‘Duck Dynasty’ vs. ‘Modern Family’: 50 Maps of the U.S. Cultural Divide - The New York Times

‘Duck Dynasty’ vs. ‘Modern Family’: 50 Maps of the U.S. Cultural Divide - The New York Times:

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Excellent Article

EXCLUSIVE: Trump's Treasury pick says he wants to slash taxes across the board

EXCLUSIVE: Trump's Treasury pick says he wants to slash taxes across the board: "EXCLUSIVE: Trump's Treasury pick says he wants to slash taxes across the board"

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Steve Mnuchin Treasury Secretary nominee Steve Mnuchin: We can sustain 3-4% economic growth
1 Hour Ago | 02:09
In line with President-elect Donald Trump's proposals, Steve Mnuchin told CNBC on Wednesday his focus as Treasury secretary will be stimulating economic growth and creating jobs through tax reform.

"By cutting corporate taxes, we're going to create huge economic growth and we'll have huge personal income," Mnuchin told "Squawk Box," confirming he has been tapped for Treasury secretary.

Reducing the corporate tax rate from 30 percent to 15 percent will be a major goal for the Trump administration, the former Wall Street executive said.

Mnuchin said he was confident the new administration would be able to expand gross domestic product growth from the current 3.2 percent.

"Our most important priority is sustained economic growth, and I think we can absolutely get to sustained 3 to 4 percent GDP, and that is absolutely critical for the country," Mnuchin said. "To get there, our number one priority is tax reform. This will be the largest tax change since [President Ronald] Reagan."

In addition, he said he wants to simplify taxes for the average citizen. "Taxes are way too complicated, and people spend way too much time worrying about ways to get them lower," he said.

Mnuchin was Trump's campaign finance chairman during the election. Previously, he was chairman of Dune Capital Management and worked at Goldman Sachs and the Soros Fund Management. He also co-founded OneWest Bank Group.

Dune Capital funded Hollywood films including "Avatar."

Key words- Munchin Trump taxes

Donald Trump Has Broken the Constitution - The Atlantic

Donald Trump Has Broken the Constitution - The Atlantic: "The election of Donald Trump was, in procedural terms, scrupulously fair. I hold no dark suspicions of altered vote counts or intimidation at the polls. We may wish the Voting Rights Act had not been gutted by the Court; but the election of 2016 followed the law of 2016.  Clearly a large proportion of American citizens—not as many as voted for Hillary Clinton, but still, under our strange system, enough—wanted Trump as their president and now hope that he fulfills the loud promises he repeatedly made to the country.

But those promises are the problem. Donald Trump ran on a platform of relentless, thoroughgoing rejection of the Constitution itself, and its underlying principle of democratic self-government and individual rights. True, he never endorsed quartering of troops in private homes in time of peace, but aside from that there is hardly a provision of the Bill of Rights or later amendments he did not explicitly promise to override, from First Amendment freedom of the press and of religion to Fourth Amendment freedom from “unreasonable searches and seizures” to Sixth Amendment right to counsel to Fourteenth Amendment birthright citizenship and Equal Protection and Fifteenth Amendment voting rights.

Like an admissions officer at Trump University, he offered Americans a bag of magic beans and asked them in exchange to hand over their rights and their form of government.

Smiling, nearly 60 million complied.

I deny their right to give Trump my rights or those of others who cannot defend themselves. No result is legitimate that threatens the Constitution its very promise of the “blessings of liberty.” No transient plurality, no matter how angry, has the power to strip minorities of equal status and protection; no mass of voters, no matter how frightened, has the power to vote away the democratic future of their children and their children’s children.

American national leaders gain their legitimacy by competing in compliance with not merely the outward forms but the clear values of our Constitution—equal dignity, religious freedom and tolerance, open deliberation, and the rule of law. These values don’t bind Donald Trump; norms of decency do not apply; he shrugs off the very burden of fact itself. Like dictators of the Old World, he uses his mass media power to lie, to insult, to strip individuals of their dignity, to commit the grossest libels of religious and national groups, and to encourage persecution, torture, and public violence. He actively campaigns against any notions of racial, religious, and sexual equality. He threatens those who oppose him with the unchecked power of the state."

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A scramble to assess the dangers of President-elect Donald Trump’s global business empire - The Washington Post

A scramble to assess the dangers of President-elect Donald Trump’s global business empire - The Washington Post: "Trump has said he plans to give control of the Trump companies to his children, and the company has said the final arrangement “will comply with all applicable rules and regulations.” Alan Garten, the Trump Organization’s executive vice president and general counsel, said in an interview in September, “His focus is going to be solely on improving the country.”

But congressional researchers and ethics advisers say leaving the company’s management to Trump’s children would not truly separate Trump’s private and public work. Even Trump has voiced confusion on the point: At a January debate, he said: “I don’t know if it’s a blind trust if Ivanka, Don and Eric run it but — is that a blind trust? I don’t know.”"

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The worst-case scenario for the economy under Trump just happened in another country - The Washington Post

The worst-case scenario for the economy under Trump just happened in another country - The Washington Post: "“The challenges are pretty massive,” said Monica de Bolle, an economist and Roett's colleague at Johns Hopkins, who has written about the similarities between Trump and Rousseff.

“It was a combination of protectionism and fiscal expansion,” said de Bolle, who is also a fellow at the Peterson Institute for International Economics. “Now the day of reckoning has come.”"

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Trump sinks Asia trade pact, opening the way for China to lead | Reuters

Trump sinks Asia trade pact, opening the way for China to lead | Reuters: "An ambitious Asia-Pacific trade pact linking the United States and 11 countries lay in tatters on Tuesday after U.S. President-elect Donald Trump said he would kill the deal on his first day in office on Jan. 20.

Trump's statement appeared to open the way for China to assume the United States' leadership mantle on trade and diplomacy in Asia. The Republican termed the Trans Pacific Partnership (TPP) "a potential disaster for our country."

China, Japan and South Korea are already in the initial stages of discussing a trilateral trade deal, and Beijing has been pushing its own limited Asian regional trade pact that excludes Washington for the past five years.

Japan and Australia, Washington's closest allies in Asia, pledged after Trump's announcement to push ahead without the United States, although removing the largest market for goods and services would shrink it dramatically.

"Pushing them forward is the idea that, if they don't act, it will look like China's very weak trade deals are the only game in town," said Derek Scissors, a resident scholar at the American Enterprise Institute, where he focuses on Asian economies and trade.

Trump has pledged to redraw trade deals to win back American jobs, and has threatened Mexico and China with punitive tariffs in a move that some economists have warned could spark a trade war that threatens to roll back decades of liberalization."

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Trump Foundation admits to violating ban on ‘self-dealing,’ new filing to IRS shows - The Washington Post

Trump Foundation admits to violating ban on ‘self-dealing,’ new filing to IRS shows - The Washington Post: "President-elect Donald Trump’s charitable foundation has admitted to the IRS that it violated a legal prohibition against “self-dealing,” which bars nonprofit leaders from using their charity’s money to help themselves, their businesses or their families.

That admission was contained in the Donald J. Trump Foundation’s IRS tax filings for 2015, which were recently posted online at the nonprofit-tracking site GuideStar. A GuideStar spokesman said the forms were uploaded by the Trump Foundation’s law firm, Morgan, Lewis and Bockius."

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Five Reasons for Liberals to Have Hope - POLITICO Magazine

Five Reasons for Liberals to Have Hope - POLITICO Magazine: "5. Winning In 2020 Is More Important Than Winning In 2016

No one wishes for the global economy to crumble or for the world to be embroiled in deadly international crises. But it’s not that hard to imagine a Trump presidency going off the rails without any Democratic assistance. And that would cause enormous political consequences.

If Trump manages to drag down the entire Republican Party with him over the next four years, Democrats might be able to snag the biggest political prize of all in the 2020 elections: majority control of state legislative chambers — just in time for the congressional redistricting process that will follow the 2020 Census."

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"The Will Of The People" Is A Myth | Zero Hedge

"The Will Of The People" Is A Myth | Zero Hedge: "In fact, if we look at the history of American presidential elections, we find that, not only does the victor fail to achieve a majority, but he or she often can't even get a majority of votes from those who cast a vote. "

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List of Reagan administration convictions.

List of Reagan administration convictions.: ""By the end of his term, 138 Reagan administration officials had been convicted, had been indicted, or had been the subject of official investigations for official misconduct and/or criminal violations. In terms of number of officials involved, the record of his administration was the worst ever."
 1. Lyn Nofziger--White House Press Secretary - Convicted on charges of illegal lobbying of White House in Wedtech scandal. The lobbying would not have been illegal had he not been White House Press Secretary.

 2. Michael Deaver, Reagan's Chief of Staff,  received three years' probation and was fined one hundred thousand dollars after being convicted for lying to a congressional subcommittee and a federal grand jury about his lobbying activities after leaving the White House. Same as with Lyn Nofziger.

3. James Watt, Reagan's Secretary of the Interior was indicted on 41 felony counts for using connections at the Department of Housing and Urban Development to help his private clients seek federal funds for housing projects in Maryland, New Jersey, Massachusetts, Puerto Rico and the Virgin Islands. Watt conceded that he had received $500,000 from clients who were granted very favorable housing contracts after he had intervened on their behalf. Watt was eventually sentenced to five years in prison and 500 hours of community service.

 4. John Poindexter, Reagan's national security advisor, guilty of five criminal counts involving conspiracy to mislead Congress, obstructing congressional inquiries, lying to lawmakers, used "high national security" to mask deceit and wrong-doing...

5. Richard Secord pleaded guilty to a felony charge of lying to Congress over Iran-Contra. Appointed by William Casey to assist Oliver North.

 6.  Elliott Abrams was appointed by President Reagan in 1985 to head the State Department's Latin American Bureau. He was closely linked with ex-White House aide Lt. Col. Oliver North's covert movement to aid the Contras. Working for North, Abrams coordinated inter-agency support for the contras and helped solicit illegal funding from foreign powers as well as domestic contributors. Abrams agreed to cooperate with Iran-Contra investigators and pled guilty to two charges reduced to misdemeanors. He was sentenced in 1991 to two years probation and 100 hours of community service but was pardoned by President George Bush...

7. Robert C. McFarlane, Reagan's National Security Advisor, pled guilty to four misdemeanors and was sentenced to two years probation and 200 hours of community service. He was also fined $20,000. He received a blanket pardon from President George Bush...

 8. Alan D. Fiers was the Chief of the Central Intelligence Agency's Central American Task Force. Fiers pled guilty in 1991 to two counts of withholding information from congress about Oliver North's activities and the diversion of Iran arms sale money to aid the Contras. He was sentenced to one year of probation and 100 hours of community service. Alan Fiers received a blanket pardon for his crimes from President Bush...

 Thomas G. Clines: convicted of four counts of tax-related offenses for failing to report income from the operations;
 Carl R. Channel - Office of Public Diplomacy , partner in International Business- first person convicted in the Iran/Contra scandal, pleaded guilty of one count of defrauding the United States
Richard R. Miller - Partner with Oliver North in IBC, a Office of Public Diplomacy front group, convicted of conspiracy to defraud the United States.
Frank Gomez
13.. Donald Fortier
Clair George was Chief of the CIA's Division of Covert Operations under President Reagan. George was convicted of lying to two congressional committees in 1986. George faced a maximum five year federal prison sentence and a $20,000 fine for each of the two convictions. Jurors cleared George of five other charges including two counts of lying to a federal grand jury. Clair George received a blanket pardon for his crimes from President George Bush...
Rita Lavelle was indicted, tried and convicted of lying to Congress and served three months of a six-month prison sentence.
Philip Winn - Assistant HUD Secretary. Pleaded guilty to one count of scheming to give illegal gratuities.
Thomas Demery - Assistand HUD Secretary - pleaded guilty to steering HUD subsidies to politically connected donors.
Deborah Gore Dean - executive assistant to Samuel Pierce - indicted on thirteen counts, three counts of conspiracy, one count of accepting an illegal gratuity, four counts of perjury, and five counts of concealing articles. She was convicted on twelve accounts. She appealed and prevailed on several accounts but the convictions for conspiracy remained.
Catalina Villaponda - Former US Treasurer
Joseph A. Strauss - Accepting kickbacks from developers
Oliver North -  He was indicted on sixteen felony counts and on May 4, 1989, he was convicted of three: accepting an illegal gratuity, aiding and abetting in the obstruction of a congressional inquiry, and destruction of documents (by his secretary, Fawn Hall, on his instructions). He was sentenced by U.S. District Judge Gerhard A. Gesell on July 5, 1989, to a three-year suspended prison term, two years probation, $150,000 in fines, and 1,200 hours community service. His conviction was later overturned. "



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Is It True? Do Doctors Really Loathe Obamacare?

Is It True? Do Doctors Really Loathe Obamacare?: "Chief Complaints Concern Payments
The primary criticism doctors have of Obamacare centers around money."



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Why the AMA Endorses Obamacare—But Your Doctor Does Not | TheBlaze.com

Why the AMA Endorses Obamacare—But Your Doctor Does Not | TheBlaze.com: "The answer, as in most cases, involves following the money. There was a time, up until the 1980’s, that the AMA made most of its revenue from physician dues. In those days, presumably, they cared about the issues that negatively affected physicians, and by extension, the practice of medicine and patient care. In 1963, when the AMA was not given equal time to rebut President Kennedy’s Madison Square Garden speech arguing for Medicare, the AMA rented the empty Garden, and then President Dr. Edward Annis made an impassioned televised plea, exhorting Americans to avoid the trap of socialized health care.

Today’s AMA is a different animal. This year, only 15 percent of practicing physicians are members, down from 75 percent in the 1950s. Between 2008 and 2010, membership declined by 5 percent. But, in spite of hemorrhaging members, the organization has done financially better than ever. Between 1987 and 1999, the organization was variably “in the red”, and never reported over $7.6 million in yearly profit, but, beginning in 2000, for twelve consecutive years the organization has consistently operated “in the black.” Reporting record net incomes of $39.8 million in 2005, and most recently $24.7 million profit in 2011.

Now, if this were a restaurant with diminishing customers and record returns, the Feds would investigate the owner– suspecting money laundering or drugs. So what is the AMA’s secret?  In the mid 1980’s, the AMA, in a brilliant business move, created a coding system that all doctors and hospitals required to bill the government or private insurance: the CPT codebook. And, as the codification of medicine required more and more paperwork, the AMA was more than happy to step in and supply electronic systems to help both the government and the doctors all at a price, of course."



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Bob Dylan wins 2016 Nobel Prize in literature- YES!!!

Bob Dylan wins 2016 Nobel Prize in literature: "Bob Dylan, regarded as the voice of a generation for his influential songs from the 1960s onwards, has won the Nobel Prize for Literature in a surprise decision that made him the only singer-songwriter to win the award.

The 75-year-old Dylan — who won the prize for "having created new poetic expressions within the great American song tradition" — now finds himself in the company of Winston Churchill, Thomas Mann and Rudyard Kipling as Nobel laureates.

The announcement was met with gasps in Stockholm's stately Royal Academy hall, followed — unusually — by some laughter.

Dylan's songs, such as "Blowin' in the Wind," "The Times They Are a-Changin'," "Subterranean Homesick Blues," and "Like a Rolling Stone" captured a spirit of rebellion, dissent and independence.

More than 50 years on, Dylan is still writing songs and is often on tour, performing his dense poetic lyrics, sung in a sometimes rasping voice that has been ridiculed by detractors.

Some lyrics have resonated for decades."



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China sends a chill through world markets - CBS News

China sends a chill through world markets - CBS News: "Data showed that China’s exports last month fell 10 percent from a year earlier in U.S. dollar terms, compared with a 2.8 percent fall in August. The drop was wider than expected. Analysts forecast a fall of 3.3 percent.

Imports also dropped 1.9 percent last month, after a 1.5 percent gain in August, due to lower shipments of key commodities such as iron ore and copper.

“China’s exports weakened last month on the back of subdued external demand. At the same time, import growth returned to negative territory, raising questions over the strength of the recent recovery in domestic demand,” said Julian Evans-Pritchard, an economist at Capital Economics. “This could be an early sign that the recent recovery in economic activity is losing momentum.”"



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Chinese Banks Will Need $1.7 Trillion To Cover Bad Debt Deluge, S&P Calculates | Zero Hedge

Chinese Banks Will Need $1.7 Trillion To Cover Bad Debt Deluge, S&P Calculates | Zero Hedge: "For now Beijing's response has been mostly optical. On Monday, the Politburo announced a series of guidelines aimed at cutting company debt levels which some fear could destabilise the world's second largest economy.  Encouraging mergers and acquisitions, bankruptcies, debt-to-equity swaps and debt securitisation are some of the measures intended to improve credit allocation and stop wasteful spending in the economy.  The problem is that all those "other" market participants, mostly SOE banks, for whom the soon to be impaired debt is an asset, will need lots of cash, as much as $2 trillion according to S&P, to offset the hole on the balance sheet.

How China's banks will raise this amount is unclear.

"We expect further deterioration in the credit strength of state owned enterprises as they continue with their debt-funded expansion," S&P Global's report said. "High leverage in corporates will likely constrain investments and aggregate demand.""



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Did Warren Buffett surprise Trump, and others, with his response? - CSMonitor.com

Did Warren Buffett surprise Trump, and others, with his response? - CSMonitor.com: "As to Trump’s decision to withhold his tax returns due to an audit, Buffett says that due to 2010 creation of the IRS’ “Wealth Squad,” many high earners are audited each year. But that presents no legal barrier to sharing tax returns, he says.

“I have been audited by the IRS multiple times and am currently being audited. I have no problem in releasing my tax information while under audit,” said Buffett.

“Neither would Mr. Trump – at least he would have no legal problem.”"



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China Has Quietly Bailed Out Over $220 Billion In Bad Debt In The Past 2 Months | Zero Hedge

China Has Quietly Bailed Out Over $220 Billion In Bad Debt In The Past 2 Months | Zero Hedge: "And then today we learned that not only was China going through with this epic debt-for-equity swap, but it has already equitized over $220 billion in non-performing loans.

Note: these are not traditional, Chapter 11 prepacks where the debt is converted into equity and the debt holder gets the keys to the company. In this case, it is the Chinese government itself which indirectly via state-owned banks, has become the de facto owner of countless companies."



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Contra Corner » China Accelerates Bad Debt Writeoffs: The Ponzi Fractures Widen

Contra Corner » China Accelerates Bad Debt Writeoffs: The Ponzi Fractures Widen: "The five biggest Chinese banks, which account for more than half of all loans in the country, removed Rmb59bn ($9.5bn) from their books in debts that could not be collected, according to their 2013 results. That was up 127 per cent from 2012, and the highest since the banks were rescued from insolvency, recapitalised and publicly listed over the past decade.

The sharp acceleration in write-offs is the latest indication of the turbulence now buffeting China’s financial system. The bond market suffered its first true default in March, two high-profile shadow bank investment products were spared from collapse by last-minute bailouts earlier this year, and a small rural lender suffered a brief bank run last week.

Data also point to a deeper economic downturn in the first quarter than expected, putting China on track this year for its slowest growth since 1990."



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Money: China banks write off $300 billion in bad loans: official - British Express

Money: China banks write off $300 billion in bad loans: official - British Express: "Chinese banks have written off more than $300 billion of bad loans in the past three years, an official said Thursday as Beijing seeks to reassure investors that the country can cope with its mounting debt problem."



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Chinese Banks Step Up Bad-Loan Write-Offs - WSJ

Chinese Banks Step Up Bad-Loan Write-Offs - WSJ: "The country’s top four banks collectively wrote off 130.3 billion yuan ($19.5 billion) of bad loans in the first half of 2016, 44% more than in the same period a year earlier."



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Donald Trump’s Ventures Began With a Lot of Hype. Here’s How They Turned Out.

Donald Trump’s Ventures Began With a Lot of Hype. Here’s How They Turned Out.: "Of the roughly 60 endeavors started or promoted by Mr. Trump during the period analyzed, The Times found few that went off without a hitch. One-third of them either never got off the ground or soon petered out. Another third delivered a measure of what was promised — buildings were built, courses taught, a product introduced — but they also encountered substantial problems, like lawsuits, government investigations, partnership woes or market downturns.

The remaining third, while sometimes encountering strife, generally met expectations — notably the television show "The Apprentice" and the purchases of numerous golf courses, including properties near Philadelphia and in the Hudson Valley.

In interviews, Mr. Trump disputed some of the characterizations, saying that, among other things, some projects that might appear to be failures were successes, for him at least, because he often made his money upfront, through fees for the use of the Trump name. "



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Feds say Mylan overcharged for EpiPen - The Boston Globe

Feds say Mylan overcharged for EpiPen - The Boston Globe: "Feds say Mylan overcharged for EpiPen

Mylan NV for years overcharged the US Medicaid health program for its EpiPen shot, the government said Wednesday. From 2011 to 2015, the joint state-federal program for the poor spent about $797 million on EpiPens, the Centers for Medicare and Medicaid Services, said Wednesday. That included rebates of about 13 percent. But the United States should have been getting a larger discount of at least 23.1 percent. While the agency didn’t say exactly how much Mylan had overcharged, the amount could be substantial. Under law, companies are required to give Medicaid back any price increases they take on brand drugs above the rate of inflation, in addition to the 23.1 percent discount. Mylan, after acquiring the drug in 2007, has raised the price of EpiPen by about sixfold, to over $600 for a package of two. The government has in the past “expressly told Mylan that the product is incorrectly classified,” CMS said in the letter, which came in response to an inquiry by Congress.
— BLOOMBERG NEWS"



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John Bruton reviews The Euro by Joseph Stiglitz: there are two sides to this coin

John Bruton reviews The Euro by Joseph Stiglitz: there are two sides to this coin: "Wishful thinking lay behind the decision to have a single Europe-wide money, but to leave the supervision of banks, who create the money in the form of credit, to 17 different national authorities. This happened because Germany wanted a German authority to supervise German banks, and not a Europe-wide one. And it was these poorly supervised German banks who led the way in the mistaken cross-border lending to Greece, Spain, Ireland and Portugal."



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Brexit recession fears fade as UK service sector beats forecasts – as it happened | Business | The Guardian

Brexit recession fears fade as UK service sector beats forecasts – as it happened | Business | The Guardian: "Brexit recession fears fade as UK service sector beats forecasts – as it happened
UK services companies say new business picked up in September, easing fears that June’s referendum has triggered a downturn"



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Eurozone PMI at 20-month low as growth slows in Germany, Italy and Spain

https://www.markiteconomics.com/Survey/PressRelease.mvc/844a1c95437e4c9b871c5a4939a80f88



Chris Williamson, Chief Business Economist at IHS
Markit said:
“While the PMI surveys suggest the eurozone
economy continued to grow at a 0.3% rate in the
third quarter, there are signs that momentum is
waning. September’s expansion was the smallest
since the start of last year.
“The slowing rate of growth across the region in
part reflects growing caution among businesses in
terms of their spending due to worries about the
economic outlook, linked in many cases to political
uncertainty. We see this trend persisting into next
year, as the impact of Brexit is exacerbated by
uncertainty surrounding elections in France and
Germany alongside ongoing political unrest in Italy
and Spain.
“While we see the eurozone economy expanding by
1.6% in 2016, even this modest growth is looking
unattainable in 2017 given the heightened political
uncertainty that lies ahead.
“Of the four largest euro states, only France is
showing signs of its upturn gaining momentum, with
growth trending lower in Germany, Italy and Spain.
The latter remains the stand-out performer,
however, with the PMI pointing to 0.6% GDP
growth in the third quarter, double the 0.3% rate of
expansion signalled for both France and Germany.
Italy is perhaps the greatest concern, with the PMI
indicating a near stalling of economic growth to just
0.1% in the third quarter.”



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2013 LA Times Article -Wells Fargo's pressure-cooker sales culture comes at a cost - LA Times

Wells Fargo's pressure-cooker sales culture comes at a cost - LA Times: "Wells Fargo branch manager Rita Murillo came to dread the phone calls.

Regional bosses required hourly conferences on her Florida branch's progress toward daily quotas for opening accounts and selling customers extras such as overdraft protection. Employees who lagged behind had to stay late and work weekends to meet goals, Murillo said.

Then came the threats: Anyone falling short after two months would be fired.

"We were constantly told we would end up working for McDonald's," said Murillo, who later resigned. "If we did not make the sales quotas … we had to stay for what felt like after-school detention, or report to a call session on Saturdays."

Wells Fargo & Co. is the nation's leader in selling add-on services to its customers. The giant San Francisco bank brags in earnings reports of its prowess in "cross-selling" financial products such as checking and savings accounts, credit cards, mortgages and wealth management. In addition to generating fees and profits, those services keep customers tied to the bank and less likely to jump to competitors."



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Sucker Punch On Main Street - Disturbing Facts About The Fed's Phony Housing "Recovery" | Zero Hedge

Sucker Punch On Main Street - Disturbing Facts About The Fed's Phony Housing "Recovery" | Zero Hedge: "The Fed’s claim of trying to help the typical consumer is hogwash. The benefits of the low interest rate policy have flowed only to the upper income strata. In our monthly updates of our “Thanks Fed For Helping the Average Guy” we see that the chance of the “average guy” to buy a new home remains virtually nil. Not only has there been no recovery in homes priced under $200,000, sales in that price range have essentially disappeared in spite of the world’s major central banks pushing mortgage rates down. Builders no longer have any interest in producing product in that price range because demand has weakened so much at that level. People at the reported median US household income simply can’t afford to buy houses regardless of the fact that they may be borderline qualified.

Prior to the housing crash, most new homes sold were in the under $200,000 price range. Since 2007, mortgage rates have been cut nearly in half. Yet production and sales of homes in the under $200,000 range have continued falling, now down 61% since 2007."

If monetary policy were helping the housing market, the rate of homeownership should be at least stable. Instead, as mortgage rates have been consistently suppressed since 2007, homeownership has fallen concurrently.

The problem is that as the Fed and its cohort central banks have been busy pushing down long term interest rates, that has pushed house prices up so fast that there has been no increase in affordability.

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Bridgewater Calculates How Much Time Central Banks Have Left | Zero Hedge

Bridgewater Calculates How Much Time Central Banks Have Left | Zero Hedge: "

How much longer can this charade continue?

While many would be quick to answer "indefinitely" that is not true, because with every bond, ETF or stock, purchased by central bankers they come to the point where they either monetize the entire lot, or they increasingly impair the functioning of the capital markets (just ask the dozens of marquee hedge funds that have shuttered in recent years).

Luckily, in a recent analysis, Ray Dalio's Bridgewater asked precisely this question, and even better, provided the answer to how much time is left until both the ECB and BOJ hit the limits on their existing programs.

As the chart below shows, assuming no changes to existing programs, the ECB and the BOJ, the two central banks most actively monetizing debt currently, have 8 and 26 months respectively, if they do no changes to their programs.

However, if incremental easing is layered on, like expanding the scope of their bond buying programs or purchasing equities even more aggressively, the total rises substantially. The final answer: 68 months, or just above 5 and a half years,  in the case of the ECB, were it to steamroll all political opposition and monetize virtually every possible bond (and 20% of the equity market), and 48 months, or 4 years, in the case of the BOJ.

Which means for those market participants who have already torn most of their hair out from participating in a centrally planned "market" where nothing makes sense, get ready because, the insanity may last another 4 or 5 years longer...

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Former Wells Fargo employees file $2.6 billion suit over scam - NY Daily News

Former Wells Fargo employees file $2.6 billion suit over scam - NY Daily News: "Wells Fargo’s spiraling “sandbagging” scam might get a lot more expensive for the nation’s biggest bank.

Two former employees filed a $2.6 billion class action lawsuit last week accusing the bank of demoting or ousting workers who failed to meet “unrealistic quotas” that drove other employees to rip off customers.

“Wells Fargo knew that their unreasonable quotas were driving these unethical behaviors that were used to fraudulently increase their stock price and benefit the CEO at the expense of the low level employees,” the suit says.

The lawsuit, filed Thursday in California Superior Court in Los Angeles County, says the bank pressured workers to open 10 accounts daily and punished those who fell short. It accuses Wells Fargo of wrongful termination, unlawful business practice and failure to pay wages and overtime."



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Cramer on the Fed raising rates: Expect a strong signal for a hike in December

Cramer on the Fed raising rates: Expect a strong signal for a hike in December: "Ahead of the Federal Reserve policy meeting on Wednesday, CNBC's Jim Cramer said he believes the Fed will signal it plans to raise interest rates at its next meeting in December.

"I expect a very strong statement that says, 'Listen, guys, this is what we're gonna do ... we did it last year at this time. We're gonna do it again,'" Cramer said on "Squawk on the Street.

He added, "We've got to raise rates by December, unless there is some calamity.""



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BOJ overhauls policy focus, sets target for government bond yields | Reuters

BOJ overhauls policy focus, sets target for government bond yields | Reuters: "The Bank of Japan made an abrupt shift on Wednesday to targeting interest rates on government bonds to achieve its elusive inflation target, after years of massive money printing failed to jolt the economy out of decades-long stagnation.

While the BOJ reassured markets it would continue to buy large amounts of bonds and riskier assets, the policy reboot appeared to open the door for an eventual winding down of its huge asset purchases, and tried to repair some of the damage caused by its shock move to negative rates early this year.

"The impression is that the BOJ is starting to pull back some of its troops from the battlefront," said Katsutoshi Inadome, senior fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities.

The BOJ's increasingly radical stimulus efforts are being closed watched by other global central banks which are also struggling to revive growth, such as the European Central Bank. Many investors fear central banks have nearly exhausted the limits of what monetary policy can do, putting pressure back on governments to step up spending.

In setting rate targets for financial institutions' excess cash deposits and 10-year government bonds, the BOJ looked set to exert unprecedented control over bond market rates to try to spark life into the world's third-largest economy.

Japanese stocks rose nearly 2 percent after the move, which could ease profit pressure on banks and insurers from ultra-low interest rates, though analysts doubted the impact would trickle down much into the broader economy.

In a bid to reassure nervous markets, the BOJ maintained its 0.1 percent negative rate and said it would continue buying government bonds at the current pace for the time being.

But it dropped its explicit target of increasing base money, the amount of money it prints, by an annual 80 trillion yen ($788 billion), in what some analysts said was a tacit admission its aggressive asset-buying was becoming unsustainable.

Under its new framework, the BOJ will buy long-term government bonds as necessary to keep 10-year bond yields at current levels of around zero percent.

If it succeeds, economists believe that would open the door to scaling back its bond purchases, but still leave it the option to buy more bonds or cut rates deeper into negative territory if economic conditions deteriorate.

The BOJ says that by directly targeting short- and long-term rates, it can more efficiently reduce borrowing costs while allowing for a rise in super-long yields, which would help firms like insurers give pensioners better investment returns."



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California added 63,000 jobs in August, 42% of U.S. total - LA Times

California added 63,000 jobs in August, 42% of U.S. total - LA Times: "California’s strongest industries were government, professional services and trade, transportation and utilities, which together recorded a net hiring gain of 51,300 positions.

Manufacturing, long the bulwark of California’s economy, shrank again in August as 3,400 net jobs were cut. Since the depths of the recession in 2009, the state’s manufacturers added jobs at a rate of 2.5%. The country as a whole has seen the sector grow twice as fast. 

The loss of factory jobs is particularly harsh for the state’s poorer regions, such as the Inland Empire, that depend more on blue-collar jobs.

In San Bernardino and Riverside counties, unemployment stood above 6% in August. In Imperial County, unemployment reached 23% — the highest rate in the state. "



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US weekly jobless claims total 260,000 vs 265,000 estimate

US weekly jobless claims total 260,000 vs 265,000 estimate: "Initial claims for state unemployment benefits edged up 1,000 to a seasonally adjusted 260,000 for the week ended Sept. 10, the Labor Department said on Thursday. Claims for the prior week were unrevised.

Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 265,000 in the latest week.

It was the 80th straight week that claims remained below the 300,000 threshold, which is associated with robust labor market conditions. That is the longest stretch since 1970, when the labor market was much smaller."



2 Questions-



1. How many times have Economists been correct? And how many times have they created jobs?



Man, they'll spin this crap any way they can. You gotta love the "since 1970" statement.



Hey, dumbass, this country had it significantly better even during the gasoline crisis. At least the only thing starving was their gas guzzler!



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US retail sales fell 0.3% in Aug vs. 0.1% drop expected

US retail sales fell 0.3% in Aug vs. 0.1% drop expected: "U.S. retail sales fell more than expected in August amid weak purchases of automobiles and a range of other goods, pointing to cooling domestic demand that could further diminish expectations of a Federal Reserve interest rate increase next week.

The Commerce Department said on Thursday retail sales declined 0.3 percent after an upwardly revised 0.1 percent gain in July. Retail sales in July were previously reported to have been unchanged."



They can't even give the shit away anymore, perhaps that's the real upshot. The Idiot US consumer has eaten his fill from the Govt. trough of chachkis, and what remains are the ones who aren't buying the "new car", "new house", "new reaming" story!



Here comes helicopter money! Let the good times roll with just throwing cash at us! All aboard for the final stage of Fedonomics !



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Bond Markets Hit Another 'Ukrainian Chicken Moment' - Bloomberg View

Bond Markets Hit Another 'Ukrainian Chicken Moment' - Bloomberg View: "The mood music currently playing in the bond market is eerily reminiscent of what preceded the bankruptcy of Lehman Brothers and the financial destruction that followed. Back then, the financial community was sleepwalking into disaster, with few investors sounding the alarm bells until it was too late. Now, though, there's a chorus of smart investors pointing to the risks of complacency; as recently as Aug. 31, bond guru Bill Gross warned that investors were "treading on thin ice." It may turn out that paying for the privilege of lending to a European drug company makes about as much sense as handing your money to a Ukrainian chicken farmer."



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US economy could lose up to 5 pct if Donald Trump beats Hillary Clinton in presidential election

US economy could lose up to 5 pct if Donald Trump beats Hillary Clinton in presidential election: "A win for U.S. presidential candidate Donald Trump could have grave implications for the world's largest economy, according to Oxford Economics.

If Trump were able to implement all of his proposed policies, that would undermine global economic growth and knock 5 percent off where U.S. gross domestic product (GDP) would otherwise be in 2021, U.K.-based economists Jamie Thompson and Sarah Maxwell said in a note Tuesday. That would erase as much as $1 trillion off the forecast size of the U.S. economy in 2021, Thompson said via email.

"The consequences are far-reaching," the economists said. Oxford Economics is an independent advisory firm, originally founded in 1981 as a commercial venture with Oxford University's business college.

In what the economists call their "adverse Trump scenario" of substantially all of the Republican candidate's stated policies being enacted, the slowdown would be far deeper than in a scenario of partial policy enactment and growth would remain subdued longer. Oxford Economics' baseline forecasts were for the U.S. economy to grow 1.5 percent to 2.3 percent a year for 2016-2021."



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Chanos: Trump was my easiest short, like 'ocean liners hitting icebergs'

Chanos: Trump was my easiest short, like 'ocean liners hitting icebergs': "It was unclear exactly which companies from Trump's empire Chanos shorted. But Trump companies have filed for bankruptcy multiple times, and stock and bondholders for his Atlantic City casinos lost more than $1.5 billion in the 1990s, according to The New York Times."



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State pension funds are awash in red ink: Here's your share

State pension funds are awash in red ink: Here's your share: "State pension funds are awash in red ink: Here's your share"

Mel Evans | AP

Pension protest

Years of underfunding and lackluster investment returns have left state pubic pensions even deeper in the hole — a shortfall taxpayers will eventually have to make up. 

Some states are in much better shape than others, according to the latest data from S&P Global Ratings

In New Jersey, for example, the state has set aside just 38 percent of what it needs to make good on promises to current and future retirees, which leaves a shortfall that works out to $10,648 per person. Wisconsin, on the other hand, has slightly overfunded its public pension plans, which has left it with a small surplus.

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Wells Fargo CEO pledges to stamp out bad behavior. ‘I feel accountable.’ - The Washington Post

Wells Fargo CEO pledges to stamp out bad behavior. ‘I feel accountable.’ - The Washington Post: "Stumpf said Wells Fargo has already taken several steps to strengthening its compliance programs in the wake of the scandal, which resulted in $185 million in fines last week. The bank also dismissed 5,300 employees, including some managers, who were accused of creating sham accounts.

“On average 1 percent [of employees] have not done the right thing and we terminated them. I don’t want them here if they don’t represent the culture of the company,” Stumpf said.

“We’re not sitting idly by,” he said, “we are investing in controls and training. . .We’re making big investments and my goal is perfection.”"

What a complete crock of shit! I can personally attest to the anvil-like pressure for fear of termination that Personal Bankers, their Supervisors and related mortgage reps were put under to cross sell or else! Not just here but also at Bank of America! So they're up next on the law suit list, and it wouldn't surprise me a bit if a class action evolved out of this for people that were terminated unfairly to save upper management and the bank's "reputation" !

So classic!


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U.S. household income posts record surge in 2015, poverty falls | Reuters

U.S. household income posts record surge in 2015, poverty falls | Reuters: "Chris Christopher, head of consumer economics for IHS Global Insight, said he expected incomes to continue to gain ground through 2017 with higher employment and modest inflation. The unemployment rate has declined from a peak of 10 percent in October 2009 to 4.9 percent last month.

With incomes rising, the number of people living in poverty fell 3.5 million to 43.1 million last year. That pushed the 2015 poverty rate down to 13.5 percent from 14.8 percent in 2014.

The poverty rate has continued to edge down since hitting a 17-year high in 2010. The latest drop is the largest percentage point decline since 1999, Census officials said.

In another encouraging sign, the number of residents without health insurance dropped to 29 million last year from 33 million in 2014. Nearly 91 percent of people in the United States had health coverage, up from 89.6 percent the previous year.

"The three key indicators of well-being ... all moved decisively in the right direction in 2015 - the first time that has occurred in nearly two decades," said Robert Greenstein, president of the left-leaning Center on Budget and Policy Priorities.

An alternative measure of poverty that takes into account non-cash benefits, including food stamps and refundable tax credits, fell one-tenth of a percentage point to 14.3 percent.

Analysts cautioned against reading too much into this still-high supplemental poverty rate because it reflects the withdrawal of generous benefits put in place during and immediately after the recession to cushion families.

Women working full-time saw a boost in earnings last year, with the median income rising 2.7 percent to $40,742. The median income for men working full-time increased 1.5 percent to $51,212. The gains for both genders were the biggest since 2009.

Despite the broad-based gains, there was little progress in reducing income inequality.

"Economic recovery finally started arriving for tens of millions of American families over the past year. We should make sure the economy is nurtured going forward, and not subverted by bad policy decisions," said Elise Gould, a senior economist at the Economic Policy Institute in Washington."

So, in essence America got it's first raise in 9 years and it amounted to $40/month +/-. Now, how about doing the fuzzy math on C level officers, the U6 population, Seniors on fixed income, healthcare costs, inflation data using things like milk and bread....and while your about it, change the calculator back to the earlier interpolated calculation. Hmmmmm...guess we didn't get a raise and can't live on $3,000/month after taxes, but wait a minute, stock market hit all time highs! and the median price for a home hit all time highs! Things must be great!
What's wrong with this picture!

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Donald Trump $30 trillion dilemma: Campaigning against debt, but promising more debt- OR - SPHINCTER SAYS WHAT ! "

Donald Trump $30 trillion dilemma: Campaigning against debt, but promising more debt: "The trouble with Trump's debt position, though, is that his own proposals, according to virtually every analysis that's been done of his plans should he become president, would increase U.S. debt dramatically.

Among the analyses: the left-leaning Brookings Institution figures debt to increase by $10 trillion, the Committee for a Responsible Federal Budget puts the figure at $11.5 trillion, and Moody's Analytics chief economist Mark Zandi said a $11 trillion Trump increase would accompany a "lengthy recession."

Should Trump get elected, then, and be allowed to implement his agenda, U.S. debt would swell past $30 trillion.

The debt would be generated by a combination of increased infrastructure spending and tax cuts both for individuals and businesses. Trump wants to cut the number of tax brackets from seven to three, reducing rates particularly for middle-income payers, and he would slash business taxes to 15 percent from 35 percent now.

He has said the growth the plan will generate will offset the rise in debt, though many analyses doubt that will happen.

In the CNBC interview, Trump seemed to acknowledge the disparity between being anti-debt and pro-fiscal stimulus."

This guy is a SERIOUS TOOL !!

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US-China diplomacy: Spy agency tweet adds to protocol spat - BBC News

US-China diplomacy: Spy agency tweet adds to protocol spat - BBC News: "Mr Obama earlier insisted the quarrel had no bearing on broader Sino-US relations.
He said that part of the reason for the tension on his arrival in China was because the US had a different attitude towards the press than other countries.

"We think it's important that the press have access to the work that we're doing, that they have the ability to ask questions," he said.
"We don't leave our values and ideals behind when we take these trips. [But] it can cause some friction."
"



What a load of shit! The press is gagged selectively everywhere including in the US and it's becoming more prevalent here faster than anywhere else



'via Blog this'

Indicator with 100% success rate predicts huge rally for stocks

Indicator with 100% success rate predicts huge rally for stocks: "The report goes on to state that when the indicator, which dates to 1985, "has been this low or lower, total returns over the subsequent 12 months have been positive 100 percent of the time, with median 12-month returns of +27 percent."

At this point, the indicator "implies a 12-month price return of 20 percent, and a 12-month value of 2,604"; for a 22 percent return after the S&P's 2 percent dividend yield is added in

To be sure, this is not BofAML's S&P 500 target. Indeed, the slightly ironic subtext to the report is that BofAML's own head strategist, Savita Subramanian, has a year-end price target of 2,000, which implies a big market drop into the end of the year.

She is concerned about the market's valuation and about high expectations for growth, and while Subramanian acknowledges the sell side indicator's sign, she also says that real-world positioning has become more bullish.

So should you follow the strategists, or sprint in the opposite direction?

It depends on how contrarian you feel, but one thing is for sure: stocks have tended to rise over time, and maintaining a substantial position in stocks over long time frames has proven a winning strategy no matter what Wall Street's prognosticators say.

Indeed, a December BofAML report finds it "worth noting that Wall Street recommended underweighting equities through the entire bull market of the 1980s and the 1990s," with an allocation to stocks below 55 percent being the dominant recommendation among strategists during that time period."



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The FDA and Congress share the blame for outrageous EpiPen prices—commentary

The FDA and Congress share the blame for outrageous EpiPen prices—commentary: "Let's take a little journey down memory lane so that Iowa Senator Chuck Grassley, Presidential Candidate Hillary Clinton and Mylan's contemplable board can get on the same page!

When George Calkins and Stanley Sarnoff invented the EpiPen forbearer in 1973, they acknowledged that their ideas were improvements upon work commissioned for the U.S. and U.K. military emergency medicine needs in the 1960s! That the U.S. Patent Office granted their patent in 1973 was, at the time, a bit of a stretch as it was more about a mechanical design improvement – not a real invention. This technology, used in the military and in EMS kits around the world was the basis for their company.

As the U.S. government was a principal buyer of anaphylaxis injector pens and funded a considerable amount of the technical improvements thereto, the U.S. government has march-in rights to use the technology at a reasonable commercial royalty rate it can set!

The U.S. government's EpiPens don't cost $608 per unit. Meridian Medical Technologies – the Department of Defense's supplier of the actual EpiPen (owned by Pfizer) – sell the same technology dispensing numerous anaphylaxis drugs to the U.S. government for under $50 a unit.

Epinephrine, the drug in the EpiPen has been off patent for decades. It's the dispenser — the actual injection pen — that's covered by a patent (U.S. Patent 7,794,432) that Meridian received and then licensed to Mylan (and others).

And let's face it, Congress knows about this. The FDA knows this. And the reason why Mylan gets away with this – just like they get away with incorporating out of the U.S. using the dubious inversion strategy for tax efficiency – is because powers that be love to provide liquidity to their benefactors!

The U.S. Patent Office and the U.S. Food and Drug Administration have given Mylan license to extract excessive benefit from public that needs treatment options. Pfizer's Meridian Medical is cruising along under the radar with a very clear statement on their website stating that their technology is "Available only for use by United States military personnel." And Sarah Jessica Parker is keeping the Hollywood face on the whole racket unaware that what she's encouraging parents and school districts to do is really to enrich a dubious corporation while preying on real public fear."



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State pension fund gap to top $1 trillion

State pension fund gap to top $1 trillion: "After years of not setting aside enough money, state pension funds are looking at a $1 trillion shortfall in what they owe workers in benefits, according to a new analysis from The Pew Charitable Trusts.
State retirement systems caught a break with strong investment returns in fiscal 2014, but the gap is expected to top $1 trillion in fiscal 2015, the last fiscal year with full results."



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Market underpricing risk in post-Brexit world, says Nobel-winner Joseph Stiglitz

Market underpricing risk in post-Brexit world, says Nobel-winner Joseph Stiglitz: "The EU made a mistake by prioritizing the formation of a currency union over democratizing decision-making and forging a stronger European Parliament to balance the power of the bureaucracy, he said. As a result, he added, the EU is seen as little more than a bureaucracy.
Stiglitz said he is pessimistic European leaders can summon the political will to take relatively simple economic steps to save the euro, such as a creating banking union and coordinating fiscal policy.

In his view, one alternative to a divorce is a "flexible euro" that would bind smaller regions of Europe with more similar economic growth rates into smaller currency unions. That could result in the adoption of a northern and southern euro, he said.

In that scenario, the greater European Union could revisit the idea of a broader currency union if the requisite institutions develop and if exchange rates between the multiple euros converge, he said."



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Now we know the real reason Aetna bailed on Obamacare

From Business Insider - 08/17/16

http://www.businessinsider.com/aetna-humana-merger-reason-for-leaving-obamacare-2016-8

"As we add new territories, given the additional startup costs of each new territory, we will incur additional losses," the letter said. "Our ability to withstand these losses is dependent on our achieving anticipated synergies in the Humana acquisition."

Additionally, the letter seemed to foretell the move on Monday. Here's the key passage(emphasis added):

"Our analysis to date makes clear that if the deal were challenged and/or blocked we would need to take immediate actions to mitigate public exchange and ACA small group losses.Specifically, if the DOJ sues to enjoin the transaction, we will immediately take action to reduce our 2017 exchange footprint.

"We currently plan, as part of our strategy following the acquisition, to expand from 15 states in 2016 to 20 states in 2017. However, if we are in the midst of litigation over the Humana transaction, given the risks described above, we will not be able to expand to the five additional states.

"In addition, we would also withdraw from at least five additional states where generating a market return would take too long for us to justify, given the costs associated with a potential breakup of the transaction. In other words, instead of expanding to 20 states next year, we would reduce our presence to no more than 10 states."

In other words, the cost of fighting the DOJ would make Aetna unable to sustain the losses incurred from the public exchanges.

Fidelity presses case for student debt tax break

Fidelity presses case for student debt tax break: "Fidelity, the Boston-based financial group, has been quietly lobbying politicians and White House officials in favour of a new tax break that would encourage employers to help pay off employees' student debts.

The company, which manages or administers $5.2tn in assets on behalf of savers, has thrown its weight behind plans that could put student loan repayments alongside pension contributions and healthcare as a tax-free benefit offered by employers.

More from the Financial Times:
|Trump loses his shine in Pennsylvania
The return of American exceptionalism
Clinton targets Trump on Republican turf

Supporters of the plans say they are vital to tackle a US student debt mountain that has almost tripled in a decade to $1.3tn, while Fidelity hopes to gain because the sooner graduates pay down their loans, the sooner they are likely to start investing and saving for their retirement."



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What's the real unemployment rate?

What's the real unemployment rate?: "In July, average hourly wages were up to $25.69. Average weekly wages rose to $886.31."



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Mind The "GAAP" (Or How The Game Is Really 'Rigged') | Zero Hedge

Mind The "GAAP" (Or How The Game Is Really 'Rigged') | Zero Hedge: "While we agree with Warren, the problem is that the issue goes much deeper.  Even within the confines of "GAAP" reporting, CFO's have a number of levers that can be pulled to "manage" earnings.  Aggressive accrual policies, while they might technically be GAAP-compliant, make it pretty easy to move expenses from the P&L to the balance sheet...and the best part of all is that when accruals get too bloated then they can be expensed in a 1x charge that wall street conveniently adds back as "extraordinary."  The bottom line is that the game is rigged and if you're going to play it then you better be well trained at finding the shenanigans.  "



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Jim Cramer Wipes Out Retail Investors After Bristol Myers Plummets | Zero Hedge

Jim Cramer Wipes Out Retail Investors After Bristol Myers Plummets | Zero Hedge: "So much for the "dividend" trade.. "paid to wait"... "bond-like-stocks" - BMY just wiped out 7 years of dividends in 30 minutes!!"



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Where The July Jobs Were: "Obamacare Again Offset Weak Industrial, Consumer Sector" | Zero Hedge

Where The July Jobs Were: "Obamacare Again Offset Weak Industrial, Consumer Sector" | Zero Hedge: "While last month's outlier spike in Information-related jobs, which saw 42K tech sector created in June, has come and gone, the breakdown of the July job additions confirms that some recently well-known trends continue, namely that the bulk of new jobs added remain in low-paying industries. Not only that, but some frank question marks emerge, like for example how did the government add 27K education jobs in July (out of a toal 38K) at a time when schools don't hire. The answer: seasonal adjustments and model quirks."

While last month's outlier spike in Information-related jobs, which saw 42K tech sector created in June, has come and gone, the breakdown of the July job additions confirms that some recently well-known trends continue, namely that the bulk of new jobs added remain in low-paying industries. Not only that, but some frank question marks emerge, like for example how did the government add 27K education jobs in July (out of a toal 38K) at a time when schools don't hire. The answer: seasonal adjustments and model quirks.

So where were the July jobs? As our friends at Southbay Research point out, "Obamacare jobs offset weak Industrial and Consumer payrolls"

The breakdown:

• Consumer demand is wobbly
  • Construction: Weak
  • Retail: Weak
• Industrial Sector and related ecosystem remains weak but has bottomed
  • Mining (-7K)
  • Manufacturing (+9K)
  • Truck & Rail (+1k)
  • Temp (+17K)
• Obamacare to the rescue: Healthcare +49K
  • Leisure & Hospitality (+45K) surges on extra convention-related hiring
• Construction: Despite claims of a strong housing market, Construction payrolls are the weakest since 2012, consistent with SouthBay data which shows a sudden sharp decline in hiring at homebuilders. Reflecting the slowdown, Building Material Retail jobs were also weak (-1K).
• Retail (+15K): Peak Auto sales is evident in Auto payrolls (+1K)
• Temp (+17K)
• Election Year Payrolls: Advertising (+3K)

And the full breakdown:

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New Tool for Central Banks: Buying Corporate Bonds - WSJ

New Tool for Central Banks: Buying Corporate Bonds - WSJ: "New Tool for Central Banks: Buying Corporate Bonds
Bank of England to purchase up to £10 billion in corporate loans
By SAM GOLDFARB And CHRISTOPHER WHITTALL
Aug. 4, 2016 6:37 p.m. ET
Central banks have a new favorite tool for boosting lackluster growth: corporate-debt purchases."



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Household chores not the reason why many marriages split after all

Household chores not the reason why many marriages split after all: "The new research is based on data from 6,300 married couples who were interviewed between 1968 and 2013.

Because so many marriage battles are fought over chores, two findings were notable:

Among couples who married before 1975, the risk of divorce went up when women did a smaller amount of housework.
Among the couples who married after 1975, only the husband's employment status strongly affected the risk of divorce.
It's unclear why the husband's job loss is so important when it comes to divorce.

"I could speculate that losing a job might bring with it depression or some other kinds of mental health issues," Killewald said.

There is some suggestion in the data that among couples where both spouses work full time, divorce is less likely if the man shoulders more household chores. But that finding could be due to chance, she said.

The link between a husband's job loss and a higher risk of divorce doesn't surprise Daniel Shaw, chair and professor of psychology at the University of Pittsburgh.

"The study is interesting because it suggests that males are still expected to bring home the bacon to some extent," says Shaw, who is unaffiliated with the new research."



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BB&T cuts jobs as it exits equity research, trading business

BB&T cuts jobs as it exits equity research, trading business: ""We recognize this is a challenging time for the affected associates and their families and we're making every effort to place them into other positions," BB&T spokesman Brian Davis said in an emailed statement. "Severance packages and outplacement services will be offered."
The spokesman said the moves were a response to the "changing market conditions" within the equity trading business, which included reduced volume and compressed margins."



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