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Wall Street Is Engineering Economic Disaster for Profit — Again

Wall Street expects big banks to post big profits on the interest from consumer credit balances soaring at unnerving record highs. According to Federal Reserve data, consumer debt at the 25 biggest banks ballooned to $1.9 trillion last year, fueled by credit cards. Is this the ‘macroprudence’ America was promised after the last financial crisis? Or reckless brinkmanship in the face of a looming recession? The S&P 500 posted another record high Monday. Wall Street is giddy on the sugar rush from the U.S. China trade truce. Analysts expect to…

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Dow Futures Plunge Because Earnings Are Even Worse Than Expected

Dow futures fell on Thursday as corporate earnings continue to disappoint Wall Street. Even with expectations at 13-year lows, blue-chip US companies are failing to hit the mark. IBM was the biggest drag on the Dow Jones Industrial Average on Thursday, falling 1 percent in pre-market trading. The tech company reporting year-on-year revenue losses. Poor results at Netflix also dragged down investor sentiment across the global stock markets. Dow looks to extend losses All signs point to a weak stock market open on Thursday, extending heavy losses for the US…

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