Janet Yellen says Treasury will run out of money June 1, lead to an economic catastrophe

Treasury Secretary Janet Yellen warned on Monday that not increasing the U.S. debt ceiling could lead to an "economic catastrophe." She explained to CNBC's Closing Bell: Overtime that such a failure could result in financial turmoil, significantly cut spending, and disrupt payments to Social Security

Washington could be compelled to take an emergency halt to stop short-selling given the banking crisis

Analysts at JPMorgan, $JPM, have reportedly predicted that Washington could be compelled to take an emergency halt to stop short-selling given the banking crisis, per the Times. Meanwhile, it was recently reported that in the third quarter of 2022, 722 banks had amassed massive unrealized losses over 50% of their

22 banks reported unrealized losses exceeding 50% of their capital at the end of the third quarter of 2022

22 banks reported unrealized losses exceeding 50% of their capital at the end of the third quarter of 2022, per the Fed. In March, the Federal Reserve announced it will launch the service FedNow in July, which will allow banks to instantly transfer payments across the financial system. Announced in

A graphic showing US bank failures

See here: Meanwhile, Elizabeth Warren has said: These bank failures were entirely avoidable if Congress & the Fed had done their jobs and kept strong banking regulations in place since 2018. "Remember after the crash in 2008, we understood that if you don't put pretty strict regulations

Ken Griffin of Citadel and Jeff Bezos of $AMZN at Formula 1 Miami

Ken Griffin of Citadel and Jeff Bezos of $AMZN were seen at Formula 1 Miami. Bloomberg reports tickets cost  $5,000, and bottle service costs $200,000. acing fans spent an average of $1,940 per person at the race–double what the typical Miami tourist spends, Front Office Sports

Only 62% of millennials do own homes by 40

Only 62% of millennials do own homes by 40. 69% of baby boomers owned their own home at 40, per BI. 64% of Gen Xers owned a house at forty. Meanwhile, during tax season in the US, residents of three cities—New York, San Francisco, and Honolulu—face the reality

hugh

Hugh Hendry shares fears of US citizen rights restrictions regarding withdrawal from the banking sector

Per Bloomberg Hugh Hendry, the founder of Eclectica Macro, went on Bloomberg to share his opinions regarding regional banks. He was asked how bad he thought it would get and responded with his fears of what could happen. Before his explanation, he directly answered the query, saying "real bad&

bachelorette

Bachelorette party costs rise by 40% from 2021

Per Axios There have been noticeable price increases in different things, from going out at night to other necessities. Axios reports that even the price of a bachelorette party has increased by 40% from 2021 to this year. It was reported that the average bachelorette party in the US now

compound

Compound Capital Advisor founder says Microsoft, Apple, Google, and Amazon revenue hit $1.4 trillion in the last 12 months

Per Charlie Bilello on Twitter Charlie Bilello, the founder of Compound Capital Advisor, shared how the four largest companies in the US combined reached a record revenue of $1.4 trillion in the last 12 months. It was also highlighted how their growth combined resulted in an 11x growth in

China

China has $3.205 trillion in forex reserves after another increase in April

Per Reuters In April, it was reported that China had reached a whopping $3.205 trillion, and although this didn't beat its previous record, this was still considered a significant high for its reserves. The figure beats previous estimations and comes as the dollar is struggling. It was

banks

722 banks had unrealized losses over 50% of their capital in Q3, 2022

Per Andrew Lokenauth on Twitter It was recently reported that in the third quarter of 2022, 722 banks had amassed massive unrealized losses over 50% of their capital, per Bitcoin.com. This could result in a hindrance to the bank's ability to meet potential unexpected liquidity needs. Lokenauth,

CNBC says something unusual. "It's a perfect situation... shorts don't have to return your borrow"

CNBC says something unusual. "It's a perfect situation... shorts don't have to return your borrow." See full clip: https://twitter.com/unusual_whales/status/1655316825994035201 U.S. authorities at both the federal and state levels are investigating the possibility of "market manipulation"

California's reparations task force has voted to approve recommendations on how the state may compensate for reparations to Black residents, with estimates projecting that the state could owe $800 billion, or more than 2.5 times its annual budget

California's reparations task force has voted to approve recommendations on how the state may compensate for reparations to Black residents, with estimates projecting that the state could owe $800 billion, or more than 2.5 times its annual budget, per NPR. In March, it was announced California was

House in Australia has continually rejected offers for purchase, most recently a $50 million dollar offer

In Sydney, a family has made the resolute decision to retain their cherished property, despite being surrounded by a housing development. The Zammit family's two-hectare plot of land, located in The Ponds, stands in stark contrast to the adjacent rows of newly constructed houses. The family's

"It's possible we'll have what I hope will be a mild recession," Powell said

"It's possible we'll have what I hope will be a mild recession," Powell said. This is after the Fed hiked rates by 25BPS. Additionally, the Fed dropped language that it 'anticipates' more policy firming may be appropriate to attain 'sufficiently restrictive&

Senator John Kennedy: "Banks are just ... sophisticated ponzi schemes

Senator John Kennedy said: "Banks are just ... sophisticated ponzi schemes." See full clip: https://twitter.com/unusual_whales/status/1654954438124277760 A recent example: First Citizens Bank, the buyer of Silicon Valley Bank's assets, is run by a billionaire North Carolina family that's bought over

Bernie Sanders has introduced a bill for a federally mandated $17 an hour minimum wage.

Senator Bernie Sanders announced on Thursday his intention to introduce legislation that would raise the federal minimum wage to $17 an hour. Sanders cited the impact of significant inflation over the past two years as a key reason for the need to increase wages for American workers. The proposed increase,

The SEC has issued its largest ever award of nearly $279 million to a single whistleblower

The U.S. Securities and Exchange Commission (SEC) announced on Friday that it has granted its largest-ever whistleblower award, totaling nearly $279 million. The substantial award was given to an individual who provided crucial information that aided the SEC in an enforcement action. The specific case related to the award

Pepe, the pepecoin, has reached over 1.2 billion in market cap

Pepecoin, a cryptocurrency that describes itself as "the most memeable meme coin in existence" on its Twitter feed, is embracing its meme status by creating Pepe-themed memes and taking playful jabs at other meme coins like Dogecoin. The cryptocurrency, which is based on the Pepe the Frog meme

Unemployment rate hit 3.4% today, the lowest in 54 years

In April, U.S. employers added a substantial 253,000 jobs, demonstrating the resilience of the labor market despite challenges such as rising interest rates, persistent inflation, and a banking crisis with the potential to impact the economy. The unemployment rate declined to 3.4%, equaling a 54-year low. The

US authorities are probing Goldman Sachs’ role in Silicon Valley Bank's collapse

Per Bloomberg U.S. government agencies are investigating Goldman Sachs Group Inc.'s involvement in Silicon Valley Bank's (SVB) unsuccessful fundraising efforts in March, which contributed to the destabilization of the U.S. regional-banking system. According to a regulatory filing, Goldman Sachs is cooperating with the authorities

cbs

CBS explains the reason behind 'The Late Night Show With James Corden' shutting down, citing a $20 million loss

Per Business Insider CBS has addressed the reason as to why they had decided to shut down "The Late Night Show With James Corden," saying they lost $20 million in production. It was noted that since 2015, the show's yearly production cost from $60 million to

Elon Musk

Elon Musk stops allowing OpenAI to access Twitter data due to concerns regarding the lack of payment

Per BI Elon Musk previously decided that Twitter would no longer provide OpenAI data. This came as the CEO said he felt the approximately $2 million yearly payment by the ChatGPT creator. Just a few weeks after OpenAI officially launched its ChatGPT tool in December, Twitter stripped the tool from

russia

Russia now suffers the worst labor shortage it ever had since 25 years ago

Per Newsweek Russia's economy has also been affected by its war in Ukraine; now, the country is experiencing a 25-year record labor shortage. This meant that the country had not experienced this much labor shortage since the late 1990s. This came after a survey was conducted by the

who

WHO: COVID-19 no longer a global emergency

Per Reuters WHO has officially lifted the "global emergency" label off COVID-19. The announcement was given by Tedros Adhanom Ghebreyesus, the WHO Director-General. Ghebreyesus: "It is therefore with great hope that I declare COVID-19 over as a global health emergency," The report mentioned that there have