Thursday, April 28, 2016
“This is not capitalism; this is mere plunder by a powerful few. We do not have 'capitalism.' We have a corrupt system of kleptocracy ruled over by the big money power of a relatively few.” Jesse
Smoke/Fire: Puerto Rico will cut its minimum wage to $4.25 an hour. Because beggaring the worker is the best way to pay back Wall Street bond holders. Just ask Argentina.
Creativity Abounds: Apparently a lot of liberal arts majors are getting jobs as creative artists in S&P 500 companies' accounting departments, which would explain why 90% of them no longer use Generally Accepted Accounting Principles in reporting earnings results. 380 of the Non-GAAP reports claimed net income to be up 6.6%, while using GAAP showed the same companies' net income declined 11%.
Europe Running Out Of Mattresses: Unilever, the Anglo-Dutch behemoth, is offering €300 million of debt maturing in 2020, with a zero interest coupon. The potential four year yield will be 0.06%.
Happy Motoring: 97% of all new diesel cars exceed official pollution limits, some by as much as 600%. VW was giving power-point lectures on how to foil emissions tests back in 2006, and Mitsubishi says if first found ways to beat the tests 25 years ago.
Quoted: “Voters know at a gut level that our system of global capitalism is working mainly for the 1 %, not the 99 %. That’s a large part of why both Sanders and Trump have done well, because they tap into that truth, albeit in different ways. The Panama Papers illuminate a key aspect of why the system isn’t working–because globalization has allowed the capital and assets of the 1 % to travel freely, while those of the 99 % cannot.”
Politics 101: In the US political process should the interests of the voters or the interest of the party prevail? Party, obviously. After all this is not a democracy. Wasn't intended to be. That's why over half of us think the system is crooked, it is.
A Bite Out Of The Apple: Poor, failing Apple; it only made $10.5 billion in profit in the last fiscal quarter and only has $233 billion in cash sitting around after its gross profit margin slipped from 40.8 cents on the dollar to 39.4 cents. How's it supposed to survive at such low levels of greed to goodness?
Words & Deeds: Dennis Hastert, back when his full name was Speaker of The House Dennis Hastert, wanted to “put repeat child molesters in jail for the rest of their lives.” When he was sentenced to 15 months in jail for hiding the money he used to hide his abuse of children for decades, he cried and begged for leniency. If his first name wasn't “Former House Speaker” how many years would he have gotten? Maybe he gets the volume discount, sort of like a Catholic priest?
Question For Graduates: What would you rather do with your life, work in an office cubicle or sail around the world with a cat?
A Parting Shot:
Posted by Charles Kingsley Michaelson, III at 5:57 AM