We have been warning for years that as a result of the Fed's disastrous policies, America's middle class is being disintegrated and US adults are surviving only thanks to insurmountable debtloads. But not even we had an appreciation of how serious the problem truly was. We now know, and it is a shocker: according to new research by the Urban Institute, about 77 million Americans have a debt in collections.
Why are so many plagues hitting the United States all of a sudden? Yes, one can always point out bad stuff that is happening somewhere in the country, but right now we are facing a nightmarish combination of crippling drought, devastating wildfires, disastrous viruses, dying crops and superbugs that scientists don’t know how to kill.
- EU Works to Punish Russia as MH17 Bodies Leave Rebel Area (BBG)
- Bodies From Malaysia Airlines Flight Begin Long Trip to Netherlands (WSJ)
- Israel pounds Gaza as Kerry arrives (Reuters)
- U.S. judge dismisses Republican lawsuit over Obamacare subsidy for Congress (Reuters)
- Israel Soldier Missing Amid Assault on Hamas in Gaza (WSJ)
- Detroit Retirees Vote in Favor of Pension Cuts (WSJ)
- Russia Axes 1st Bond Sale in 3 Months as Ukraine Drives Up Yield (BBG)
- Wall Street Cut From Guest List for Jackson Hole Fed Meeting (BBG)
- Credit Suisse to Exit Commodities, Posts Big Quarter Loss (BBG)
- Draghi Cedes Euro Control to Yellen on Fed Rate Wagers (BBG)
Cases of the chikungunya virus are appearing in the United States at a level that is far higher than anything health officials have seen in recent years, and now there are two confirmed cases of people that have not even traveled out of the country getting the virus. That means that the chikungunya virus is starting to spread in America, and once it starts spreading it is really hard to stop. Fortunately, the U.S. has not really been affected by this disease in recent years, but an epidemic has already been declared in Puerto Rico, and some experts are now saying that it is only a matter of time before we see one in the United States.
Moments ago Netflix reported Q2 Revenue and EPS which were precisely in line with Wall Street estimates, at $1.34 billion and $1.15 EPS. None of this mattered, because just like Amazon, nobody cares about where NFLX is now, everyone is much more focused on where it will be at some indefinite point in the future, with an emphasis on what many believe is virtually unlimited subscriber growth both in the US, but primarily, in the international market. Here is what NFLX reported to its subs growth.
- Fighting erupts in Ukraine as crash investigators arrive (Reuters)
- Russian Billionaires in ‘Horror’ as Putin Risks Isolation (BBG)
- Israel kills militants entering from Gaza, death toll tops 500 (Reuters)
- The other Gaza: In violent weekend, at least 40 people shot in Chicago (Reuters)
- Barclays Dark Pool Drew Early Alarms (WSJ)
- Finance Industry Bonus Hit in Poll as Revenue Disappoints (BBG)
- Severstal to Sell North American Units (WSJ)
- Yum, McDonald's apologize as new China food scandal brews (Reuters)
- Yellen Wage Gauges Blurred by Boomer-Millennial Workforce Shift (BBG)
- Ukraine Offers to Hand Over Malaysia Airlines Probe to Dutch (WSJ)
RJ Reynolds has been ordered by a Florida jury this Friday to pay a total of $23.6 billion to the widow of a chain-smoker that had filed a suit against the company. It’s possibly the largest single plaintiff payout in history for a tobacco manufacturer to date.
- Microsoft to announce biggest round of job cuts in 5 years (BBG)
- Palestinian rocket fire persists, Israel warns truce at risk (Reuters)
- China tells U.S. to stay out of South China Seas dispute (Reuters)
- Merkel Resists Sundering U.S. Ties Over Spying Affair (BBG)
- BES slide, tumbling German sentiment hit markets (Reuters)
- Top 1 Percent Is Even Richer Than Surveys Say, ECB Paper Finds (BBG)
- Puerto Rico Utility May Default on January Interest Payment (BBG)
- Can't Get a Job From an Algorithm, or So It Seems as Hot Resumes Go Nowhere Fast (BBG)
- Bank of China-CCTV drama may reveal power struggle in Beijing (SCMP)
This week was interesting to say the least and it is ending with a bang. We are covering a number of brief subjects this week. I hope you enjoy them.
Want to hear the worst idea in the history of horrible ideas? How about we take the industry responsible for destroying the U.S. economy and wrecking the lives of tens of millions of people, and then allow it to create a “government-industry cyber war council.” It appears that trillions in taxpayer bailouts simply wasn’t enough for Wall Street. Noting that it can seemingly get whatever it wants whenever it wants, the industry is now positioning itself to overtly control U.S. “cyber” policy. What could go wrong?
As if having to pay the highest price of gas since 2008 for the Independence Day weekend wasn't bad enough, millions of traveling east coasters will now have to deal with what may develop into a hurricane as well, and will certainly result in less than perfect weather conditions as the holiday weekend unrolls. Presenting Tropical Storm Arthur. According to NBC, a hurricane watch was issued Wednesday for part of North Carolina as the first named tropical storm of the season gathered strength and threatened July Fourth celebrations along the East Coast. Negative impact to Q3 GDP? Still unknown.
- France's Sarkozy faces corruption probe in blow to comeback hopes (Reuters)
- Ukraine Says Military Offensive Against Rebels Yielding Results (WSJ)
- JPMorgan Investors Show Support for Dimon in Cancer Fight (BBG)
- World’s ATM Moves to Frankfurt as Yellen’s Fed Slows Cash (BBG)
- Argentina Seen Backtracking on Fernandez Vows as Legacy at Risk (BBG)
- Palestinian teen killed in possible revenge attack (Reuters)
- The Bill and Hillary Clinton Money Machine Taps Corporate Cash (WSJ)
- London House Prices Surge the Most Since 1987, Nationwide Says (BBG)
- Last Jew in Afghanistan faces ruin as kebabs fail to sell (Reuters)
A recent court ruling giving cities and towns in New York State the authority to ban hydraulic fracturing (“fracking”) represents an enormous blow to the shale gas industry, which has been hoping to expand operations into the state for several years.
The number of SWAT team raids in the United States every year is now more than 25 times higher than it was back in 1980. As America has conducted wars overseas in recent years, our police forces have become increasingly militarized as well. And without a doubt, many of our cities have become much more dangerous places. Once upon a time, police in America were helpful and friendly and the public generally trusted them. But now our police forces are being transformed into military-style units that often act like they are in the middle of Iraq or Afghanistan. The following are 10 facts about the SWATification of America that everyone should know…
Export-Import Bank (Ex-Im), the federally-backed bank which has been around since 1934, faces a very serious threat to its survival. The most important aspect of this entire fight is the fact that on opposite sides of the debate are not Democrats versus Republicans, but once again Republicans vs. Republicans. We again see tea party Republicans facing off against establishment RINOs. On one side we hear claims by the tea party wing that the Ex-Im merely serves as a conduit for crony capitalism and favoritism to large corporations, or those willing to bribe officials. On the other side, we see establishment Republicans, who are extremely cozy with mega-corporations, maintaing that the institution plays a crucial role in financing American exports to make them competitive. The battle against the Ex-Im bank, a 80 year old institution, is just another example of the sort of changes that happen in Fourth-Turnings. So what does Barack Obama think of the Export-Import bank? As usual, it depends on who you ask, Presidential-candidate Obama, or President-elect Obama.