Bloomberg carried out a study and it has just been published. It covers conference calls from 2004 to 2014 and it analyzes how American CEOs speak and what words they use.
You’re More Likely to Be Killed By Brain-Eating Parasites, Texting While Driving, Toddlers, Lightning, Falling Out of Bed ...Submitted by George Washington on 07/24/2014 13:36 -0400
... Alcoholism, Food Poisoning, a Financial Crash, Obesity, Dog Bites, Doctor Mistakes or “Autoerotic Asphyxiation” than by Terrorists (Getting Hit By ASTEROID = Even Odds)
- EU to weigh extensive sanctions on Russia (FT)
- U.S. lifts flight ban to Israel (Reuters)
- Russia says will cooperate with MH17 probe led by Netherlands (Reuters)
- Norway faces ‘concrete and credible’ terrorist threat (FT)
- Don’t Tell Anybody About This Story on HFT Power Jump Trading (BBG)
- But... but... PMI: Unilever Sales Growth Misses Estimates on Asian Slowdown (BBG)
- World’s Biggest Wealth Fund Reviews $8 Billion Russian Stake (BBG)
- Qualcomm latest US tech company to reverse in China (FT)
- Hamptons Home Sales Rise as Buyers Find More Inventory (BBG)
Exactly 50 years ago last month the US Supreme Court ruled on the now famous case of Jacobellis v. Ohio. At stake was whether a French movie with graphic sexual content could be outlawed by the state via its obscenity laws. The court ruled that it could not because the film wasn’t hardcore pornography. How could they tell? In an explanation that has now turned into one of the most famous quotes in court history, Justice Potter Stewart explained that although he could not define exactly what hardcore porn was, “I know it when I see it” Like porn, asset bubbles are also hard to define, but given our economic history, and especially our recent economic history, we know it when we see it, and now we see it everywhere. We all see it. Apparently the only people that don’t see the bubbles are the people creating them.
A recent study from Cornell University finds a probable link between drilling activity and an increased frequency of earthquakes in Oklahoma. Published in the journal Science, the study indicates that the practice of injecting millions of gallons of wastewater underground after a well is hydraulically fractured may increase the occurrence of earthquakes. Between 1967 and 2000, there was an average of 21 earthquakes of a magnitude greater than 3.0 – considered strong enough to be noticed - in Oklahoma. Last year there were over a hundred, and this year there have been more than 200.
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.
Back in 2011 Goldman, when the FDIC-insured bank holding company with no deposits, was slapped with the biggest at the time SEC penalty for shorting CDOs it had sold to clients, it started a trend of scapegoating all its evils on a lone, then 20-something individual, Fabrice Tourre, who seemingly had "worked alone" and whose actions were not supervised by anyone: the chain of responsibility started and ended with him. Naturally, nobody went to jail. A few years later, stuck in the biggest scandal of its post-bankruppcy existence involving over 20 million recalls in just the first 6 months of 2014 alone, GM has decided that what worked for Goldman should work for it too, and as the WSJ reports, is "pinning of a decadelong failure to recall defective cars on a lone engineer." Meet Raymond DeGiorgio, said lone engineer.
Their names are familiar to all of us: Cleveland, Flint, Youngstown, Saginaw, Gary, Toledo, Reading, Akron, Flint and Buffalo were all once booming manufacturing cities that were absolutely packed with thriving middle class families. But now most of the manufacturing jobs are gone and all of those cities are just shadows of their former selves.
Idiot central-planner and economist "justifications" for always being wrong aside, the reality is that El Nino is on its way even if the slowdown in the economy will be due to every other factor except the weather (start with the Fed) which just so happens is a "recurring" event. So upcoming GDP collapse (that nobody could have foreseen earlier, nobody, certainly not the Fed) notwithstanding, here is what one should really expect as a result of the unique weather formation which whose temperature and precipitation impacts across the United States occur during the cold half of the year, from October through March.
The massive consolidation of wealth, combined with the removal of any limits on money in campaigns, has allowed for the purchase of our government. Americans know that something is wrong, deeply wrong. They see signs of the problem everywhere: income inequality, growing concentration and power of mega corporations, political donations/corruption, the absence of jobs with decent salaries, the explosion of the US prison population, healthcare costs, student loan debt, homelessness, etc. etc. However, the true causes and benefactors behind these problems are purposely hidden from view. What Americans see is Kabuki Theater of a functioning form of capitalism and democracy, but beyond this veneer our country has devolved into the exact opposite.
Where you exist in your family’s birth order can profoundly inform your path in life, whether because of genetics or simply the way that family members tend to treat firstborns vs. middle children vs. youngest children. Psychologists have been debating the “Why?” since the 1800s, but, as ConvergEx's Nick Colas notes, the outcome is certain regardless of the cause – the effects of birth order last for a lifetime... If you had to size up a stranger and you could only ask them one question, what would it be? For me, the answer is simple: "Where are you in the birth order of your siblings?" Are you a first/only child, or a later born? The answer is quite telling. By virtue of genetics or childrearing (the debate rages there), birth order matters a lot to the person you become.
America’s massive prison system is creating a long list of unintended consequences, some of which will effect all of us in the coming years. To help explain just how bad things have gotten, we’ve compiled this list of the most stunning facts and statistics on the America’s prison system today.
For most of Canada's existence, it has been regarded as the weak neighbor to the north by most Americans. Well, that has changed dramatically over the past decade or so. Back in the year 2000, middle class Canadians were earning much less than middle class Americans, but since then there has been a dramatic shift. At this point, middle class Canadians are actually earning more than middle class Americans are. The Canadian economy has been booming thanks to a rapidly growing oil industry, and meanwhile the U.S. middle class has been steadily shrinking. If current trends continue, a whole bunch of other countries are going to start passing us too. The era of the "great U.S. middle class" is rapidly coming to a bitter end.
- Ukraine's leaders say have U.S. backing to take on 'aggressors' (Reuters)
- Goldman Sachs Stands Firm as Banks Exit Commodity Trading (BBG)
- Obama reassures Japan, other allies on China as Asia trip begins (Reuters)
- China Challenges Obama’s Asia Pivot With Rapid Military Buildup (BBG)
- Google’s Stake in $2 Billion Apple-Samsung Trial Revealed (BBG)
- No bubble here: Numericable Set to Issue Record Junk Bond (WSJ)
- 'Bridgegate' scandal threatens next World Trade Center tower (Reuters)
- Supreme Court Conflicted on Legality of Aereo Online Video Service (WSJ)
- Barclays May Cut 7,500 at Investment Bank, Bernstein Says (BBG)
One of the most consistent debates emanating out of Washington in the past 6 years has been that dealing with income tax. Whether high, low, "fair" or "unfair", said discussions, however, focus solely on tax paid at the Federal level, and largely ignore that "other" key tax: state. Which is surprising, considering some states such as California demand a total contribution amounting to a third of the highest marginal Federal tax bracket, which could make some wonder if those bracing sea breezes are really worth it. But what about the other states? Here is the full breakdown of the states with the top income tax rates, those with the lowest, and all the states inbetween.