http://www.zerohedge.com/fullrss2.xml/index.php/component/users en White House Bars CNN, NYT, Others From Media Briefing http://www.zerohedge.com/news/2017-02-24/white-house-bans-cnn-nyt-participating-media-briefing <p>Just a few hours after Trump warned during his CPAC speech that "we're gonna do something about the media", he did just that after the White House barred a number of news outlets from covering Sean Spicer’s Q&amp;A session on Friday afternoon.&nbsp; Spicer decided to hold an off-camera “gaggle” with reporters inside his West Wing office instead of the traditional on-camera briefing in the James S. Brady Press Briefing Room according to press reports.&nbsp; </p> <p>Among the outlets not permitted to cover the gaggle were various news organizations that Trump has singled out in the past including CNN, The NYT, The Hill, Politico, BuzzFeed, the Daily Mail, BBC, the Los Angeles Times and the New York Daily News.</p> <p>Several non mainstream outlets were allowed into Spicer’s office, including Breitbart, the Washington Times and One America News Network.&nbsp; Several other major news organizations were also let in to cover the gaggle. That group included ABC, CBS, NBC, Fox, Reuters and Bloomberg, however AP has reportedly boycotted the event. </p> <p>The White House Correspondents’ Association sharply criticized the decision. </p> <p>“The WHCA board is protesting strongly against how today's gaggle is being handled by the White House,” Jeff Mason, the association’s president, said in a statement.&nbsp; “We encourage the organizations that were allowed in to share the material with others in the press corps who were not,” he added. “The board will be discussing this further with White House staff.”</p> <p>The New York Times' Peter Bakersaid he<strong><em> "can't remember any press secretary from Clinton, Bush or Obama canceling briefing and handpicking small group for gaggle."</em></strong></p> <p>A White House spokesman did not respond to a request for comment. </p> <p>CNN's political reporter Sara Murray confirmed that CNN has been blocked from attending a White House press briefing this morning.&nbsp;</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Today the White House is handpicking the news outlets they're allowing into the gaggle with <a href="https://twitter.com/PressSec">@PressSec</a>. CNN was blocked from attending.</p> <p>— Sara Murray (@SaraMurray) <a href="https://twitter.com/SaraMurray/status/835200489847410695">February 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"><p dir="ltr" lang="en">CNN, New York Times, the Los Angeles Times, Politico shut out of White House gaggle with Sean Spicer today. WHCA protesting</p> <p>— Ram Ramgopal (@RamCNN) <a href="https://twitter.com/RamCNN/status/835202323450380288">February 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Looks like <a href="https://twitter.com/brianstelter">@BrianStelter</a> was right when he pointed out Trump's comments today "we're gonna do something about the media" -- CNN just blocked</p> <p>— Jason Morrell (@CNNJason) <a href="https://twitter.com/CNNJason/status/835203064709656576">February 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>Some boycotted the event due to CNN's treatment.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">AP and Time boycotted the gaggle today because of the way it was handled.</p> <p>— Adrian Carrasquillo (@Carrasquillo) <a href="https://twitter.com/Carrasquillo/status/835199440898125824">February 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>While some - including recently accredited - Breitbart were allowed in...</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">ABC, NBC, CBS and FOX were all allowed in. <a href="https://t.co/joYrhveGXQ">https://t.co/joYrhveGXQ</a></p> <p>— Sara Murray (@SaraMurray) <a href="https://twitter.com/SaraMurray/status/835201559663362049">February 24, 2017</a></p></blockquote> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Breitbart, Washington Times, One America Network got into the gaggle.</p> <p>— Adrian Carrasquillo (@Carrasquillo) <a href="https://twitter.com/Carrasquillo/status/835197757803593728">February 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>This follows President <a href="http://www.zerohedge.com/news/2017-02-24/trump-covers-usual-talking-points-slams-fake-news-cpac-speech">Trump's earlier remarks At CPAC against fake news</a>.</p> <blockquote class="twitter-video"><p dir="ltr" lang="en">Trump at CPAC: "I wouldn't miss a chance to talk to my friends."</p> <p>Trump literally skipped last year's conference: <a href="https://t.co/MHbptPcM2K">https://t.co/MHbptPcM2K</a> <a href="https://t.co/IXQg1sUqyl">pic.twitter.com/IXQg1sUqyl</a></p> <p>— Kyle Griffin (@kylegriffin1) <a href="https://twitter.com/kylegriffin1/status/835149188778328064">February 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>Here is Sean Spicer saying "You don't get to just yell out questions. We're going to raise our hands like big boys and girls."</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">This really just happened.</p> <p>Spicer: "You don't get to just yell out questions. We're going to raise our hands like big boys and girls." <a href="https://t.co/OAuf4y7pNp">pic.twitter.com/OAuf4y7pNp</a></p> <p>— Kyle Griffin (@kylegriffin1) <a href="https://twitter.com/kylegriffin1/status/834862661007507456">February 23, 2017</a></p></blockquote> <p>* * * </p> <p>This move by The White House is in sharp contrast to what Spicer said in December <a href="http://www.huffingtonpost.com/entry/sean-spicer-kick-press-white-house_us_58540252e4b0b3ddfd8c29d0"><em>(via HuffPo)</em></a>:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Sean Spicer, the senior communications advisor for Donald Trump’s presidential transition team and a leading candidate to become White House press secretary, said Thursday night that <span style="text-decoration: underline;"><strong>the incoming president would “absolutely not” kick out news organizations in response to critical coverage.&nbsp;</strong></span> This is an understandable fear given how the Trump campaign blacklisted nearly a dozen outlets through much of the election. In addition to denying some news organizations press credentials, the campaign sometimes placed unusual restrictions on journalists once inside.&nbsp; During an interview with Fox News host Megyn Kelly, Spicer said<strong> Trump would not “bounce” reporters from the briefing room and “has a healthy belief in the First Amendment.”</strong></p> <p>&nbsp;</p> <p>...</p> <p>&nbsp;</p> <p><strong>"So if the New York Times does a scathing editorial on President Trump, they’re still going to let the New York Times reporters in the press briefing room and have access just the same as all the other news organizations,” </strong>Kelly asked. </p> <p>&nbsp;</p> <p>“They’re in the [press] pool right now and they still have scathing editorials and pretty poor reporting,” Spicer responded.</p> <p>&nbsp;</p> <p>“So yes, the answer to my question is yes?” she continued. </p> <p>&nbsp;</p> <p>“Yes,” Spicer said. “Absolutely.”</p> </blockquote> <p>We now expect most if not all of the presidential press corps to boycott all future White House media events, as the war between Trump and the media goes nuclear.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="525" height="238" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/20170224_cnn.jpg?1487963990" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-24/white-house-bans-cnn-nyt-participating-media-briefing#comments Alt-right American people of German descent American studies Breitbart News Business CBS Climate change skepticism and denial CNN Conservatism in the United States Donald Trump Entertainment First Amendment Fox News Gaggle Mike Pence NBC New York Times Politics Politics of the United States Reuters Sean Spicer Tea Party movement Television Television in the United States The Apprentice Twitter Twitter White House White House White House Correspondents Association White House Correspondents' Association WWE Hall of Fame Fri, 24 Feb 2017 19:08:52 +0000 Tyler Durden 588917 at http://www.zerohedge.com What in the world is Donald Trump? http://www.zerohedge.com/news/2017-02-24/what-world-donald-trump <p style="text-align: right;"><em>“Great men, even during their lifetime, are usually known to the public</em></p> <p style="text-align: right;"><em> only through a fictitious personality.”&nbsp;</em></p> <p style="text-align: right;"><em>-Walter Lippmann</em></p> <p><span style="font-size: 13.008px;">For many people, President Donald Trump presents an enigma. &nbsp;</span></p> <p><span style="font-size: 13.008px;">Our brains seek to put labels on other humans. &nbsp;The labels we have readily available to us can come from nature (black, male, old, fertile, weak, etc.) and from nurture (liberal, Republican, foreign, racist, wealthy, ignorant, lazy, dangerous, etc.). &nbsp;This labeling, </span>categorizing<span style="font-size: 13.008px;">, or naming, is part of the normal mental process of</span><span style="font-size: 13.008px;">&nbsp;</span><em style="font-size: 13.008px;">stereotyping</em><span style="font-size: 13.008px;">, and is a valuable survival skill and evolutionary advantage, despite what you may have been taught. &nbsp;</span></p> <p>&nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>For some cognitive psychologists, stereotyping describes a value-neutral psychological mechanism that creates categories and enables people to manage the swirl of data presented to them from their environment. &nbsp;This categorizing function was recognized in 1922 by Walter Lippmann, who first coined the term "stereotyping." For him, this was a necessary, useful, and efficient process, since "the attempt to see all things freshly and in detail, rather than as types and generalities, is exhausting, and among busy affairs practically out of the question."</p> <p>&nbsp;</p> <p><a href="https://www.asu.edu/courses/lia294a/total-readings/RamirezBerg--Categorizing.htm" title="https://www.asu.edu/courses/lia294a/total-readings/RamirezBerg--Categorizing.htm">https://www.asu.edu/courses/lia294a/total-readings/RamirezBerg--Categori...</a></p> </blockquote> <p>&nbsp;</p> <p><span style="font-size: 13.008px;">When we do not have enough information to </span>stereotype<span style="font-size: 13.008px;">&nbsp;others, it can make us quite uncomfortable. &nbsp;Is this person a threat to me? &nbsp;A potential mate or friend? &nbsp;Trustworthy? &nbsp; So, our senses gather information to help our brains analyze the data to fill in the blank label. &nbsp;We also work very hard at trying to fill in these blanks for other people, and even harder at changing them, especially the media, but that is a future topic.</span></p> <p><span style="font-size: 13.008px;">Yesterday, I read an article on ZeroHedge describing how one of the world's most </span>successful<span style="font-size: 13.008px;">&nbsp;investors allegedly used a financial ratio to analyze the&nbsp;</span><span style="font-size: 13.008px;">data and then label Trump.</span></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><span style="font-size: 13.008px;">On one hand, there was RenTec's chain-smoking billionaire founder (in 2015 alone he made $1.7 billion) Jim Simons, who had donated some $10 million to Hillary Clinton's campaign, second only to Saban Capital. In a June 2016 interview with CNBC, Jim Simons said that "if you compare the presidential candidates using the Sharpe ratio, presumptive GOP nominee Donald Trump is 'not a good investment.'"</span></p> <p><span style="font-size: 13.008px;">&nbsp; &nbsp;</span></p> <p><span style="font-size: 13.008px;"><br /></span></p> <p><span style="font-size: 13.008px;"><a href="http://www.zerohedge.com/news/2017-02-23/mutiny-breaks-out-inside-worlds-most-successful-hedge-fund-over-donald-trump" title="http://www.zerohedge.com/news/2017-02-23/mutiny-breaks-out-inside-worlds-most-successful-hedge-fund-over-donald-trump">http://www.zerohedge.com/news/2017-02-23/mutiny-breaks-out-inside-worlds...</a></span></p> </blockquote> <p>&nbsp;</p> <p><span style="font-size: 13.008px;">This caused me to remember that I, too, had labeled Trump just a few days earlier. &nbsp;</span></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><span style="font-size: 13.008px;"><a href="http://www.zerohedge.com/news/2017-02-16/trumps-sheeple#comment-9026944">hedgeless_horseman &nbsp; Feb 16, 2017 2:33 PM</a></span></p> <p><span style="font-size: 13.008px;">&nbsp;</span><span style="font-size: 13.008px; white-space: pre;"> </span>&nbsp;</p> <p><span style="font-size: 13.008px;">"I do know one thing. &nbsp;Donald Trump is not a libertarian."</span></p> </blockquote> <p>&nbsp;</p> <p><span style="font-size: 13.008px;">I asked myself, is that <em>really</em> true? &nbsp;How did I come to that conclusion? &nbsp;What is a libertarian? &nbsp;This article is merely one attempt to answer those questions.&nbsp;</span></p> <p><span style="font-size: 13.008px;">I like to tell people that libertarian is the political label for someone that simply </span><span style="font-size: 13.008px;">wants two things: 1) maximum freedom, and 2) minimum government, and who prioritizes those two over the other political values he or she may hold. &nbsp;</span><span style="font-size: 13.008px;">Years ago, </span><a href="http://www.zerohedge.com/contributed/2013-07-26/libertarian-party-platform" style="font-size: 13.008px;">I posted a much longer answer here on ZeroHedge in the form of the Libertarian Party Platform.</a><span style="font-size: 13.008px;"> &nbsp;Unfortunately, the comments appear to have been lost in one of the many DNS/hacking battles fought by </span><span style="font-size: 13.008px;">Sacrilege</span><span style="font-size: 13.008px;">&nbsp;in defense of this good and valuable web site. &nbsp;At the time of that post, I had learned of the </span><em style="font-size: 13.008px;"><a href="https://www.libertarianism.com/Quiz?CH=B">The World's Smallest Political Quiz</a></em><span style="font-size: 13.008px;">, and had posted the link in the comments, along with my score, and an invitation for readers to take the test. &nbsp;</span></p> <p><span style="font-size: 13.008px;">Today, I invite you, dear reader, to join me in </span><strong style="font-size: 13.008px;">taking the test on behalf of President Trump</strong><span style="font-size: 13.008px;">, in the hope of determining if he is, or is not, a libertarian. &nbsp;I provide links, below, to a small number of </span>pertinent<span style="font-size: 13.008px;">&nbsp;items that I feel support my answers.</span></p> <p><span style="font-size: 13.008px;"><br /></span></p> <p><span style="text-decoration: underline;"><strong><em style="font-size: 13.008px;"><a href="https://www.libertarianism.com/Quiz?CH=B">The World's Smallest Political Quiz</a></em></strong></span></p> <p>&nbsp;</p> <p><span style="font-size: 13.008px;">Government should not censor speech, press, media, or internet.</span></p> <p><span style="font-size: 13.008px;">Based on Trump's comments about Snowden and Manning, I am going with <strong>DISAGREE</strong>.</span></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="https://twitter.com/realdonaldtrump/status/457314934473633792?lang=en" title="https://twitter.com/realdonaldtrump/status/457314934473633792?lang=en">https://twitter.com/realdonaldtrump/status/457314934473633792?lang=en</a></span></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="http://www.zerohedge.com/news/2017-01-26/trump-slams-ungrateful-traitor-chelsea-manning-who-should-never-have-been-released-p" title="http://www.zerohedge.com/news/2017-01-26/trump-slams-ungrateful-traitor-chelsea-manning-who-should-never-have-been-released-p">http://www.zerohedge.com/news/2017-01-26/trump-slams-ungrateful-traitor-...</a></span></p> <p>&nbsp;</p> <p>Military service should be voluntary. There should be no draft.</p> <p><span style="font-size: 13.008px;">Based on Trump's five draft deferments, one medical, I am chosing </span><strong style="font-size: 13.008px;">MAYBE.</strong></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="https://www.nytimes.com/2016/08/02/us/politics/donald-trump-draft-record.html?_r=0" title="https://www.nytimes.com/2016/08/02/us/politics/donald-trump-draft-record.html?_r=0">https://www.nytimes.com/2016/08/02/us/politics/donald-trump-draft-record...</a></span></p> <p>&nbsp;</p> <p>There should be no laws regarding sex for consenting adults.</p> <p><span style="font-size: 13.008px;">Considering Trump's actual statements and actions, I am picking <strong>AGREE</strong> for our POTUS.</span></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="http://gaysfortrump.org/" title="http://gaysfortrump.org/">http://gaysfortrump.org/</a></span></p> <p>&nbsp;</p> <p>Repeal laws prohibiting adult possession and use of drugs.</p> <p><span style="font-size: 13.008px;">This seems to be a clear </span><strong style="font-size: 13.008px;">DISAGREE</strong><span style="font-size: 13.008px;">.</span></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="http://hightimes.com/news/president-trump-pledges-to-escalate-war-on-drugs/" title="http://hightimes.com/news/president-trump-pledges-to-escalate-war-on-drugs/">http://hightimes.com/news/president-trump-pledges-to-escalate-war-on-dru...</a></span></p> <p>&nbsp;</p> <p>There should be no National ID card.</p> <p><span style="font-size: 13.008px;">This also seems to be a clear </span><strong style="font-size: 13.008px;">DISAGREE.</strong></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="https://www.rt.com/usa/373890-mlks-son-trump-discuss-id/" title="https://www.rt.com/usa/373890-mlks-son-trump-discuss-id/">https://www.rt.com/usa/373890-mlks-son-trump-discuss-id/</a></span></p> <p>&nbsp;</p> <p>End "corporate welfare." No government handouts to business.</p> <p><span style="font-size: 13.008px;">This also seems to be a clear </span><strong style="font-size: 13.008px;">DISAGREE.</strong></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="http://www.zerohedge.com/news/2016-12-03/sarah-palin-slams-trump-carrier-deal-crony-capitalism-corporate-welfare" title="http://www.zerohedge.com/news/2016-12-03/sarah-palin-slams-trump-carrier-deal-crony-capitalism-corporate-welfare">http://www.zerohedge.com/news/2016-12-03/sarah-palin-slams-trump-carrier...</a></span></p> <p>&nbsp;</p> <p>End government barriers to international free trade.</p> <p><span style="font-size: 13.008px;">This also seems to be a clear <strong>DISAGREE.</strong></span></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="http://www.zerohedge.com/news/2016-11-21/trump-says-he-will-issue-executive-order-first-day-office-withdrawing-us-tpp" title="http://www.zerohedge.com/news/2016-11-21/trump-says-he-will-issue-executive-order-first-day-office-withdrawing-us-tpp">http://www.zerohedge.com/news/2016-11-21/trump-says-he-will-issue-execut...</a></span></p> <p>&nbsp;</p> <p>Let people control their own retirement; privatize Social Security.</p> <p><span style="font-size: 13.008px;">I am selecting </span><strong style="font-size: 13.008px;">DISAGREE</strong><span style="font-size: 13.008px;"> for Trump, based on his campaign statements.</span></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="http://www.washingtontimes.com/news/2016/mar/10/trump-pledges-leave-social-security-contrast-rest-/" title="http://www.washingtontimes.com/news/2016/mar/10/trump-pledges-leave-social-security-contrast-rest-/">http://www.washingtontimes.com/news/2016/mar/10/trump-pledges-leave-soci...</a></span></p> <p>&nbsp;</p> <p>Replace government welfare with private charity.</p> <p><span style="font-size: 13.008px;">It appears Trump would </span><strong style="font-size: 13.008px;">AGREE.</strong></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="https://twitter.com/CNN/status/835156280029372416" title="https://twitter.com/CNN/status/835156280029372416">https://twitter.com/CNN/status/835156280029372416</a></span></p> <p>&nbsp;</p> <p>Cut taxes and government spending by 50% or more.</p> <p><span style="font-size: 13.008px;">Any actual tax cuts will likley not come close to 50%, and Trump says he is going to spend bigly, so I clicked </span><strong style="font-size: 13.008px;">DISAGREE</strong><span style="font-size: 13.008px;"> for the President.</span></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="http://www.zerohedge.com/news/2017-02-23/trumps-aggressive-tax-timeline-unachievable-beacon-advisors" title="http://www.zerohedge.com/news/2017-02-23/trumps-aggressive-tax-timeline-unachievable-beacon-advisors">http://www.zerohedge.com/news/2017-02-23/trumps-aggressive-tax-timeline-...</a></span></p> <p><span style="font-size: 13.008px;"><span style="white-space: pre;"> </span><a href="http://www.military.com/daily-news/2017/01/20/taking-oath-trump-pledges-restore-depleted-military.html" title="http://www.military.com/daily-news/2017/01/20/taking-oath-trump-pledges-restore-depleted-military.html">http://www.military.com/daily-news/2017/01/20/taking-oath-trump-pledges-...</a></span></p> <p>&nbsp;</p> <p style="font-size: 13.008px;">Here is the result of my test. &nbsp;<strong>Donald Trump is a Big Government Statist.</strong></p> <blockquote style="font-size: 13.008px;"><p>Statists want government to have a great deal of power over the economy and individual behavior. They frequently doubt whether economic liberty and individual freedom are practical options in today's world. Statists tend to distrust the free market, support high taxes and centralized planning of the economy, oppose diverse lifestyles, and question the importance of civil liberties.</p> </blockquote> <p><img src="http://www.zerohedge.com/sites/default/files/images/user12162/imageroot/2017/02/24/DJT%20Score.jpg" width="710" height="518" /></p> <p>&nbsp;</p> <p><span style="font-size: 13.008px;">Apparently, I had already done a </span>similar<span style="font-size: 13.008px;">&nbsp;analysis in my mind, because according to this test, Donald Trump is the polar opposite of a libertarian. &nbsp;This label fits with the personal interactions I have had with Donald Trump, years ago, at his then private home in Florida and on vacation in Aspen. &nbsp;</span></p> <p><span style="font-size: 13.008px;">It should be interesting to learn, below, how your answers on behalf of Trump are different from mine, and why.</span></p> <p><span style="font-size: 13.008px;">I am looking forward to seeing many of you at the <em><strong>First ZeroHedge Symposium and Live Fight Club</strong> </em>in Marfa this June...</span></p> <p><span style="white-space: pre;"> </span><a href="http://www.zerohedge.com/news/2017-02-12/why-zh-fight-club-matters-scarcity-real-discussion-and-debate-todays-society-and-wha" title="http://www.zerohedge.com/news/2017-02-12/why-zh-fight-club-matters-scarcity-real-discussion-and-debate-todays-society-and-wha">http://www.zerohedge.com/news/2017-02-12/why-zh-fight-club-matters-scarc...</a></p> <p><span style="white-space: pre;"> </span><a href="http://www.zerohedge.com/news/2017-01-10/time-has-come-first-zerohedge-symposium-and-live-fight-club" title="http://www.zerohedge.com/news/2017-01-10/time-has-come-first-zerohedge-symposium-and-live-fight-club">http://www.zerohedge.com/news/2017-01-10/time-has-come-first-zerohedge-s...</a></p> <p>&nbsp;</p> <p><span style="font-size: 13.008px;">Peace and prosperity,</span></p> <p><span style="font-size: 13.008px;">h_h</span></p> http://www.zerohedge.com/news/2017-02-24/what-world-donald-trump#comments American people of German descent Business Climate change skepticism and denial DNS Donald Trump Donald Trump Donald Trump presidential campaign End government ETC First ZeroHedge Symposium and Live Fight Club Florida Jim Simons Libertarian Party Political positions of Donald Trump Politics of the United States Republican Party The Apprentice Trump Twitter Twitter World's Smallest Political Quiz Government WWE Hall of Fame Fri, 24 Feb 2017 18:56:02 +0000 hedgeless_horseman 588916 at http://www.zerohedge.com Caught On Tape: iPhone 7 Spontaneously "Explodes", Apple To Investigate http://www.zerohedge.com/news/2017-02-24/caught-tape-iphone-7-plus-spontaneously-explodes-apple-launches-investigation <p>Last September we confirmed that spontaneous pocket explosions were not a desirable feature for smartphones...well, at least not in the opinion of Samsung shareholders <strong>who lost nearly $20 billion in market value over just two days </strong>after reports first surfaced of the company's new Galaxy Note7 randomly bursting into flames.<strong><br /></strong></p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/09/11/20160911_samsung2_0.jpg" alt="Samsung 2" width="600" height="314" /></p> <p>&nbsp;</p> <p>As it turns out, Samsung may not be the only smartphone manufacturer that pushed their batteries just a little too far as Brianna Olivas recently set Twitter 'on fire' after <strong>posting a video of her smoking iPhone 7 Plus</strong>.&nbsp; The video almost immediately went viral and has received well over 1.25mm views and 27k retweets since being posted.&nbsp; Per <a href="http://mashable.com/2017/02/23/exploding-iphone-7-plus-video/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&amp;utm_cid=Mash-Prod-RSS-Feedburner-All-Partial&amp;utm_source=feedly&amp;utm_medium=webfeeds#wBfjIIilIOq9">Mashable</a>:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><span id="kByfiJVg" class="IrZBSBPuAD">Brianna Olivas says her rose gold<strong> iPhone 7 Plus exploded and began smoking Wednesday morning when her boyfriend grabbed his phone and began recording. </strong>The video, which Olivas shared on Twitter later that day, shows smoke pouring out of one side of the phone and the iPhone's case melting away.</span></p> <p>&nbsp;</p> <p><strong>Olivas says the trouble began the day before when her iPhone 7 Plus, which she bought from Sprint in January, wouldn't turn on.</strong> She took the phone to an Apple Store where employees ran tests and told her everything was fine. The phone appeared to be working normally again.</p> <p>&nbsp;</p> <p>That changed the next morning, she says, when her <strong>phone apparently caught fire while sitting on a dresser. </strong></p> <p>&nbsp;</p> <p><span id="kByfiJVg" class="IrZBSBPuAD">"The next morning I was asleep with my phone charging next to my head, my boyfriend grabbed the phone and put it on the dresser," she said via a direct message on Twitter. "He went the the [sic] restroom ... and from the corner of his eye he saw my phone steaming and [heard] a squealing noise. By the time he got over to the phone it had already caught fire, he quickly grabbed the phone and threw it in the restroom ... as soon as he threw it in the restroom is [sic]<strong> blew up and more smoke started coming out of the phone.</strong>"</span></p> </blockquote> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">So my IPhone 7 plus blew up this morning ???? was not even using it, literally no explanation for this <a href="https://t.co/sQ8CJt4Y69">pic.twitter.com/sQ8CJt4Y69</a></p> <p>— Bree? (@briannaolivas_) <a href="https://twitter.com/briannaolivas_/status/834556234166448128">February 23, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>And here is the aftermath...</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="und"><a href="https://twitter.com/briannaolivas_">@briannaolivas_</a> <a href="https://t.co/MLllo8DvSa">pic.twitter.com/MLllo8DvSa</a></p> <p>— Bree? (@briannaolivas_) <a href="https://twitter.com/briannaolivas_/status/834557819651186688">February 23, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>Now the only question is whether Brianna just managed to blow up more than her iPhone 7 and the Twittersphere?</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/02/24/2017.02.24%20-%20AAPL.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/02/24/2017.02.24%20-%20AAPL_0.jpg" alt="AAPL" width="600" height="401" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="883" height="508" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.02.24%20-%20iPhone.JPG?1487956868" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-24/caught-tape-iphone-7-plus-spontaneously-explodes-apple-launches-investigation#comments Apple Computing IOS IPhone IPhone 4S Samsung Samsung Electronics Samsung Galaxy Note 7 smartphone Smartphone smartphones Software Technology Twitter Twitter Twitter Videotelephony Fri, 24 Feb 2017 18:51:00 +0000 Tyler Durden 588911 at http://www.zerohedge.com Chinese Import Data Suggests OPEC Is Lying About A Production Cut http://www.zerohedge.com/news/2017-02-24/chinese-import-data-strongly-suggests-opec-lying-about-production-cut <p>To those cynics who accuse the self-monitoring OPEC, and its various adjunct agencies, of lying that it has implemented last year's agreed upon production cuts, China just released January crude import data, which validates this skepticism. </p> <p>As JPMorgan writes, while IEA estimated the OPEC crude oil production fell by 1mbd to 32.06mbd in January, suggesting an initial compliance of 90% with the output agreement reached end 2016, <strong>the latest oil supply details released by China customs today suggest a reduction of supplies was not yet seen by China, the world’s largest oil importer. </strong></p> <p><strong></strong>In fact, quite the contrary: crude oil shipments from the 11 OPEC nations committed to a 1.2mbd output cut increased by 28% yoy, and more importantly, <strong><span style="text-decoration: underline;">rose 4% from December 2016</span> - in a time when production was supposed to be declining - to 4.6mbd in January, accounting for 57% of China’s total oil imports. </strong></p> <p>Ironically, if anyone was cutting it was the non-OPEC nations, mostly Russia, who foolishly assumed that Saudi Arabia <em>et al </em>would be true to their word: non-OPEC countries led by Russia that also agreed to a cut boosted their January supplies to China by 40% yoy, <strong>but saw a 10% drop sequentially, </strong>in line contractual expectations. Comparing January 2017 levels with the 2016 average, China’s crude oil imports from the committed OPEC and non-OPEC producers gained 6%/13% respectively, while the country’s total oil imports gained 5%.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/china%20oil%201.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/china%20oil%201_0.jpg" width="500" height="257" /></a></p> <p>Some details: </p> <ul> <li><strong>Saudi, Angola and Iran lead OPEC supply growth to China. </strong>According to the China Customs’ buy country oil supply data, <strong>Saudi Arabia boosted shipments to China by 19% yoy and 41% mom to 1.19mbd in January (16% growth versus the 2016 average</strong>). Imports from Angola increased by 63% yoy and 46% <strong>mom to 1.17 mbd </strong>last month (33% higher than 2016 average), while volumes from Iraq jumped by 43% yoy&nbsp; and <strong>12% mom </strong>to 0.83mbd (14% higher than 2016 average).</li> <li><strong>Russia and Oman drive non-OPEC supply growth. </strong>Among the non-OPEC countries that committed to 558kbd production cut from January, Russia’s oil supply to China increased by 36% yoy <strong>but fell 9% mom to 1.09mbd </strong>in January (3% higher than 2016 average), and Oman supplies expanded by 47% yoy <strong>and dropped 5% mom </strong>to 842kbd (20% higher than 2016 average).</li> </ul> <p>It becomes even more blatant when charted: while total OPEC supply to China rose to a 4 month high, <strong>the combined oil supply from Saudi Arabia, Angola and Iraq in January soared to the highest a year</strong>, quite the opposite one would expect if the countries were cutting production instead of merely seeking to grab market share.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/opec%20trio%20china.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/opec%20trio%20china_0.jpg" width="500" height="267" /></a></p> <p>And on a % basis:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/opec%20trio%20percent.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/opec%20trio%20percent_0.jpg" width="500" height="261" /></a></p> <p>So if indeed OPEC, or rather three specific OPEC members Saudi Arabia, Angola and Iraq have been violating the Vienna deal at the expense of other OPEC and non-OPEC members, who naively followed the terms of the production cut agreement, it would imply that OPEC has gained market share at the expense of non-OPEC. Sure enough, that is precisely what the next chart shows, which demonstrates that OPEC's share of Chinese imports jumped from 50% to57% in January while that of non-OPEC predictably plunged.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/china%20oil%202.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/china%20oil%202_0.jpg" width="500" height="257" /></a></p> <p>Meanwhile, as the above sleight of hand was taking place, Saudi Arabia achieved precisely what it wanted: it has regained the position of largest crude oil supplier to China, once again surpassing Russia.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/suadi%20top%20china.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/suadi%20top%20china_0.jpg" width="500" height="244" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1150" height="615" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/opec%20trio%20china.jpg?1487961161" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-24/chinese-import-data-strongly-suggests-opec-lying-about-production-cut#comments Business China Chronology of world oil market events Crude Crude Oil Economy Iran Iraq Market Share OPEC OPEC OPEC Reference Basket Organization of Petroleum-Exporting Countries Peak oil Petroleum Petroleum industry Petroleum politics Saudi Arabia World oil market chronology Fri, 24 Feb 2017 18:33:18 +0000 Tyler Durden 588915 at http://www.zerohedge.com French Voters Call On Obama To Run For President To "Give French People Hope" http://www.zerohedge.com/news/2017-02-23/group-french-protesters-call-obama-run-president-give-french-people-hope <p>As French voters look set to make a massive swing to the right in their upcoming presidential election (see our notes on the topic <a href="http://www.zerohedge.com/news/2017-02-14/le-pen-odds-surge-french-stock-market-risk-hits-5-year-high">here</a> and <a href="http://www.zerohedge.com/news/2017-02-04/le-pen-kicks-presidential-campaign-echoing-trump-highlights-her-manifesto">here</a>), a <strong>group of frightened liberal protesters have decided to back a relatively surprising, if impossible, presidential candidate in 2017, Barack Obama.</strong>&nbsp; </p> <p>And, lest you thing this is a joke, a quick walk around Paris even reveals campaign posters for "Obama17" plastered all around the city.</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/02/23/2017.02.23%20-%20Obama17%202.JPG" alt="Obama17" width="672" height="522" /></p> <p>&nbsp;</p> <p>The group of protesters who launched the effort to bring "hope and change" to France are urging French citizens to visit their <a href="http://obama2017.fr/">website</a> to sign a petition to convince Obama to enter the race.&nbsp; They figure that 1 million signatures should do the trick.</p> <p>Meanwhile, asked why they support Obama, protesters told <a href="http://abcnews.go.com/International/obama-devotees-france-hoping-obama17-presidential-campaign/story?id=45680072">ABC News</a> they're <strong>looking for a candidate they "really admire" and "someone who could lead us to project ourselves in a bright future to give French people hope."</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Why Obama? <strong>"Because he has the best resume in the world for the job,"</strong> reads the website, which is in no way connected to Obama.</p> <p>&nbsp;</p> <p><strong>"At a time when France is about to vote massively for the extreme right, we can still give a lesson of democracy to the planet by electing a French President, a foreigner,</strong>" reads the website in French.</p> <p>&nbsp;</p> <p>A spokesperson for the group told ABC News Thursday morning, "We started dreaming about this idea two months before the end of Obama's presidency. We dreamed about this possibility to vote for someone we really admire, <strong>someone who could lead us to project ourselves in a bright future.</strong> Then, we thought, whether it's possible or not, whether or not he is French, <strong>we have to do this for real, to give French people hope ... Vive la République, Vive Obama, Vive la France and the U.S.A." </strong></p> </blockquote> <p>And while we have our doubts about the likelihood of this plan working out, <strong>might we suggest that Hillary Clinton would make a great candidate for a senior cabinet position in Obama's new administration. <br /></strong></p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/02/23/2017.02.23%20-%20Obama17_0.JPG" alt="Obama17" width="600" height="293" /></p> <p>&nbsp;</p> <p>Of course, while it's a genius plan, if we understand it correctly, there is just one minor problem...the French president needs to be, well, French.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="178" height="101" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/obama%20teaser%20france.jpg?1487956083" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-23/group-french-protesters-call-obama-run-president-give-french-people-hope#comments ABC News Barack Obama Barack Obama Barack Obama presidential primary campaign France Hillary Clinton International media reaction to the United States presidential election Politics Politics Presidency of Barack Obama Progressivism in the United States United States Fri, 24 Feb 2017 18:25:00 +0000 Tyler Durden 588839 at http://www.zerohedge.com Four Agencies To Abolish (Along With The Department Of Education) http://www.zerohedge.com/news/2017-02-24/four-agencies-abolish-along-department-education <p><a href="https://mises.org/blog/four-agencies-abolish-along-dept-education"><em>Submitted by Ryan McMaken via The Mises Institute,</em></a></p> <p>In the wake of the Senate&#39;s confirmation of the appointment of Betsy DeVos, <strong>the protests from the left prompted Republican Congressman Thomas Massie to offer them a way to get rid of DeVos: eliminate the Department of Education.&nbsp;</strong></p> <p>According to Massie, <a href="http://www.breitbart.com/big-government/2017/02/14/exclusive-ky-rep-massie-bill-abolish-education-department-president-white-house-conceivably-sign/" target="_blank">he&#39;d been planning to introduce the bill for more than a year</a>, and the controversy over DeVos appeared to be as good a time as any.&nbsp;</p> <p>There&#39;s no harm in Massie introducing the bill, of course, although as <a href="https://mises.org/blog/will-republicans-end-department-education-not-likely">I&#39;ve noted here</a>, the odds of Republicans offering much help to Massie in passing the bill are pretty low.&nbsp;</p> <p>But as long as we&#39;re identifying cabinet-level agencies for the chopping block, why stop with the Department of Education?&nbsp;</p> <p>There are plenty of other Departments&nbsp;which oversee activities that could easily be done by state and local agencies, or which should just be reduced to their former&nbsp;less-exalted positions in the federal ecosystem.&nbsp;</p> <p><strong>For starters, we&#39;ll just address some of the low-hanging fruit.</strong> Here are agencies that can be eliminated with relative ease, either because they are recently-created, redundant, or utterly unnecessary.&nbsp;</p> <h4><u>One: The Department of Homeland Security,&nbsp;$51 Billion</u></h4> <p>Somehow, the United States managed to get along for more than 225 years before this Department was created by Congress and the Bush Administration in 2002.&nbsp;</p> <p>The Department quickly became a way for the federal government <a href="https://www.nytimes.com/interactive/2014/08/23/us/flow-of-money-and-equipment-to-local-police.html?_r=0" target="_blank">to spread federal taxpayer dollars to state and local law enforcement agencies</a>, thus gaining greater control at the local level. The DHS administers a number of grant programs that have helped to purchase a variety of new toys for law enforcement groups including new weapons, and new technologies. Also included in this is the infamous military surplus program which is supplies tanks and other military equipment to police forces everywhere from big cities to small rural towns. The crime-free town of Keene, New Hampshire <a href="https://www.aclu.org/blog/towns-dont-need-tanks-they-have-them" target="_blank">made sure its police received a tank</a> through this program as have many larger cities.&nbsp;</p> <p>When the Orlando gunman opened fire in the Pulse nightclub in 2016, the police eventually rolled up <a href="http://www.nj.com/news/index.ssf/2017/02/military_surplus_program_1033_nj.html" target="_blank">in a tank</a> &mdash; which did nothing to stem the bloodshed inside the club.&nbsp;</p> <p>Police claim they need these half-million-dollar vehicles from the DHS to deal with civil unrest. Never mind, of course, that every state already has <a href="https://mises.org/blog/decentralize-military-why-we-need-independent-militias">a National Guard force</a> specifically for that purpose.&nbsp;</p> <p>While the Department was created in response to the 9/11 attacks, the Department does nothing to address anything like a 9/11-style attack, and all the agencies that were supposed to provide intelligence on such attacks &mdash; the FBI for instance &mdash; already exist in other departments and continue to enjoy huge budgets.&nbsp;</p> <p>DHS also includes agencies that already existed in other departments before, such as the Federal Emergency Management Agency, and the agencies that handle immigration and customs. Those agencies should either be returned to the departments they came from or be abolished.&nbsp;</p> <p>And, few would miss the Transportation Security Administration &mdash; an agency that has never caught a single terrorist, but has <a href="http://www.zerohedge.com/news/2017-02-15/12-tsa-agents-just-indicted-smuggling-100-million-worth-cocaine" target="_blank">smuggled at least $100 million worth of&nbsp;cocaine.&nbsp;</a></p> <h4><u>Two: The EPA,&nbsp;$8.3 billion.&nbsp;</u></h4> <p>It seems at least one member of Congress <a href="https://www.nytimes.com/interactive/2014/08/23/us/flow-of-money-and-equipment-to-local-police.html?_r=0" target="_blank">already beat me to this one</a>, and a bill to &quot;terminate the Environmental Protection Agency&quot; was introduced on February 3.&nbsp;</p> <p>Created under Nixon in 1970, this agency largely exists today to push around <a href="http://www.foxnews.com/politics/2016/05/10/wyoming-welder-facing-16m-in-fines-beats-epa-in-battle-over-stock-pond.html" target="_blank">small-time business owners</a>, entrepreneurs, and mom-and-pop organizations that run afoul or some obscure federal regulation. More recently, The EPA dumped three million gallons of toxic sludge into a Colorado river, <a href="http://www.foxnews.com/us/2017/01/17/navajo-nation-vows-to-fight-epa-for-toxic-mine-spill.html" target="_blank">poisoning the Navajo Nation&#39;s watershed</a>. Meanwhile, the agency is suing a city in Colorado because<a href="http://gazette.com/editorial-mr.-pruitt-save-colorado-from-the-epa/article/1597202" target="_blank"> the city&#39;s storm drains</a> aren&#39;t exactly right. &nbsp;</p> <p>Local property owners and local governments already have a large incentive to avoid the destruction of rivers and air used by local communities. In the modern era of nature-based recreation, destroying a mountain river &mdash; as the EPA has done &mdash; is an easy way to destroy the local economy.&nbsp;</p> <p>Moreover, most of the environmental cleanup we attribute to federal regulation today was simply the result of growing wealth in the US. As Americans became wealthier, they began to value clean air and water more than the jobs associated with the &quot;dirty&quot; industries. Does anyone seriously believe that the Cuyahoga River would start catching on fire again without an EPA? It&#39;s not going to happen.</p> <h4><u>Three: Department of the Interior,&nbsp;$14 billion</u></h4> <p>The most notorious agency within the Department of the Interior is the Bureau of Indian affairs. The BIA controls 55 million acres of land which is &mdash; to use the darkly euphemistic term employed by the Feds &mdash; &quot;held in trust&quot; by the US government. That means the Indian tribes can&#39;t control their own land unless a bureaucrat at the Department of the Interior says so.&nbsp;</p> <p>Given that the tribes <a href="https://mises.org/blog/why-indian-tribe-sovereignty-important">should be totally independent of federal regulation</a>, the BIA should be abolished immediately. Any relations between the tribes and US government should be handled by the State Department, which is the appropriate place to deal with organizations that are supposed to be governed primarily by treaties with the United States.&nbsp;</p> <p>The other main purpose of the Interior is the control of immense amounts of &quot;public lands&quot; including national parks. The Department is unnecessary here as well, given that public land should be administered by the communities that are economically dependent on those lands. Moreover, whether we like the idea of public lands or not, the chances of public lands being privatized &mdash; even after being made into state lands &mdash;&nbsp;is approximately zero. State parks, national forests, and national parks are very popular with voters and moving them from federal control to state control won&#39;t change this.<a class="see-footnote" href="https://mises.org/blog/four-agencies-abolish-along-dept-education#footnote1_df6l6dy" id="footnoteref1_df6l6dy" title="This same argument can be applied to the Forest Service, which is under the Dept. of Agriculture.&nbsp;">1</a></p> <h4><u>Four: The Department of Agriculture,&nbsp;$153 billion</u></h4> <p>This is the most expensive of the Departments funded here &mdash; primarily because the USDA oversees the Food Stamp program &mdash; now known as SNAP &mdash; which costs more than $70 billion. The reason the SNAP program is in the USDA is that SNAP has always largely been a subsidy program for farmers. One of its original selling points was that it would get people to buy more food. SNAP could be rolled into the Department of Health and Human Services this afternoon, and virtually no one would notice or care. the USDA bureaucracy simply adds more cost.&nbsp;</p> <p>That wouldn&#39;t do anything to eliminate that $70 billion food stamp spending, of course.&nbsp;But it would make it much easier, politically speaking, to get rid of the remaining 80 billion of the USDA&#39;s budget.&nbsp;</p> <p>The rest of the USDA is composed of pork projects for farmers, researchers, and other corporate interests that continually receive the taxpayer&#39;s largesse.&nbsp;</p> <p>The USDA also administers its own affordable housing programs, even though several major programs for affordable housing already exist in the Department of Housing and Urban Development. &nbsp;</p> <h4><u>The Problem with Cabinet Level Agencies&nbsp;</u></h4> <p>A lot of what we&#39;ve discussed here falls short of totally abolishing the government spending associated with these Departments. These are all extremely mild reforms and mere baby steps toward a more <a href="https://mises.org/blog/no-country-should-be-bigger">human-sized</a> federal government.&nbsp;</p> <p>But ending cabinet level status for many of these agencies is a crucial first step in cutting these agencies down to size. It is likely not a coincidence that no cabinet-level agency, with the exception of the Postal Service, has ever lost its cabinet-level status, and certainly none have ever been abolished.&nbsp;</p> <p>When a government agency is lifted to the cabinet level, it gains political prestige, permanence, and direct access to the President. In other words, it makes that agency more easily able to lobby Congress, the White house, and to fight budget cuts. The fact that abolishing the Department of Education &mdash; without even abolishing all its programs &mdash; is now seen as some sort of wildly radical position &mdash; illustrates the power of the cabinet-level agency.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="224" height="153" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170224_agencies.jpg?1487953077" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-24/four-agencies-abolish-along-department-education#comments Bush Administration Department of Agriculture Department of Education Department of Health and Human Services Department of Homeland Security Department of Housing and Urban Development Department of the Interior FBI Federal Emergency Management Agency Federal Emergency Management Agency Government agency Mises Institute Navajo Nation None Politics Postal Service Supplemental Nutrition Assistance Program Transportation Security Administration United States Department of Agriculture United States Department of the Interior United States Environmental Protection Agency USDA White House Fri, 24 Feb 2017 18:17:25 +0000 Tyler Durden 588914 at http://www.zerohedge.com US Crude Production Tops 9 Million Barrels As Rig Count Hits 16-Month Highs http://www.zerohedge.com/news/2017-02-24/us-crude-production-tops-9-million-barrels-rig-count-hits-16-month-highs <p><strong>The US oil rig count rose once again this week (up 5) to 602 - the highest since October 2015</strong>. </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170224_rig1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170224_rig1_0.jpg" width="600" height="303" /></a></p> <p>&nbsp;</p> <p>US crude production is surging - back above 9 million barrels/day in the last week - the largest since April 2016.</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170224_rig_0.jpg" width="600" height="311" /></p> <p>The lagged response to rig count builds implies<strong> considerably more production to come.</strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="964" height="500" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170224_rig.jpg?1487959673" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-24/us-crude-production-tops-9-million-barrels-rig-count-hits-16-month-highs#comments Business Commodity markets Crude Economy Natural gas Peak oil Petroleum Petroleum geology Petroleum industry Petroleum politics Fri, 24 Feb 2017 18:08:20 +0000 Tyler Durden 588913 at http://www.zerohedge.com We Need a More Socialist Milton Friedman … Not http://www.zerohedge.com/news/2017-02-24/new-anti-prostitution-law-ireland-not-really-about-trafficking <blockquote style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><p>Via<span style="box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; line-height: inherit; color: #ff00ff;">&nbsp;<a href="http://www.thedailybell.com/" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #222222; outline-style: none; outline-width: 0px;">The Daily Bell</a></span></p> <div id="article_main" class="article_text" style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"> <blockquote style="box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; font-size: 17.5px; border-left: 5px solid #eeeeee;"> <p style="box-sizing: border-box; font-size: 16px; line-height: 24px; padding-bottom: 8px;">Milton Friedman had many ideas that I disagree with, and others that I think haven’t stood the test of time. But there’s no denying his influence over the world of economics; he was one of the field’s greatest popularizers and explainers. … For many Americans, the face of Milton Friedman is still the face of economics. -Bloomberg</p> </blockquote> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">No, we don’t need another Milton Friedman. We need a person who enunciates the real differences between socialism and free markets.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Friedman didn’t do that. On the big issues like central banking and taxation he was muddled at best. He was most eloquent and firm about smaller issues.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">The result is a message that is not homogeneous or even well argued. His narrative is one that evades significant issues while celebrating&nbsp;minor ones.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">More:</p> <blockquote style="box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; font-size: 17.5px; border-left: 5px solid #eeeeee;"><p style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;">Economists now generally favor as much or more government intervention in the economy as the general public.</p> <p style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;">… Economics has also changed. The kind of simple supply-and-demand analysis that people learn in their Econ 101 courses — which economists call price theory — is no longer at the forefront of academic thinking. More complex theories are now the norm, and these new theories often require very different intuition and very different conclusions. Even more importantly, the whole discipline of econ has shifted away from theory and toward empirical studies.</p> <p style="box-sizing: border-box; font-size: 16px; line-height: 24px; padding-bottom: 8px;">We need a new Milton Friedman for this new age. Economics and the world have both changed, but public discussion is still too often based on the ideas of the 1970s and 1980s. Many writers are trying to remedy that situation, and educate the world about the new paradigms and the new ideas. But someone with Friedman’s academic pedigree — he won the Nobel in 1976, and was hugely influential within the discipline — would have more credibility than any writer.</p> </blockquote> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">This article doesn’t seem to want a Friedman after all, just someone who can promote “post-Friedman” ideas that are more socialist than not.&nbsp;Who are some candidates for this neo-Friedman role? The article lists Thomas Piketty and Joe Stiglitz as prominent economists who are also writers.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">But Paul Krugman is closest to a modern-day Friedman &nbsp;in the author’s opinion.</p> <blockquote style="box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; font-size: 17.5px; border-left: 5px solid #eeeeee;"><p style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;">He is unrivaled in his ability to use economic theory, both simple and complex, to explain policy issues in a way the public can understand. Like Friedman, Krugman seamlessly integrates economic theory and political ideology&nbsp;….</p> </blockquote> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">But still the author wants more. He believes the current crop, no matter how good, are too theoretical and not empirical enough.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">He is looking for someone who will use real-life examples and illustrate concepts will real-life perspectives.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">From our point of view, none of this will matter very much. Just because someone is empirical doesn’t mean they are correct. Just because economists are more socialist than ever doesn’t mean we should follow them.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">The reason economics is held in low repute is not because of those who explain it but because of those who set its direction.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Even Friedman was not good enough. He advocate things like a steady state Federal Reserve. And he was the one who suggested to the federal government that prepayment of taxes would be a good idea.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Perhaps it was only supposed to last for the duration of the Second World war. Buy we are still living with it today.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">We need someone like Murray Rothbard, but even more broad minded and willing to embrace a wide array of anarchical solutions and monetary possibilities, so long as they are private.</p> <p style="box-sizing: border-box; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;"><span style="box-sizing: border-box; font-weight: bold;">Conclusion:</span>&nbsp;Socialism doesn’t work, The closer we can get to marketplace remedies for marketplace problems, the better.</p> </div> </blockquote> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.3; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; color: #333333;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 24px; line-height: inherit; font-family: Roboto, sans-serif; color: #303030;"><a href="http://www.thedailybell.com/news-analysis/the-world-needs-globalization-it-needs-trade/" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #222222; outline-style: none; outline-width: 0px;">‘The World Needs Globalization, It Needs Trade’</a>&nbsp;</span></p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.3; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; color: #333333;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 24px; line-height: inherit; font-family: Roboto, sans-serif; color: #303030;"><a href="http://www.thedailybell.com/news-analysis/republicans-reeling-in-fed/" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #1e439a; outline-style: none; outline-width: 0px;">Republicans Reeling in Fed?</a></span></p> <div class="top-article-title" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 24px; line-height: 26px; font-family: Roboto, sans-serif; color: #303030; text-shadow: rgba(255, 255, 255, 0.247059) 0px 1px 0px;"><a href="http://www.thedailybell.com/news-analysis/trumps-complications-in-draining-the-swamp/" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #1e439a; outline-style: none; outline-width: 0px;">Trump’s Complications in Draining the Swamp<br style="box-sizing: border-box;" />&nbsp;</a></div> <div class="top-article-title" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 24px; line-height: 26px; font-family: Roboto, sans-serif; color: #303030; text-shadow: rgba(255, 255, 255, 0.247059) 0px 1px 0px;"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;">and many more, just a click away ...</em></div> http://www.zerohedge.com/news/2017-02-24/new-anti-prostitution-law-ireland-not-really-about-trafficking#comments Academia Behavior Conservatism in the United States Economics Economy federal government Federal Reserve Fellows of the Econometric Society Forced prostitution Free market Friedman Friedman Unit Human sexuality Krugman Law Libertarianism in the United States Macroeconomics Milton Friedman Milton Friedman Monetarists None Paul Krugman Paul Krugman Prostitution Prostitution in Europe Prostitution law Sex industry Sex trafficking Sex work Sex worker Sexual reproduction Sexual slavery Social Issues Thomas Friedman US Federal Reserve Fri, 24 Feb 2017 18:05:38 +0000 TDB 588912 at http://www.zerohedge.com State Department Writes Anti-Leak Memo... Which Quickly Leaks To The Washington Post http://www.zerohedge.com/news/2017-02-24/state-department-distributes-anti-leak-memo-which-promptly-gets-leaked-washington-po <p>At this point it is no great surprise that the Trump administration is the victim of an attempted "soft coup" led by so-called career politicians, most of whom are liberal, Obama/Clinton loyalists, staffing the various agency buildings sprinkled around Washington D.C.&nbsp; As we<a href="http://www.zerohedge.com/news/2017-02-19/10-biggest-leaks-trump-presidency"> noted a few days ago</a>, here is just a small sample of what has been leaked by these career politicians in just the past couple of weeks:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <ul> <li><strong>The "National Guard roundup": </strong>The AP published a story this week on a <a href="https://www.axios.com/read-the-draft-memo-on-a-national-guard-immigrant-round-up-2268269944.html">draft Homeland Security memo</a> that would call up National Guard units to round up illegal immigrants. The administration quickly denied it was considering the idea, but someone leaked that memo.<strong>&nbsp;</strong></li> <li><strong>T</strong><strong>orture executive order draft: </strong>Only days after the inauguration, a draft of an executive order started circulating detailing plans to reinstate the CIA's "black site" prisons and using Gitmo for detainees. It's uncertain where this came from, and nothing has come of it since.<strong>&nbsp;</strong></li> <li><strong>His conversation with Australia: </strong>An official <a href="https://www.nytimes.com/2017/02/02/us/politics/us-australia-trump-turnbull.html" target="_blank">told the NYT </a>that the call between Trump and Australia Prime Minister Malcolm Turnbull was heated and had an abrupt end.<strong>&nbsp;</strong></li> <li><strong>His conversation with Mexico: </strong> Dolia Estevez from Forbes reported that<a href="http://www.businessinsider.com/trump-enrique-pena-nieto-mexico-phone-call-humiliating-threatening-2017-2" target="_blank"> sources from both sides told her</a> that Trump threatened to send U.S. military to Mexico during his "friendly" phone call with President Nieto.<strong>&nbsp;</strong></li> <li><strong>The raid in Yemen: </strong>Military personnel <a href="https://www.axios.com/how-a-secret-potus-trip-revealed-startling-details-from-yemen-2235970286.html" target="_blank">leaked information about the raid in Yemen</a>, which led to the death of a Navy SEAL. They accused Trump of not having the proper intelligence before signing off on the raid.<strong>&nbsp;</strong></li> <li><strong>Gen. Flynn's phone call: </strong>Weeks after the FBI warned the Trump administration that then-National Security Advisor Michael Flynn talked about Obama's sanctions during his call with Russia in December, the information was leaked to the press, which ended up with Flynn forced resignation.<strong>&nbsp;</strong></li> <li><strong>The insiders: </strong>Republican Senator John McCain told reporters on Tuesday, "It's a dysfunctional White House, and nobody knows who's in charge." Others have told journalists, including our Mike Allen about the <a href="https://www.axios.com/white-house-staff-in-survival-mode-scared-to-death-2262840544.html" target="_blank">"borderline chaos" </a>of Trump's administration, Steve Bannon's growing influence, Trump's dramatic process for selecting his SCOTUS, etc.</li> </ul> </blockquote> <p>Trump even commented on the persistent leaks again today in an early morning, mini tweet storm saying that <strong>"classified information is being given to media that could have a devastating effect on U.S."</strong></p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">The FBI is totally unable to stop the national security "leakers" that have permeated our government for a long time. They can't even......</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/835104946034991106">February 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"><p dir="ltr" lang="en">find the leakers within the FBI itself. Classified information is being given to media that could have a devastating effect on U.S. FIND NOW</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/835106143462703104">February 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>But the latest leak, while not terribly damaging to the Trump administration, <strong>certainly wins the award for "Most Ironic." </strong></p> <p>Earlier this week on February 20th, the State Department's acting legal adviser, Richard Visek, prepared a four-page memo for Secretary of State Rex Tillerson, entitled <strong>“SBU: Protecting Privileged Information”</strong>, which warned of the dangers of leaking by State Department employees. Ironically, that memo was promptly leaked to Josh Rogin of the <a href="https://www.washingtonpost.com/news/josh-rogin/wp/2017/02/24/state-department-writes-anti-leak-memo-which-promptly-leaks/?utm_term=.a1837a9a5b98">Washington Post</a> who subsequently penned an article bragging about his latest intelligence breach.</p> <p>While the memo warns that leaks are a "detriment of informed policymaking and the reputation of the institution from which the leak emanated", those <strong>warnings apparently fell upon deaf ears.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>“When such information is leaked … It chills the willingness of senior government officials to seek robust and candid advice</strong>, which ultimately is to the detriment of informed policymaking and the reputation of the institution from which the leak emanated,” the memo states.</p> <p>&nbsp;</p> <p>State Department officials unhappy with a policy have many perfectly good alternatives to leaking, the memo argues. The can participate in the policy process as it develops or convey their concerns about a policy afterwards to their co-workers, supervisors or department leadership.</p> <p>&nbsp;</p> <p><strong>“The Department has also benefitted [sic] from the existence of the Dissent Channel,</strong> which is itself a confidential deliberative channel that seeks to facilitate open, creative, and uncensored dialogue on substantive foreign policy issues,” the memo says.</p> </blockquote> <p>Of course, Secretary of State <strong>Tillerson has responded to the leaks by shutting off access to sensitive information.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Several State Department officials told me that they <strong>see evidence of&nbsp;an effort by Tillerson to stymie leaking is already underway</strong>. For example, detailed readouts of Tillerson’s meetings with foreign officials are<strong> no longer distributed widely inside the building,</strong> leaving officials in relevant bureaus unsure exactly what transpired.</p> <p>&nbsp;</p> <p>Another official told me <strong>Tillerson has shortened&nbsp;the list of officials allowed inside the daily 9:15&nbsp;a.m. senior staff meeting</strong>, which has previously served as a key channel through which various State Department offices and bureaus learn about the day’s agenda and get direction from the secretary’s office.</p> <p>&nbsp;</p> <p>A third State Department official told me he was <strong>instructed to make requests for policy information and guidance over the phone or in person, rather than commit any policy discussions to an email that might be leaked.</strong></p> </blockquote> <p>And while quarantining sensitive information is a <strong>more than appropriate step by an administration plagued by leaks emanating from a group of disaffected career politicians seeking political retribution</strong>, we can already hear the faint cries of Democrats who will undoubtedly blast what will surely become a "secretive" Trump administration...never mind that they caused the problem in the first place.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="696" height="385" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.02.24%20-%20State%20Department.JPG?1487945348" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-24/state-department-distributes-anti-leak-memo-which-promptly-gets-leaked-washington-po#comments American people of German descent Australia Business Central Intelligence Agency Department of State Donald Trump Draft:Timeline of the Trump-Russia Scandal ETC FBI Federal Bureau of Investigation John McCain Mexico National Guard national security Politics Rex Tillerson SCOTUS State Department The Apprentice United States Washington D.C. White House White House Fri, 24 Feb 2017 17:55:45 +0000 Tyler Durden 588892 at http://www.zerohedge.com Apple Stock Is A Sell (Video) http://www.zerohedge.com/news/2017-02-24/apple-stock-sell-video <p>By <a href="http://www.econmatters.com/search/label/EconMatters"><span style="text-decoration: underline;"><span style="color: #0066cc;">EconMatters</span></span></a> </p> <p><em><br /></em> </p> <div class="separator" style="clear: both; text-align: center;"><a title="Open in new window" class="external" href="https://2.bp.blogspot.com/-jhJfQbFiZeE/WLBvJReWL3I/AAAAAAAAOHM/IqZvrw2JnGsoLZawSiPX-yFcLG7QCKftQCLcB/s1600/apple-iphone-line.jpg" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img src="https://2.bp.blogspot.com/-jhJfQbFiZeE/WLBvJReWL3I/AAAAAAAAOHM/IqZvrw2JnGsoLZawSiPX-yFcLG7QCKftQCLcB/s400/apple-iphone-line.jpg" height="272" width="400" border="0" /></a></div> <p> We discuss the reasons why Apple stock is a sell in this video, sure you have to get the position sizing right, as well as the timing, but this stock is going down. We discuss 9 main drivers for what will move Apple`s stock lower over the next 3 quarters, the best unbiased, objective analysis you are going to find anywhere right here in this video. Don`t Buy Apple at these levels period like the greater fools need to ultimately make money with their poor investment price decisions!</p> <div class="separator" style="clear: both; text-align: center;"><iframe src="https://www.youtube.com/embed/Rd6uSjTT6wo?feature=player_embedded" height="266" width="320" frameborder="0"></iframe></div> <p> © <a href="http://www.econmatters.com/" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">EconMatters</span></span></a> All Rights Reserved | <a title="Open in new window" class="external" href="http://www.facebook.com/EconMatters" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Facebook</span></span></a> | <a title="Open in new window" class="external" href="http://twitter.com/#!/EconMatters" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Twitter</span></span></a> | <a title="Open in new window" class="external" href="http://www.youtube.com/c/Econmatters" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">YouTube</span></span></a> | <a title="Open in new window" class="external" href="http://feedburner.google.com/fb/a/mailverify?uri=EconForecast" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Email Digest</span></span></a> | <a title="Open in new window" class="external" href="http://astore.amazon.com/econforecast-20?_encoding=UTF8&amp;node=80" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Kindle</span></span></a><strong>&nbsp;</strong><em>&nbsp;</em><span style="text-decoration: underline;">&nbsp;</span></p> http://www.zerohedge.com/news/2017-02-24/apple-stock-sell-video#comments Apple Apple Inc. Computing Facebook Social media Social networking services Software Steve Jobs Technology Twitter Twitter Twitter Universal Windows Platform apps YouTube Fri, 24 Feb 2017 17:54:10 +0000 EconMatters 588910 at http://www.zerohedge.com