of the dollar was pegged to gold. In 1971, President Richard Nixon terminated the dollar’s convertibility to gold, transitioning the U.S. currency to a fiat system. As a result, the Federal Reserve gained increased flexibility in managing the economy through monetary policy. Kiyosaki is not a fan of what happened next. “And so they just kept printing and printing and printing,” he said. “Every time they printed money, the empire went down. And I hate to say this because I love America, but America is in serious trouble financially because of the debt load.” So, how much debt does America have?