Making $150,000 is considered 'lower middle class' in in CA, VA, WA, AZ

Recent research from GOBankingRates reveals that in several major U.S. cities, an annual income of $150,000 may only qualify you as “lower middle class.” This is particularly true in two Northern California cities and Arlington, Virginia. In these high-cost areas, the steep prices for essentials such as housing,

A black market of Nvidia, $NVDA, chips used to power advanced AI systems is booming in China despite US export controls

Nvidia is developing a version of its new flagship AI chips specifically for the Chinese market, as reported by Reuters. The company is collaborating with Inspur, a major distributor partner in China, to introduce the tentatively named “B20” chips, which are slated for release in the second quarter of 2025.

Instagram, $META, now has AI girlfriends and boyfriends

Last week, Meta unveiled its latest AI tools, powered by the Llama 3.1 AI model, which let users create digital clones of themselves or design new characters. Previously, Meta had introduced AI characters modeled after celebrities like Paris Hilton, MrBeast, and Snoop Dogg, but has now shifted focus to

90% or real estate investors report losing money on a property

According to new research from Clever Real Estate, a real estate firm based in St. Louis, nearly all residential real estate investors (90%) have experienced financial losses on their investments. Nearly half (42%) report losing more money than they have gained from real estate investing. Furthermore, almost half of the

1 in 3 parents say they can't afford back-to-school shopping this year

The company found that nearly one-third (31%) of parents are struggling to afford back-to-school shopping for their children this year. Additionally, 34% of parents plan to incur debt to cover these expenses, with 16% intending to take on up to $1,000 in debt. The issue of affordability is particularly

The White House has lifted the ban on U.S. sales of offensive weapons to Saudi Arabia

This week, the administration updated Congress on its decision to lift the ban, with a congressional aide indicating that sales could potentially resume as soon as next week. Notifications about the sale were expected to be sent out by Friday afternoon. A senior Biden administration official stated, "The Saudis

Americans' credit card debt has reached a new all-time high of 1.14 trillion dollars

Americans are all too familiar with credit card debt, and a new report from the Federal Reserve Bank of New York highlights how rapidly these issues are escalating. Total credit card debt in the U.S. reached an all-time high of $1.14 trillion in the second quarter of 2024,

Astronauts who went to ISS for 8 days could be stranded in space until 2025 because of problems with Boeing, $BA, spaceship

On Wednesday, NASA officials announced that if Boeing's Starliner is still considered unsafe for returning astronauts to Earth, the two astronauts delivered to the International Space Station (ISS) in June might return on SpaceX's Crew Dragon in February 2025. NASA is in discussions with SpaceX about

Donald Trump says that the Federal Reserve has "gotten a lot wrong," and "US Presidents should have a say in Fed actions"

Decisions made by the Federal Reserve reflect the most explicit sign yet of former President Donald Trump's interest in challenging the central bank's independence should he return to the White House. "I believe the president should have at least some say in those matters,"

Retail investors bought the dip during Monday's stock market plunge

Data from Interactive Brokers, a major retail trading platform, indicates that their clients viewed Monday's market selloff as a buying opportunity rather than a reason to exit the market. Here are the details: Although Interactive Brokers doesn't release daily data, it provides five-day moving averages. For

JPMorgan, $JPM, now sees a 35% chance that the US economy tips into a recession by the end of this year, up from 25% as of the start of last month

JPMorgan Chase analysts now view a recession in the U.S. economy as more likely by the end of the year. In a Wednesday analyst note, JPMorgan economists, led by Bruce Kasman, raised the probability of an economic downturn this year to 35%, up from their earlier estimate of 25%

Wells Fargo, $WFC, has confirmed it is being investigated by government authorities over issues in its anti-money laundering and sanctions programs

(AML) and sanctions programs. The company has not disclosed which government agency is investigating its practices or provided details about the specific issues under examination. WFC revealed this inquiry into its AML and Sanctions program in its second-quarter Securities and Exchange Commission (SEC) filing. The same filing also noted that

NASA is working with Elon Musk’s SpaceX on plans to return two astronauts to Earth in the event that they’re unable to travel on the troubled Boeing, $BA, craft that initially carried them to space

NASA is collaborating with Elon Musk's SpaceX to arrange a plan for returning two astronauts to Earth if they are unable to return aboard the problematic Boeing spacecraft that initially transported them to space. NASA announced the contingency plan on Wednesday, revealing that astronauts Barry “Butch” Wilmore and

Canadians now pay more in taxes than food, housing and clothing combined, per the Fraser Institute

Taxes are the largest expense for Canadian households. A recent study by the Fraser Institute, a right-leaning think tank, shows that in 2023, the average household spent 43% of its income on taxes alone. "I was shocked by the results of the study because many of these taxes are

FTX Trading, Alameda Research ordered to pay $12.7 billion, CFTC has said

FTX Trading and its affiliate Alameda Research have been ordered to pay $12.7 billion to compensate customers and fraud victims under a consent order, US regulators announced on Thursday. A New York court issued the order following a large-scale fraud scheme orchestrated by former FTX CEO Sam Bankman-Fried. The

Donald Trump says we're close to a 1929-like depression and a world war: "Most dangerous period of time I have ever seen for our country"

Donald Trump’s message to American voters has remained steady as he campaigns for a second term in office: the economy under Joe Biden has been a failure. Until recently, hard data had not supported Trump’s claims. The US has been the fastest-growing economy among the G7 industrial nations

Donald Trump says he has agreed to debate Harris on Fox on Sept 4, NBC on Sept 10, ABC on Sept 25

On Thursday, former President Donald Trump expressed his willingness to debate Vice President Kamala Harris three times in September. At a press conference held at his Mar-a-Lago resort, Trump emphasized the importance of debates and confirmed that he had accepted invitations from NBC News, Fox News, and ABC News. During

Florida's housing market is seeing 'nightmare scenarios' as buyers back out due to affordability concerns

Florida's housing market is encountering a surge of "nightmare scenarios," with an increasing number of home deals falling through as buyers hesitate. In major metros such as Orlando, Florida, and Tampa, approximately 21% of home-purchase agreements were cancelled in June, according to Redfin data. These cities

Homelessness in the USA was the highest ever on record in 2023

They include plumbers, casino supervisors, pizzeria managers, and factory workers. They deliver groceries, sell eyeglasses, and unload trucks at Amazon. And they represent the new, unexpected face of homelessness: Working Americans with decent-paying jobs who can’t afford housing. Homelessness, already at a record high last year, seems to be

Blackstone, $BX, increased rent prices for its San Diego units by an average of 38%, or $600, since it acquired them in 2021

The report reveals that Blackstone has raised rent prices for its San Diego properties by an average of 38%, or $600, since acquiring them. This increase is nearly double the 20% median rent hike across the county. In some Blackstone-owned buildings, particularly in low-income neighborhoods like San Ysidro and National

24.5% of people trying to sell their homes received a price cut in June, the highest rate for this time of year in Zillow records dating back to 2018

"A growing segment of homes that are not competitively priced or well marketed are lingering on the market. Sellers are increasingly lowering prices to attract buyers who are struggling with affordability," said Skylar Olsen, chief economist at Zillow. "For years, the housing market has been characterized by

UBS says 'going into Japan now is like catching a falling knife,' warns stock sell-off will continue

Kelvin Tay, regional chief investment officer at UBS Global Wealth Management, compared entering the Japanese market right now to “catching a falling knife” during an appearance on CNBC's "Squawk Box Asia." His remarks follow the Nikkei 225 and Topix indices extending their losses, with declines surpassing

Chicago Fed President Goolsbee has said that if economy deteriorates, the Fed will 'fix it'

In a CNBC interview, Goolsbee stated that the Fed is ready to address any economic setbacks and reaffirmed its commitment to its core objectives: maintaining price stability, maximizing employment, and ensuring financial stability. “If there’s deterioration in any of these areas, we’re going to address it,” Goolsbee emphasized.

Billionaire Ken Griffin is making a major push to defeat a ballot amendment that seeks to legalize recreational marijuana use in Florida

Spokesman Zia Ahmed stated that the constitutional amendment will be put to a vote in November and requires at least 60% approval to pass. In a Miami Herald opinion piece published Friday, Griffin contended that the proposed amendment would create a monopoly for large marijuana dispensaries and permit cannabis use

Warren Buffett now owns more T-bills than the Federal Reserve

In the first half of the year, Berkshire Hathaway purchased $229.5 billion in Treasury bills (T-bills) and fixed maturity securities, surpassing the Federal Reserve’s holdings of $195.3 billion in these bills, according to the Fed’s report last week. Warren Buffett, a long-time advocate of T-bills, praised