While Piketty's book was divisive, the reviews of Hillary Clinton's new book "Hard Choices" are downright one-sided - and terrible. That likely explains why, as AP reports, sales have crashed 44% after an already disappointing first week. "Hard Choices" sold just 48,000 copies in its 2nd week; and following the same dismal path as Greenspan, Cramer, and Geithner; has been discounted 40% on Amazon already.
According to the latest Nielsen Media Research data, in the second quarter of 2014, CNBC viewership for all viewers just dropped to 162,000 - a new (and depressing for Comcast) low, on par with CNBC's viewership from Q2 of 1997! Where things get funny is when one looks at the ratings of that consummate entertainer, that self-appointed "voice of the people", Jim Cramer. Sadly for Cramer, the people are now gone. Because also according to Nielsen Jim Cramer's Mad Money show just had its lowest ever rated month in the 25-54 demo, and is about to have its second lowest rated month ever across total viewers.
Social Media Advertising A Dud: 62% Of Americans Say "Social" Ads Have No Impact On Purchasing DecisionsSubmitted by Tyler Durden on 06/23/2014 08:40 -0400
One of the great "paradigms" of the New Normal tech bubble that supposedly differentiated it from dot com bubble 1.0 was that this time it was different, at least when it came to advertising revenues. The mantra went that unlike traditional web-based banner advertising which has been in secular decline over the past decade, social media ad spending - which the bulk of new tech company stalwarts swear is the source of virtually unlimited upside growth - was far more engaging, and generated far greater returns and better results for those spending billions in ad bucks on the new "social-networked" generation. Sadly, this time was not different after all, and this "paradigm" has also turned out to be one big pipe dream. According to the WSJ, citing Gallup, "62% of the more than 18,000 U.S. consumers it polled said social media had no influence on their buying decisions.
- At least 74 dead in crashes similar to those GM linked to faulty switches (Reuters)
- Obama Calls for $1 Billion Europe Security Fund; Will Increase U.S. Military Presence in Eastern Europe (WSJ)
- Euro Inflation Slowing More Than Forecast Pressures ECB (BBG)
- China accelerates as euro zone stumbles (Reuters)
- Russia says Ukraine situation worsening, submits U.N. resolution (Reuters)
- Secondary Sales Squeeze Investors (WSJ)
- Barclays Said to Start Cutting Jobs in Investment Banking Unit (Bloomberg)
- Backlash Grows on Release of Sgt. Bowe Bergdahl in Taliban Prisoner Swap (WSJ)
- For fallen soldiers' families, Bergdahl release stirs resentment (Reuters)
- PIMCO's Gross stares at record outflow (Reuters)
As the U.S. Greater Depression progresses, depicted most vividly in the collapse in the “civilian participation rate” (the number of people working in the economy) and the “velocity of money” (the heartbeat of the economy) - indicating an economy which is not merely in decline, but rather is being sucked downward in a terminal (and accelerating) death-spiral. There is another even more concerning statistic: U.S. “gasoline consumption” – as measured by the U.S. EIA itself – has plummeted by nearly 75%, from its all-time peak in July of 1998. A near-75% collapse in U.S. gasoline consumption has occurred in little more than 15 years... "recovery"
At this point it is clear that Malaysian Airlines flight MH 370 which has been missing for two months will almost certainly never be found: whether due to the nature of the disappearance, or because it is a cover up stretching all the way to the very top (recall that it was disclosed by none other than NBC that the released air traffic control recording with the plane was edited, suggesting that the government itself is complicit in whatever happened), the plane will forever be entombed in the annals of history, alongside CNN's Nielsen ratings, and its final resting place will remain a mystery. However, over the past 24 hours, another mystery surrounding the final voyage of flight MH-370 has emerged, one which this time involves the plane's cargo.
Let's examine what happened from the beginning. An extreme right wing group, with US and NATO support (according to released internal transcripts), overthrew the legitimate Ukrainian government (illegally) via violent coup. The fact that this group had western support is not important really, but should be noted. So according to 'international law' - this 'country' is NOT Ukraine. Ukraine cease to exist when this happened. The new 'government' - not popularly elected, seized control by force.
- Comcast Agrees to Buy Time Warner Cable for $45.2 Billion (BBG)
- Italian leadership squabble weighs as shares halt hot run (Reuters)
- Russia says Syria aid draft could open door to military action (Reuters)
- China trust assets rise 46% in 2013 (WSJ), China Trust Assets Surge to $1.8 Trillion Amid Default Risks (BBG)
- Australian Unemployment Jumps to 10-Year High (BBG)
- Tea Party Scorns Republicans as House Lifts Debt Ceiling (BBG)
- Peso plunge forces Argentine soya hoarding (FT)
- BNP Paribas Net Falls After $1.1 Billion U.S. Legal Charge (BBG)
- Hacking Joins Curriculum as Businesses Seek Cyber Skills (BBG)
- Android's 'Open' System Has Limits (WSJ)
- Blackstone-Fueled Single-Family Home Boom Lifts Chicago (BBG)
While the world may be reeling in the aftermath of a horrible week for markets, which following today's largely expected $10 billion additional taper announcement, is only set to get worse (because, oops, the global economy turned out to not be in escape velocity mode as everyone simply confused the artificial level of the S&P 500 with economic output, as usual), one entity is delighted by the recent surge in volatility and market uncertainty: CNBC.
"We downgrade the US equity market to underweight relative to other equity markets over 3 months following strong performance. Our broader asset allocation is unchanged and so are almost all our forecasts. Since our last GOAL report, we have rolled our oil forecast forward in time to lower levels along our longstanding profile of declining prices. We have also lowered the near-term forecast for equities in Asia ex-Japan slightly. Near-term risks have declined as the US fiscal and monetary outlook has become clearer. Over 3 months our conviction in equities is now much lower as the run-up in prices leaves less room for unexpected events.... Our US strategists have also noted the risk of a 10% drawdown in 2014 following a large and low volatility rally in 2013 that may create a more attractive entry point later this year."
I tried to create a “Kudos List” as well but really couldn’t.
There is no quicker route to success in the USSA than to go into “public service” regulating a massive industry and then flip back over to engage in M&A in the exact industry you were in charge of regulating.
If somehow the scramble to open stores earlier and earlier on Thanksgiving day, until such time as the very Thanksgiving dinner had to be interrupted early for the annual rush out to the (un)friendly neighborhood Thug-Mart (Toys'R'Us opened at a ridiculous 5pm on Thanksgiving day) and punching people in the face just to get that 42 inch, 2010-model Plasma TV for $99, was supposed to boost overall sales instead of merely pulling them forward (see cash for clunkers), it didn't work. According to ShopperTrak, total Black Friday traffic plunged 11% and total sales fell 13.2%, the second consecutive year of declines following last year's 1.8%. The reason, as largely expected, is that a substantial portion of Friday shopping was pulled back to Thursday: as ShopperTrak founder Bill Martin said, "if retailers continue to promote Thanksgiving as the start of the holiday buying season, he thinks the holiday will eventually surpass Black Friday in sales. "We're just taking Black Friday sales and spreading them across a larger number of days," Martin said."
According to the latest Nielsen Research data, in November, CNBC's core 25-54 demographic saw its fourth consecutive month of declines, and dropped to just 31,000 - a declined of over 40% from a year earlier, and the lowest since February 1993: a fresh 20 year low.
- China Pledges Greater Role for Market in Economy (WSJ), China vows 'decisive' role for markets, results by 2020 (Reuters)
- China expected to cut growth target to 7% (FT)
- World Trade Center Tower Debuts in Manhattan Leasing Test (BBG)
- Job Gap Widens in Uneven Recovery (WSJ)
- Khamenei’s conglomerate thrived as sanctions squeezed Iran (Reuters)
- Swiss referendum on wages of high earners stirs debate (FT)
- Obama to Nominate Massad to Head CFTC (WSJ)
- Japan readies additional $30 billion for Fukushima clean-up (Reuters)
- Target Fills Its Cart With Amazon Ideas (WSJ)
- Shadow banks reap Fed rate reward (FT)