US Finance News: Live Updates
Ben Bernanke speaks to future of cryptocurrency as prices tank
Former Fed Chairman Ben Bernanke sat down with CNBC to discuss the collapse in the crypto-currency market. One issue that the crypto industry has faced is identifying a long-term use case for their product. At one point, many thought that cryptos and digital wallets could be used for those who send remittances to families or friends in other countries. However, many of these recipients need cash, not value or money stored in a digital wallet.
The high number of competitors has led many to speculate as to which will make it through this crisis. At this point, no one knows, and represents a very similar situation to the dot com bubble in the early 2000s. He does not see that Bitcoin as the future of money and thinks that it is too unreliable to take the place of the currencies we use now. Another problem for the currency, for Bernanke, is the fact that one of the major places Bitcoin is used is on the dark web or as a mechanism to pay ransom.
Bernanke also spoke about what the Federal Reserve will have to do to bring down prices. By raising rates demand will slow, but he believes with current Chairmen Powell who thinks the economy is strong enough to withstand such decreases in demand. Bernanke does see that a stall or slowing in the economy could come this year, but does not currently believe that a recession is emminante.
Cryptocurrency price: why has Luna crashed so much?
After enjoying an extremely profitable 2020 and 2021, cryptocurrency investors have felt a harsh backlash this year as a number of widely-held coins have plummeted in value.
Last week we saw perhaps the most abrupt of all the falls when the value of Luna cryptocurrency fell from a combined $20 billion to close to zero in just a few days. At one point the coin was listed at $0.00 on Binance, the most widely-used cryptocurrency exchange in the world. Read more on the collapse.
The Bureau of Labor Statistics has reported that in 2021, forty-seven out of eighty-six sector tracked saw an increase in productivity.
Sectors that saw the greatest growth over 2020 were the railroad rolling stock industry (20.6 percent).
Within the mining sector specifically, four out of five industries saw increase in productivity, with coal mining seeing 18.3 percent bump.
The largest decreases were seen in the tabacco and beverage sector.
Gas prices inch closer to $6 a gallon in San Diego
After about a month of relief, gas prices in San Diego country hit $5.96 this week, with many drivers now calling on leaders to reduce prices. The prices in the country have risen the last thirteen days, with the current prices clocking in as the highest since 1 April.
In Los Angeles county the price is already over $6 a gallon and last week the govenor, Gavin Newsom, announced a proposal to send gas rebates to househodls across the state.
Jeff Bezos takes aim at President Biden
The White House on Monday fired back at criticism from Amazon founder Jeff Bezos over its economic policies. President Biden routinely singles out Amazon for not paying federal taxes in speeches calling for higher tax rates on corporations and the wealthiest Americans.
Biden met labour leaders who were organising to form the first union in an Amazon warehouse earlier this month.
The founder/editor-in-chief at LeverNews, David Sirota, posted earlier about the seemingly insane contradiction taking place at the moment, commenting that it is “totally wild” how some people are pushing that the money coming out of circulation to combat inflation “only applies to cutting the child tax credit, not ending corporate tax loopholes and business tax subsidies.”
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Social Security US: can my wife get Social Security if I am disabled?
The Social Security Administration (SSA) is best known for the benefits offered to retired workers in the United States, but the agency provides a variety of other programs to offer financial support to vulnerable Americans.
Social Security Disability Insurance (SSDI) pays benefits to you and certain family members if you are insured, meaning that you have contributed enough to the SSA during your time in work. Read our full coverage for more on which federal government programs can be claimed simultaneously.
Also today, the administration announced an Action Plan to Ease the Burden of Housing Costs, taking a series of actions to address one of the largest items in a typical family’s budget and one of the largest drivers of inflation in our economy.
As President, Biden has said tackling inflation is his top economic priority. The best thing we can do to ease the burden of housing costs is to boost the supply of quality housing, including building more new homes and preserving existing federal support and market-rate affordable housing.
Today’s action plan includes legislative and administration — administrative actions that will help close America’s housing supply shortfalls in five years, starting with creation — the creation of preservation of hundreds of thousands of affordable housing units in the next three years.
Hello and welcome to AS USA’s Financial News live blog.
From Washington to Wall Street we will be bringing you all the investment and monetary news you need.
Still haven’t received your tax refund? Do not worry, we have you covered on how to contact the IRS.
Cryptocurrency is seeing one of its largest decreases in years, with many long-term investors exiting the market, what does this mean for Bitcoin?
Gas prices are up around the country, a sign that while inflation began to slow in April, numbers could spike again in May.
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