• Pivotfarm
    05/30/2015 - 08:32
    Warren Buffet isn’t one of the richest men in the world with the flair for making a fast buck or two for nothing.

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Meanwhile In India, It Is So Hot The Roads Are Melting, "One Billion People Impacted"

While we patiently await Wall Street's weathermen, formerly known as economists, to blame the next swoon in US GDP on California's relentless drought, now in its fourth year, we wonder how many double seasonally-adjusted, pro-forma, non-GAAP GDP points India's blistering heatwave will bring. Because if California thinks it has it bad, India has it far worse. According to AccuWeather,  the severe weather "could have a significant impact on lives and property for more than a billion people in Asia during the summer of 2015." It is so hot, in fact, that the read is literally melting...



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Emergency Powers Give Barack Obama Authority Over Just About Everything During A Major National Crisis

Presidents have always exercised emergency powers, but now thanks to dozens of new laws, regulations, court decisions and executive orders, Barack Obama is the most powerful president in all of U.S. history. Of course the U.S. Constitution does not actually give the president any special powers during a time of national emergency, but over time presidents have decided that they should be able to exercise such powers and the courts have generally agreed with them.



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In Shocking Move, Goldman Slashes America's Long-Run "Potential GDP" From 2.25% To 1.75%

Having recently cut its estimate of US trend productivity growth to 1.5%, in a shocking move earlier today, Goldman admitted US trend growth is far less than previously speculated and lowered its long-term potential GDP. The bank says: "after adjusting for a drag from government sector productivity and incorporating an updated assessment of trend labor force growth, we now see long-run potential GDP growth at 1¾%, half a percentage point below our prior estimate." This is a huge deal as Goldman just recalibrated every single economic (i.e., inflation, employment) and financial (i.e., bond rates, leverage) equation by more than 20%, not to mention the amount of implied residual slack in the economy. In short, an absolutely massive amount!



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Putting The 'Great' In Great Depression, Stephen Roach Warns On TPP's Currency Rules

History has not been kind to major trade blunders. Just as the Smoot-Hawley Tariff Act of 1930 sparked a global trade war that may well have put the “great” in the Great Depression, Congressional enactment of enforceable currency rules today could spark retaliatory actions that might devastate the free flow of trade that a sluggish global economy desperately needs.



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States Turn To Pension Ponzi Scheme To Close Funding Gaps

“When you’re borrowing money for pensions, you’re getting a new credit card to pay off the old one, and you still haven’t paid off the old one.”



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Corruption: That's What Government Was Designed For

“We expect today’s financial system to fall apart in a terrible crash and depression. But we’re looking forward to it.” Simply put, it is the only way to 'correct' the corrupt system... because after all, that’s what government was designed for: to allow one group to rob another. If the elite could take no advantage from it, why would they bother with government at all?



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Welcome To The Ebay Stock Market

When we first brought the world's attention to the 330ET daily ramp in US equity markets, we were shrugged off as conspiracy wonks once again, but 2 years later - as trading activity has become increasingly focused in smaller and smaller windows during the trading day, so the mainstream media has finally been forced to admit that the US equity market has become nothing but Ebay - where everyone waits til the last second.



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Dead Markets Drifting As Dollar Drops



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Obama-Style Immigration Reform May Be Dead As DoJ Won't Seek High Court's Help

Obama-style immigration reform could be dead in the water as the DoJ's decision not to seek a Supreme Court end-around on the President's stalled executive order presents a number of possibly insurmountable problems.



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When Chasing The Tape - Please Mind The Lemmings

"...with each passing session the casino is getting more dangerous, but the lemmings have no clue and the narrative gets ever more specious."



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Welcome To The Recovery 2015: JP Morgan To Fire 5000

"J.P. Morgan Chase & Co. has begun layoffs that are expected to total more than 5,000 by next year, people familiar with the matter said. This latest phase of cuts started earlier this year and would eliminate at least 2% of the bank’s workforce over the next year," WSJ reports.



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The "Revolving Door" Goes Full Retard: SEC Hires Goldmanite Who Previously Worked At The SEC

Just when you thought the US regulators may have finally become less tone deaf to the shame of the revolving door, especially following last year's latest scandal confirming Goldman runs the New York Fed (and every other central bank), here comes the SEC with an absolute shocker, not only proving once and for all that when it comes to regulatory capture, there is nobody in charge quite like Lloyd Blankfein, but unveiling what may have been the first ever double revolving door in SEC history, after the SEC announced it had hired as its new chief of staff a former Goldman worker who had previously worked at... the SEC. And with that the we have gone not only full circle but full retard as well.



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Will The Real Hillary Clinton Please Stand Up?

While Obama unleashes his "folks" phrasing to appeal to middle-America, it appears Hillary Clinton has a different approach in her effort to reach "everyday Americans" - speak in tongues. As The Hill reports, Clinton - who grew up in Chicago - spoke with a Southern accent during a swing through South Carolina yesterday. What is even more disturbing is the fact that it is not the first time she has faked her accent as Bloomberg exposes various versions of American English employed by Clinton, going back to her early years as first lady of Arkansas and first lady of the United States.



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