Florida

"Thx 4 all ur help, but ur fired." That was the text message that a group of 12 Florida restaurant employees received on July 4th. As the Daily News reports, Jodi Jackson, who spent two years working at Barducci's Italian Bistro in Winter Park, exclaimed, "I think it's immoral, I think it's cowardice." The staff have yet to receive their final paychecks, "I think we all deserve our compensation for money he's already made from us," one employee noted, "I don't know what to do now." So, it seems, despite the all-time highs in stocks, yet another group of employed people is feeling the pinch of a nation of corporations increasingly forced to margin-expansion at any cost. It is self-evident surely that at some point the cost-cutting margin-expanding feeds back into economic reality or is it simply moar of the same as the private sector employed are forced to become public-sector sucklers en masse. Everyone has heard about the proverbial text-message break up not. But getting a pink SMSlip is certainly one of the more novel developments of the New Abnormal, where employers are increasingly acting like teenagers.

Despite the worst fears of many that this morning America might wake up to a redux of a flaming Compton and Watts, so far there have been no widespread riots or looting, even if vandalism has broken out sporadically among the countrywide angry protests.

In the aftermath of the latest humiliation for Boeing, which after getting Dreamliner clearance by absolutely every "authority" imaginable, from the NTSB to the FAA to CNBC's Phil LeBeau, that it was absolutely safe to fry, pardon, fly, just had a major meltdown, oops there we go again, on live TV in Heathrow airport, one wonders - what happens when the regulators rush to give the all clear once more, only for yet another Dreamliner to mysteriously burst in flames several months hence? Alas that would mean that the very same regulators that lifted the fry, pardon, fly ban on the plane will have to impose it all over again, thus disgracing their pre-clearance methods (likely accelerated courtesy of an occasional envelope full of cash under the door somewhere in the decision chain) even more. And how long until the damage to the brand is so great that Boeing will have no choice but to replace every 8 in its 787 nomenclature with a 9, thus pulling the brilliant GMAC->Ally Bank conversion. All these are questions that Boeing, the FAA and the NTSB will have to answer very soon, and for the benefit of BA shareholders, with a favorable resolution. Then again, in the matter of recalls, be it of cars or airplanes, the math is well-known. In the meantime, here is the latest.

Thanks to some algo-based low-volume jiggery-pokery Boeing's stock managed to bounce off its 50DMA and get back up to VWAP (surprise). In the meantime, the overall volume has exploded to its highest since December 1998 - when Boeing was under a probe from Europe for price-collusion with Airbus (likely will be highest ever). The Dow recovered on this bounce too - until it was confirmed that a second Boeing 787 issue was confirmed by Thomson Airways in the UK.

• Summers Said to Show Interest in Fed Chairmanship After Bernanke (BBG)
• Obama Tells Chinese He’s Disappointed Over Snowden Case (BBG)
• Texas Threat to Abortion Clinics Dodged at Flea Markets (BBG)
• A Peek at Trucking Data, and Then the Stock Surged (WSJ)
• China cuts growth target… or does it? (FT) - yes, it does, net of goal seeked Random () of course
• China Official Suggests Tolerance for Lower Growth (WSJ)
• Disney Says Wristband Boosts Sales in Disney World Test (BBG) - next up: implanted RFID chips
• Spain Prepares Cuts in Renewable-Energy Subsidies (WSJ)
• Bernanke Departure With Duke Heralds Cascade of Fed Appointments (BBG)

And now a few words from Cognitive Dissonance's better half on creating a lifestyle change we can live with.

On a day when the underlying reason for celebration in the US is often washed away by a few gallons of alcohol, we thought it timely to see just which states are the biggest soaks. It is likely no surprise that Utah is the driest state but the top 4 states seem head and shoulders above the rest with North Dakota topping the list at 45.8 gallons of beer per capita per year (or an average of just over 1 pint per day - which seems very reasonable?).

No matter the amount and severity of lawsuits, settlements, and bad publicity, it appears that the act of signing without proper authority or knowledge as to that which one is signing, continues.

Meet General Keith Alexander, "a man few even in Washington would likely recognize", which is troubling because Alexander is now quite possibly the most powerful person in the world, whom nobody talks about. Which is just the way he likes it. ... And also meet Bonesaw: "Bonesaw is the ability to map, basically every device connected to the Internet and what hardware and software it is."

The Government Actually DID Spy On the Bad Guys Before 9/11

Every night Americans prove that they are willing to do absolutely horrible things to their fellow human beings.  Most of the time, we never even hear about the sick and twisted things that happen on the side streets and dark alleys of America.  Once in a while a particularly twisted story will get picked up by the news, but usually most Americans are pretty much able to isolate themselves from the depravity that is happening all around them.  Unfortunately, the social decay that is eating away at our society like cancer is spreading. America is not the kind, loving and gentle place that is portrayed in our movies and on our television shows.  The sad truth is that America is becoming colder and meaner with each passing day.  Yes, there are definitely some Americans that are kind and compassionate, but they are in the minority.  As our economic decline becomes even more severe, the hearts of even more Americans are going to grow cold.

Almost three years ago we first highlighted the real math behind the surging entitlement class that America has become. So why does a large portion of the population choose not to work when there are many jobs available? The answer is simple. If you can receive 2-3 times as much money from unemployment, disability, and/or welfare benefits (subsidized housing, food stamps, free cellphones, etc.) as you can from a temporary or part-time job, and live a life of leisure, why work? This is the ugly reality we illustrated just six months ago and the situation - amid what is apparently called a 'recovery' remains a depressingly real sign of the times. The political allure of free is so strong that an alarming number of people choose to become wards of the entitlement/welfare state rather than captain their own destiny. Indeed, while many are 'proud', 49% of American households now receive one or more government transfer benefits amounting to 18% of all personal income and a burden of $7,400 for every American - seemingly threatening the supposed self-reliance that has long characterized the American national psyche.

Repossessions! Home repossessions in the USA increased by 11% in May. Foreclosure filings (default notices and scheduled auctions as well as repossessions) were also up by 2.3% (148, 054) according to a report just published today by RealtyTrac.