PAINE IN THE MORNING: 8 things you need to know this Friday – June 11th 2021 (LISTEN)


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Inflation Surges 5%, Largest Spike Since 2008 – The Consumer Price Index has increased 5% over the last 12 months, the fastest pace of inflation since August 2008, according to a Department of Labor report.

The Consumer Price Index (CPI), a common tool used to measure inflation, increased 0.6% between April and May, according to the Labor Department report released Thursday morning. Economists projected that the CPI increased by 0.5% and 4.7% over the 12-month period ending in May, according to The Wall Street Journal. – READ MORE

New Biden Tax Proposal Would Threaten 568K Jobs, Stifle Real Estate Market – One of the first things President Joe Biden did after taking office was to kill thousands of jobs by canceling the Keystone XL pipeline. Nearly five months later, he has a new proposal that could be even more destructive.

According to The New York Times, Biden wants to “rein in” Section 1031 of the tax code, which governs “like-kind exchange” transactions. The provision allows real estate investors to roll over profits from the sale of one property to the purchase of another without paying taxes on the gains. – READ MORE

Half Of Pandemic Unemployment Funds May Have Been Stolen: Axios – As much as half of the unemployment benefits paid by the US government over the past year may have been stolen through fraud, with the bulk ultimately ending up outside the country – likely into the hands of foreign crime syndicates in China, Nigeria, Russia and elsewhere, according to Axios’ Felix Salmon.

According to some estimates, unemployment fraud during the pandemic could ‘easily reach $400 billion,’ as states weren’t prepared for the unprecedented wave of unemployment claims – READ MORE

Banks Are So Stuffed With Cash They Tell Companies: No More Deposits – Some banks, awash in deposits, are encouraging corporate clients to spend the cash on their businesses or move it elsewhere. It’s a strange case of “No More Cash Please” – READ MORE

Over 11 Million Americans Are Still On Pandemic Jobless Benefits (Despite 9 Million Job Openings) – Initial Jobless claims continued their slide week-over-week (from 385k to 376k), but remain near pandemic lows (but are still almost double those pre-pandemic levels)… – READ MORE

Household Net Worth Hits Record $137 Trillion, Up $25.6 Trillion Since COVID –Another quarter, another record high in (mostly 0.01%er) household net worth.

The Fed’s latest Flow of Funds report released at noon today showed the latest snapshot of the US “household” sector as of March 31 2021, which confirmed that one year after the biggest drop in household net worth on record when $8 trillion was wiped out in Q1, 2020, in the 1st quarter of 2021, the net worth of US households soared by $5 trillion, or 3.8%, to a record $136.9 trillion. – READ MORE

World’s Largest Meat Packer Pays Out Millions In Ransom To Hackers – The world’s largest meat supplier paid out an $11 million ransom in bitcoin to hackers following a cyber attack, the company said Wednesday.

JBS USA was the victim of a ransomware attack last week that forced it to shut down plants processing around 20% of the country’s meat supply. The company elected to pay the hackers to prevent further attacks as well as minimize damage to the supply chain, JBS CEO Andre Nogueira told The Wall Street Journal in an interview Wednesday. – READ MORE

Goldman Sachs Will Require Vaccination Status From Employees – In preparation for Goldman Sachs’ return to the office, the bank will require its employees to report their vaccination status by Thursday at noon, the New York Times reported.

Disclosing vaccination status was previously optional for Goldman employees. Now, they won’t be required to show proof of vaccination, but they will need to report the maker and date of their vaccine, according to a memo to Goldman employees sent this week, the New York Times reported. – READ MORE

Hydroxychloroquine & Azithromycin Boosted Survival Of Ventilated COVID-19 Patients By 200%: New Study Confirms – A new study has found that the use of weight-adjusted hydroxychloroquine (HCQ) and azithromycin (AZM) improved the survival of ventilated COVID-19 patients by nearly 200 percent.

The observational study, which hasn’t yet been peer-reviewed, was based on a re-analysis of 255 patients on invasive mechanical ventilation (IMV) during the first two months of the pandemic in the United States. – READ MORE

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