Thursday, October 15, 2015
The most surprising thing about The Market is the number of competing explanations there are for its every move and the frequency with which they are wrong.
Mistakes Were Made: Political commentators claim that the most serious mistake Bernie Sanders made was treating his fellow candidates with dignity and respect. Hillary may have won the debate, Bernie won the voters.
Back To The Future: The US Naval Academy is reinstating the study of celestial navigation, just in case the
Chinese take out our GPS satellites.
Rules of Order: The chaos currently disrupting half our two party system is what happens when the majority party is really a very loose combine of minority special interest parties. We've become Italy.
Undue Hardship: If you are considering getting a student loan, go to your local loan shark or pay-day lender. They're easier to deal with than the government, which will lend you the money to pay for-profit schools for an education that won't land you a job paying enough to pay back the loan, and then will hound you to the grave. Literally. A 65 year old filed for bankruptcy to discharge his student loan debt and was told by government lawyers that he should “emain employed at or past normal retirement age,” they said, even though “his income may top out or decrease” and “further employment opportunities may be limited... that is part of the bargain” unless they can prove a “certainty of hopelessness,” said the government’s lawyers.
Ins & Outs: In September, a third of all the containers shipped out were empty – as in not carrying American made export goods. Seems our customers in China, aren't.
Them & Us: A bunch of Christians in upstate NY beat a kid to death in church because he wouldn't confess his sins. A Catholic hospital in MI (part of the largest Catholic health network) refused to treat a woman with a brain tumor because it went against their religious doctrine. And in India, Mother Teresa's Center closed its orphanages so they wouldn't have to let single, separated or divorced individuals to adopt children. I've never read such things about a bunch of atheists.
Democratic Socialism, Act II:In that “the greatest threat to America is not some foreign power but home-grown financial terrorists wielding trillions of dollars in high-risk derivatives in taxpayer-insured banks on Wall Street,.” maybe Sanders is the better choice. He's not quite FDR, but then neither was FDR.
Another Nobel Prize Move: Obama to deploy 300 US troops to Cameroon to fight Boko Haram. Anybody optimistic?
Factors: Walmart, expecting “relatively flat” revenues this year and predicting earnings declines through 2017 of 6 to 12%, blamed $1.5 billion of the loss on paying an increased minimum wage. They also mentioned the stronger dollar cost them about $15 billion and that they were going to spend $20 billion on share buybacks to ward off “activist investors.” Sooner or later expect the downward spiral to include significant job cuts and store closings. It's an old scenario, long foreshadowed by Walmart's stock outages.
Porn O'Graph: Education.
Posted by Charles Kingsley Michaelson, III at 7:28 AM