On September 15th, 2008, 15 years ago to the date, Lehman Brothers declared the largest bankruptcy in history, following the subprime mortgage crisis. When housing prices dropped and homeowners couldn't afford their payments or refinance their mortgages, they defaulted on their loans. Scores of people had their homes

Senator Josh Hawley has introduced a bill to cap credit card interest rates at 18%. "You just can’t convince me that these credit cards need to make more than 18% profit in order to be making plenty of cash. So they’re doing great right now, they’re

Yellow paid bonuses totaling about $4.6 million to eight current and two former executives in the weeks before the company went bankrupt, per Bloomberg. Just weeks before its closure and the subsequent dismissal of thousands of employees, Yellow Corp. disbursed substantial bonuses to its executives as a measure to

Researchers at the Federal Reserve have issued warnings in recent weeks about possible disruptions in U.S. Treasuries due to hedge funds' short positions hitting a record high with basis trades, per Reuters. In recent weeks, researchers at the Federal Reserve have issued cautions regarding potential disruptions in the

Cocaine is set to become Colombia’s main export, overtaking oil, per Bloomberg. Cocaine is set to become Colombia’s main export, overtaking oil, as production of the narcotic continues to expand as the government take a more lenient policy regarding drugs, according to estimates by Bloomberg Economics. Oil exports

Canada aims to bring in a record half a million new permanent residents in 2025 to deal with an acute labor shortage, per CTV. Meanwhile,  Canada’s population growth from immigration is causing rents to surge in its biggest cities, per Bloomberg. They showed this figure: Prime Minister Justin Trudeau’

Return-to-office policies are driving people to sell their homes, even at a loss, per BI. Meanwhile, workers making over $150,000 a year prefer working from home and would be willing to take a 20% pay cut to continue doing so, per BI. Criticism often falls on younger workers for

United Auto Workers will strike Ford, General Motors, and Stellantis. Thousands of autoworkers will hit the picket line and shut down key plants across the country. This is the first time in history the union is striking all of the Big 3 at once. They've announced targeted stand-up

Half of Canadians are living paycheque to paycheque, per the Canadian Press. Canada’s population growth from immigration is causing rents to surge in its biggest cities, per Bloomberg. They showed this figure: Prime Minister Justin Trudeau’s government plans to welcome 465,000 new permanent residents this year, and

ustin Trudeau, the Prime Minister of Canada, has said home prices in Canada are too high and his government will take steps to improve affordability for residents who increasingly feel the “promise” of his country is out of reach, per Bloomberg. The average cost of a home in Canada is

Venice, Italy has approved a €5 daily entrance fee, per Bloomberg. All visitors over the age of 14 will have to pay the charge and book their entry to the city in advance. City council member for tourism Simone Venturini says the trial will run during peak tourist periods next

Tipping at full-service restaurants has fallen to the lowest level since the start of the Covid-19 pandemic, per CNBC. Meanwhile, Tipping has become a commonplace, especially in the food and hospitality industry, and although it's a culture, a recent survey by Bankrate found that 30% of Americans think

A report from UBS estimates that global car production will exceed sales by 6% this year, leaving an excess of 5 million vehicles that will require price cuts to get sold off of lots, per Yahoo Finance. The U.S. automotive market has experienced a rapid slowdown in just a

Americans are now paying an average of $12,182 to own and operate a brand-new vehicle, or $1,015 per month, per the AAA. Meanwhile, buying a car has become extremely expensive as now only 8% of new vehicles cost less than $30,000, down from 38% during pre-pandemic levels,

Real estate investors have bought 45% fewer homes than a year ago. That’s the biggest decline since 2008 with the exception of the quarter before, when they dropped 48% As the housing market in the United States displays signs of cooling after a prolonged period of rapid growth, there

The median income last year was $74,580 compared with $76,330 in 2021, according to the Census Bureau. The 2.3% drop in incomes was the most since 2010. It was the third-straight annual decline. Meanwhile, Americans need an average post-tax income of $68,499 to live comfortably in

The IRS has restated its promise not to increase audits for Americans making less than $400,000 a year, per CNBC. The IRS is launching an initiative to crack down on 1,600 millionaires and 75 large businesses including hedge funds that it says owe hundreds of millions of dollars

More than half of U.S. small business owners believe the economy is already in a recession, per Reuters. A survey revealed that over half of small business owners in the United States hold the belief that the economy is currently in a recession. This perception represents a slight decrease

In Toronto, Canada, restaurants have seen a double-digit decline in people dining in, suggesting pullback in discretionary spending, per OpenTable. During the initial 10 days of September, the count of patrons dining at restaurants in the city decreased by 10% in comparison to the same timeframe last year. The latest

Hunter Biden indicted on firearms charges, per CNBC. This is on three criminal counts related to his possession of a firearm. He is charged in two of the counts with lying about his illegal drug use in connection with his purchase of a Colt Cobra revolver. The third count charges

The White House has said the Biden administration has spent more than $100 billion on the war in Ukraine, per FOX. Per Fox: "The information came as a response from the White House’s Office of Management and Budget to Sen. JD Vance, R-Ohio and more than 30 Senate

Prominent figures in the tech industry, including Bill Gates, Mark Zuckerberg, and Elon Musk, convened for an unprecedented closed-door summit on artificial intelligence (AI), where they expressed concerns about the "civilizational risk" posed by evolving AI technology and advocated for AI regulation. Musk, speaking to reporters in Washington,

Three prominent Canadian banks have disclosed that approximately 20% of their residential mortgage borrowers, representing nearly $130 billion in loans, are experiencing a situation where their outstanding balances are increasing because their monthly payments no longer cover the full interest owed. This phenomenon, known as negative amortization, has been triggered

2,100+ schools in the US have switched to a 4-day week, per CNN. Just over 2,100 schools in 26 states have switched to a four-day school week, often in hopes of recruiting teachers, saving money and boosting student attendance, according to the most recent estimate from the Four-Day

The monthly reading came in at 0.6%, matching forecasts, while the core annual reading also met expectations, easing to 4.3% from 4.7% in July. As expected, the official report noted that "the index for gasoline was the largest contributor to the monthly all items increase, accounting