- Here comes JPM's next multibillion legal reserve: Federal Probe Targets Banks Over Bonds (WSJ)
- Mulally Bows Out of Microsoft CEO Race, Staying at Ford (BBG)
- United States sending more troops and tanks to South Korea (Reuters)
- Eurozone unemployment sticks at record high (FT)
- China-Japan 'Voldemort' attacks up ante in propaganda war (Reuters)
- Alternative Lenders Peddle Pricey Commercial Loans (WSJ)
- John McAfee: glad Intel dropping name from security software (Reuters)
- Jobless Benefits Bill Stays Alive Amid Talks on Offsets (BBG)
- Chicago Colder Than South Pole as Frigid Air Clamps Down (BBG)
- Former Miss Venezuela shot dead in attempted robbery (Reuters)
In the course of conducting public opinion surveys and demographic analyses, the Pew Research Center found a wide range of data milestones, breakthroughs, peaks and valleys in 2013, including record support for same-sex marriage and the legalization of marijuana; record levels of distrust of the federal government; record numbers of mothers who were the primary breadwinners for their families; and record numbers of Millennials living with their parents. Here is a look at the highs and lows Americans reached this year, according to Pew's data.
84% Of US Adults Don't Use Twitter, Only 4% Of Americans Over 30 Get Their News From Twitter, Pew Study FindsSubmitted by Tyler Durden on 11/12/2013 10:39 -0400
When it comes to Twitter, there seems to be a discrepancy in the publicly available user data. Recall that according to the company's S-1 filing, Twitter's US monthly user base has risen from 10 million in 2010 to just shy of 50 million. And yet, according to a just released Pew Research poll, a whopping 84% of the US adults were not Twitter users, and perhaps more importantly, of the 16% of adult users, half admitted to using Twitter for news. Narrowing this down even further, close to half, or 45%, of Twitter news consumers were under 30, which implies that roughly 4% of American adults use Twitter as something more than just a place to vent occasionally, and actually have a productive use for the service. So in attempting to reconcile the two vastly differing sets of numbers: one from the company and one from Pew, one wonders: is Twitter merely the latest platform for "socializing" teens who unfortunately for Twitter's advertisers (who between Google, Facebook, Pinterest, Yahoo and so on, seem to have infinite advertising budgets) don't have access to a credit card? And what happens when, just like FaceBook, Twitter's coolness factor disappears and only the hardcore, and quite paltry, news users remain?
- Fashionable 'Risk Parity' Funds Hit Hard (WSJ)
- No 1997 Asian Crisis Return as China Trembles (BBG)
- Greece Faces Collapse of Second Key Privatization (FT)
- China Bad-Loan Alarm Sounded by Record Bank Spread Jump (BBG)
- Iranian official signals no scaling back in nuclear activity (Reuters)
- Asmussen Says Any QE Discussions at ECB Not Policy Relevant (BBG)
- Flat Japanese consumer prices aid Kuroda (FT)
- Vietnam Devalues Dong for First Time Since ’11 to Boost Reserves (BBG)
- World Bank Sees ‘Vulnerable’ Food System on Climate Change (BBG)
- Fed big-hitters seek to quash QE fears (FT)
- EU Leaders Set to Slow Support for Ailing Banks (BBG)
The Supreme Court struck down the 1996 Defense of Marriage Act (as we noted here), leaving states to decide on the legality of same-sex marriage. As the infographic below from Bloomberg shows, laws ban same-sex-marriage in 35 states, with five of those allowing civil union or domestic partnerships.
In what is likely to cause a storm of controversy, the Supreme Court ruled against the 17-year-old anti-gay Defense of Marriage Act:
*DEFENSE OF MARRIAGE ACT PROVISION STRUCK DOWN BY TOP U.S. COURT
*SUPREME COURT VOTES 5-4 ON U.S. DEFENSE OF MARRIAGE ACT
*COURT SAYS MARRIAGE LAW VIOLATES EQUAL PROTECTION GUARANTEE
Kennedy: DOMA "humiliates tens of thousands of children now being raised by same-sex couples"
Scalia: "By formally declaring anyone opposed to same-sex marriage an enemy of human decency, the majority arms well every challenger to a state law restricting marriage to its traditional definition,"
"DOMA is unconstitutional as a deprivation of the equal liberty of persons that is protected by the Fifth Amendment."
Full timeline and opinion below.
A surprising pick for Pope, Argentina's 76 year old Jorge Mario Bergoglio, who was not among the front-runners, is now the Pope of the Catholic Church. His chosen name is Pope Francis. He is the first non-European pope since 741.
In what is a modestly surprising development, Mirriam-Webster has reported that "socialism" and "capitalism" are the two most looked-up words of 2012, and thus, the words of the year. All we can say is, it is about time people learned the difference. And now that they know how the two differ on paper, they will get a front row seat to experience it in practice too.
- ECB's Nowotny - ESM banking license could be advantageous (Reuters) - just keep regurgitating headlines until they generate a short squeeze
- IMF Says China Downside Risks Significant as Growth Slows (Bloomberg)
- Moody's cuts outlook on EU stability facility to negative (Reuters)
- Rome places spending controls on Sicily (FT)
- Big banks' glory days feared to be gone for good (Reuters)
- China's CNOOC scoped Nexen, partnered, then pounced (Reuters)
- Germany backs Spanish austerity plans (FT)
- Are 2012 Games one too many for London? (Reuters)
- Euro Crisis Spreading East Damps Growth, Development Bank Says (Bloomberg)
- Japan Flags Yen-Sales Impact as BOJ Eyes More Easing (Bloomberg)
All you need to read and some more.
Economy? Systemic risk? Systematic fraud? Too Big To Fail? Wall Street? Fraudclosure? What's all that?
- Greeks Struggle to Resolve Their Differences (WSJ)
- China May See Deeper Slowdown on Crisis: IMF (Bloomberg)
- Banks to take a hit on US home loans (FT)
- Europe’s banks face challenge on capital (FT)
- Smaller Interest-Rate, Credit-Default Swap Trades Seen On Horizon (WSJ)
- Pro-European elected Finland president (FT)
- Push Sputters for Credit-Default Swap Futures (WSJ)
- China Money Rate Rises as Central Bank Gauges Demand for Bills (Bloomberg)
- China Takes On Skeptics of Aid to Euro Zone (WSJ)
Just like in the US, where we had our very own Treasury Secretary telling us there is "no risk" the US would get downgraded, about 3 months before America did in fact get downgraded, the cognitive dissonance between reality and fantasy is fully exposed today, this time in Europe. And whereas patriotic chauvinism has its good and bad sides, listening to politicians explain away how the impossible has just happened is always very amusing. Especially when translated by Google. Such as in this case, where we have grabbed the following article from Les Echos and dumped it into the modern version of the babel fish.
A French poet once wrote that the devil’s greatest trick was convincing the world he doesn’t exist. Funny that we can say the same thing about today’s American elite. Somehow, it is not polite, not PC to even acknowledge them as a class—much less to speak of them. We have a democracy, after all. We are all equal. Everyone has a vote. And if mere voting is not enough for you, you can shell out ten grand for a closed-door meeting with your fifteen-term career Congressman, like any other respectable person would do. Surely, there are no grounds for complaint.
Well, sorry but democracy means choice. In America, today, there is no real choice. The financial and corporate elites are funding both sides equally, and so they always come out ahead, no matter who is in charge. Otherwise, how is it that former Goldman Sachs Co-Chairman Robert Rubin was Clinton’s Treasury Secretary, and then former Goldman Sachs Chairman Henry Paulson was Bush’s Treasury Secretary? (And let’s not forget Goldman alumn Larry Gensler at Obama’s CFTC). Is this what you call a two party system?