Archives for July 2013

“What a f’in trainwreck”

“What a f’in trainwreck” Courtesy of Joshua M Brown, The Reformed Broker The opening salvo from Eric Peters's excellent wknd notes letter: *** What a f’in train wreck. And like all tragedies, soon after you bury the broken bodies, bloodhounds first unearth incompetence. Then corruption. Kickbacks. Capital misallocation. It shouldn’t take long to pick up a scent. Spain […]

7 Charts Of The Market’s Complete Divorce From Reality

Courtesy of Michael Snyder via The Economic Collapse The mainstream media would have us believe that the U.S. economy must be in great shape since the stock market has been setting new all-time record highs this month.  But is that really true?  Yes, surging stock prices have enabled sales of beach homes in the Hamptons to […]

Municipal Bonds an “Outrageous Bargain”? Compared to What? Shifting Sands of Muni Bond Market; Three Bad Assumptions

Courtesy of Mish. David R. Kotok, Cumberland Advisors Inc.’s chairman and chief investment officer believes Municipals Cheap After Detroit Filing Municipal bonds are an “outrageous bargain” in the wake of Detroit’s bankruptcy filing, according to David R. Kotok, Cumberland Advisors Inc.’s chairman and chief investment officer. Kotok bases his arguments on a comparison on General […]

Exclusive: Signs of declining economic security

WASHINGTON (AP) — Four out of 5 U.S. adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream. Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich and […]

Carl the Robot Bartender Mixes Drinks and Chats With Customers

Courtesy of Mish. Robots are taking on increasingly complex tasks. As a case in point, Carl the robot bartender serves customers at German bar. He’s handy with a shot glass and customers travel from far and wide to admire him at work. The only strange thing about Carl the bartender is that he’s not quite […]

Fukushima Problems Escalating, Radioactive Water Going into Pacific

Fukushima Problems Escalating, Radioactive Water Going into Pacific Courtesy of Yves Smith of Naked Capitalism The Fukushima nuclear plant crisis continues unresolved in a bad way. Two reports in the last week indicate that the cheery face that plant mismanager operator Tepco has been trying to put on the aftermath of the disaster is not […]

Mindless With Money

Mindless With Money Courtesy of Tim of the Psy Fi Blog Non-conscious Numbskulls We all know the feeling of mindlessness. You get it when you drive the same roads as usual and get out at the end not remembering anything about the journey, or when you eat a meal without tasting it, or leave a […]

What Does Heart Surgery Really Cost, And Why Is It 70 Times More Expensive In The US?

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. Indian philanthropist and cardiac surgeon, Devi Prasad Shetty is obsessed with making heart surgery affordable for millions of Indians. As Bloomberg notes, Shetty is not a public health official motivated by charity. He’s a heart surgeon turned businessman who has started a chain of […]

Meet The “Mental Asylum” – The Department Of Homeland Security’s New ‘Pentagon’

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. The Department of Homeland Security (DHS)…   is building a $4.5 billion headquarters at St. Elizabeth's Hospital, a former mental asylum.   It’s the largest construction project in DC since the Pentagon was completed in 1943 and won’t be completed until 2026 – a […]

Larry Summers and Presidential Arrogance

Courtesy of Pam Martens. Half a decade has now passed since the great Wall Street collapse of 2008.  Millions of words have attempted to capture the epic greed, arrogance and corruption that brought on the greatest financial implosion since the Great Depression. The Financial Crisis Inquiry Commission issued 662 pages on the subject. The U.S. […]

Why Larry Summers Will Be Next Fed Chair

Courtesy of Larry Doyle. The race to occupy the most influential position in the nation — that is, the chairman of the Federal Reserve — is now widely acknowledged to be a two horse sprint between Janet Yellen and Larry Summers. Those supporting the appointment of Ms. Yellen, including Nancy Pelosi, Christina Romer and others, […]

Former ECB Chief Economist Warns “ECB Will Soon Have to Support France with Bond Purchases”

Courtesy of Mish. Juergen Stark, former ECB chief economist (who resigned in 2011 over a dispute regarding bond purchases), says in an interview in Handelsblatt “The Euro crisis will worsen in late autumn” Via Google Translate A year ago, ECB chief Draghi announced plans to do anything to save the euro. The former ECB chief […]

Euro Sucks Italian Blood; Prime Minister Blames Tax Evasion; Reflections on Italy’s Shadow Economy

Courtesy of Mish. This summer a private air plane has been flying over Italian beaches with a banner message Euro is Sucking Italian Blood The article states “Italians have only one solutions to fight against this situation : leave Italy.“ No End in Sight to Italy’s Economic Decline Der Spiegel says No End in Sight […]

A Lost Generation

A Lost Generation By JOHN MAULDIN It is pretty well established that a tax increase, especially an income tax increase, will have an immediate negative effect on the economy, with a multiplier of between 1 and 3 depending upon whose research you accept. As far as I am aware, no peer-reviewed study exists that concludes there […]

Weekend Viewing: I Am Fishhead

Weekend Viewing: I Am Fishhead Courtesy of Jesse's Cafe Americain "An ordinary human being, with a personal conscience, personally answering for something to somebody and personally and directly taking responsibility, seems to be receding farther and farther from the realm of politics.  Politicians seem to turn into puppets that only look human and move in […]

Farm Robots to Make Migrant Worker Vegetable Pickers Obsolete; Welcome the “Lettuce Bot”, the “Grape Bot”, the “Strawberry Bot”

Courtesy of Mish. The migrant worker agricultural jobs that few legal US citizens are willing to do for the price farmers are willing to pay will vanish within a decade as robots will soon be able to perform even those tasks cheaper. Welcome the "Lettuce Bot", the "Grape Bot", the "Strawberry Bot" Time reports Robots […]

Weekend Reading: WSJ’s Saving Detroit from Itself

Courtesy of Larry Doyle. The Wall Street Journal writes today that there should be no federal bailout of Detroit. The AFL-CIO and its friends are mourning Detroit as a victim of capitalism, claiming the government has a moral obligation to rescue the bankrupt city. This is a nice political fable, but the hard truth is […]

Payroll Employment for Age Group 18 to 29 Shows Fewer Full-Time Employment “Regardless of Education”

Courtesy of Mish. A Gallup Poll on US Payroll Employment for Age Group 18 to 29 shows Fewer Young Adults Holding Full-Time Jobs in 2013. Fewer Americans aged 18 to 29 worked full time for an employer in June 2013 (43.6%) than did so in June 2012 (47.0%), according to Gallup’s Payroll to Population employment […]

Who Will Stand Up to Wall Street?

Who Will Stand Up to Wall Street?  This post first appeared in In These Times.  (AP Photo/Henny Ray Abrams) Wall Street held itself a big fat profit party last week. The nation’s six largest banks reported $23 billion in profits. That’s for one quarter — three months. Pop the champagne. Buy another Lamborghini. Well, if you’re a Wall […]

The Depressing Tale of How Greedy Financial Titans Crushed Innovation and Destroyed Our Economy

Lynn Parramore: The Depressing Tale of How Greedy Financial Titans Crushed Innovation and Destroyed Our Economy By Lynn Parramore, a senior editor at Alternet. Posted on Naked Capitalism, originally from Alternet Whatever happened to innovation in America? President Obama told us that our future depends on it. Across the political spectrum, everyone pretty much agrees that innovation is vital […]

The True Cost To Americans of The Medical Mafia Skim And The Failure of OCare To Bust It

Courtesy of Lee Adler of the Wall Street Examiner Peter Schiff has posted a video regarding the US being 27th in the world in wealth per capita. I have to wonder if that’s not directly related to the US health care scam, and the drag that imposes on the US economy. The fact that the […]

Former IMF Head To Be Tried For Aggravated Pimping

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. While this story is not Friday humor, it may explain the preponderance of "erect hockeystick" formations in IMF's legacy projection charts. Former IMF head Dominique Strauss-Kahn is no stranger to sexual scandal – in fact Anthony Weiner may learn a thing or two from […]

Funniest and Most Absurd Real Estate Promotion in Years

Courtesy of Mish. Those attending the iProperty.com International Property Expo in Singapore, to learn about “the best property in Asia” can win a free house by attending. Guess where the house is located. One might think somewhere in Asia because that’s the focus of the expo. But No! The free house is located in the […]

How Central Banks Buy Growth

Courtesy of The Automatic Earth. Dorothea Lange Good Coffee May 1937 "Post office Finlay, Texas" The best of the lot must be the Daily Telegraph's headline: Economy firing on all cylinders as growth hits 0.6%. I mean, how does one trump that? Looks like they need to install extra cylinders just to grow 1%. I […]