Lumber prices fall to a new 2022 low as housing market cools and mortgage rates approach 7%

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Thomas Northcut/Getty ImagesLumber fell 20% over a four-day period ending on Monday, hitting its lowest level of 2022.The essential building commodity has been rocked by soaring mortgage rates and a slowing housing market.The average 30-year fixed mortgage rate inched closer to 7%, according to Mortgage News Daily.Surging mortgage rates and a slow down in the housing market continue to take a toll on lumber prices, with the essential building commodity hitting a new 2022 low on Monday.Lumber futures hit a low of $413 per thousand board feet on Monday, representing a year-to-date decline of 64%, and a 76% decline from…

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Three men behind last year’s $100 million publicly traded New Jersey deli charged in alleged stock fraud campaign

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Google MapsThree men behind last year's Hometown Deli public markets debacle have been charged in alleged stock market manipulation.The orchestrated scheme helped a local New Jersey deli sport a market capitalization of $100 million.Hedge funder David Einhorn had called out the company as an example of the SEC's negligence towards stock schemes.Three men behind Hometown International, the parent company of a New Jersey-based deli that saw its market capitalization soar to $100 million last year, have been charged with alleged stock market manipulation and fraud.Father-son duo Peter Coker Sr. and Peter Coker Jr., along with James Patten, were charged by…

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We MUST GET OFF this road before we’re FORCED to ‘OWN NOTHING’

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How do you get the most wealthy nation in history to accept the concept, "you will own nothing and you will be happy"? Glenn heads to the chalkboard to explain where we were, where world leaders are taking us, and how they're using the financial system to force us down the "road to serfdom" where corporations, partnered with the government, will own everything and WE will have to obey...

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Some men in white-collar jobs like banking and IT won’t be drafted to fight in Ukraine, Russia’s defense ministry says

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Russian soldiers in St. Petersburg on August 25, 2022.Photo by OLGA MALTSEVA/AFP via Getty Images After Russian President Vladimir Putin announced a "partial mobilization" into Ukraine, some men are fleeing to avoid the draft. Some companies in Russia objected to the draft, saying it could hurt how they do business. The Russian Ministry of Defense said some men in certain white-collar jobs will not be drafted. Some Russian men in certain white-collar jobs, like banking and IT, will be exempt from the country's "partial mobilization" of additional troops into Ukraine, the Russian Ministry of Defense said.In a Telegram post from…

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The US dollar will stay ‘stronger for longer’ against global currencies as the Fed commits to taming inflation, UBS says

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A staff member counts US dollar notes at a bank in Jiangsu Province, China.CFOTO/Future Publishing via Getty ImagesThe US dollar is set to stay "stronger for longer" while the Fed continues to hike rates, according to UBS.The Russia-Ukraine war and ongoing volatility in the British pound means the dollar will continue its climb, UBS said."Concerns over UK debt sustainability look set to keep sterling under pressure," UBS said.The US dollar is the best positioned currency to continue its rise against other currencies like the British pound and the euro, according to a Monday note from UBS.The bank said the dollar…

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The British pound will fall below the US dollar by year-end unless the UK government forces a U-turn on its latest tax cut plans, Nomura says

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A UK 10 pound note featuring Queen Elizabeth II's image lies alongside a US dollar bill.Photo Illustration by Matt Cardy/Getty ImagesThe British pound is set to trade below the US dollar by the end of November, according to a note from Nomura.The firm said it has high conviction the pound will continue to trend lower following the UK's tax cuts."This is a fundamental balance of payments crisis, with politicians hoping it will eventually just calm down. Hope is not a strategy," Nomura said.The British pound has been in free-fall over the past week following the UK's decision to implement wide-ranging…

Continue ReadingThe British pound will fall below the US dollar by year-end unless the UK government forces a U-turn on its latest tax cut plans, Nomura says

Goldman Sachs’ bankers get their marching orders as Wall Street starts to purge under-performers

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Hi. I'm Aaron Weinman. Roughly a dozen investment bankers said their farewells to Goldman  Sachs on Friday.Senior associates and vice presidents in Goldman's tech, media, and telecommunications team were handed pink slips in a further sign of strain on a Wall Street apparatus that is hamstrung by depressed dealflow, and suffering from a slowing economy and stubbornly high inflation.The cuts come after Goldman's investment bank logged a 41% dip in year-over-year revenues in July. Denis Coleman, the bank's chief financial officer, also reintroduced Goldman's dreaded annual performance review, a process that helps the bank weed out underperforming individuals who are…

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