Super weeds, the food of the future!
Over/Under: The USDA says the drought will cause food prices to rise 3 to 5%. I'll take the over.
Evidence: The fact that (assuming it is a fact) The Mitten has not paid less than 13% of his income (however that might be defined) in taxes simply shows what can happen when you are rich enough to hire several very expensive tax lawyers and a couple of facile accountants.
The Other Half... There's an apartment for sale at 15 Central Park West for $95 million – by a bankster, of course. It'll be bought by one, too.
The A List: The CEOs of the following companies were paid more than their companies paid in US taxes: Abbott Labs, AIG, Anadarko Petroleum, AT&T, Boeing, Citigroup, Ford Motor, Halliburton, International Paper, Motorola, Newell Rubbermaid, Travelers, Tyco – and at least 13 others.
Been Here, Done This: Gasoline prices are up. Food prices are set to increase sharply. The last time these two rose like this (1Q2011) we had a zero percent GDP 'growth' rate for the next quarter.
Noted: Iron ore prices continue their decline. There is not futures market for the ore, so the price represents real demand, not manipulation. Real economies are built on and of steel and without iron ore there is no steel. If you are not building things, you need no steel. Draw your own conclusion.
Army Strong:In July, 38 active-duty and reserve soldiers took their own lives – a new record. But it doesn't come close to the 950 veterans who attempt suicide every month. Are these casualties included in the Iraq and Afghanistan numbers?
Getting Rich: Morgan Stanley's Facebook, Zynga, and Groupon IPOs have now lost $62 billion for those who eagerly gobbled them up. Morgan Stanley, however, made a bundle on them. The customers' yachts?
Bedtime Story: When a couple stepped off a Disneyland ride they were offered a souvenir photo of them on the ride – with his credit card info already for him to sign. The man was stunned because he had not used his credit card or otherwise given his name at the park. They were using facial recognition software coupled with data mining to obtain identification and credit card information. Sounds like a paranoid fantasy, except that it turned out to be true. All of it.
The Parting Shot
Another lost weekend.