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Did Tim Cook Violate Regulation "Fair Disclosure" By Emailing Jim Cramer To Save AAPL Stock This Morning
Earlier today, as AAPL stock was plummeting and had lost a whopping $75 billion in market cap, dropping as low as $92/share, CNBC's Jim Cramer pulled a rabit out of a hat, or in this case a previously undisclosed email out of his inbox. An email from AAPL CEO Tim Cook which said the following (as subsequently conveyed by Cramer to CNBC viewers):
Jim,
As you know, we don't give mid-quarter updates and we rarely comment on moves in Apple stock. But I know your question is on the minds of many investors.
I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August. Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last 2 weeks.
Obviously I can't predict the future, but our performance so far this quarter is reassuring. Additionally, I continue to believe that China represents an unprecedented opportunity over the long term as LTE penetration is very low and most importantly the growth of the middle class over the next several years will be huge.
Tim
While we are delighted by Tim Cook's subjective take of AAPL's Chinese prospects, we have a different question: where is the public filing that accompanies this letter which constitutes nothing short of a private business update with an outside, and unregulated by Apple, market cheerleader?
Because as the AAPL reaction to Tim's letter, which was clearly in Cramer's private possession for at least 1 millisecond before it was made public (and thus we don't know who else may have had access to it before its public dissemination), just how is this not a Regulation Fair Disclosure violation?
Needless to say, the fate of AAPL, which is the most important stock in the world, held by a record 181 hedge funds, determines the intraday (and not only) fate of the entire market.
Remember: the fate of AAPL determines the fate of the US stock market pic.twitter.com/04NAbgVR2k
— zerohedge (@zerohedge) August 24, 2015
And for those who may have missed it, this is what AAPL's stock has done today, ever since this clearly market moving letter, helped AAPL regain an unprecedented $80 billion in market cap since the lows.
We are eagerly looking to find an 8K public filing of Tim Cook's letter among AAPL's EDGAR filings, even if it will have taken place hours after the market moving event, or alternatively, perhaps the SEC or any other authorities who were not too stunned to react today, can explain just why this is not a Reg FD violation?
Then again, with AAPL leading the S&P rapidly into the green, we are confident this, too, will be promptly forgotten and swept under the carpet of "whatever it takes to keep the market green."
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Corruption is the norm in US markets. Tim will be hailed as a hero of capitalism like corrupt, criminal, billionaires Dimon and Blankfein
^ and those 2 as well...
There is only 1 way this would have been a problem:
bcc: Martha Stewart
I haven't heard the latest definition of "fair discolsure" recently, I'm pretty sure it doesn't mean what we think it should.
Regulation FD addresses the selective disclosure of information by publicly traded companies and other issuers. Regulation FD provides that when an issuer discloses material nonpublic information to certain individuals or entities—generally, securities market professionals, such as stock analysts, or holders of the issuer's securities who may well trade on the basis of the information—the issuer must make public disclosure of that information. In this way, Regulation FD aims to promote the full and fair disclosure.
The Reg FD filing was lost, just like Lois Lerner's and Hillary Clinton's e-mails!!!!
ICann twited Nflx a hundred times from 65 to700 and he is not in jail. I
Big difference. Ican isn't the fucking CEO of NFLX.
It's realy quite preposterous to believe that Jim Cramer, media mouthpiece for the Federal Reserve Bankster Cartel would be involved in anything under the table. Shame on you Tyler, you hater you.
Laws are for goyim.
`The growth of the middle class over the next several years will be huge.`
BlackLivesMatter -to the fascists.
BLACK LIES MATTER......To the zionist race baiting media
Tim Cook lost a lot of credibility by just emailing Jim Cramer of CNBC. Don't care if it broke any laws at all since these days laws keep getting broken left and right by people with $$.
Bwahaha, take that you AAPL fuckers! I will dance on the grave of your company just as I dance on the grave of that socialist prick Jobs!
https://www.youtube.com/watch?v=V9EbPxTm5_s
It's my strong opinion that GS takes the opposite side of Crammer's shillery... by design? Would love to see what their prop desk did for trades in the minutes between Crammer's receipt of Cook's email and the actual dissemination of said email by Crammer. Should be a simple task for the regulators to take a look at the prints - too bad they won't though.
Ding, ding, ding....
That was my second thought exactly -- who instructed Cramer and when, to blast this out to the sheeple?
There are no coincidences in this opera.
The SEC regulators won't investigate (or prosecute) Tim Cook under FD law, for the very simple reason that they don't want to see their 401k balances get hammered... DUH.
Or their other position (held by the fed) get hammered... the same one we all own...
boys in the community are taught that non-Jews aren’t quite human. Speaking from Berlin, where he is doing biomedical research on a Fulbright fellowship, Katz explained that growing up in such a community, “you don’t see commonality with people who aren’t Jewish. There is a completely different taxonomy of people. There are Jews and then there are non-Jews, who don’t have souls.” - See more at: http://mondoweiss.net/2014/01/haaretz-orthodox-taught#sthash.LCQ3feWh.dp...
I wrote the other day that the hedge had it all wrong and this whole move was AAPL, and got flamed. AAPL 18% interday move, and maybe more to come on NO VOLUME....
Write up there with the Pandit letter that saved it at 666, Alot of damage should have been done though lets see what happens.
I think Tim pulled that information out of this ass.... Ooops....
Let me make few very obvious thing clear:
- AAPL represents the health of Chinese economy. Presently, Chinese economy is a very sick patient and will become even more sicker.
- AAPL is a vey sizable component of DOW 30 and S&P 500, etc., Consequently, it is very easy to manipulate the major financial market indexes by manipulating AAPL and few similar stocks. This is exactly what is going on.
However, neither Chinese can manipulate the stock market for ever. The same is goes for US financial markets.
Tim Cook is a liberal and a card carrying member of the Brown Grommet club.
He, nor AAPL, will face any legal jeopardy.
Not only that, his first name is 'Tim' and his last name is 'Cook'...Waffle House is missing a manager...
As a homo, he fits right in with the elite.
On the other hand as a member of the gay mafia, he probably wouldn't mind a little prison time and the opportunities to service Bubba or a big black brotha.
'Brown Grommet club'...
Oh Chit... just about fell outta my chair...!!!
Not to mention a raging fudge packer...not that there's anyting wrong with that!
Open-minded as I am, I've no problems with Tim Cook being a turd burglar, but using cunt-features Cramer to boost your stock is downright disgusting.
I have a problem with terd burglars. They use 5x the healthcare resources as normal people, and under Obowelcare, I have to pay for them. They should pay extra for their own dangerous lifestyle choices, like smokers do.
Oh no, that would be discrimination.
Tax the Fat.
It's called "fog of war"
Watching this bounce makes me as nauseous as watching the assholes clamoring around Hillary claiming she is innocent.
Tuning out before I fucking vomit
It is after noon New Yawk time, s'OK to start drinking ;-)
Good point and of course he's one of the "special" people whose shit is completely non-odorous.......
"$80 billion in market cap. An email which may also have been a rather blatant Reg FD violation."
"What's 0.0001 of $80 billion? THAT should put the fear of God into Mr. Cook!"
Remember that for your next discussion with friends and family where they flout their opinions about their 401k and the markets. When $80 billion in market cap vanishes and immediately reappears, how real are your account balances and your current reality?
Answer: About as real as the weather report.
You have to understand... the people don't care that 80 fucking BILLION apparent dollars can participate in magic tricks like that. Is the stock price lower or higher - that's it. Very much a one-dimensional understanding or care attributed to stocks.
Somehow I don't think she's warbling "It's a Good Thing."
ROFL
How is Cramer still on TV? Didn't everyone who listened to him go broke yet? Or did he find teh kids?
Airhead- the, the, the, the, the, the,......
Nein. Sprechen sie 7337!
These Markets are truly as grotesque as the criminals pulling the levers.
Apple has done some great things, but today they are just another gadget maker.
I'll take a Samsung product any day of the week without thinking twice. And if I don't like that, there are plenty more to choose from.
Apple is just another gadget company using Chinese slave labor. I hope the stock goes to what Nokias did. Hell, , maybe I'll buy one of those again, or how about Sony or HTC.
If Apple is the most important company to equity markets, I'm extremely glad I have no equity positions. Insanity...
Seriously Apple could close shop and stop producing products tomorrow and outside of those that directly profit from Apple sales, nothing would change. People would use Android phones and tablets and Windows laptops. They have no dominant position in the cloud storage or business/server markets. Every Apple product is COMPLETELY replaceable with lower cost and arguably better performing products. They're a logo. A brand. Yet they're the most important stock in the world. That should tell everyone all they need to know about the current state of "capitalism" and the "markets".
Have you seen all the iWatch commercials? They're nauseatingly disgustingly gross - painting the most trivial, stupid things that "watch" can do as desirable. They're really pushing it to the techie/upper-middle-klass parents. Very much a parent-child-association marketing campaign. Fucken scumbags.
Agreed. But they want to reinforce their brand by associating it with the human experience. Just like the black and white Cheerios commercials with some old hag force feeding them to a toddler . Technology slowly creeping untilit overtakes you. Excuse me while I load some bird-shot and start taking down some drones...
hipsters fall for any of that garbage
I just wish they hadnt have come invaded the local brewery.
They're really pushing it to the techie/upper-middle-klass parents.
"Pushing" is quite apropos. Apple sells false feelings of joy no different than the dopamine rush of a drug.
Wait until some guy offers to suck your dick for an iWatch...
the one thing apple really has going for it is not so much brand loyalty but brand stuck--once you create your playlists and ties to ipads or ipods or iphones its difficult to change.
having said that, I am trying to find a way to leave the apple stable. They stopped making ipods, my ipad is becoming too complex and it is slowing down after 15 months, The touch screen is not reliable.any more pop up adds and I'll throw it out sooner rather than later.
So those problems may or may not be shared by others. But I bet more than a few are upset and will gravitate to other platforms.
Not to mention the possibility that with a global slowdown apple may no longer be selling new phones every 2 years to folks other than delvelopersd People may realize that, outside of battery replacement, the phone will actually work and do its thing for 3-4 years an dthe dropping more money just to have latest and greatest is great when you have the excess bucks to spend. Not so when you might be tight on money.
Thunderchief - Agree. Tomorrow I get a new smart phone. Apple wasted a lot my time on content management the last couple of years.
Very recently all content was erased when they updated new IOS for a large number of customers. Time is money and device wise Samsung is just as good.
hmm,
the Swiss National Bank purchased 3,300,000 shares of Apple stock in the first quarter of this year, adding 500,000 shares in the second quarter.
Among this list of the Swiss central bank’s holdings are stocks which are responsible for more than 100% of the year-to-date rise in the S&P 500 prior to the latest sell-off.
the Swiss central bank could be operating as an agent of the Federal Reserve.
http://www.counterpunch.org/2015/08/24/central-banks-have-become-a-corru...
'the Swiss central bank could be operating as an agent of the Federal Reserve'
Of course they are. And they're all beholden to the Rothschilds. All of the power is hidden. The MFer's running the IMF, the BIS, and the UN aren't going to come out and say 'we're really running things'
Yes he did.
Hold him with high bond and impound all his assets. Oh wait!, he is not a regular Joe Citizen, he is a bankster!
Let's do a HGTV profile on one of his lavish homes instead.
How we all wish we were rich and famous criminals. Come on. be truthful. Come on!
Debt-Money-System and Stock-Markets are running by the Synagogue!
That means, their is no market! http://www.synagoguerising.com/
Everybody who puts money in this "markets" must be very stupid!
So change all your debt-money (FED-Dollar) and Stocks into Gold- and Silvercoins and wait what will happen in the future.
They know if they didn't get out there and saved apple from falling more of hte mutual funds would have dumped the stock and therefore have more institutional selling and possibly a 2,000 or more ending for the day in the red.
Cramer will look good in an orange jump suit. He will look even better in the communal showers.. Booyah
The fact that a guy like Kramer has a job advising on "stocks" in the "market" sums up where were at.
If you didn't know any better you think it was a bad sitcom.
Tim will be investigated right after they wrap up the investigations of Corzine and Hillary.
So he serves time with Cait? Whadda deal.
Icahn does this shit all the time. U.S. economy was brought in under the supervision of the DoD a long time ago as it is critical to national security. They get a pass, and always will. If me and you do it we go to prison for a very long time.
"national security"
"general welfare"
"whatever, pleb, stfu"
all effectively synonymous
Rubbish!
Nomination for Noble Prize for Economic Science!
http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/
He's a protected sodomist, so no, he won't be investigated. But if any Christians didn't whole-heartedly embrace his butt-lovin' lifestyle, the SEC will get right on it.
Regulations are for the little people.
Maybe Tim should use some of that Apple offshore cash (offashore as in Nevada) and buy back Apple stock.
It is only a violation if a judge rules it. Everything is legal if you have access to money.
Hence: "Everything is legal if you have access to a judge."
It's not like he is like the 'terribly corrupt' Martha Stewart or anything
Even if Cook did violate the law nothing is going to happen. At least anything negative. The SEC will probably give him a medal if the market turns green.
Plus, and I don't mean this in a homophobic ((or whatever)) way) but with respect to our current morality and focus of society, he came out of the closet and is thus a Hero, as is Cait.
Nobody will punish either of them
Seriously. That seems to be a "deciding" factor in today's society.
Now if you'll excuse me, I'm going to go shave my butt crack
Aaaaaaararraaagaggaggahhhhhhh!
Catcher?
Next you'll resurrect the Gong show.
Leave Jay P. behind.
AAPL is most likely the most widely held stawk by Congrssional members so i seriously doubt anyone will enforce the law against them.
" ..if it prosper, none dare call it treason" still true!
Moving stocks upward is always okay. If this would have sent AAPL stock plunging, an investigation already would have been opened.
Doubleplusgood! Moar market manipulation, please!
No one cares if it's "positive" news. But you all already knew that
poor Tim! I sure hope he doesn't end up having to pay a $5k fine over his $80b email - that would be draconian!
Not a penny in fines, as such a move would set a precedent and beg demands for a larger fine. APPL is living off the fading spirit of Steve Jobs, fading soon into complete mediocrity.
Desperation... its so becoming of a healthy market with fundermentals
And doesn't Cramer's "trust" own APPL shares?
Now there's some one that if raked over the coals would be met with massive splendouriferous public celebrations.
Fireworks, bonfires, small children in their draconian finest dancing about, singing hymns of praise and chanting for disembowelment, quartering and burning at the stake.
T'would be a sight to behold
best selling apple product in china? a new app for investors: weSOfukked
Tim Cook is Wallstreet's fucking bitch. He's more concerned about sucking banker cock than he his about developing new product.
Tim Cook is above the law just like Hillary Clinton!!
Obama's DOJ is too busy going after white cops.
Its NOT 1 Man....
It could be 2 in the whitehouse mastef suite.
All kidding aside...its all of them vs you.
RIPS
Laws are for the little people...especially SEC regs...
Like every crooked CEO knows, its always cheaper to pay a fine than take a huge loss.
Is that the same Chinese middle class who have a lot in their stock market?
Gee, imagine that, the NY Times thought the email update was a good idea. At least everyone in NY knows about the update now.
http://www.nytimes.com/2015/08/25/technology/tim-cook-of-apple-seeks-to-...
If Apple tanks later there will be a flurry of actvity claiming they were mislead by Tim/Jim. The risk may not be regulatory but this will not go unnoticed if all does not go well.
We can always dream I suppose but it looks like the Fedsters are back in the game again after having let the little monster off its leash for a few milliseconds
By Tim/Jim are you implying...?
"Rules are for peasants"
Marie Antoinette (not really fact checkers)
Back in the 20s when the market was crashing..I think the President called the 5 richest people to see if they could help buy the market ...and they did if I remember my history..
You are correct....under "We didnt get all dressed up for nothing" file...
and as a result, those 5 richest people likely got even richer in the long run. Banksters LOVE deflation and all this talk about wanting inflation is to distract the majority away from the fact that deflation ipaves the way for the wealthy (i.e., banksters) to purchase (i.e., *steal*) assets from SOL sellers at fire-sale prices.
Bankers go out of business if there is deflation in this economy. It is a ponzi scheme, and deflation means that the ponzi is shrinking. When Ponzi schemes shrink, they collapse. The post Lehman response of TARP, QE1, QE2, Operation Twist, QE3, etc... was the response to just a very small taste of the beginnings of deflation.
Look at the post Lehman period:
https://research.stlouisfed.org/fred2/graph/?id=TCMDO,
NFLX has gone from $104 at Friday's close to $86 to $107 today. Seems normal
All of those people suddenly watching that documentary called "Idiocracy."
I am so sick of this shit. I love my country, I was born and reared here and I have seen the good and bad in the people but the experience today surpasses most.
The citizens seem content to be led to slaughter, so "Marines! We are leaving!"
See ya in the funny papers you poor mooks.
Rules and regulations??
What are those?!
First thing I thought was wow.....one man just changed markets caps by hundreds of billions across the indices.
If the market opened at zero this morning it would be up almost 800....just a thought
Damn! Missed it!
I like you...you would be a good friend to have around to cheer me up in bad times...like having a colostomy bag being an advantage during a long movie or something..good work there coast!
it probably only cost three fiddy to raise the cap $80B.
Jeremy Siegel just called for DOW 20k by end of year. These talking heads are the biggest asses.
nothing but a ploy to milk'em all while you still can.
A 20K Dow would not be a surprise. In fact I expect it.
When all of that US ISSUED CASH, from the vaults of Foreign Central Banks, are divested back into the USSA then we will have a Hyperinflationary Inferno the likes that have never been seen. That Hot Currency will end up in the Stawk Market...some of it at least.
That is the RESULT of the DOWNSIDE of Deflation. The Foreign Central Banks WILL DIVEST EVERYTHING in order to garner some liquidity. They are INSOLVENT after all. What are they going to do with that $12 Trillion in PAPER US GOVERNMENT ISSUED LIMITED EDITION SERIAL NUMBERED PRINTS of DEAD US PRESIDENTS and STATESMEN???
Deflation is not just happening to the USSA, after all.
Do you really think that they will leave them in their vaults to garner more dust as their people starve?
Deflations precede Hyperinflations. It is just the fact.
Thank goodness for Virtu...without the HFTs the markets would be a smoking crater....
Regulation smegulation. When the regulator is in on the con there are no rules. Used to be that there was "honour" among thieves, but even those rules are too restricting. That the media plays along should make people think, but humans clearly do not have such capabilities. The real reason humans sit at the top of the food chain is that we have the lowest standards and will consume anything, even our future.
Reg NMS = "No More Selling"
On CNBC they were thanking Jim Cramer for saving the market with his disclosure of Cooks Email !
An harbinger of the complete comedy crash coming our way !
Another blatant violation yawn
As clear a violation as they come.
I'm sure the fine will be so big it will make Lord Tim puke with fear.
Thousands of dollars down the drain.
in the scheme of today's events,this is the LEAST of worries.
Appy, appy, appy, appy. so appy. /
Bernanke: we have this thing called a printing press. They don't need to buy the whole market, just AAPL, and it's all good.
Calm down, a little Endsieg propaganda. This is how he makes money.
The answer is, yes, but who cares?
As expected, the markets will behave in the manner that will piss ZH off the most.
Down 1% in the casino as we speak...
Rules...how quaint.
He even admitted on tape he uses CNBS to control stocks.
http://www.dailykos.com/story/2009/03/11/707135/-Why-Isn-t-Cramer-in-Jail#
Up to a -181 at 12:30EDT. No change or Green by 3pm. ?
They're farting in our faces, ya know! lol.
Tim and Cramer were doing gods work.
Appy stick save.
Is that what Barney Frank calls it ? Barney doing the Doody Frank ?
Just curious- how many of you fools started shorting this morning? I rise late these days, so I didn't get to see the -1000 opening, but if I had, I would have warned you it would go green before the end of the day. This isn't a market any longer. The top will only be in once the last bears are done being skinned. With QE iv coming, I don't really doubt much that Siegel's call for 20K Dow is actually going to be correct. I am just going to stay out and watch it all unfold with great amusement, even I do fear the final denouement.
If the SEC shined a light up the regulatory ass of Tim Cook it would be considered a hate crime.
This is one of those 'it will cost less to cheat' than play fair scenarios.
How can anyone realistically be buying this market? I would think another wave of selling is in order if it's bounces back. If I did not get out before, I would certainly pull the trigger and sell into this 'rally'!
Because there is a very high probability that the Fed will backstop it. They have every time for over two decades. The odds are on it happening again
This isn't a moral question
The hedge funds and tech titans got bailed out this morning, because they're the ones writing the big campaign contributions. They're the ones levered up because they have the Yellen Put.
buddy buddy capitalism. Media and Oligarchy world in cahoots to save the key Tech company's skin. What is good for Aapl is good for US capitalism.
Yes siree...ZH once again pulls the rug from under the cauldron of crony vanities.
The proof of the pudding is in the eating. Bon appetit.
Saved $85 billion in market cap? Maybe we will see an SEC settlement of $8.5 million in fines!
Harsh
silly wabbit trix are for insiders
You can tell its #BlackMonday worlwide when the Fed Protection Team turns a 1000 point loss into a gain. Gold monkey-hammered hard again at the US opening (who would want Gold in a worldwide financial crisis?), the 10 year treasury smacked back above 2% after it started to dip just before 10am (we don't need no stinkin' safe havens), and Apple is riding high on Tim Cook rumors!
Nothing to see here Comrades - the Politburo has it all under control - go back to piling up credit card debt and watching the Kardashians.
Do #BlackMondaysMatter?
Someone got ass raped today selling $92's. Almost a 20% gain after that. A company with a market cap of more than a half TRILLION having a 20% swing in a day is insane.
And they're going to raise rates. Hahahahaha hahahahaha like I've said before rates rise in the 3rd quarter of 2000andnever.
Schwing !!
the AAPL reaction to Tim's letter, which was clearly in Cramer's private possession for at least 1 millisecond before it was made public (and thus we don't know who else may have had access to it before its public dissemination), just how is this not a Regulation Fair Disclosure violation?
Cops can't enforce such petty regulations! They got some black kids to shoot in the back.
I do not care what you political bias, the above is illegal. Someone could have made millions in a minute just by being in possession of that Insider Trading info. If you justify this, then you too are part of the growing and out of control "Double Standard" that has replaced legality and the Constitution. We live in a gilded age where government's purpose is to lock in the gains of the 1%, and to smash anyone sticking their head up to ask what is going on.
America has prisons packed with millions on petty bullshit charges .
Someone "got fat" today, and if I were them I'd be heading down to Creeque Alley, with all that plundered booty.
Slap on the wrist fine, if anything.
AAPL...too big to fail?
Apps are software...so are not technically 'tangible' collateral or product ? Might be interesting distinction if it goes to court.
Tim Cook is Too Big To Jail. C'mon, he runs Apple, the EBT users' favorite phone company.
I aint that old in terms of others, but I have seen, personally, far too much of this blatant in your face corruption to last me the rest of my natural.
I have a really good friend who's some 86 years young and I asked him last week what he thought of the way we were not just being run, but slowly destroyed. He told me its always went on, but at this point in time, the total disregard of ethics, and the thought of public opinion staggers him to the point he is glad he is the age he is.
And fuckers like this boyo, who manufacture shit you don't even need, with slave labour abroad, move the markets????
'May you live in interesting times' was a fucking misnomer.
Even right fucking cunts wouldn't stoop to these fuckers levels.
;-)
Actually, the writing was on the wall with the advent of the ridiculous fad of permanent Tatoos all over the bodies, arms, legs, labia majora, and titty nipples of the under 30 set along with the growth of the trend in puncturing the ear lobes of the under 20 set and stretching that pinhole circumferentially to the point that a golf ball could now be inserted firmly. Add to that the facial hair that has been appearing with increasingly scruffy frequency on the faces of 40 + somethings, making all of them look like they have reached destitiution if not in fact, then certainly in fiction.
I wanted to short the market when I saw 5 day old grey growth on every other man who now must it seems now wear his manhood on his face, and announcing to the world that he thinks he's a manly man, while looking like pathetic losers. (and that goes for all you ZHers who have come to the decision to forego the razor for 5 minutes a day and embracing it for a half hour a day to meticulously trim what little brush you have on your face).
The market has ALWAYS descended into correction territory when men grew unsightly, scratchy beards (to be prepared for the cold days of economic ruin?) , and women got tatoos on their asses, their bare skulls, underarms, and the underside of their tits, vulvas, and the crack of their asses. Next the Maxi skirt will return, and all those tasty butts that are on display now in those tight fitting Lululemon see-through yaga pants.
The culture is getting the early alarms, that it has received a silent death knell and it's all down hill for millennials, and boomers who have no put aside sufficient funds for their old age.
There will be a boom in tatoo removal services when those imbeciles pull their heads out of their asses in a decade or so.